Transcripts For CNBC Closing Bell 20160616

Radar headwind weighing on the banks. Were going to talk about that. Both sides of that issue coming up. Plus, unfortunately in venezuela latting continues as they grapple with Food Shortages and an economy that is definitely in crisis and the president is in exile here in the u. S. The director taking a direct swipe at jack dorsey. Well tell you exactly what he said. Lets start with the comeback in stocks today. Bob pisani with the latest. Bob . Its been an interesting day. To a certain extent were become smacked around by brexit concerns and particularly on the currency markets. Take a look at what happened just about the time of the european close at 11 30. The dollar weakened. The euro strengthened as well. It happened when we heard about the tragic death of the mp over there, joe cox. We saw knockons as a result of that. We saw a modest lift during that time and weve just turned positive for the day. The dollar weakness had a very important effect. It stabilized oil. Oil had an ugg employ ugly. Still rather ugly. Landed on the downside. You can see Energy Stocks were headed down. Theyre headed down even further and that turnaround in the dollar helped kpen the losses essentially. One thing that didnt work well, the banks. I just want to point out apache as an energy stock here, down to about 3 on the day. And here you can see what happened with some of these major energy names overall. The problem has been the tenyear yield has not shown any signs of lifting at all. We only saw stabilization in late in the day. That has helped bank stocks. Remember, these names in the last five or six days are down seven, eight, 9 . This is not nearly the drop weve seen in europe but rather severe. Guys, back to you. Thanks for the rundown. Jackie deangelis with more. Let me walk you through it and try to make some sense of it. Yes, gold was a good mobig move was too. What happened here to spook the market because we did have an inventory decline yesterday that should have been supportive of prices. The market is starting to get worried about brexit. Theyre worried that it could create a little bit of market turmo turmoil. That could cause concern for global growth. Bob pisani mentioned the spike in the dollar this morning as well. That certainly sent these oil prices lower. And the reason you saw that Dollar Strength even though we have ha dovest fed is because it was stronger relative to the euro rowe. Now i will say this. Theyre expecting to see more volatility over the next couple of days. That could send crude prices lower. Meantime on the other side of the copy, even though you saw that dollar, you saw gold prices skyrocket but at the close, they gave a lot of it back, closing under 1,300. So traders there are saying the safe haven trade is back. You did have that dovish fed yesterday. So many mixed signals, but they say theyll continue to move higher because as taylor swift says, that safe haven trade never goes out of style. Nice. Ending with a quote from taylor swift. I cant believe weve gone five minutes into this show and you havent mentioned the currency move yet. I let bob pisani say it. What took so long. Currencies were the center of the action. Certainly underweming in the last 24 hours. We have a lot to talk about today. Heather hues from southern funds is with us from d. C. , kenny bokarry, nice tie, and Rick Santelli checks in from chicago as well. Always a nice tie as well. Kenny, we bounced off this 2050 level you had been looking for. Whats moving this market today . I think thats a technical bounce. It oversold way, way too concerned about the brexit vote. Yes, its close, but in the end they may choose to stay. Therefore i think the market is poised to at least try to rally a little bit and retake some of the losses over the last couple of days. So it was not surprising to me at all that it did that, that it found support where i thought it would find it. Leather, today, its one of those days where you hear a laundry lust of concerns from the fed to the bank of japan, brexit poll next week, oil under pressure and yet weve seen a turnaround in stocks. Whats at the top of your lift . If yen has a beard, im an optimism. Hope springs eternal optimism. The housing bubble, brexit, and the market since 2009 has doubled, okay. They may have been propped up based on buy back shares. We know that but stocks have had it higher. The new high we want to watch, i wouldnt be surprised if we flirt with alltime highs very soon. But the level is 2130 on the s p last seen in may of last year, and were not too far from that right now. Kenny has said he will not shave that beard until the fed raises rates. Knew there was a bet. I knew there was a bet in there somewhere. I will have it for a while. Additionally, the most interesting man in the world. Rick, you were going to talk about how kraded the brexit trades had become. But when there were rumors that i would be delayed because of the tragic death of joe cox over in england, thats when the market started to move. Dont you think this market is really kind of holding its breath until we get that vote next week . I think it is butly continue to say as ive said hundreds of times, i think that is factoring into the volatility but it isnt about brexit. Its about the crack in the European Union that will get better. We need to watch it super close. As far as optimism, i would be optimistic if it wasnt for the central bankers. I mean do we really deep down to what janet yellen said yesterday, its rather distu disturbing. Theyve used models that said cyclical issues when everybody else was a course of structural issues. Now they see that. Thats the problem with intellectuals with models. Thats what they dont understand. You dont know how do drive a ferrari when youre doing simulations behind a while. Big mistakes by federal bankers. I think this is a huge issue. I think once and for all we need more big institutional traders and banks and hedge funds to stand up for the markets. All right. Hang on. Heather, give me one second. We have breaking news on viacom. Whats going on . Sumner redstone has moved to remove five of viacoms directors including the chief skek ter, Philippe Dauman from the companys board. In addition its National Amusements has filed with the Delaware Court to approve the changes and make them leechlt so Sumner Redstone has ousted five directors including the chief director. And theyve formally filed with the Delaware Court that the changes are legal. Its the latest twist and turn going on. Well see how the stock realk. It is reacting. Up 4 . No. They see dauman as one of the reasons why viacom has underperformed, down 30 in the last 12 months. And mr. Redstone has been quoted recently saying he doesn doesnt. Sue, thanks very much. Lets get back to our discussion discussioner. This has become a defense irchs market. Even if the fed raised rates, qe infinity may be kojing. Valuations are stretched, right . Thats because people are alonging for yeardley. There may be room to run or if you think theres going to be an armageddon, thats why you see them catch a bid atz of late. All right. Kenny, we want to get back to what it means for a stodge market. Just in defense for janet yellen. The move would not have been to raise rates. No. I hear you. Ive got to hear you. I love your enthusiasm. The fact is theyre living behind the wall using models. Its impossible because if you live in the world. It was almost comical that they talked about rates going up three or four times. Listen, kenny. I agree. They need to be describing the issues. The whole new normal thing, i couldnt agree with you more. Where have they been. Is she kidding me . In this real world with the tenyear comfortably below 1. 