President in his own words today the United States and turkey have agreed to a ceasefire in syria. Turkish side will pause operation peace spring in order to allow for the withdrawal of wpg forces from the safe zone for 120 hours. The Vice President was asked about what concessions the u. S. Offered in order to reach this agreement with turkey. He said that during this fiveday ceasefire the u. S. Will not be imposing sanctions or increasing tariffs and they will consider doing so on a permanent basis once turkey agrees to a permanent ceasefire it comes after five hours of negotiations between the Vice President , secretary of state mike pompeo and turkeys president following a week of violence in syria brought by trumps spur of the momentum Decision Just one week ago to withdraw troops from the region where they were helping kur ddih forces defend themselves the move came under intense criticism from republicans who are breathing a sigh of relief today with this decision albeit temporary. This was made between the yi United States and turkey where do the kurds fit in . Do they buy into the idea of withdrawing from this disputed territory . The Vice President was asked that very question whether the ypg forces are on board with this deal. The Vice President simply said its a good deal for the region. Its a good deal for every one involved but didnt answer that question exactly thank you lets bring in eamon. Mick mulvaney came unexpectedly to announce the white house will host the g7 at the president s resort the acting chief of staff saying the white house surveyed a number of locations but found the president s own resort was the best place to host this Major International event. I asked Mick Mulvaney if this wasnt just an enormous conflict of interest and how the president is going to go ahead and continue to criticize the biddens for selfdealing at a time when hes doing this. Here is what he said Donald Trumps brand is probablily stroy lstrong enoughs and doesnt need anymore help. I was aware of the criticism which is why i was surprised and when the advanced team said this is the perfect physical location to do this i get the criticism and so does he theres no issue here on him profiting from this in any way shape or form. Reporter the white house arguing here is there is no better resort in the United States to host a major event other than the president s own resort and also that the president s not going to be profiting from this because the doral will host this event at cost theyre saying its not conflict of interest. They said they knew they would be facing significant political blow back for this decision but the president decided to move ahead any way. That applies theres no value to news organizations around the world where people are saying the doral resort in florida. Reporter yeah, i asked Mick Mulvaney isnt this a significant marketing and branding furbrand ing opportunity for a resort that had been struggling and thats when he gave me the line about the president s brand is the strongest it will be so the brand doesnt need any help. The reality is this resort is struggling financially those rooms were going to be negative then you mo empty th you move to a negative to a break even well be watching for is if any entities decide to file some lawsuits to see if they can stop it thank you lets bring in robert frank who has been crunching the numbers and has a look at the business of doral. We dont hear much about doral relative to maralago this is the biggest moneymaker of all of trumps properties and has seen the biggest drop in business since he became president. He bought it and had a bankruptcy in 2012 for about 150 million. He bored from deutsche baink and promised pst the best resort in the country. Well its the best known it has a golf course named the blue monster until it was pulled in 2016. Doral is his number one property in terms of revenue pulling in 76 billion in 2018 up by one million from 2017. Revenues have fallen from 116 million. Thats down by 51 since 2016. According to the washington post, a tax consultant working for the Trump Organization to lower dorals tax bill says the Net Operating Income had fallen by 69 since 2015 and it was missing its business targets he said occupancy was about 53 compared to 77 for similar resorts in the area. No comment from the Trump Organization on dorals financials any explanations for why it would have dropped that much none from Trump Officials what we heard is the business primarily was latin american and mexican. Right after trumps candidacy was announced that he made the comment, business went down dramatically there was a commentator on another network that is typically very friendly to the president of the United States who said that this whether it turns out to be done at cost or no profit does not matter in terms of the emoluments clause and this was the most fully frontal assault on the clause he had ever seen and this is spoken by an ally remember emoluments relates to foreign businesses or foreign gifts to the United States that help helps the president this is a foreign event. We have seen the people who filed previous