Participating. We show where people are moving their money around and how fast these rotations actually occur bank of america, wells fargo, a name that a lot of people wanted to keep to the side, continue to move further and further up. Part of it is the rates, a lot of it is where people think were going to see more gains, the financials paused for a long period of time, they had a big bump after trump was actually the winner and suddenly it been in this flat moving around, somewhat volatile, it seems like financials are really on the verge or wanting to break out. By the way, i bought one today, im going to leave that as a tease because we have got unusual activity later on. The plan is out, although lacking in details that people are waiting to see, but what do you think it means for the way the markets are reacting today a lot of what came out has been advertised, number one. Number two, when you take a look at what happened in alabama last night and you couldnt get trumps guy elected i think that puts a pal over any policies or reforms that he might get through. But that was hope recently because he acted more president ial, supposedly and he actually stepped across the aisle in other words Mitch Mcconnell has been useless to this president and hes the guy that supported this guy strange but hes their leader, so thats the way you have to look at it. These guys couldnt move anything through congress. Cowan has a note out today that says tax reform is not coming this year, and oh, by the way, it aint coming next year either so youve got nine pages out now. It took reagan with a much less divisive congress three years to get it done to overpromise and under deliver with this president , the good news is theres nothing in the market for any of that so if it does happen, or if mark believes theres a realistic chance of it happening. Wells fargo says youre going to get a 4 to 8 slide in the market before the end of the year. Everybodys been calling this slide for the last six months. Forget the numbers, but they say that stocks are going through between now and the end of the year. Stocks will not be as strong as we expect them to be, the reason the market is where it is today is because of the earnings if that for some reason falters then i think you get that pullback rates are, the 10year is the highest since 08. Rate rate we have no idea if this tax plan is going to come to fruition or if and when it does, what the final plan is going to look like, so im not surprised that the market isnt reacting more to a blueprint put out today, obviously politically, they want to get something done, but what you want to get done and what you can get agreement on and get through, aretwo Different Things for now im focusing more to what you just said on the earnings and also whats going on with economic growth, the u. S. Continues to be chugging along okay, we continue to get pretty good data out of europe today we got some very strong Italian Consumer confidence data and we get some important data out of china at the end of the week, and thats going to be important to watch, if china can hold up okay, europe has some momentum, i think stocks can be supported. Im with pete and sarat as far as the banks, because i believe you guys are both financial fans here. Look at whats being born out here, judge, almost the last month, the s p 500, virtually flat its up by 1 . We have had a couple of triple digit days in there, but at these levels its barely 1 . But then you take a look at the banks. Theyre up between 7, even wells fargo. Since september 8. Citi 6. 5 , j. P. Morgan up 5, and bank of america is up 2. Its right up against 95 right now, its not a huge run for them to get over 100 and theyre virtually all up against their 52week high right now. Jpmorgan, bank of america and i believe citi as well youll see a breakout because essentially they have already said trading revenues are down, so if the rest of the businesses are strong, these stocks are off to the races because thats when you want to buy them but youre banking on rates to continue to decline. I think a lot of people are banking on that. Hyv, the high yield bond market. Its 200 to one puts to calls in that particular etf, watch that, also watch whats going on with the xlf as its breaking out, this is the highest level we have seen on the xlf, its just breaking to the up side. Thats why i say, steve, if that keeps going, youre saying it might not. I dont think it does, im just saying i dont need rates to get there youre telling me the xlf is going to continue to go up if rates dont move any higher from here im not talking about rates, im talking about the tenyear lets focus on the tenyear thats what im really talking about as well. Itch t if the tenyear moves up three, maybe 10 basis points at the most. It will hold where it is, and it will work over time because rates are still too low. When the 10year was trading, everybody thought it was going to 2 . But banks didnt trade higher, they essentially held where they were so the sensitivity