6 . How much lower do you difference it can go. We could make a lot of movement here here. I certainly wouldnt stand in frounl it imt that probably slow it down a whip bridge. A lot of whats fektding them. Look whats happening with pane and italy and some our youfrm percentage. Before you see higher yield because of the glock sloim downtodown in the world. I wouldnt be sewer prized if you see yields moving in lower. Guess what . It fell to 1 pumtd seven. I. Im noum surprise. Goo no at always rj the dow has come back appreciably. The nasdaq has turned pock takeover amg tell. S p fairly positive. If we go closed topic. Financial stocks are reginaing again. Are compliance comes twam twim he hurting the bank. Former American Bankers Association Frank Keating. Thats next. Plus as i mentioned key earnings. Gun maker smith ands we son, youre watching krss ins be krs. First if mean world widewide. 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Debt will be half of it. Now we have more breaking news on viacom. Sue herera, now what. Well, vewe have some names f you including Philippe Dauman who was removed. The others are george s. Abrams, Philippe Dauman, Blythe Mcgarvey and Frederik Salerno and william swartz. The new ones are kenneth lerer, thomas may, judith mchale, ronald nelson, and nicole seligman. Were reaching out not tonal viacom but mr. Dauman as well. Theyve ousted the five directors including ceo Philippe Dauman. They have gone to Delaware Court to have that declared league and this is what the company said, because of public statements by the existing directors that they would challenge any removals and to maintain stability until those issues are resolved. National amusements filed paperwork to affirm the validity of their actions. Well keep you posted. The stock is up almost 5. 5 . Bill and sara, back to you. Well keep an eye on that. The sector, worst performer this year. Former wells fargos dick kovacevich. Listen to whats happening. Its increasing. Of course, they dont add anything to revenue, and so they have to cut costs or profits are going to go down. What should happen is the industry will need to consolidate, and the only reason it isnt consolidating is the regulators dont want that to happen. If it was a normal situation, youd find the banks being acquired. They need to advertise that over a Bigger Customer base. Lets talk about thachlt joining me to debate whether the regulations are the problem. The man who wrote the regulations were talking about, barney frank. He was chairman overseeing the banks and with him is Frank Keating who helped numerous positions. Hes former governor of oklahoma. Hes also the former ceo of the American Bankers Association. Good to see you both. Thanks for joining us. Thank you. Barney, do you believe the regulations in dodd frank are a cap or limiter on the banks ability to make money right now. Theyre not cap. Obviously theyre an expense. Lets begin with the most enormous cost weve seen which is a total lack of regulation. It is the case it seems to me clearly to have been one of the mayor clauses of the crisis in 2008 which not only damaged it but the banks. It was due to a lack of regulation, not regulation. Are they going too far the other way . Not overall. But there are a couple of factors. First of all, they would and r exempt the Smaller Banks from so some. Its irrelevant to the Smaller Banks. They ought to be relieved of that burden. I would do that. Secondly, yeah, theres always a cost when youre starting out and theres a certain newness to it. On the other hand, i have heard much of the costs dont come from the legislation. They come from the banks. If you can lend more without having to set aside capital, you make more money. Finally. Ill say this. Whal specific regulation do they think should be changed or abolished and lets do that. Governor keating, what do you think . I think its time for them to sit down. The reality is weve lost a Community Bank one a day five days a week in gross numbers over the last four or five years. 26,000 pages of regulation. I think barney is correct and has said it publicly. Why are the belgiums in the middle of our bank system which is very different than theirs . We have a Community Bank structure thats essential for banking purposes from sea to shining sea. She said, i remember when our bank closed when i was a child. The community about blew away. I dont want that to happen. Governor keating, do you think we would have this conversation if they werent killing the banks . A lot of banks are doing very well. Interest rates do have an impact. I know me as a depossible tore and customer, if you have to hire a compliance person as opposed to a law person, today among new business startups, we need more lending for them and america just really needs to build up the next generation. Its very much in order. Congressman frank, i was wondering what you thought of councilman hensarlings proposal. Im sure theres a lot you might agree with there was an idea for relaxing the rules on banks that do meet higher capital rekwierms and a frankly. Im unpersuaded by mr. Hen arsly. Theres really little spachks in there. I would say what i hear with the many of the banks t high capital zan dards hes imposing would be problematic. You had dick csaying that. The last point i would say is this. I said there are things frankly, i want to blame the lawyers for some of this. They have persuaded some Community Banks to do more than they have to. Excepting that we cant change that is correct i would subject the banks. I dont think unless someone shows me specifically the best inwain. I doinltd see any reason to to do it. If you have a lot of capital, you should ld zplo. I said we dont have to koj ply with the the higher capital is what theyre looking for. Thats the same thing. Were highly capital lietzed. Thank you. A little over a half hour before the closing bell and it looks liej stocks are fwaemg steam. S p 5 s s p 500 up. Its picking up. When we come back, a worsening food short and in that. A lead option session leader. Speak about mump needed change in vens. Thaerj stou real is touching a ray. Amazing is moving like one. Real is making new friends. Amazing is getting this close. Real is an animal rescue. Amazing is over twentyseven thousand of them. There is only one place where real and amazing live. Seaworld. Real. Amazing they are. Do i look smarter . Yeah, a little. Youre making money now, are you investing . Well, ive been doing some research. Let me introduce you to our broker. How much does he charge . I dont know. Okay. Uh, do you get your fees back if youre not happy . dad laughs wow, youre laughing. Thats not the way the world works. Well, the worlds changing. Are you asking enough questions about the way your wealth is managed . Wealth management, at charles schwab. To buy a new gym bag. Before earning 1 cash back everywhere, every time. 2 back at Grocery Stores and now at wholesale clubs. And 3 back on gas. Kenny used his bankamericard cash rewards credit card to join the wednesday night league. Because he loves to play hoops. Not jump through them. Thats the excitement of rewarding connections. Apply online or at a bank of america near you. We want to get to the latest breaking story. Sumner redstone firing fever. Joining us now david katz. The stocks up 7. 