lawsuits based on emoluments File Lawsuits it is an interesting property ive done events there if truth i can see why it is a good selection for this. It is a Central Building where they have the event space but then theres eight or ten separate lodges all within walking distance under covered walkways that as mr. Mulvaney says can house individual delegations and the press. You can see the argument that it works on a level and a way that others might not that doesnt do away the counter to that is you want a remote area you can security wise seal off sealing off miami, sealing off a wide radius around the airport while still having active commercial flights might be difficult. Thats why they might have done it at camp david. Right and when they do it in europe, its in a small town they can seal off. We have less than two weeks away from the october meeting. The fed is on the right track despite having tough words on squawk box they are all predicting another 25 basis points at the feed meeting a reduction at the fed meeting i concur with that i dont want to get into a lot of fed bashing they do the best they can. Their models are highly flawed the deep state has not been helpful. Did i say that the fact is the fed is moving us in the right direction yeah, were going to see some lower rates. Steve says another fed cut isnt a sure thing he joins us now. I thought it was all but priced in maybe but a pause in fed rate cuts is something that should be in the cards here either at the upcoming october meeting or after one more cut according to comments from several fed officials. It will depend on upcoming data the next several weeks support comes from comments this week he was a strong backer of recent cuts but says he doesnt see additional cuts coming this year jay powell said its made meeting by meeting fed officials think they have provided a lot of stimulus to the economy in three separate forms. They backed off plan rate hikes. They stop reducing the Balance Sheet and thirty they cd, they twice. Many insist policy is in the right place meaning it already anticipated. Fed officials do say they will do more if things turn south critical speech this afternoon then you got to watch the data over the next couple of weeks. Theres a lot of people on both sides. Its true it really feels like any way. Well talk more about it youre going to stay here yeah. Shame on larry for saying deep state these guys are hard working public servants. Somebody needs to say thats just wrong can the market keep rallying if the fed pauses on rate cut . Lets bring in cnbc contributor michael farr and steve grasso. Gentlemen, welcome michael, where are you on the idea of another rate cut do we need it given the health of the economy that the president keeps saying is the best its ever been yeah, its a bit of a mixed message that we have been getting out of the white house where this is the best economy weve ever been which is why we got to cut rates dramatically. I think steves reporting, cover your years for a second because i really hate paying you compliments but your reporting has been really excellent and i think very insightful for cnbc viewers. Steve is sending a message here that maybe they are going to pause. Maybe this is a midsickle adjustment and we have seen short term volatility in this market but longer term stocks have marched higher. I think that trend in the path of least resistance is still higher you know the Economic Data are a bit more wobbly. Steve, im looking at the dow today. Its up 21 points. The nasdaq up a third of a percent. Everybody said one of the bricks in the wall of worry was brexit. Has brexit made any difference today at all sure. I think brexit made a difference but theres so much green ahead for brexit that there too much unknown. Any further want to say its a done deal because past performance has been indicative of future potential and we have seen all the brexit hopes fall flat on its face i guess i have to compliment steves reporting as well. Michael will make me look bad. Its like a love feast here for steve. Its been exceptional best ever. Having said that, the market is looking forward to october i think its a done deal. The question i have is thank you both for your compliments. Its just the job i do here. 83 probability could be a little on the high side. I think what happens here is i think its a binary thing. If theres a 51 probability it happens, the market price is up to a 90 probability its either on or off and you dont make an in between bet very well. I dont think in the 50 probability stands did he go from 50 or something to 70 . That is in and around right the idea of a pause, i think is for sure and michael farr talking is important because michael knows the chairman well. I think that when jay powell stepped up and said midcycle adjustment, despite how the market reacted, i think he meant that i think that jay powell may be in favor and michael, tell me if im wrong here powell would not be adverse to going into an easie ining cycle. At the moment in his mind this is not that and theres going to be a pause between going from midcycle adjustment into easel cycle and