Transcripts For CNBC Closing Bell 20160620

And everything Mark Zuckerberg wants, he will get when it comes to facebook. Theyre holding a shareholder right now passing to give the ceo more control of the company. More details coming up. The heat wave in the west has caused devastating wild fires. Well take you there for the impacts on business. Lets start with todays rally. Bob pisani tracking the action. Bob. The important thing is weve held most of the gains. Lets call it steady as she goes here. Broad rally more to 1 . 5 1 advancing. Thats an impressive number. Volatility, vix, has been dropping here. Eight of ten sectors up more than 1 . Industrials, bank stks, technology, all have been strong. Financials i would note particularly strong. So all the money banks were up as well as the regional banks like comerica and regions financial. How confused are they over the brexit thing . The answer is very confused. Last week the markets were positioning for an exit. People thought brexit was going to happen. The markets seemed to be positioning for remaining to stay in the uk. The greatest would be to stay on the down side and if they voted for a brexit on friday. A lot of people are staying on the sidelines here. The european etfs, germany, france, there are etfs for all of these. Tomorrow were going to be having an etf conference. You can join us with larry kudlow and others. Back to you. Good stuff, bob. Thank you. Bob pisani. Wilfred frost is back in london to cover things there. Whats going on, wilfred . Reporter the Big Development today, business has come out very strongly and what feels like a bit of a coordinated effort to convince voters to vote remain. Richard branson, one of the bing names doing so. Heres what he had to say. I think as far as great brittain is concerned, it would be a financial disaster. Youd see the pound collapsing. And trade being stifled and the dangers of this. The Financial Center of europe being in london could easily move to europe. Hes not the only one from business backing the remain vote. Ford also writing to the employees, the question, will it be north to change their minds. Developments over the wechts. Climbs from 80 from below 60 from about a week or ten days ago. Driving that over, predominantly unity off the delay of campaigning following the tragic death of jo cox, people focused on unity and that really grew strong on the romaine side, much more so. That certainly has been the moving pulse. The moving marjts feel very pronounced indeed. The pound rallying, having one of its best days in many years. Leading equities around the world. Guys . It is a stunning turn of sentiment in those polls there, but it could turn in the opposite direction. Are the brexit campaigners out in full force as well. Does there seem to be a coordinated effort to match what business has done today. There absolutely does. Because this shift in the polls has come while campaigning was suspended. Romaine has fought back. Going very, very hard today. The economic part has gone out. Immigration, sovereignty. They may convince voters much more strongly. Thats the two issues wi pushed hard in the exit camp coming today. I want to mention one swing factor. Thats turnout. Right now its a nice evening. Parliament looking glorious in evening sun. This morning it was pouring rain. If its raining and the forecast is low, were looking for a better chance of a brexit vote. If we dive into some of the demograph demographics, i think we have a chance to show you from an opinion vote. All the older people likely to vote leave. The younger to remain. David cameron doesnt resonate with the young voters. Theres a lot of swing left to play here two two days left to go. Its going to be important to watch the polls come out after the campaign has been brought snup imagine, a rain forecast in london. How snushl good things politicians cant control the weather. Exactly. Wilfred frost in london. Mar guy patel from wells fargo funds management. Longtime no see holly list and peter costa from empire execution at post 9. Peter, ive been saying this rally appear as little premature. Youve got a long time to go. What are you making of this trade today . I think its a little wishful thinking. People trying for a bromain i guess theyre calling it. Thats what theyre calling. Its a broad based rally and its been sustained the whole day. It looks to me like the bets are going on. It looks like britain is going to remain inside the eu. Maybe theyll change tomorrow. Looks like people are betting it will happen. Do you think, holly were about 40 points away, i think, from the highs. Are we going to make another go at the highs . It wouldnt be surprised if we tried to. The market has been very consolidative in equity space recently. You can take it a day at a time. One day it looks like its go doing fall apart. The next day we make new highs. I think technically we need to grind a little higher to say that. I can make the case you go up in the futures. If great brittain decides to stay within the e unh the Economic Data starts coming out better than we have seen. Mar guy, what do you make of the Interest Rate structure t yaeld curv yield curve. Thats what im trying to figure out. Does that say to you we could be importing these much lower rates in the United States and could they go much lower . I think its likely well see u. S. Rates stay where they are or even go lower. You