on a shortterm basis has been a little bit disengaged so i think financials are reasonably valued yeah, the s p is up 1 , but if you take a look at some of the carnage, some of the moves, we talked about early on, thats been incredible. We saw a tech disaster, everybody thought that google was going at 800 for a second there. But correction is a real, not mathematical corrections at 10 , but you saw some volunteatility there, you have those rolling corrections or selloffs which is what you got while the market stays on top. Still look at Something Like citi, just last week we were talking about, you said hey, peter have you done anything i said yeah, i bought citi calls. Stock at another new high today, the book value is above where it is right now i think its in the 72 range i think theres blechbt ees p side if these stocks can return to normal levels and they can continue to put up the earnings and the revenue, yes, 2. 3, thats fine, theyll explode you have to look through, its not just rates, its Economic Data, if i would tell you that the dax is off today. And the durable goods status, because the stocks are going to lead in this case the fed. The details are out on the president s ambitious tax reform plan here are the breakdown of the numbers in that plan the corporate rate will go down to 20 the plan also allows for at least five years and full and immediate expensing, one of the tradeoffs for that bill is the ability to deduct interest will be partially limited but theres not a lot on what that exactly means, there are two provisions that will indeed benefit businesses but the deduction for domestic production, that one is important for manufacturers and it gets the ax under this frame work, the plan would but the rate for illiquid act sets would be lower than the one for cash. On the individual side, the new streamlined rates would be 12 , 25 and 35 the alternative minimum tax, the estate tax and the transfer tax, all of those would go away under this plan. The only personal deductions that the plan promises to keep are for mortgage interest and charitable donations, what happens to the estate Tax Deduction arent clear all indications that i have gotten is that that one is a big target as well. And thats controversial, steve, in and of it. Larry kudlow called that a back breaker, ending the state and local deductiodeductions. We have four states that have no state tax, so youve got 48, or 46, and puerto rico, actually theres no state tax there, 36 that are going to go and say forget it. Those constituencies are going to go to their senators and say this is a deal killer. That will not pass, maybe hes using this as a negotiation to get it through, because nobody can think that will pass. What about the raif it does not just hedge fund owners, youll see new york become illinois, teetering on bankruptcy. Youll see california move to inn nev nevada they cant deduct the 15 tax, where theyre paying a 15 estate tax, meanwhile youve got nevada right next oor. Youre going to see multinationals that are located in these high tax states rebecca, you have thoughts on that you have just summed up why this thing is not going through, looking at the house of representatives, i think you have over 50 members who are republicans who are tied to those states that would be negatively impacted and theyre going to lose their seats if they support this. So i think its a negotiating tactic, i think thats right on, i think theyre looking for easy areas of revenue to help fund some of this stuff, that would be a lot of revenue, but at the end of the day, theyre going to have to keep looking. Just real quick, as far as what the impact of this has been and how its being expressed in the markets. This is the goietf thats track the euro we have seen peak euro this year and were about to see it roll over we have talked all year about how surprised we all re, now you see perhaps some very big money betting that the euro at least has stopped out. And scott, if i can jump in on that, its interesting, since the last fomc, since the september 20th fed meeting, we have seen the euro fall about 2. 3 against the dollar, so the fed is going to raise rates in december, regardless of whether the fed is moving towards its 2 target right now. Repatriation would be this tax stuff has not been discounted in the market so if it were to go through, this would be another dollar positive, at least at the margin you got a dollar index at a onemonth high as we speak speaker of the house paul ryan by the way will be on squawk box at 8 30 in the morning, to discuss all of this, tax reform and of course much more, its an interview you will see first on cnbc another big story for investors, what will the incoming earnings season look like theres a debate on whether we have hit peak earnings or not. And what impact could that have on all of that scottie, the big debate is this, are we at peak earnings are or not after Earnings Growth declined in 2015 and 2016. But is that growth spurt over right now . The short answer is, it