the market has to get in its head theyre not going to follow each other. In his head is not october. The s p 500 is close to 3,000 today and remains close to 3,000 for days now because of that 84 chance that the fed is going to cut Interest Rates in two weeks. Im not so sure, frankly. Im not so sure at all i think if you listen to what steve was saying about Charlie Evans and when you hear what were going to hear, probably, is backing that off a little bit. To steves point about jay powell, jay powell is a lawyer jay powell is lawyerly he speaks like a lawyer. Hes careful but if he says that this is a mid cycle adjustment, those words are being chosen carefully. Im glad you said that. He also said hes data dependent. You have to pick your poison i think he can be both. Its one piece of data final thought, please i want to add what michael says about the lawyerly thing. In the legal system, precedent matters. How many times have powell told us hes following the model of 95 and 98 and the midcycle adjustment and then a pause. I think this is a key insight that michael just provided that i think the markets have missed. Powells going to do this in a way that draws on precedent. Times may change but a Decision Making process is one that infuses press dent can remain. Melissa, if a quarter point cut stands between 3,000 and something much uglier, im afraid the market is on much i know you want to wrap it up hes not adverse to using the Balance Sheet. Where the Balance Sheet was considered tightening before, long with raising rates, now it could be considered as easing even if he doesnt cut rates in december i think you have sort of that whack a mole game where you dont know where to point your guns if youre bear. I think it is path of least resistance still higher. A pair of steves and ill raise you a farr go nats. Go nats cant wait this is so cool. Were going to the series. Still ahead, turkey stocks are surging as the u. S. And turkey agree to the ceasefire in syria what was behind turkeys quick reversal well have those details shares of chipotle nearly doubling in price the past year and the run is far from over according to one analyst who will join us next with why he thinks shares can double again power lunch will be right back 300 miles an hour, thats where i feel normal. Having an annuity tells me my retirement is protected. Learn more at retire your risk dot org. You should be mad that this is your daily commute. You should be mad at people who forget theyre in public. And you should be mad at simple things that are unnecessarily complicated. But youre not mad, because youre trading with e trade, which isnt complicated. Their app makes trading quick and simple so you can strike when the time is right. Dont get mad, get e trade and start trading today. Chipotle has been on a tear this year. Shares are sizzling up the stock can double again in five years the firm believes the digital growth can help the Company Expand in the underexploited rural and suburban markets chipotle would reach over 4,000 restaurants by 2025. Joining us is thea agnalyst behn the call great to have you with us. Thank you you note that last quarter Digital Sales doubled accounting for 18 of revenue growth. As we get farther and farther out into your projections to 1600, how do you see those numbers changing are you seeing similar rates of growth well, you should see that digital mix increased from here. They are finding a nice fly wheel of using that free dli delivery people are using the brand in a different way. Theres a lot of mobile order and pick up. People are enjoying the benefits of loyalty as they get further and further along, many innovation will help some of that menu innovation might be exclusive to the digital side of things which is by a separate line which is part of the secret sauce here that second line is capacity and its high margin sales high margin because it doesnt involve as much labor. Not as much labor thats right you order online that obviously take away the bottom at the cash register. The second make line is ready. Right now its maybe 400,000 per store right now going through that line. That could be upwards of a million. Theres going to be some other formats like chipotle which are a new age drive through which will further coax people to order and use this digital platform because they dont have to get out of their car. Whats the biggest threat to your thesis of 1600 in a few years . Is it another competitor is it another illness out break . What would it be certainly another illness out break would be bad news at this point. One of the opportunities but also risk is getting out of that supply chain in what was a scattered group of suppliers i think they have gotten their arms around that clearly the industry trend rate, right now its pretty good fast Food Environment hopefully that continues with great traction with digital world. You need to keep that going. This is a Good Management team they should know what they are doing. They came out of taco bell they know how to test new products thats going to be a bigger part of this. Fly wheel Going Forward. They need to have the new products