can tell by look at the shape of the yield curve the yield curve is not obliging what theyre likely to see. The u. S. Trashry will continue to be a save haven. Its hard to see where the rates will go up from these levels. Do you expect some of that to unwind once we get past this vote . No. I think because the u. S. Has sustainable growth, i think that makes the u. S. Currency and our Interest Rates, Treasury Bonds look pretty attractive. I think that well continue to see demand from safe conscious investors at rates of well under 2 . Holly, this is a busy week. Its not just about the brexit vote. Youve about got janet yellen testifying wednesdaynd the stress test results. This is going to be a busy week. Throughout the week if we do get a brexit, clearly thats going to carry foort, but janet yellen, her testimony starts tomorrow. If you remember, at her february testimony, we saw some capitulation in the stocks. They sold off dramatically. Treasures went to 152, but weve seen it happen before. Even though this week were seeing higher rates, longer term, theyre likely to stay low and any increases are likely to be muted. Especially we were showing the yen, which is below 104 and its just strengthened so much this year. There are going to be long, long lasting reverberations from these market moves, arent there . Yes, absolutely. One of the other things are we rebalancing which, you know, based on prices and based on volumes, this could be an extremely volatile day going into that. We have Everything Else going on. Yellen speaking over the next few days is important. Waiting for the msci reblangs is going to be significant. Are you feeding this rally in ma in meantime . No. I love this rally. I love this rally. If thursday they come back and say theyre going to be in the eu, it will be a shortterm event, it will be over and well be talking about. But if they decide to leave, its going to be a long term period of uncertainty, and its going go a huge deal going out if it happens. Thats for sure. Thank you so much for joining us today with your thoughts on the market. Appreciate it. The s p around 2900. Oil is rebounding too. Crude was eye 50g for the First Time Since june 10th. Gold got clobbered oven the morning. Its come back. Thats the thing to watch. Now that the markets have closed, like art cash inwas saying, how much remains. Well see. The s p is up 1. 5 . Meanwhile facebook is wrapping its its annual shareholder meeting. Well go live to that meeting for the latest developments and get reaction from two facebook shareholders who have very different opinions about how the companys being run right now coming up. And disney hitting pay dirt thanks to a long awaited sequel and the finals. Coming up. Youre watching cnbc, the first in business worldwide. Mary buys a little lamb. One of millions of orders on 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. 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. Man 1 i came as fast as i man 2 this isnt public yet. Man 1 what isnt . Man 2 weve been attacked. Man 1 the network . Man 2 shhhh. Man 1 when did this happen . Man 2 over the last six months. Man 1 how did we miss it . Man 2 we caught it, just not in time. Man 1 who . How . Man 2 not sure, probably offshore, foreign, pros. Man 1 what did they get . Man 2 what didnt they get. Man 1 i need to call mike. Man 2 dont use your phone. Its not just security, its defense. Bae systems. Welcome bachlk. Watching this broad based rally. Were still up 180 points but have lost a little off the super elevated levels. The nasdaq is up about 55 points. Now, some much needed positive move for disney. Finding dory took in about 136 million this past weekend. The previous record was set by shrek 3 by dreamworks in 2007. And game seven turned out to be a ratings hit. I forgot to watch that. Early numbers show it was the highest viewed telecast on abc and espn. Who won . I forgot. I watched it so i could carry on an informed conversation. You can do that anytime. Congratulations to the cavs. I think they wanted it more than golden state when all was said and done. Appropriate that kyrie irving sunk that three. Steph curry couldnt get it done. Kind of a metaphor for the end of the seasons. Yelp rising thanks to a Deutsche Bank upgrade. The Investment Firm also lifted the price target from 26 to 33. You see it in 28. 5 today. They cited stable idesed productivity, increased confidence in management and improved majtd. Meantime expedia gaining ground from overweight to neutral. He says he expects growth over the next three years to be driven by home away, orbitz, and trivago. Meanwhile Mark Zuckerberg is at the annual meeting. Julia boorstin joining us from redwood city, california. Julia . Thats right, kelly. Because Mark Zuckerberg holding the controlling sharks all of them were adopted. Face brookes propose toll to create a new class of shares is approved, main tang him to be. None of the proposals were adopted. He did speak a little bit about his roadmap for the company. Not just from facebooks traditional business but also places outside of advertising. Over a fiveyear period, some of the newer initiatives we were working on will not only start to become very large communities in their own right and some are, but theyll start to contribute meaningfully to new business. Im thinking of the new apps like messenger and whatsapp. There was a question about biased trending and