doesnt appear that way. Earnings are still growing, but a slightly lower rate here overall earnings, expected to grow 6 in the First Quarter why the slowdown some of the sectors that had big moves up are hitting tougher comparisons, this is principally Energy Stocks and tech stocks. Its had this huge boost in this Second Quarter of this year, so the comps are getting a lot tougher for energy, but the estimates for the Fourth Quarter in 2018 are still much higher. First the economy is continuing to grow, and earnings estimates are still growing, so for example, this year Analysts Expect the s p 500 to earn roughly 131 thats th but this quote doesnt have any tax cut assumptions in it because no one knows what they are. But today were getting closer to an answer, so theres some stabs at estimates and so forth. So what the tax cormses pay is about 27 . Each 1 in Corporate Tax cuts generates roughly 2 in earnings, so lets say the rate goes down four percentage points, that would add 8 to estimates. That is a big boost, thats 6 more on top of the 7 thats expected without tax cuts and thats why the markets keep holding up, the combination of expected improvement in the economy and the tax cuts gives indication that we are not yet at an earnings peak, that whats the market believes at this time dont give me peak earnings without knowing what the future of tax reform is, riley cooperman here said 10 bucks, bobs numbers say 8 but the point is, earnings go up a lot if you get tax reform. Based on the quarterly earnings, youre going to get the effects of the the hurricanes the things is, you cant envision whats going to be negative on the earnings calls from the ceo you have had positive economics data from the u. S. , youve had great Economic Data from europe. Ive got to believe that theyre going to be very positive on how they push it assad getting a third term, which is very impressive right now all that matters is not the 6 , all that matters is meeting what the expectations are and exceeding them. The point is, getting to negatives going into earnings that are expected to be pretty good and figuring if we get any kind of, whether its tax reform or a lower level of tax cuts, all of thats positive rebecca . Sorry, you know, we stay constructive on the market one thing that i would keep an eye out for during this season, more on the commentary than the data, is whats going on with wages and are companies able to pass through any wage increases they need to make to the final price or are they going to have to eat it in the margins i saw just this week, i think it was target that announced theyre going to be raising their minimum wage we have seen more wage presser in some areas of the narcotmarket if wages do finally go up, which is one of the things the fed is watching, are we going to be able to see that go through to final prices or not. I think thats a really interesting angle on earnings season because thats going to effect profit margin and what the fed is able to get done. Heres what else is coming up on the Halftime Report wall street negativity on nike its got to be the shoes. Just tdid it, how much troube is the stock in . Or is this the time to squowoop and buy it if you took their advice and g ught mi micron, you would be p bitoday. Find out whats happening with scott wapner and the raiders is back in two minutes. Where to get in. Where to get out. If only the signs were as obvious when you trade. Fidelitys active trader pro can help you find smarter entry and exit points and can help protect your potential profits. Fidelity where smarter investors will always be. Your bbut as you get older,ing. It naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. The name to remember. Not rebalancing your portfolio. Focused on what you love, not how your money will last through retirement. We make it easier to plan for retirement with day one target date funds from prudential. Look forward to your 401k plan. Were back heres neike down 1. 7 . How about these price target cuts jp, citi, cowen, all put their prices based on nike some of them are a little bit lower, but some of them are up in the stratospherstratosphere quarterly growth sales in eight years. Pricing on stuff they never thought they would see in their lifetime depends on what you want to focus on right now, this was a 60 stock that today was trading at 51 i bought it today. Why did i buy it today because china, those numbers were outstanding, i know its a smaller segment, i get that. In the u. S. , the places theyre struggling most, they have the number one shoe in that category of 150 and above. So they are battling with and losing right now, but theyre battling with adidas, who is coming in and is actually starting to take market share. And lower price points. But i also think that the growth point, how fast do we lose focus on, its 60 of their revenue, shoes are a monster percentage of their revenue if theyre going that well in the shoe market and they are in the last few months, i think that is being overlooked, the growth