5 . Clearly the market likes what its hearing. Do you like this latest move, david . We think overall its a net positive. We think dauman has probably underperformed and although hes done better of late, we think if redstones actions are to turn this business around and focus on shareholder value, its a significant net positive. Weve heard from analysts on how to do that. Whats your idea here . Where do you see value . The only thng we liked of todays announcement, we liked the idea of selling a large amount to paramount. The think the Overall Company is a big franchise. They have turned business around in a fairly meaningful way in the last seth months. We need a new whichceo. We think its strong. If there was even something nr tra more strategic, that would be a win. Are you nervous at all that this is being engineered by mr. Redstone and his daughter as well at a time when his Mental Health is being called into question . We think its the redstone family. So if their agenda is to just regain control because they dont want to sell part of paramou paramou paramount, then its prop mattic. If theyre saying this company has been mismanaged and you have to put your shoe down, its a positive. We think theyre about got a very economic interest and if theyre stepping up and its butch such a visitbling fight, theyve done better. How much do you think this wailgs on the stock. They left it for the significant peers. The current ceos openness to selling that Minority Stake of paramount, move the stock higher, and as redstone said he was going to change the ceo and board, its like that. The short term, it probably hurts their result, but longer term, it allows the company to unlock significant values. Net, we feel its a positive. If this had hatched three months ago, shareholders would have been ecstatic because they did want change in the ceo. David katz. Always good to see you. Thanks, david. Target 55 just now. Meantime Food Shortages in venezuela are going from bad to worse sparking more looting and arrests. Our michelle has more. Riots and protests have erupted fueled by severe shortages of food and other basic goods. Just yesterday about 400 people were arrested after ransacking dozens of supermarkets. These are images of some of the looting you see on the street and looting supermarkets left destroyed. International pressure is escalating on the leadership of the country. Earlier this week they had high level talks with the United States. Secretary of state john kerry said they would start with coku rah cass. He is calling for a vote. Hes in washington today meeting with the state department. We dont we dont want to get to that point and thats why we are pushing so fast, you know. Do you worry its a possibility. Yes. Were in a totally collapsed country right now. Its not working. And secretary of state john kerry has backed this recall referendum thats been pushed by the National Assembly to have a vote on whether they want him to stay as the president of the country. Time now for a news update with sue herera. Sue . Hi, bill and sara. Heres whats happening this hour. Iraqi is seizing control of a number of tunnels built by isis militants in the city of fallujah. Iraq is battling to retake the city which fell to isis in 2014. Eight groups estimate 60,000 civilians remain there. A 52yearold man is arrested and believed to be the lone attacker. Cox who was maired with two Young Children was elected to the house of commons in the may 2015 general election. House Speaker Paul Ryan offered his condolences during his Weekly Briefing today. First of all, lets make sure we keep the victims in our prayers and their families. I want to make sure that we understand the gravity of this moment and the sensitivity. We want to make sure Something Like this doesnt happen again. Comcast, n b bcuniversal is donate 1g million to help the victims of the orlando nightclub suiting. The company lost six employees and had two others injured in the shooting. President and ceo steve burke called it a heartbreaking week. Comcast is the Parent Company of this network. Thats the news update this hour. Ill see you next hour. Thanks, sue. Heading to a close of the trading session here. A rally under way. Solidly green. We were solidly in the red this morning. Weve had about a 220point move from the bottom to top. A leading trader will tell us what hes watching coming jup jack dorsey, well have the latest on that from washington. I could get used to this. Now you can. When you lease the 2016 es 350 for 329 a month for 36 months. See your lexus dealer. Cia director john brennan taking aim at isis, no surprise there. He also had some choice comments for twitter ceo jack dorsey. Yeah. Imam javers joining us he weighed in on helping the intelligence community. A couple of months ago twitter took steps to block a company with a business it calls data miner from selling the full twitter feed to the cia. They have a feed called the open source Enterprise Group that was looking at all tweets in realtime. Twitter was not comfortable with that. They block thad on the hill today. Today the cia director was asked about all this. Heres the exchange from earlier dord. Washington journal also report thad the ceo of twitter jack dorsey twekted data miner to stop the contract because he was worried about the, quote, optics, of helping intelligence agencies. Do you believe that to be accurate . I do not know his motivation for any corporate decision hi may have made. Is it disappointing to you that an American Company would sell its product to a russian arm but not cooperate with the United States intelligence community. Im disappointed theres not more active cooperation consistent with our legal authorities that may be available from the u. S. Private sector. So a fascinating issue here, bill, about what a u. S. Countrys sort of pace trottic obligation ought to be in terms of cooperating with u. S. Intelligence. I emailed twitter today to ask if they have any reaction. They said they dont have any comments, guys. To put it into context, this isnt the first time that Law Enforcement im think about obviously about fbi and apple and we receive the lines cross and this is going to be an ongoing debate not only privacy but as fbi tries to ramp up its intelligence gathering. Yeah, sara. Youre right to gather that. There are many looking at Silicon Valley going, look, some of these companies are going rogge and theyre blocking intelligence investigations, intelligence gathering. When you see things like the orlando shooting, San Bernardino shooting, they want access to this it. What youve got here is a fundamental culture class. All right. Eamon javers in washington. What a turnaround it has been. Up next a closely watched home Builder Sentiment was out earlier today. Diana ol nick is here to break it down. What a treat. Thats coming up next. Here at td ameritrade, they work hard. Wow, that was random. Random . No. Its all about understanding patterns. Like the mail guy at 3 12pm every day or jerry getting dumped every third tuesday. Jerry every third tuesday. We have Pattern Recognition Technology on any chart plus over 300 customizable studies to help you anticipate potential price movement. Theres no way to predict that. Td ameritrade. On their auto insurance. Wouldnt a deal involve two parties discussing something . A little give . A little take . Because last time you checked, your rate was just, whatever they say it is. Why not give you some say in the matter . Or even better let your driving do the talking. Liberty mutual righttrack finally puts you in control of your rates. All you have to do is connect, drive and save. In fact, safe driving could save you up to 30 . With 5 off just for signing up. For righttrack. And the discount is good for the life of your policy. To get started, visit a local office or call Liberty Mutual today at take control of your rates. Visit a local office or call see Car Insurance in a whole new light. Liberty Mutual Insurance using 60,000 points from my chase ink card i bought all the framework. Wire. And plants needed to give my shop. A face. No one will forget. See what the power of points can do for your business. Learn more at chase. Com ink 13 minutes left here. Yes, its still a very defensive market, even with the rally were seeing today. Look at that. Energy with the decline and oil today down 46 a barrel. Thats still in the negative territory today. Were still seeing low yields pretty much across the board. Good news coming from the closely watched National Association of homebuilders. Diana olick is here live at the New York Stock Exchange with the details on this. Good to see you. Good to see you too. The monthly index rose two points in june to 60. Anything above 50 is considered positive. Its the highest reading since january of this year but its the same in june of 2015. Builders say theyre seeing more committed buyers at their sites. That may be due to the short supply of existing homes for sale. They still complain about the buildable lots. Seams expectation took a big leap and buyer traffic gained three points to 47. But that last one is still stuck in negative territory. Interesting that the drivers of these gains this month were all on expectations. Not real sales or traffic. The Study Released today by the mack car thursday Foundation Shows they have an increasingly pessimistic view of the housing market. They say were still in the midst of crisis and one in five say the worst is yet to come. I find that fascinating. That is interesting. Diana, thank you. A little over ten minutes to go before the closing bell. Lets show you where the markets are now. Pretty much in rally mode. All of the sectors are positive except for energy at this point going into the close. The dow is up more than half a percent at 111 points. 