topics. I say theyre focused working on this issue and few transparency. Zuckerberg was asked if he plans to step back. He said, no. He expects to lead the company for quite some time. That comment was met with a round of applause. Back to you. Thank you. Differing points of view on some of these topics. Rob gerber. Julie good rich is back with us from nor starr asset management. Good to see you both. Julie, you have long been a critic of the voting structure at facebook, especially the markets that Mark Zuckerberg owns and yet you are still a shareholder. Why . Well, were making money in the stock. The companys doing well now. I think for the last few years we filed for a res olution. For example, last year had everyone had one vote per share, we our resolution to reclassify the stock as one vote per share across all classes would have won. That said, do you vote for it . I think she makes a vanilla it point but you invest in every Company Based on sort of the rules theyre seth up. And this rule is pretty simple. Zuckerberg rules. He votes everything on or off himself. But thats who were betting with and thats totally transparent. Thats the way capitalism works. Actually, you know, thats actually thats actually not the way capitalism works. Do you run a company . If you run a company, you want to stay in charge. Julie, go ahead. Thank you. Thats not the way capitalism works in this country, and i believe when people go in to buy shares of a stock, you know, theyre interested in owning shares of the company. Thats why you buy shares of a publicly traded company. My beef with Mark Zuckerberg is, look, its fine if you want to maintain massive control of the company. You should have hung onto 51 of the shares. That just makes sense. What hes doing is issuing class c shares. C with one vote, b wi a with one vote per share, b with ten and a with no vote per shear. What would you do, ron. Would push a button and id be gone. Its really simple. You vote with your dollars. If u dwroenlt like the structure with the way hes investing, dont invest with zuckerberg. These such a crazy argument because quite truthfully what were tree dog is invests in dpaep that we believe has longterm value. And were long term value investors, and facebook is one of the companies that we believe is a gamechanger and has changed the game of communication. Its a good investment. When he starts taking more control, the guy starts looking like a megalomaniac. Thats not true. Hes giving all his shairs away to charity. He has retained control of the company and hes doing this so he can continue to retain control of the company. He should be in control. Julie, with all due respect, isnt it the way capitalism works. Exactly. If you dont like the way its run, you sell your shares, simple. No. I actually think people invest in companies for a lot of reasons because there are things they believe and they want to make a profit from the company, maybe they want to get a dividend, maybe they support management. Maybe they want to push to get more women on the board. There are a variety of reason why people might have facebook in the portfolio. I think its pretty shortsided to think you would all of a sudden sell a stock because you didnt like something that the guy said. Theres lots not to like about facebook, dont get me wrong. When i find out one of the Board Members, there arent that many and theyre mostly men. And i find one is a delegate for donald trump, that makes many a little nervous. While is it okay to have five Board Members in which one comes out as a raving lunatic. It doesnt make sense. If you look at nor Star Asset Management which we just took a statement in. You didnt take a stake. No its not. Im a ceo out of a firm in boston. You were named after another Investment Firm. Actually they were named after us. When you buy stock in a company, you either invest with the founder and their vision or you dont and if you dont like it, you can move on. Some founders, for example let me ask you this. Why are there Board Members then . Why have a board . Why not just have Mark Zuckerberg. To make decisions. He votes on the board. He votes on who he wants. Why do you think he went public . Whoo whooi did facebook go public if he wanted this level of control . By the way. The facebook board has done an excellent job. So shouldnt we be ron, you have to admit there are checks and balances where you have the ceo. Sometimes you have a eo and chairman and Board Members who are there as a sounding boards to the ceo and malkt. If you have this kind of a structure, ceo, anything goes with him then, right . I agree with you. Yeah. Im just saying you know this when you make the investment. But what happens moefrts are a joke and thats why there there are activists everywhere. Quick last word, julie. Whats happened, of course, is the structure they went in with was one structure and theyve completely amended it again and again to try to give zuckerberg even more control and thats a trend and a trend in the wrong direction. We have to let it go. Th we let it go because it was a good conversation and this is what capitalism is all about. Ron gerber and julie goodridge. The dows are off. Up 171 right now. Our Senior Market commentator mike santoli says the stockmarket is at war. Hell explain what it means for investors coming up. Also ahead, the latest on the wildfires raging coming up. This woman owns this