that were seeing in china, 9 , and i know were slipping here in the u. S. , this is an opportunity to buy. This looks like a short term gain longterm pain type of a story. I think you pick it up cheaper. Normally it would be pete that would be saying hold off and it would be me thats saying im buying with both hands here. First of all the dip isnt big enough for me today, judge and when you look at foot locker and nike, whenyou look at how all of its down, and basketball shoes in particular are down 18 . But then we got this scandal, pete heres the advantage, theyre restructuring. The division is restructuring and going online and building that to a much bigger level than they already are are you talking about 20 years from now the reason they let go of 2,400 people and the restructuring theyre doing in the United States right now. To be a part of amazon and be part of the e commerce world. Were off a lot more than just 3 today, im talking a 60 stock a month ago, in august, is now trading at 51 down about 5 in a month. But couldnt it be, when you take a look at foot locker, when you take a look at retailers, that consumers are not consuming as much as they used to. When you talk about viewing being down for the major sports, that buying up of athletic gear, thats down, so i dont think its just the internet versus bricks and mortar, i think that the consumer appetite for buying goods has turned conservative. I think thats going down, theres no catalyst Going Forward. But people seem to be buying less on performance. Because attendance is down, viewer ship is down, and adidas is the new style, its the new fashion and its lower price points and the examination that these guys are all going to be under the microscope i understand that it was adidas was the one that was charged yesterday and executives that worked there and or coaches at these schools and those guys, it wasnt nike. But all these companies are going to be under the microscope, judge, and for that reason, its going to be interesting. Unusual activity with john and pete, how theyre using the Options Market to play a couple of stocks, but first a check on the s p sectors today. We mentioned how well the financials were doing, tthas why theyre leading the way. Back after this. Think again. This is the new new york. We are building new airports all across the state. New roads and bridges. New mass transit. New business friendly environment. New lower taxes. And new University Partnerships to grow the businesses of tomorrow today. Learn more at esd. Ny. Gov can i kick it . Yes you can can i kick it . Yes you can can i kick it . Yes you can well im gone welcome back new developments today in the federal fraud and bribery case against several ncaa basketball coaches and a Marketing Executive from adidas. According to reports, louisville has now fired its coach, rick bettino along with the schools athletic director. A press conference is scheduled at 1 30 p. M. At louisville the schools Media Relations director is telling cnbc that mr. Bettino has not yet been fired. He said that the newso outlets are reporting wrongly on this. Jay Williams Joins us by phone to discuss what all of this means, jay, welcome. Thank you for having me so espn is obviously reporting that bettino has been fired, their Media Relations director is telling nbc something different, so well just leave that out there and see what happens if bettino has been fired, is that the right move . In that particular case, yes it is the right move the fbis investigation proves that the ncaa is somewhat obsolete, that theyre not quick enough to pivot to find out some of these things that have been occurring in College Basketball for a very long time this is not shocking to people who are in the inner game of College Basketball this has been going on for the past 25 to 30 years, with snich assistant coaches and head co h coaches with plausible deny ability. In 2009 he had an extortion case that he was able to survive. Last year they had a situation with strippers being on campus that he was able to survive. And if there were to be the case and the fbi does have evidence of him speaking to someone saying this has to be kept under the table, its just a case of the third strike, he should be let go of louisville and his head coaching responsibilities. You said this kind of stuff has been going on for an awfully long time. Back in 1999, you were the number three recruit in the nation im wondering the kind of things you must have seen through your own eyes yeah, i had a lot of things thrown at me in a variety of different ways, my father worked at American Express in new york city, my mother was a principal. So we were very informed with how the game was or kes straighted but i do not slight people who come from poor backgrounds and need the money but this is amateurism i always laugh when i see a commercial talking about the ncaa saying they always do the right thing for the athlete. I have heard coaches who have played schedules for their players, so they will have more time