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We think solid yields and cash flow are great, but the key is that growth rate. Thats what were concentrating on. Were looking at the International Target and lowes right now. Its been a very difficult space. We think target may have been the baby thrown out with the bath water there. Theyre now selling at 3. 5 multiple points cheaper than walmart. We think youre going to do okay. We think the downside is pretty limited. I wonder if you play the other side of the yield and that is staying away from groups like financials that get hurt on low yields that continue to go lower. Thats very true. Theres not a lot of financials there. Some of those yields are oklahoma but they have a big part to say where the yields are going. Youre going to see the assessment of where banks can raise their dividends. Even then, theyre limited on what they can do. Like a lowes in the First Quarter, raise that dividend 20 . Youre probably not going to see that kind of a thing out of bank. Mark, good to see you. Thanks for your ideals. Well come back with a closing countdown in just a moment. And after the bell, if your dream one day is to work at Goldman Sachs, you should know the investment bafrlg has a specific kind of email. Its an eyeopening story youll see only on cnbc coming up. Youre watching cnbc, first in business worldwide. [phone buzzing] some things are simply impossible to ignore. The strikingly designed lexus nx turbo and hybrid. The suv that dares to go beyond utility. This is the pursuit of perfection. Illuminates skin with pearl optics science. Your concert style might show your age, your skin never will. With olay you age less, so youre ageless. Olay. Ageless. On their auto insurance. Wouldnt a deal involve two parties discussing something . A little give . A little take . Because last time you checked, your rate was just, whatever they say it is. Why not give you some say in the matter . Or even better let your driving do the talking. 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The dow typically ahead of the fed meeting usually rallies. It sold off going into that. In fact, it sold off more until today when we get this lateday rally here with the dow up 100 points at 17,740. And just today we get this lateday rally that well talk about more here, but it puts us back to 17,739. Also gold earlier in the session hit 1315, a high we havent seen for a couple of years, but then it sold off as stocks started to move higher and were down at 1284, bob pisani. This is one of those months where we were smarked around by oil. Now were being smacked around by dollar. A lot of these issues around brexit are going to affect currency markets. Notice that happened roughly around the time europe closed and roughly around the time that we heard of the tragic death of jo cox, the m. P. Over there. We saw our markets lift a little bit. We saw oil which was going straight down. Leveled off. Ended down at 4 . Get what hit a 52week high today with oil down 4 . Exxon. You go and explain this. Dividends. Even at a 52week high. Utilities also at a 52week high as well. Theres definite play going on. Thanks, bob. Well see you later. Stanley black and decker ringing the bell at the New York Stock Exchange. Were going to look at the earnings coming up in the second hour of the closing bell. Stay with us. Welcome in. Im sara eisen in for kelly evans. A turnaround day with the stock closing up 94 points. The s p which was down about a percent earlier in the day closing up 3 and the nasdaq which has lagged all day closing up a little bess than a quarter of a percentage point. All of them except for energy which has lagged all day long. A viacom shakeup. Suck nev sumner redner ousting fill legal dauman and other border members. Were awaiting earnings from oracle and smith wesson coming out. Joins us, mike santoli as always along with cnbc contribute or a mike grasso. Er of the you on the turnaround. There were worried about brexit and the bank of japan. Sentiment changed. It did. We took back the s p. I dont think its because we got any reassurance, but you have had stocks down five days in a row. If theres a surprising thing to me today, its that the stockmarket turned around when oil was still down two bucks. So that dynamic was at play yesterday afternoon and today. But i do think you had a somewhat oversold condition and people not really sure what to make of it. Its because the british pound is the new oil. Late morning, a lot of those trades that were seizing not based on the fear of brexit a week away reversed themselves. So that was the other factor. There seemed to be confusion as well about the untimely death, the tragic death of jo cox, the m. P. In a Great Britain as David Cameron said they were going to suspend campaigning for the brexit vote and there were those confused that maybe they were going to delay the brexit vote and we saw it going high thaert time as well. That all coinciding but i think its the market nudging the betting eyes in favor of romaine because of maine maybe a cooling off of the campaigning but maybe the inference is we dont want the exit cam top be associated with this kind of ugliness and maybe its going to but also traders just taking back some of the bets we had made. Weve talked with a lot of pros, stephanie, in the past few days. Theory looking at the brexit opportunity as a buying one. Is that how you see it . I totally see it that way. I dont want them to delay this vote, let me tell you that right now. That is the last thing we need on top of the very confusing fed and on top of a boj that we dont know what the policy is quite frankly. Its certainly not working. Theres a lot of uncertainty. I think theres an opportunity to pickaway am some of your quality companies, both cyclicals as well as some kind of defenses. You have to look for dividends because clearly yields are staying lower for longer but i think there will be a new opportunity for financials. Theyre at extreme lows right now. Theyre back at february levels in terms ofvaluations. I think you pick a little bit today and i think on the day if theyre down, then you buy more. All right. Weve got the earnings from oracle out. Lets go to josh lipton and see how the numbers look. Josh . Lets get you those numbers. Oracle reporting earnings for 81 cents. The street was looking for 81 cents. On the top, 10. 9. The stleet f street was looking for 10. 