house, with new cabinets from this shop, with handles designed here, made here, shipped from here, on this plane flown by this pilot, who owns stock in this company, that builds big things and provides benefits to this woman, with new cabinets. They all have insurance crafted personally for them. Not just coverage, craftsmanship. Not just insured. Chubb insured. Its how you stay connected. With centurylink as your trusted technology partner, you get an industry leading Broadband Network and cloud and hosting services. Centurylink. Your link to whats next. Welcome back. 30 minutes left in the trading session here and believe it or not with the dow up 165 points, im told thats the session low right now. It had been up 230. The s p is up 15 or 16 points. The nasdaq was the outperformer early on, up about a percent and a half. It has since come half less than 1 with gain of 45 points. By the way, j. D. Com is up as well. Theyre planning to buy walmarts Online Ecommerce matter in china. The deal would involve jd issuing shares to walmart and that would value the tieup at about 5. 1 million based on jds share price. Wildfires in california. Lets check in with leann. Reporter at least four had to be airlifted out. Theres concern about winds gusting up tonight with wind gusts of 40 to 50 miles an hour stirring up the flames and causing more problems. Right now eight eighters have burned. It hasnt burned in more than 60 years. Mostly wilderness arias. One of several foois fires raging across the northwest. Another one in new mexico has charred 17,000 acres. It has also destroyed more than two dozen homes. Back in arizona at least four people have died from heat related deaths. All of them were in their 20s and a fifth person is now missing. Its not really as bad today as it was a couple of days ago but weve heard people tell us they were canceling their vineyard tour bus they didnt want to chicago being in the smoke. Some of the sis tris has been damaged. The extent of the damage is still being assessed. Theres an impact on the airline industries. Hundreds impact. For example, a plane tried to land. It got turned back. It was too hot to land. The heat and low humidity and elevation impact the equipment and make it unsafe. Wide Economic Impact and it could impact the summer. Leanne gregg. You wonder, how do they fly out of dubai all the time. Thats amazing. Time for an update with sharon epperson. President obama telling people around the world america is the best place to invest. He joked about looking for a job next year too. I dont mind being americas pitchman. In seven months ill be on the job market, and ill be glad to be here. Im going to get on linkedin and see what comes up. U. S. Attorney announcing corruption charges against three new York City Police officers. Among those arrested deputy chief Michael Harrington who was second in command at police headquarters. Records show that a vehicle owned by Anton Yelchin died was recalled. Nba champion Cleveland Cavaliers return to home. They were met by thousands of fans at the airport. A big celebration there. Thats the cnbc news update. Back to you. After a quick stop to las vegas, did you hear that . They stopped in vegas and had a nice little celebration and then it was on to cleveland. 52 years. We understand the excitement. Thanks, sharon. Sure. The dow up 170 points. A leader tells us what hes watching for in the first day of the week right after this. You both have a perfect driving record. Perfect. 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Its sort of a mixed bachlg energy is high yield if you go into the large intell graded names. If you go downstream, those names dont really yield a lot. So kind of a mixed bag. Thats outperforming today. But someone forgot to tell me. I thought we were in a low growth low rate environment. So youre not buying this whole risk on idea . So if brexit doesnt happen, whats changed . Whats really changed . Yellen has told us what she was worried about. Brexit is something she was worried about. All that said, these markets are not priced for the brits to vote out of the European Union. So thats the risk we have to deal with. No. I think last week when we chatted, it was 2 to the downside. 20, 25 to the s p, which is where we were. To the upside, i think it tees old high. Lets call it 2110. Were right about there. All right. Steve, thanks. Well let you go. Bill . This is a riskon day at a tame when the markets have been playing a lot of defense or what mike santoli has called the wartime market. Were seeing suddenly a shift in sentiment here. For today, yes. Its a stark contrast to what weve seen. It looks like the leadership is what you would expect in a bear market. What do i mean by that . Basically defense has been dominating so everything thats purported to be safe is whats been holding the market in the green. The telecoms, consumer statements. All that says theyre afraid more than greedy. Its going to hurt our market. Whether its in britain or what the saudi royal family might do. All of these things are the focus. Now, might we see a truce. Might we see some peace come out of this. Today were saying hints of this if that pressure gets relieved which would mean a focus on the home front which means i think you have the tight labor market. Earning stabilizing. In fact, for the second quarter, theyve not come down much in estimates so all of these things might