on the court. So this business has been a business for so long, and now that the publics eye are open in terms of how this work is, amateurism is no longer applicable. Is it true that you were offered money and turned it down i was offered money from an agent. So you have the agents who are able to support 501c 3s, akain order to essentially kind of push these players to a school or to an agency. And thats the way the game works so, yes, i was approached, i wrote about this in my book, from a runner who offered me bags of cash, i wanted to buy a lot of uber back then in 1999. It was very big. But at the same time, my parents have constantly preached to me, we dont need that, thats not something that we need. You signed with adidas in 02, how competitive was the process from the Shoe Companies in trying to get an athlete like you, who was likely to be such a big star in college, to sign with the shoe company . Heavy, i played for a variety of different au programs and only my au programs are responded by nike. I have known a lot of players, and one of the things that happen if you get lucky enough to be part of the upper tier, your friends are also guys who are also part of the upper tier. So you start conversing and telling your stories and i knew that players were being taken care of by different programs. And you understand how the inner workings of that work, i was with nike my whole life, but at the same time, i didnt feel any allegiance to nike, because i never accepted any money but if i had accepted money, back then, as a young 15, 16, 17yearold kid, of course i would feel allegiance to a brand. I can compare the top ten head coaches of College Basketball to some of the top ten salaries were talking about a multibilon dollar industry and its okay for everybody else to profit but the kids so this is how the came is being played we talked to sonny vicaro, and one of the points we raised was whether the gene any to your point is out of the bottle theres so much money in college athletics. Theres no way to put that genie back, how do you fix it . I think that the nba has to allow kids to go directly to the if you want to keep the age minimum at 19, then fine, increase the payment right now the highest paid players only make 25,000, if youre able to say you can make 75,000 to 100,000. If youre able to play before you get drafted, thats great. If you go to college, you have to go to college for a machbdory three years, if you go to duke, you will make more money if you go to compton state. If you maintain a certain gpa, if you abide by the coaches rules and if we kind of change the criurriculum for which thes kids actually they can take paper courses, or just get by the first semester, if you the do that, then the money thats left in escrow, then you can start your life with a large sum of money, you have to emphasize a real education and we have to start acting like the two highest grossing sports are not football and basketball. Jay, we appreciate your time today, thanks for coming on the phone and discussing this with us, we appreciate it espns jay williams now to sue who has the latest headlines ch. Curds celebrating in the streets after their referendum on independence from iraq was approved the nonbinding vote is unlikely to lead to form al independence. Ir iraqs Prime MinisterBowe Bergdahl arriving in court for a final retrial hearing. Hes charged with endangering fellow troops bring walking off his post in afghanistan in 2009. His trial is set to begin on october 23 ford is teaming up with Ride Sharing Service lyft to test selfdriving cars. Ford says it wants to develop a fully driverless vehicle by 2021 mpbl and pope francis launching a twoyear Awareness Campaign about the plight of migrants youre up to date, thats the news update. Coming up on power lunch, a very special guest, fred smith, founder and ceo of fedex c copilots with us for an entire hour gop leaders will hold a News Conference about their tax plan. And as the ncaa basketball scandals continue to unfold, can the colleges separate sports and money. You just heard from jay williams, jay bilas will join us on power lunch as well with one phone call, he sets me up with tailored products and services. And when my advisor is focused on my tech, i can focus on my small business. A dell advisor can help you choose the right products with powerful intel® core™ processors. Th my name is Cynthia Haynes and i am a senior Public Safety specialist for pg e. My job is to help educate our First Responders on how to deal with natural gas and electric emergencies. Everyday when we go to work we want everyone to work safely and come home safely. I live right here in auburn, i absolutely love this community. Once i moved here i didnt want to live anywhere else. I love that people in this community are willing to come together to make a difference for other peoples lives. Together, were building a better california. When facebook suffers a big 4 to 5 oneday drop, our experts say buy this stock, its happened 14 times since the ipo. Two weeks later, its up an average of 2. 