4. Its a service. Theyre 690 million. Thats what the street has been expecting. New software licenses. Thats a drop of about 12 . As for the Cloud Businesses. Lair ellison saying in a statement he expects to continue in the next few years. They give it a fighting chance to reach 10 billion in sass and pass revenue. On the call, i know analysts have some questions and specifically that new tieup between sales force and amazon. How does that affect oracle Going Forward . Also that impending whistle blower lawsuit where you can expect them. That is kicking off at 5 00 p. M. Eastern and will be on. Guys, back to you. All right. Stock up 1 president 5 in the after hours here. What did you hear there . What i heard so far, first the stock is cut down. Expectations were kind of low, but what i like is the Cloud Business at 690 million. That is the key to the story. This is a transition story, away from the traditional based business into cloud. And if we can see margin i didnt see the margin number just yet. Thats going to be the key to how the stock reacts. The stock was a problem in the last quarter with some problem on the spending. Exactly right. Theyve been making investments into the business. Theyre making it at the top line. I want to see what the margin is. They have easy comparisons and they seem to be making some headway. Steve grasso has finished his day job. Thats right. Now moonlighting. Now youre in moonlight mode. What did you make of this bounce today . You have to go back. We were running up to yellen. We got yellen yesterday, and now were running up to brexit. So today the brexit polls said that they would stay. Went up to 65 . The oddsmakers were putting it at 65 that they would stay now. So the market totally dae pendape dependent on whether theyre going to stay or leave, and thats the way it will blow up until the brexit vote happens. Did you want to talk about oracle . The stock was definitely eased back. I think theres some noise around the Cloud Business in part because of News Associated with the former employee that she was asked to massage some of the cloud numbers. I dont think its a big issue. But i think it points to this idea that every company is now a company and they want to overstate if they can how rapidly and how effectively that transition is going. So they have to keep improving. But cloud is clearly gaining momentum. Its almost like where Cyber Security was last year. This year you look at work day, work now, service. Even microsoft, while their margins were disappointing, their cloud has improved. We know about aws and now oracle. And to your point they have to shrink their other businesses. In yore alks case, everything ive seen points to the datta base business is actually getting some tail wind. It looks like the loss of decline was down. Thats good. All right. Hold your thoughts there. Another story weve been following the last couple of hours. Viacom, more news apparently. Sue herera stepping in with that. Is thats right. Frederick sa ler noe is fighting back, bill. Heres what he had to same he said today viacom received notice from National Amusements that it purr pourts to remove directors and replace them with new directors subject to a ruling from a Delaware Court. Quote. This is a brazen and demon strablably invalid attempt of mr. Redstone to regain control of viacom and its management in disregard of mr. Redstones wishes and to undermine the current boards and to represent the best interests of all of the stockholders of viacom. With the support of the indeath penalty director os testify board, i am filing today a lawsuit in Delaware County seeking an peks e dieded determination that ms. Red stones attempted removele and replacement of viacom directors is invalid. He said sadly it is now clear that mr. Redstone is being manipulated and used by his daughter in an attempt to accomplish her longheld goal of gaining complete control of viacom. So it is heated obviously at this point mr. Sa ler noe is basically blaining mrs. Redstone and hes going to court to validate it. Made for tv. We already have game of tloens. Thats true. But its not over yet. Theyre going to try to get that judgment as soon as possible, bill. Thank you very much. Anybody want to weigh in on it. Its heading to an endgame. Its interesting because i dont know where the burden of proof lies. Do the current directors have to say hes not competent . Its very difficult. Well, they already had one trial and the judge ruled after hearing his video transcript of his testimony that he clearly had his own vision. I think what you see in the marketplace is theyre selling Everything Else and theyre buying this one. Obviously they reached for it today, specifically via. They reached for it and goosed it. You see the intraday chart. They spiked it higher, but i think to mikes point, this is getting to resolution without resolution. I think people think theres hidden value in it and theyre going to buy it before they figure out where its going. There is. It trades four teams to disney. Cheapest ones. Im not saying they should be directly connected to disney. It is very cheap if you can get this resolved, and it looks like to your point you can get it resolved. The shares were up 12 in the last three months as this entire mess plays out. I think their p. E. Is below ten. This whole group has been very clajd. We know about the whole cord cutting thing and we dont have a lot of answers in that regard. Its the first thing thats brought some type of bullishness to the even though its been under pressure, people have been looking at this sector to sell, not to buy, not to take out a flyer on it. But to sell it across the board and now this is the first time that people are looking at value. Keep in mind theyre trying to own 49 of paramount studios. To be continued on that one. Weve got more earnings out. Gunmaker smikts s we son is out with results. Seema mody has the seema . Reporting a big jump in revenue. 221 million. In fact, fire arms increasing by 22 over a comparable quarter last year. When you take look at guidance for First Quarter and beating expectations. In fact, for the First Quarter, it sees earnings between 49 and 53 cents. Guys, the estimate was for 37 cents. Were looking at the stock up about 8 on this big beat from smith s wesson. Bill and sara . The pattern has been that the gunmakers have their stocks rally after a mass shooting. It didnt really happen this time. They were down. I dont know if because theyre showing signs on both sides in congress that maybe theres some traction for genuine gun control measures, i have no idea. But clearly the stock was primed. So grasso, i read a stat and looked it up and confirmed it that smith wesson, since obama has taken office. If you had invested, you would be up 750 . Do. I put all my money in smith wesson. And youre ready to take it out. You saw it happen over and over again. It was a political thing where people would rush out ahead of any regulation that was becoming stricter, but that might be a little long in the tooth and might be a little more granular on these rules Going Forward. All right. Still getting a nice pop in the after hours. You have to go . To the subway. Well put you in the transport. Hyperloupe. We can watch coming up. The former ceo tom freshton will come back tonight with hitz response to that news on fast money that will include steve grasso and the roast testify gang. We look forward too that. After making big news yesterday talking about his opposition. Coming up, were going to talk about the viacom soap opera here. Were going to talk to anthony declemente, the analyst. Now the stocks trading above his target. So will he have to raise it. Thats coming up. Were one week away from the brexit vote. As you know, well get the crowded trade as a result of getting ready for that. The hidden risk depending on the outcome of the polls coming up. Youre watching cnbc, first in business worldwide. Man 1 youre new. Man 2 i am. Woman exmilitary . Man 2 four tours. Woman you worked with computers . Man 2 thats classified, maam. Man 1 but youre job was Network Security . Man 2 thats classified, sir. Woman lets cut to the chase, here. Man 1 whats youre assessment of our security . Man 2 [ gasps ] porous. Woman porous . Man 2 the Old Solutions arent working. Man 2 the world has changed. Man 1 meaning . Man 2 its not just security. Its defense. Its not just security. Its defense. Bae systems. If youre just joining us, the viacom saga. Sumner redstone ousted five members of the board including Philippe Dauman. Frederic salerno just announcing hell be fight with a lawsuit on these changes. Lets bring in david lieberman. Hes an executive editor for deadline hollywood. Thanks for calling us. Does it bring any resolution . Certainly investors have looked at it positively. Weve been anticipating this for a while. He released a net saying he