suggest if you let the ball up from out of the water, guys, you might have a run at those old highs that we were talking about. A lot of people are mentioning that. Grnlt granted because weve gotten so close, is it because weve had to get a couple of the key risk this week . In other words, what is it they need to see . You have to get away from the sense that theres some big bad looming event thats going to undercut all of it. But you have to have confidence grow that the earnings picture is going to be stable. Were not in that zone we have to wait a couple of weeks. Who knows. Janet yellen, maybe shes going to give some assurance. If you have that relaxation of tension, money should revert back to stockmarket. I will say, though, nobody sees the case for big upside because the market is fully valued. Thats why weve been stuck on this 2100 level for a long time. Clearly todays rally seems to suggest theres relief regarding the brexit vote. Absolutely. Do you think its premature . I dont think so. Maybe thats good for one percent. Which is all weve gotten today. Well see you in the next hour. The dows up. Its been hanging in there. A lot of anticipation. The s p is up 17 points. Angry and pessimistic. Thats according to our all American Economic survey. More on what theyre saying. For nearly three decades, discoverys shark week has been keeping swimmers out of the water and viewers glued to the tv. How shark week takes a bite out of it coming up. Using 60,000 points. Veggies. And herbs needed to create a popup pickyourown juice bar in the middle of the city, so now everyone knows. We have some of the freshest juice in town. See what the power of points can do for your business. Learn more at chase. Com ink see what the power of points can do for your business. Herthey work hard. Ade, 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. 14 minutes left in the trading day. Up 169 points. The s ps up 16, and the nasdaq up 47. The transports are outperforming the major averages today, and they have been led by avis budget group. The company says it plans to hire 15 parttime workers during a National Hiring Day event coming up wednesday. It currently employs about 30,000 workers. It is up 34 . Carmax is up. The results of cnbcs quarterly allamerica Economic Survey is in and the news isnt so good for the Economic System. Steve liesman has more. Steve . Thanks very much. We can drill down into americans on the economy and elections the way others cant. Lets take a look at trade and immigration. First of all, you can see here, more americans believe that trade hurts the u. S. Than helps the u. S. Thats been steady from poll to poll compared to last quarter. Same thing here. More americans feel it helps the u. S. Rather than hurts it. Lets move on to how americans feel about their personal financial situation. 50 majority are happy or satisfied. But now take a look when i come back. The Economic System, 56 are unsatisfied or angry about that and over 80 are angry or dissatisfied with the political system. I want to take a look at just these red bars here. Lets see how the angry vote first i want to show you here the top line notes of 45 for carolina, 35 for trump. Thats the overall. Then take a look at the political system. They break heavily for trump. And if youre angry about the Economic System, you break even more for trump. So thats how it all plays out. The angry vote. It really goes in favor of trump in a big way. A low growth and the trade agreements that people are trying to negotiate and whos ahead in the polls. It all comes back to some of the falk tors we were talking about. How do we explain, steve. The people who are satisfied with their personal financial situation but yet theyre angry about the big picture. How does that work . I think theres a general feeling in the population about that. Theres a lot of press about that. Nobody stands up and says, hey, you live in america. Its a decent place. The whole political fight is about that. The whole thing that Ronald Reagan asked is are you better off now than you were four years ago. Its about the personal financial situation. There is a polling thing out there. Some pollsters think when you ask somebody how are you doing, they generally say okay. They dont say lousy. So there maybe a predisposition on the part of the respon dent to say okay. I also wonder when they say my personal financial situations are okay. Am i satisfied with the direction of the country or where the political and Economic System has gone. I will say our assessment of the Current Situation overall is better. If you ask them, theyre not very optimistic about that. Thanks. Always very interesting. 