feed that digital high margin growth and then ultimately that makes it possible well have to leave it there. Thanks for your time we got a market flash on smile direct now the stock is sinking we have more details for us. Sinking quite a bit this is in news of a lawsuit just smifiled. Smile direct club is suing california they are questioning the purpose of the raids saying they dont perform any clinical dentistry at their shops you can see the stock is down more than 7 now a couple of take aways from the lawsuit that we gathered the board, california den tisty board, its members have undertaken this campaign in an effort to squelch. The board only has authority to regulate the practice of dentistry and not the Services Provided in the smile shop stores the stock is down 7 thank you very much lets go to President Trump who is speaking in ft. Worth, texas. We have tried but everybody tried to make this deal for 15 years. They could never do it it was only when people started seeing how nasty it was going to be not only sanctions and tariff, the war would have been very nasty. They did things they wouldnt have done. Everybody agreed to things that three days ago they would have never agreed to. That includes the kurds. The kurds are much more inclined to do what has to be done. Tour k turkey is much more inclined to do what has to be done the kurds would not have done it three days ago is situation where everybody is happy im happy. Theres no fighting. We can bring most of our people back home for the first time in many years youre talking about all this shooting as though it was part of a planned are you saying you planned for these people to attack each other . No. I think it had to been an unconventional solution because the conventional solution is to sit down and negotiate and theyve done that for 15 years more than that, i understand that was never going to work all of a sudden when they saw and how nasty it was and how rough it would get it would get 100 times worse than what was happening but when they saw the level of nastiness, they said lets make a deal. Are you sure this will last more than five days . I think so. A lot of stuff can disappear in five days i think that president ergodan is smart he wants safety for his people say what you want, a lot of bad things happened to turkey from that district, from that 22 mile stretch. A lot of people in turkey were killed thats not fair. Nobody likes to mention that this with a great thing for the kurds. This was a great thing for turkey this is great for everybody. Frankly, the thing im most happy about is that we were i took a lot of heat but were able to do it so fast. I thought this would go on for longer the president still coming next month to the white house . Now i would say that would be very much open i would say he would come. He did a terrific thing. Hes a leader. He had to make a decision. A lot of people wouldnt have made that decision because they dont know they ultimately would have made it what he ditd was very smad was t anything many this zone to help monitor this . Well have people that watch it and most particularly well have people that are watching isis well have people watching and isis will be largely again controlled by the kurds because what a lot of people dont know, most of the areas where isis is is outside of the war zone or the 22 miles isis will be very few have gotten out most of them have been recaptured and whats happened is isis is outside of the war zone thats going to be controlled very much by the kurds with our supervision. Hes going to be very happy. They have spoken to him. The kurds are very happy turkey is very happy the United States is very happy. You know what, civilization is very happy its great thing for civilization thank you, everybody all right the president in ft. Worth, texas talking about the ceasefire brokered today between the United States, Vice President pence and turkeys president. Lets bring in eamon the president said every one now is happy and civilization should be happy but some will point out that this was a situation that was spawned, at least in part, by a phone call that many interpret as a green light to erdogan to move against the kurds. A problem of some would say the administrations own making. Reporter you saw the reporters traveling with the president and asking him by that and the process by which he got to this ceasefire its a ceasefire in a conflict that began after the president s phone call a week ago sunday the president saying this was an unconventional solution to a complicated problem. Praising himself for coming to a solution here ultimately among all these parties among which theres been tensions and con flico conflict for decades the president saying there will be someone in the region not sure if thats the same military personnel he talked about pulling out last week or if thats a Different Force or different u. S. Entity. Ultimately the president saying the deal now brokered by Vice President pence in turkey is good for turkey. Its good for the United States and good for the kurds the Turkish Foreign minister is saying this is not a ceasefire those are