didnt have any trust in them and so it was really a matter of time before he did Something Like this. Did you have a chance to look over the new Board Members and is there anyone surprising in that list for you in. No, not really surprising. Whats interesting is that three of these people are known to the Media Entertainment community. They need someone with digital experience. Ken fit that bill. Now, if i heard correctly and maybe somebody else did, they went to a Delaware Court im looking at mike santoli. Its anticipating the next phase. They realize this is a controversial move right here. The other piece of it here is unseemly. These have existed for a long time. As long as mr. Redstone is still alive, we have to have some resolution on this and no one really knows how much time is left or how much chance theres going to be too prove or disprove his competency. David, what does this do to be able to sell a portion of e viacom as discussed . It probably freezes them. Number two, while theyre in court, my understanding is they cant make decisions that are outside the ordinary course of business. And we noted the increase in the cost of viacom. But we noticed cbs shares wentz up come mensz rat with that. Just blue describes here what does it do for les moonves . His star certainly rises. They maybe put viacom and cb sbac together under les moonves. Thats one pobltd. Do you have any idea this is Shari Redstone calling the shots. Shes been accused of manipulating her father. Whats the backstory here . Right. Thats, of course, the billion dollar question. Sumner redstone calling the shots. What i think is interesting here, its not really a case of sumner or Shari Redstone. Its the National Amusements board. Its the board who made the vote. So theyre really taking on that institution. Shari redstone is on it as is sumner. But its not a personal thing, which is what theyre trying to make it into. Im curious what you think is going to happen now. We know the Legal Process and what we have to get through. But after that, to you see consolidation happening in the industry and do you see cbs and viacom making sense together . I do see a consolidation taking place as a general trend. In terms of cbs and viacom, theres been speculation that moonves may not want to take on viacom. Cable channels arent in vogue. Many are declining. Some cable channels are not in vogue. Yeah, some. So a lot of things that we still dont know. More consolidation. David, thank you for your insights today. David lieberman, the executive editor of deadline hollywood. My pleasure. On the ongoing shakespearean story that is viacom. Next weeks brexit vote . You may want to rethink that. Mike santolis story next. Shanghai disney opens today. Were going to get a look at how this park could affect disneys bottom line coming up after this. The british voters just one week away from voting whether or not to stay in the European Union, and while theyre deciding investors are placing big bets on different outcomes. Mike, youve been looking at a few of the crowded trades, certainly shorting the british pound is one of them. Exactly. So, look. Crowded is in the eye of the beholder. Sometimes it could be that the investors are getting the point. But i do think they have a few reasons why you have a potential for these trades to get started ahead of next week. One is you have a very important time. The polls are saying its something relatively close to a 50 50 bet and theres an idea that something will happen even though no one is confident at predicting. You mentioned, sara, the short one. Thats obviously something thats basically off the charts in terms of exactly how short people are. But also people obviously have helped out gold to rally with this risk aversion trade. We dont know how much that has to do with european negative yields and vsx. Theyve all been there. I think today you saw a dry run of what might happen if they vote to remain because when we did get those inklings, you saw a big rally in the pound, a sudden selloff in the gold. It rallied a bit as well. And so all of those things could happen in a more dramatic fashion. So heres my question. Does this tell you how much is priced in for an exit . No. So if they vote to leave no. It doesnt mean were all done. No. Because obviously the markets never going to get to pricing of 100 of something that has a 50 chance of happening. So i do think you have a tremendous amount of play. Lets kick this around with our guest. Todd is with us in saras hometown of cinci. I always get skeptical when it feels like weve figured things out. Weve all figured out where you should be investing right now ahead of the possibility of a brexit. Is it too easy or what do you see going on here, todd . No, it isnt easy. On the volatility front, i agree with most points that he made. On the volatility front, its interesting. You look at the commitment of traders reports each week, we do, and we plotted. Interestingly we have found that the large speculators, usually the hedge funds have hedge short volatility. Theyre looking for volatility go lower and its perplexing. Our Global Fund Managers are raising cash. What we saw play out this week may be what we see play out after the vote. Lets say they do vote to exit. Basically what were seeing is were seeing it. The vicks is about 50 . So we see little risk in the s p for example. Given that we dont know, a nice little hedge would be to hedge on volatility soaring. All right. As you observe it goes up, but the volatility derivatives and such are going to sell off. As you mentioned ive been perplexed looking at this. Every sentiment indicator im looking at on the stockmarket anyway suggests from a contrarian view theres upside reward than outside risk. You stay long in the u. S. Market which is underweighed by Global Market managers. But since you dont know, buy some volatility calls. Theyre cheap. And thats where the explosion could occur if they decide to leave steph, do you have any kind of protection like that . Do you see any opportunities here . I think its interesting todd thinks it could go higher. The vix is at 50 . Its also below its highs from february, depending how you look at that. Thats why im kind of curious why you think the vix would go that much higher. Stephanie, i think what this is all about is the potential for an unwind. Like i said, theres an extreme short position along these large speculators, according to c. O. T. Report. And, again, we may have seen that happening in the past few days. Thats why we got the 50 pop in the vix and a mild decline in the s p futures. Maybe we havent figure it it out completely. Thank, todd, we appreciate it. Todd salamone from cincinnati. Cincinnati, southern part of the state of ohio above kentucky. Very good. Heres whats happening this hour. Three babies have been born in the u. S. With birth defects relates to the zika virus. Three others were lost to miscarriage or abortion. Thats according to cnbc which said all of the cases were associated with travel outside of the u. S. A Baltimore Circuit Court has denied to dismiss charges against an officers charged in the trial of freddie gray. Philadelphia becoming the first major American City with a soda tax despite a multimilliondollar campaign by the Beverage Industry to block it. They gave final approval 1. 