10 minutes left. Art cashin. Everybody has a dance partner. Theres no imbans when the music stops at this point. Dow up 144. Brexit is the talk of the market but Kevin Nicholson says a departure would not be the leadin moment some are worried about. More from him next. This is my retirement. Retiring retired tires. And i never get tired of it. Are you entirely prepared to retire . Plan your never tiring retiring retired tires retirement with e trade. Im in vests and as a vested investor in vests i invest with e trade, where investors can investigate and invest in vests. Or not in vests. Sign up at etrade. Com and get up to six hundred dollars. Hows check it out. Lights. . Meeting configuration. Blueprints. Call hruska. Weve gotta set up a meeting. Sure. How do you spell that . Abreu, albert, allen, anderson c, anderson r. You know what . Ill just tell him myself. Door. Andrade. Its about Time Business Communications caught up. Call anyone in your network just by saying their name. Call hruska. Vonage. Business grade. People friendly. Great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet installed on your schedule. Comcast business. Built for business. Seven minutes left. Joining us kevin nischelleson from riverfront. Youre saying they may vote. Does that make you want to buy more stock . I think you have to be very careful with this because the polls have been swinging back and forth. So what weve done is tried to hedge our bet as little bit. If ] it does occur, the Small Companies are something we want to keep. We kept the stocks that are exporters and low volatility. The utilities and staples and we continue to lead more toward europe than the u. S. I was going to ask about that. The u. S. Has held up better, but that makes it a little more expensive relatively speaking how do you look at the one youd rather be invested in . Well, when we go back and look at a long time horizon and you go back and look at the history and the trend for the various asset classes, we really think that the u. S. Is fair value right now, and so we think that we can go higher. Were goepg to have some overhead resistance. Its going to take a little take some good news for us to get back to the old high, but i think that, you know, by year end, well but through it. Why wasnt last weeks revelation from the fed that theyre less likely to raise rates any time soon . Why wasnt that considered good news, i wonder . I think a large part of it has been, you know, theres been so much uncertainty in the market place, a lot of it with the brexit talk. A lot of it if you can go back about a month ago, the fed. It sounds like it was a fait accompli. Yeah. A done deal. They switched on us. I think right now people are trying to find their bearings. Fait accompli . See, i can perfect. I can do that once in a while. Kevin, thank you. Thanks for having me. Kevin nicholson. Memoir. Were coming back with a closing countdown in just a moment. Ceo Philippe Dauman fights to hang on to the Redstone Company helm. Dont shed tears if hes ousted. Hell receive 80 million at the time of separation. The latest coming up. Youre watching cnbc, first in business worldwide. I am benedict arnold, the infamous traitor. And i know a thing or two about trading. So i trade with e trade, where true traders trade on a trademarked trade platform that has all the. Get off the computer traitor i wont. cannon sound mobility is very important to me. Thats why i use e trade mobile. Its on all my mobile devices, so it suits my mobile lifestyle and it keeps my investments fully mobile. Even when im on the move. Sign up at etrade. Com and get up to six hundred dollars. All right. 0 seconds. Were running a little bit late. Let me get to the chart and show you what happened today. The dow up more than 200 points. It has slowly drifted south. The tenyear yield, lets see what it did as we have this riskon day. Yields were up and they stayed up to 1. 67 . The dollar index was as we move to the close here lower today by half a percent. Kind of held there. Gold is the one that had a big selloff this morning, bob pisani, and came back. With were down 12 bucks on the open and now down 1. 10. How confuse ready we . Take a look at the s p. Were up. We cut the gains in half. Look at it this way. Last week when everyone thought brexit might be coming, markets moved down and the risks were on the upside. That would be the biggest market move. Now its sort of reversed a little bit. Everyone believes the chance of a brexit are lessened. As a result, the risk is to the downside. That is, if theres a vote to leave the market, theyre really surprised and theyre going to have a bigger move on the other side. So everyone is sort confused now. Either way, everyone believes there might be market volatility. Well, lets see what happens tomorrow, shall we, bob . A gain of 137 points on the close today. Well have more. No doubt. The ywha celebrating. Stay tuned. The final hour of closing bell with kelly evans. See you tomorrow, kel. The stocks on wall street finishing with gains, not quite what we had this morning. About three quarters of 1 percent. The s p 500 up a little more than half a percent today. So after aiming for 2100 chrk it was last trading at, the nasdaq, the best performer, up threequarters of a percent. Coming up, set to price wednesday night and began trading thursday. Well talk to an early investor in the tech eun come and get his take. First, though, joining todays panel. We have cnbcs commentator and procolumnist mike santoli along with sally craw chak. Guy adani, always a pleasure. Mike, lets just begin with how much this rally moderated. Its still a healthy gain, but does it tell us that maybe that optimism is already waiting as we move into the evening . Theyre a little gun shy. Even tomorrow. The overnight action and the polls in britain tells us, maybe theres not going to be eruption in the eu. Thats good news. Just the bearing news. You mentioned the vix is not back to normal levels. What does that tell us . Its holding more of that premi premium. You pop back above. Its telling you the market remains on guard. Demand for hedges remains very strong. It shows