5 . For more, go to cnbc. Com all right, no drama but a big pop for michael ko rsrs, the st is up 12 in a month i still think its too early to get in a stock like this, we have seen this happen with limited brands, theres still more work to do. Its a great planned, but just wait a little more twilio. This stock was getting hit yesterday because people were concerned about the amazon issue, and now people like what theyre hearing because of the partnership thats going on here twilio, youve got to be very careful with and twitter doubling tweets to 280 characters. The stock likes it its up 2 today, theres an issue called cramming where certain languages cant fit in the character space that twitter provides at 140 characters, they will be able to apparently if they expand that to 280 characters for the rest of us who just want to see stuff short and sweet, its not a big attraction to me. You would like to go to 100 characters i would like to go to 50. I have seen you tweet. You push the 140 with the rest of us united is down in the last three months. Im up close to 5 since i bought it. Because the stock trading at 58 was just extremely compelling. So adding that to delta, i think the stock is recovering. Remember when we did it on unusual on monday, just a little update thank you the dollar ral rlying to its highest level in about five months but first, a check on the dow 30 we told you the banks were leading the way, you saw in the s p sector map, you see it in the dow, up 1. 75 perez 1. 75 . Not rebalancing your portfolio. Focused on what you love, not how your money will last through retirement. We make it easier to plan for retirement with day one target date funds from prudential. Look forward to your 401k plan. Youre searching for something. Whoooo. Like the perfect deal. On the perfect hotel. So wouldnt it be perfect if. There was a single site. Where you could find the. Right hotel for you at the best price . There is. Because tripadvisor now compares. Prices from over 200 booking. Sites. To save you up to 30 . On the hotel you want. Trust this birds words. Tripadvisor. The latest reviews. The lowest prices. Excuse me, are you aware of whats happening right now . Were facing 20 billion security events every day. Ddos campaigns, ransomware, malware attacks. Actually, we just handled all the priority threats. You did that . We did that. Really. We analyzed millions of articles and reports. We can identify threats 50 faster. You can do that . We can do that. Then do that. Can we do that . We can do that. Were back on halftime two nigerians on the desk means a double dose of unusual activity pete, youre up first, i think, right . Deutsch bank, very interesting paper coming in here, we talk about financials all the time, at the top of the show, we talked about the u. S. Financials deutsch bank, take a look at this, the underperformance is very clear, you can see where we started off the year and where we are today theres pretty nice move 20 the up side. November 15 calls, 1,000 of those were bought today. Theyre in the money, the stock was 16. 30 when this actually occurred 10,000 of these, it looks like its beginning to creep up above that, i like these financials, this is just one more to add to the arsenal, i bought these today, ill be in here for a while now. Doc, you have an update the new one is former cleveland resources. Many of you may know that they changed the name back to clevelandcliffs, you take a look at this, august 15, the stock has been sort of treading water here, they come scrambling in today in a big way, they have 7 calls that are expiring friday, and 7. 5 calls that expire two weeks from now. Ill probably hold clevelandcliffs for somewhere in the neighborhood of five days to two weeks and micron, in august we huge be you take a look at this from that august level, right around august 28, for the calls that they were buying, the calls have exploded through over 4 this has been one where when people when they traded, seemed to know what they were doing, i love following those guys, stock hits a new high today, judge thanks for that shoutout, pete and temper. They had temper in there. That helped out. You said people that know how to trade it. That was me. What are you talking about guys, come back after while big moves for the u. S. Dollar today, lets bring in jackie with more on that the dollar ralrying to its highest level in a month, this is the 10year treasury yield spikes to a twomonth high as well were seeing these moves after yesterdays comments from fed chair janet yellen what is the dollars next move from here . You mentioned the 10year Interest Rate, and its all about Interest Rate levels, the dollar and the 10year have are we going to get tax cut reform here . And is the fed actually going to reduce their Balance Sheet if those two things happen, i think you see the dollar going up that 2. 5 level do you think that theres more up site from here as well i do. If you look at the multiyear chart, for the last two weeks, i have been talking about getting into 90 to 91. 