5 cent per ounce tax on the sugary beverages. And fritolay recalling doritos. They were accidentally filled with nacho cheese doritos and people with a milk allergy end up having an allergic reaction. Back to you guys. All right. Sue. Thank you very much. Disney land making a big bet on china opening a park in shin shapi shanghai. Careful roy you email. Key words and its not just the fourletter ones by the way. Words to avoid coming up after this. D that what goes down doesnt always come back up. [ toilet flushes ] so when you need a plumber, we can help you get the job done right, guaranteed. Get started today at angies list. Intenselyflavored. Colorfullydiverse. Beautifullymisshapen. Cultivated for generations, its the unexpected hero of any dish. When you cook with incredible ingredients. You make incredible meals. Fresh ingredients. Stepbysteprecipes. Delivered to your door. Get your first two meals free blueapron. Com cook. Because my teeth are yellow. These photos . Why dont you use a whitening toothpaste . Im afraid its bad for my teeth. Try crest 3d white. Crest 3d White Diamond strong toothpaste and rinse. Gently whiten. And fortify weak spots. Use together for 2 times stronger enamel. Crest 3d white. Welcome back. If youre just joining us, this is how we finished the day. The late rally down 92 points after being down what 168. Big turnaround day. First time in three months. I will just regale you with this statistic. Weve erased a 1 decline and come back. Since the early part of the year when were doing it all the time. S p up 6. 5 points and nasdaq with a turnaround mode as well with a slight gain. Oracle came in with better than expected numbers, that stock up 2 . And smith wesson had some very big numbers and its up 7 in afterhours trade today. Disney shanghai park opened request quite a bit of fanfare, but unfortunately it hasnt been quite what they had been hoping for after the tragic alligator attack on the young toddler at disney in orlando. Lets bring in our guest. You visited the shanghai park last week or earlier this week, right . Yeah. Earlier this week. Very impressive. Incredibly the scale of the park is impressive. When you compare it to the existing parks, the rides and technology are very new. There are some incredible attractions and rides. The demand is quite strong. The chinese are going to love it. The park is as bob iger would say distinctly chinese. It could add to profitability over the next if youres. Do the investors get that . It seems like its been about espn and subscriber losses and cable problems and the Shanghai Disney has been overlooked. Is the growth price priced in . Yeah. I think the espn subscriber headwind is something thats well document and priced in. We have concerns there, but we dont think that cord cutting is going to accelerate from here. This story of shanghai is really more than about the park. This is about disneys plan globally, planting a flag in china, landing and expanding. It will extend not only to the parks but the studio segment and consumer segment. Its something over the next 20, 30 years will help with operating results for disney. On that point since theyve been focusing on theme parks, is there a chance they spin out . Esp es espn . I dont think so. I think at the current time the company does continue to see the benefits of having espn part of the larger company, so, you know, think i its something that, you know, activists, shareholders might push for, but i dont think thats likely. I think its look. This is a big Global Media Company that in my opinion is attractively priced. So trades at teams on earnings, you talk about whats going on at viacom right now. This is a company that has consistent leadership, one class of stock. So it really is a kind of rare type of investment when you look at whats going on with the rest of it. Before we let you go, you know theyve removed five directs and nominated their own slate here, the stock up 7 as a result. You have a hold on viacom right now. What do you make of these developments right here . Well, i think its you know, my view is that the issues viacom has are very fundamental. So they have to do with younger demographics migrating. They have do with the fundamentals. So the question is are the markets saying that change is going to be good in terms of leadership. Im not endorsing the job that current management has done. I just wonder whoever inherits viacom, is there really an opportunity to turn things around . I think youre dealt a very tough hand. I hate to bring up Marissa Mayer and yahoo but the question is what would you do if you inherited viacom, 25 Cable Networks where the media is going away from the big expanded basic bundle. Okay. So much more we could talk about but that would be speculation. Anthony, good to see you. Thank you very much. At goat man saldman sachs, to watch your ps and qs. They conduct surveillance of employees email and the list of watch words is enough to make you write a letter, as a matter of fact. Well have that story coming up next. Gain the freedom to fumble with the new water and shatter resistant Samsung Galaxy s7 active. Buy one now and get the samsung gear s2 for free. Exclusively at at t experience the thrill of the lexus gs f sport. Because the ultimate expression of power, is control. This is the pursuit of perfection. [so i use quickbooks and run mye entire business from the cloud. I keep an eye on sales and expenses from anywhere. Even down here in the dark i can still see were having a great month. And celebrate accordingly. I run on quickbooks. Thats how i own it. And just for fun, a takeover to tell you about late in the day regarding revlon. Seema mody, whats the story . Some consolidation in the makeup industry. Revlon buying elizabeth around. That represents a premium. Were looking at the stock high eric better than 49 . Lets keep in mind, Elizabeth Arden very Small Company with market cap of 280 million, but, again, its a household brand, one we follow closely in the industry. Ron pearlman is a shareholder. Boom, boom, boom. You dont own that one. Is tay laudehr certainly and theyve been putting up very good numbers. Thats with been one of the bright spot of the department stores. The most recent number, they had 6 growth in personal care and cosmetics. This is where consumers are spending. I didnt realize revlon was in the market to buy anything or Elizabeth Arden. Theyre bigger than Elizabeth Arden. It seems when yo view loreal and is tay laudehr that and coty. Ulta. Thats been an ultimate stock . And revlons stock has not been that good. If youve ever needed proof of what you write in emails ask the employees at Goldman Sachs. Like Many Companies they monitor emails, however, eamon javers has found 187 phrases that draup red flags. Eamon javers is here to read all 180 phrases its fascinating reading, weve gottet the whole list. Unfortunately due to cnbc i cant read all the words out on air. But, look. They tell the employees at Goldman Sachs that theyre being monitored but the employees dont have the lift of phrases. Weve been able to obtain that list from the aurs. When you look at it in total theyre looking for any kind of dispute particularly with clients, any kind of emotional tension among its employees and take a look at some of these search terms and youll see what im talking about. Among the things that theyre regular flagging. Rebate or refund, what i lost, report the matter to the s. E. S. C. , nasd or nyse. One. Where did my money go. That seems pretty obvious. You stole from me. That would be a concerning phrase. Goldman sachs will be hearing from my attorney thachlt will get some. And youre a peaiece of s but they dont use the s. They use the whole word. Its an algorithm and theyre flagged and reviewed by the department whose job it is to determine if theres a problem here. Its a fascinating inside look on how the company is doing it. Its pretty widespread across wall street, bill. Stay with us. I dont have a problem with this. When you consider the number of companies in the past who regulators have gotten their hands on email and the Companies Found out from the regulators, why not be proactive about this and make sure it does not happen. Virtually every case you have these cavalier email skparjs where basically they more or less laid out what was going on. Either its fighting with clients or saying that youre getting one over on them. What if theyre taken out of context. You should be more professional about it that and its corporate property. Your im at work is not yours. Its part of your company so they have every right to monitor especially what they oosh been through and compliance. Jpmorgan is Something Like 50,000 Legal Compliance people at the company. So its not surprising