you people are definitely defensive. Sally, we know the markets had a riproaring session overnight. Whats going to happen now, we turn to the next set of polls. After they moved in favor of britain staying over the weekend, what happens if the exit camp is getting more of a vigor here . Youre going to see more volatility. Its the unknown. The real economy from a person running the business feels quite fine, feels good, but its the external effects that has got people on edge. Do you agree with that . Youve got sallie krawcheck. By the way, i do adore sal li. Whats my view . I dont think its near as strong as the Broader Market has suggested but it doesnt seem to matter. Within a couple percent of an alltime high and it seems all systems are a go. Today the mortgage says, you know what . Maybe great brittain isnt leaving but i have to caution you. Thats not the only thing thats ailing the Global Markets right now. I think europe was a relief rally. There are tremendous headwinds there. Nobody wants to talk about china. Forget whats going on with venezuela. Despite that, you still have historically low rates around the world and to me that signals Something Different than strong economies. The s p was around 40 points. Its hard to square all the negativity and the concern about all these different events and the understolying things. The reason for that is when people do get nervous and global yields are crashing, all of a sudden the s p 500 gets treated like a bond. Im not saying its a save haven. Im saying it gets treated somewhere along that spectrum and when they pick up, sure, emerging markets want to perform, but i dont think its inconsistent with them holding its value for 18 months. Lets be honest. Its not something that has been shooting higher. Also the dollar weaker today. Its when the s p 500 was over 1 2,100. Its kind of pretty symmetrical. You messaged they do what theyve got to do with all this swirling about. So one of the main sticking points is the fact that corporate profits have come down as much as they have the last year or two. Does that suddenly get better . In other words, were so used to this cyclical phenomena. Such is life. Before i get started i want to make one thing clear to guy, im a guy fan. This is not duke blue. This is kentucky blue. The economy is cyclical, none of this is out of the ordinary. Ite when you talk about breks it that things get weird and strange. I can tell you as someone whos on the ground in business every day, this is weak. I dont mind weak because things are not terrible out there. People are buying. Business is being done. Its like the lower it goes, the more people get concerned. Its either, well, we can only go one way from here or labor costs are going to go up or we cant find the right workers. Im not suggesting this, but depending on your dogma, you can make any number look like what you want it to look like that can fit your narrative. Again, im not suggesting that thats what sallie is doing. You know what we havent talked about in six minutes . No ones talking about the fed and thats a great thing because its boring me to death. Let me say this. One of the things not moving in june were the external factors. Now, if thats off the table given the fact that you just mentioned unemployment right in the cross hairs of where they want to be, again, what are they waiting for, right . What is their concern . My point all along has been they see something that the rest of us either choose not to see or that nobody else can see. But, you know, they have to move at some point. Should have happened a couple of years ago. I still think it should happen now. Weve got to to take our medicine. The longer they way, the worse things will get. Well see if they change their tone. The other thing was oil. Even in stocks went back up and tested that 50 mark. Jackie deangelis has more from the nymex. Jackie . Thats right. Oil prices hanging in there. Wti finishing the session. It was typical of days where we see a lot of volatility the last two minutes of the close is where we really got the big jump making new intraday highs on crude oil. Whats happened here . Why is oil flirting with 50 again . This time around its not necessarily a supply and demand fundamental story. Its clearly a currency story. Thats based on brexit. I said it. Obviously those fears are waning in the marketplace. The dollar took a breather because of the currency moves in the basket. When the dollar is weak, thats when crude oil prices are supported. Meantime as the fears are fizzling, people are worried about global demand. Theyre worried about that when there could be a Global Economic crisis brewing, so that is positive, and then you have the seasonal strength were also used to. Whats that . Thats the big question. Weve been flirting with 50 for quite some time. Some are looking for the next level, around 5310. Thats not a huge move higher, but look at some of the levels. 46. 