5 area, is going to go to the downside. To me, it could have a significant the move t seemse a significant move the move from january to now, 106 to 90, thats a huge move. 96 is doable in the next couple of weeks thanks. For more futures, check out the live show tomorrow at 1 00 p. M. On futuresnow. Cnbc. Com hey gary, whatd you got here . This bad boy is a mobile trading desk so that i can take my Trading Platform wherever i go. You know that thinkorswim seamlessly syncs across all your devices, right . Oh, so my custom studies will go with me . Anywhere you want to go the markets hot sync your platform on any device with thinkorswim. Only at Td Ameritrade of emerging markets obsolete . At pgim, we see alpa in the trends, driving specific sectors of out performance. Where a rising middle class powers a booming auto industry. A leap into the digital era draws youthful populations to mobile banking and ecommerce. Trade and travel surge between emerging markets. Everyday our 1,100 investment professionals around the world search out opportunities for alpha. Partner with pgim, the Global Investment management businesses of prudential. 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Hi everybody welcome back im sue herera with a developing story and some video that we want to show you Southwest Airlines is apologizing after video shows a woman being dragged off of a plane. Heres the back story to this. This video was taken yesterday evening. It shows the Transportation Authority officers trying to get the woman off the plane. The situation began when the unidentified woman informed the flight crew that she had a deadly pet allergy the airline told her there were two pets on board. One pet, one service animal. The woman did not have the proper medical certificate indicating her life threatening allergy. She refused to get off the plane. The flight crew then called in security the woman asked the flight crew for a type of injection to alleviate her symptoms the flight crew asked her for the certificate to give the injection. She did not have it. And she did not have the medication the pilot then came out before all of this happened and offered to let her deplane. She refused. And thats when the altercation began. Southwest has put out this statement. Our policy states that a customer without a medical certificate may be denied boarding if they report a life threatening allergic reaction and cannot travel safely with an animal on board. Our flight crew made repeated attempts to explain the situation to the customer. She refused to deplane and Law Enforcement became involved. So, youre up to date, scott interesting story. Lots of different elements to that story i suspect well hear more about in the hours and days ahead. The speaker of the house, because this is such a big day for taxes and the future of the tax code in this country, paul ryan will be on squawk box tomorrow morning at 8 30 a. M. Eastern time it is a first on cnbc interview. You do not want to miss that markets close in about three hours. Well do final trades and well do them right now . Well do them right now. I thought we were taking a break. We dont need a break i wasnt sure you may need a break. I wasnt sure let me take it from here. I can use a break from going to you oh. Thats good am i starting off next time im not giving you four minutes see how i pivoted this way in my chair he did. I will stick with the banks seeing some unbelievable paper in citi going out to 2019. Somebody is buying the 95 100 call spread. You think the banks are on fire . This says something about what somebody thinks Going Forward with the stock trading 72. 5. Regions financial are up. That particular stock unusual activity in it playing off of what pete said. A lot of people betting on some of the smaller banks, even more so than the big banks. The big banks are making 2 moves. I think this one makes a big move, too. Bank of america piling on the banks here its at an alltime high the last time it hit this was july if this breaks out, over 26, you will see it closer to 30 that does it for us that was good that was good. What do you got . Hes speechless this is amazing im not speechless. This is called restraint. Go ahead. The ultimate team player that i am, b of a also. Wow so a lot of banks. Four banks. All right tenyear, 2. 30 xls breaking out. Yeah. Jpmorgan downgraded yet. Jpmorgan is going to 100. Cramer is right. It is rotation time all right good stuff thanks to all of you watching watching the markets now, 22,303 is where the dow sitting the president speaking about the tax plan in a little bit power lunch starts right now im melissa lee. Fixing americas broken tax code Republican Leadership unveiling details of their big plan. Well break it down and what it means for you and your business. Reports say the cardinals head coach, rick patino and athletic direct rer out in the wa wake of the basketball scandal. And why amc ceo is going all in on vr power lunch starts right now