they would focus on a lot of different parts. But it is interesting, eamon, beyond whats appropriate and in serving the interest of client this is very much reflective of a regulatory post financial crisis world. And at the Compliance Department and Goldman Sachs, they clearly have a lot of paem who spe people who spend a lot of time reading emails. Interesting that the employees there didnt have access to this list. Weve been publicizing it on cnbc. I wonder how many have been emailing these phrases in to their colleagues today to see if they would red flag them. This is why they say compliance is the biggest growing corporate opportunity at the big banks. Friends at other investment banks wouldnt do that. Im sure. Im sure, im sure. Good story. You bet. Oracle popping on earnings. Well have more ahead of its Conference Call which is coming up. Well be right back here on the closing bell. This companys servers. Accessible by thousands of suppliers and employees globally. But with Cyber Threats on the rise, marys data could be under attack. With the help of at t, and security that senses and mitigates Cyber Threats, their Critical Data is safer than ever. Giving them the agility to be open secure. Because no one knows like at t. Jake reese, day to feel alive jake reese, day to feel alive jake reese, day to feel alive after hours after reporting earnings stephanie, which look strong and bullish commentary on the Cloud Business relative to the weaker licensing business. Did you ever find out what those operating margins . For the cloud margins they were actually better than expected at 56 , up sequentially, year over year. Thats the good news. They are actually raising cloud revenue guidance as well. License revenue i want to hear on the call. Came down 11 in the quarter. I dont think you pay for the story for license growth. Its not growing. Its declining. Cloud story is why you want to buy it and margin in cloud is why you want to buy it. Where does oracle set. Two actions in cloud. I would like them to do something really big. If they do 10 small ones eventually a good thing, i think. Pretty good at integrating. Smaller ones are easier. Youre right, competition, sales force. Com, its getting ugly in the fight for fast growing kplocloud. Its the growth spot in following. If its 13 teams forward, 16 times, pretty cheap for a reason, good reason. If they start to prove they can grow this business and increase margins in this business, i think the stock is definitely a buy . Watching shares of mgm, you own this stock. It is moving here after hours. Seeing nice 4. 5 pop. Release on analyst day looking strong on profit forecast. This company on good job cutting costs and out lining how they improve ability, this is a sleeper quiet stock, up 8 on the year. To have it up another 4 in after hours is nice, encouraging. I like the dynamics in las vegas, supply and demand. P 20 exposure, you get the kicker if that turns around as well. I think thats probably why its been the outperformer. In part its not the story. And the las vegas market is tightening. Such a cyclical business. It is. When you catch it on the way up, nice. It is nice when can you do that. Up next we are just a few minutes away from oracles earnings call. Well get to listen for that next. Be sure to tune in for the halftime record tomorrow bond King Jeff Gundlach will be joining the gang for cnbc exclusive, talk about the fed meeting and all the things affecting the market tomorrow. Dont miss that tomorrow coming up. Were back with more closing bell after this. Rading app on the app store. It lets you trade stocks, options, futures. Even advanced orders. And it offers more charts than a lot of other competitors do on desktop. You work so late. I guess you dont see your family very much . I see them all the time. Did you finish your derivatives pricing model, honey . Td ameritrade. This just got interesting. Why pause to take a pill . Or stop to find a bathroom . Cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. Tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. Side effects may include headache, upset stomach, delayed backache or muscle ache. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis and a 200 savings card time for your business entrepreneurs of the week. They knew nothing about the Restaurant Business when they opened Daytona Beach cafe. They knew a little more when they opened their second store. They want to keep growing but they need help. Were giving them a your business makeover. For more watch your business sunday morning at 7 30 on msnbc. Brought to you by American Express. Visit open forum. Com for ideas to help you grow your business. All i could think about was our deadlines racing towards us. A loan would take too long. We needed money, now. My amex card helped me buy the ingredients to fill the orders. Opportunities dont wait around, so you have to be ready for them. Find out how American Express cards and services can help prepare you for growth at open. Com. We have breaking news about president obama paying his respects to the fallen in orlando, florida. John harwood has the story for us. John. Bill, president obama has just visited with survivors surviving family members of those killed at the pulse nightclub, visited the pulse nightclub as well. He just came out and addressed the press and said United States military and Intelligence Services were committed and his Administration Remains committed to destroying isis and says thats part of the solution but says it wasnt the entire solution. In fact, he reiterated the call by democrats for action to make the kind of highpowered weaponry that was used in the orlando shooting and other Mass Shootings that weve experienced, make those more difficult to buy. Of course democrats staged a filibuster in the senate last night trying to force republicans to allow them to vote on that legislation on various steps including gun show loophole, including keeping people on terror, nofly list from being able to buy weapons. They finally ended the fender bender getting commitments for votes. President obama is extending that argument today. It is unlikely given what weve seen in recent years anything will be passed by congress before the end of his administration but certainly the debate will continue, guys of its getting new energy because of the tragedy in orlando. John cornyn said they are probably going to do the vote in the senate on monday. You dont think it goes much beyond that . I think it will be difficult to pass the senate, first of all. Second of all, even if it passes the senate, i think its highly unlikely to pass the house. So the prospect of getting something to president obamas desk i think is remote unless we get some tremendous shift in public opinion. Wasnt able to be effective after the newtown massacre. I think we do have some sound from the president. Lets take a listen to him. The motives of this killer may have been different than the mass shooters in aurora or newtown. But the instruments of death were so similar. New another 49 innocent people are dead. There you have the president invoking the instruments of death as a way of advance this argument. Well see over the next few days when they have that senate vote whether it makes any progress. Thank you very much. John harwood there as we continue to monitor the tragic events in orlando, florida. This is a heck of a segue but were watching for Conference Calls, oracle. Oracle, were curious what they have to say. Im curious big picture, they have a global business, what they have to say about europe and china, really about transition to cloud. Steph, always good to see you. Mike, see you tomorrow. Ill be back. Looking forward. Thats closing bell. Thanks for joining us. Now fast money. Starts now overlooking new york citys times square. Tonight on fast, he is back. Tom is here with another exclusive interview to respond to the dramatic viacom board shakeup. Is sumner calling the shots or is this sharing. 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