only between two legitimate sides they are only pausing this operation for terrorists groups to leave the safe zone reporter the proof is in the pudding with these things. If theres a ceasefire, you can tell when you go there and nobody firing. Theres going have to be a lot of work on the ground to determine whether thats in fact whats going on here the president will ask whether or not this will last more than five days. He says hes confident it will that meeting had been scheduled, remained on the schedule the chief of staff was asked about that a short time ago. He said the meeting will depends on what erdogan will do in the coming days. Do we infer correctly that the president believes that the two sides had to start shooting to get to the point at which, apparently, they are right now, which is some sort of ceasefire, at least as far as turkey seems to be approaching it and he did seem to not go so far as to say this was kind of his plan all along that he knew something unconventional, something had to break the egg to get the two sides to speak, which im not sure the two sides have spoken. Reporter you heard him suggest that just now. You cant have a ceasefire unless there was fire ing in the first place. Remember, yesterday the white house released a letter that the president sent to erdogan not to take dramatic action and not be a tough guy. The president didnt want this to happen on october 9th the key question in all of this is what did the president say to erdogan on october 6th, he had the call that the United States put out a statement that the turks were going to move forward with their long plan i asked him a couple of times what he said, whether he promised erdogan anything and the president avoided giving any detail about what he said on that initial phone call. The white house insisting he never gave the green light for an invasion. This notion, the ceasefire in the Turkish Foreign minister saying this is not a ceasefire is sort of puzzling and fascinating to me because it reminds me of phase one trade deal and we come back to it another day and its not a deal. Reporter right semantics. Reporter how many phases of the ceasefire will we see here . These things are enormously c ly complicated. Theres the question of what do the russians want in all of this the russians have troops on the ground in this region. They are participating in the diplomacy here as well what voice did they have in all of this is another question we dont know the answer to as we stand here right now there are five sides at play here, maybe more there are complications all the way around thank you for more on this ceasefire between the u. S. And turkey, lets bring in the middle eastern north african analyst. The initial headline from the Vice President sounded like a big news, big breakthrough ceasefire agreed. The more we learn about this the more it looks like the status quo without the kurds being directly fired on. Sounds like the u. S. Will help clear them out of the area, that turkey takes control of the region what is the outcome here in the longer term . Whats changed well, an awful lot has changed. As you were described before, it looks like its a deal that strongly favors what turkey wanted because its favoring turkey in such a large way, we have a few open questions of how long this ceasefire can last, whether it will be implemented and whether or not the pressure on turkey, whether or not that will go away were seeing some congressional reactions. Lindsey graham saying hes open to the ceasefire and welcoming the work that Vice President pence did but congress is still interested in seeing the turks fall back. Will they fall back from these positions . It doesnt seem like the deal is going to do that that opens the question of will the pressure on turkey for sangs decrease in any meaningful way not at least because of a result of this fiveday ceasefire, its a fiveday that the turks will not acknowledge is a ceasefire because they say thats between two legitimate sides. As you heard from Vice President pence and from trump himself, the president said sanctions are no longer necessary so the major threat or catalyst here to prod turkey to any further action is now gone again, what pushed them out of the territory . What further incentive do they have to do anything. At this point very little incentive. Their strategy has paid off. They are getting what they want out of the yiUnited States. Now the negotiations need to move to the russians thats wh who they will be focused on next. Getting it from the russians to have their penm set up in the z. Thats where they will be focused next at the moment turkey looks like they have resolved their major issue with the white house they will have more time to try to negotiate with congress or try to deflect the pressure from congress at the moment now they really immediate to focus on what the russians are doing in the northeast and what moscow will give them by and for what is the collision that is over the next hill, if you will . In other words, do we have a time coming when nato member turkey collides with syria, our avowed enemy, the kurds who are fled into the arms of the government and russians . Thats very much a risk that exists at this moment. We have seen turkey and syria work out their differences to an awkward extent in northwest syr syria. Its the same civil war but a different theater. We have seen them shoot at one another and deescalate with moscows mediation that may be pattern that begins to emerge in the northeast its a bit different than the northwest and the knot eanorthe because in the northeast the government is moving in quickly to fill this power vacuum. Theres a real risk we see the two sides getting in and the moscow and diplomatic will be tested in trying to deescalate tensions between turkey and syria. All right ryan, thank you very much. Appreciate it. Thank you we have chmu more power lunch straight ahead welcome back as we have been reporting, Vice President pence announcing turkey has agreed to a ceasefire in syria but we should note the Turkish Foreign minister says theres no ceasefire pence saying there will be pause in military operation for 120 hours to allow the u. S. Allies to withdraw. United states and turkey have both mutually committed to a peaceful resolution and future for the safe zone working on international basis to ensure that peace and security defines this border region from syria. In another part of the world, afghan civilians are dying in record numbers in the countrys inkries icreasingly b war. July was unprecedented in the level for civilian casualties. July, august and september was the highest level of civilian casualties that the United Nations has ever documented. Youre up to date back to you. Thanks very much the oil market is closing up for the day. We have the latest for us at the commodity desk prices rebounded. A little benchmark up 7 wti up more than 1 . Prices had been under pressure on supply concerns after data showed a greater than expected build up in u. S. Inventory reports just out of the long awaited iranco oirksipo. Back to you. Juul making a boelld move in regards to its sales this news broke a short time ago. Juul suspend sales of most of its flavored products with the exception of mint and menthol. They get about 80 of revenue from flavored products juul releasing the statement, we continue to review our policies and practices and have not made any final decisions. We will fully support and comply with the final policy when effective. Juul had about 72 of the market already suspended flavored sells in stores and will now do the same on its website. And twothirds of students say fruit flavors are their favorite according to the data from the u. S. Department of health and Human Services under the new ceo, juul says they have shifting the message that it can help smokers stop using traditional cigarettes juul saying the process is the best way to assess if vaping products can help smokers with cigarettes we got the updated figures from the cdc about the deaths. I think were up to 33 now the cdc updating to 33 deaths 159 confirmed cases of illnesses related to vaping. Thats vaping plus thc . Exactly thc or nicotine products. Theyre not sure which one is causing the illnesses. The numbers really spiking thank you whats got some big donors concerned about the candidates proffers thats coming up driverless cars, or trips to mars. No commission. Delivery drones, or the latest phones. No commission. No matter what you trade, at fidelity youll pay no commission for online u. S. Equity trades. At fidelity youll pay no commission [spokesman] if youve tried colleg group cheering shed, snhu lets you transfer up to 90 credits toward you bachelors degree. [woman] it doesnt matter how old you are, you can do it, you can finish. [spokesman] finish your degree at snhu. Edu welcome back lets get to the bond market rick is track all the action so many big stories turkey, news about the economy, but if you really want to see whats going on with interest rate, look at the story. At 4 37, they traded minus three basis points at 4 50 a. M. We see our highs right around 80 basis points now were back to unchanged. The point is we seem to be following them and they have been moving higher dollar index, one week we have lost 1. 4 . Even to 7. 60 right about where its trading now if were to close at current levels since august 12th but were sleep. Back to you. Im going to pick it up Software Stocks are some of the top picks at this years conference in San Francisco. Elizabeth is there with the names from San Francisco despite that recent slump in Software Stocks, presenters see a buying opportunity in the sector talon was glens pick. It helps them organize their da data they think the stock has an 87 upside by the end of 2021. Gill simon touted sale point he told us why he thinks that stock can more than double in three years. Its the best of breed in its space. Its a Growth Company and a growth category. What they do is become increasingly important to companies over time and while theyve had some executional stumbles this year, thats created the entry point. Another stock in focus last night was instructure. They have been urging the company to explore sale or other alternatives all trading higher today back over to you thank you very much joe biden may be one of the front runners in the polls but hes forth place when it comes to campaign funding. The deiltas of his cash crunch are next welcome back joe biden has a cash problem the former Vice President finished the Third Quarter with 8. 9 million less than senators warren and sanders and mayor jenson button. Brian schwartz reports some donors are worried that biden may not have enough cash to make it through super tuesday why is the president s fundraising flagging the former Vice President s fundraising just hasnt been going in stride for two reasons. One, he hasnt really been able to keep up with online donation pool that senator Bernie Sanders, senator Elizabeth Warren have been able to cobble together they have the infrastructure to have more success there. Senator Bernie Sanders we know in 2016 had a ton of success going online, getting small dollar donations Elizabeth Warren has waded her way into that pool as well and had a lot of success you bring to it joe biden where hes relying a lot this is the second problem relying a ton on big money, max checks were being told from his Top Fundraising organizers is that they are just wondering now where are they going to go to get this money hes not known for doing online donation thing but they are trying to improve there. Where are these donors who have a ton of players that have given a lot of known joe biden, the max amount is 2100 where will they go with 8. 9 million on hand and how will they survive the early primary states of iowa, new hampshire, nevada and later super tuesday in march, which is a target for joe biden. Super tuesday is where they believe the campaign, they can have the most success but those are major states in the primary for 2020 signed like hes been spending a whole lotof money too fast hes burning cash thats the way its gone down. A lot of stuff on planes and salary benefits, things for his campaign as well and polling but it just hasnt gone his way with fundraising there was call the other day, yesterday, the day after they announced he only has 8. 9 million compared to senator sanders, senator warren and jenson button. On that call his campaign told these donors and emphasized how important the Fourth Quarter will be. The lack of money he has on hand is setting up a really a Battle Royale for fundraising for joe biden in the next quarter and jenson button. He has less than harbor shes in debt you look back into her filing which we did, shes almost a million in debt. He has less on hand than she does it will be interesting Going Forward how he spends his money. Where is it going to go . Demographically could the money force him from race . I dont know were there yet. Theres concern about how hell compete in these primary states that he needs to at least get in the top two or three for these elections. These candidates have to get some delegates here. Thats the concern the question is how long can this go on without having not as much cash on hand against others brian, thanks appreciate it. Well check back with you. For more on 2020 election find it at cnbc. Com new developments for airbnb. Well have that for you straight ahead. You should be mad at forced camaraderie. 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Call today and find out more. Im proud to be a part of aag, i trust em, i think you can too. [spokesman] if youve tried colleg group cheering shed, snhu lets you transfer up to 90 credits toward you bachelors degree. [woman] it doesnt matter how old you are, you can do it, you can finish. [spokesman] finish your degree at snhu. Edu we had a new look at airbnbs Balance Sheet reporter according to a source familiar airbnb has over 3 billion thats down from the First Quarter of this year im told airbnb never touched its 1 billion line much credit and has been cumulatively Free Cash Flow positive since insepg. This comes after a report this morning that said airbnb losses doubled at the start of this year airbnb one of the most anticipated unicorn ipo next year these numbers telling us that from hat we can tell so far the business does look different from those start ups well know more once that s 1 drop is expected next year thank you speaking of ipo headlines journal reporting saudi aramco ipo will be delayed. Theres been ton of valuation questions about that one and how much money they can raise and how much saudi wants to raise. This sounds like the most delayed ipo ever for years getting right up there with brexit in territorial of the length of the story. William cohen will be on fast money he dropped that article drawing suspicion on big trades done just before some big geopolitical events. Thanks for watching power. Closing bell, right now welcome to the closing bell. Im Courtney Regan here on the floor the New York Stock Exchange ibm closed shares down by 5. 5 big guest laggard. The Broader Market is trying to claw back. A bit off session highs. 59 minutes left to go in trade today. Im scott walker. Wilfred frost is in santa barbara, california today. In just a few minutes hell sit down with goldmans chairman and ceo David Solomon for an inw