25 is the moving average. The moving day much lower, around 40 under that. Over 60 last june. That was the high that we saw. A lot of people saying were probably not going to necessarily get there again. The other thing traders are saying is brace for volatility over the next few days. Theyre expecting it. Even if today it felt like everything was on the calmer side, theyre definitely saying they expect these swings to continue because its not an answer until its a final answer and we have it on thursday. Back to you, kel. Yes, well have it thursday at some point into the evening and the night. The other thing we didnt mention is european banks is. That putting too much on the outcome of this vote here . Look. The banks are a great risk in case of brexit. Can you tell if theyre prepared for it . I cant. As an investor, take your money. We talked about Interest Rates going up. I can tell you what i do worry about when rates go up. The banks. Everybody says the banks. You worry about them when the banks go up. You know it because everybody says, oh, when the banks go up and the yield curve is deep and the banks are going to earn more, thats fine when we get there. Its the getting there that can be a problem. Weve seen in the past rates going up. Anything thats a bear market for the banks not good news. Why the optimism . Maybe thats feeding into the fact that theyre down for the year. Theyre the weakest sector of the year. Its because of this very mechanical effect that, okay, they can finally earn a spread. I through you cink you can see online brokers. Theyre subsidizing their money markets. Its not about loan demand. But to sallys point, if it means a selloff in the bond market, the credit managements, thats never going to be good. Theres Nothing Better for a bank than fat Net Interest Income because it falls right to the bottom line. But, again, its not the having it. Its getting to it. It can be a bloodbath. And the opposite has been happening as the shortterm rates have been going way up relatively speaking. When it looked like the fed was about to raise rates, they werent following suit. What happens if these longterm rates stay to the levels . Stubbornly low. I think the yield curve will continue to flatten. Youre talking about the levels we saw in 2007. Im not suggesting that thats what were headed toward. You remember what happened after that. Thats the fact. The fact is these are the last time those rates were there. With that said, i this i the optimism is simple. There have never been better cap talzized. People can look at the amount of valuation and say theyre worth a shot because at some point theyre going to figure it out, because yes, getting to yield curve they want is painful. But if the markets decide theyre headed that way, investors and traders will give them the benefit of the doubt. Do you want to caveat that at all . No. Yes, the question is whether theyre capitalized well enough. Even today . You know it. Theyre still highly leveraged. Theyre not as leveraged as they were. The real question is what happens during the next cycle because, look, banks havent earned their cost of capital over the course of cycle in quite a long time. They do it in the peek, but the trough has been so painful. We dont know. We dont know. Right. As you can see today there was a little bit of rally. Bank of america, 1 . With the others, nothing like what we saw in europe overnight. Still a lot of skepticism remains. Guy, thank you. Later. Well let you go. This has been fun for me. Sallie crkrawcheck, tell me abo it. I knew youd be excited. I was excited for you do be excited. Thank you so much. Later. Coming up, theyll talk with raoul pal. You can find out what has him so worried. Is the tech ipo market starting to heat up again . Were going to check with an investor. But first facebook is changing its voting struck tour to allow Mark Zuckerberg to keep control of the company even as he sells his shares. Well tell you whether to be concerned when we come back. Youre watching cnbc, first in business worldwide. People talk about deals 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 welcome back. Facebook Shareholders Holding on to a new class of share this afternoon. But the real issue is whether the founder and ceo Mark Zuckerberg would retain control. It went his way as expected. Many calling the arrangement highly risky. Joining us now is charles illson, director of the Weinberg Center for Corporate Governance. Youre the perfect person to ask. We had a rowdy debate last hour. Thank you for joining us and you do have concerns about facebooks structure here . Significant concerns. When you separate economic interest from voting control, the investors are left outside. They have absolutely no say whatsoever in what happens to the company. The land scape is filled with examples, and this is just another classic example. I think its bad for him ultimately and certainly bad for the investors. Charles, you can look at many examples of, for example, google or alphabet. The founders can maintain it. Over the course of the history of google, theyve had a professional ceo come in. They listened to investors and brought a new cfo in from a different place. So in other words the investors seemingly as a group have not suffered from this setup and so why do you necessarily have to be worried about facebook when the business, by all accounts, has been performing pretty well. Its all dependent on how a ceo is. Whelp theres an inability to face the voters on a reasonable basis, bad things ultimately happen. No one is perfect and the key to the Voting System is if something goes wrong, they always have a chance to protect their capital. Youre basically placing all of your trust into the genius of one person and frankly even a great genius sometimes makes mistakes and if the genius doesnt feel theyre accountable to someone, ultimately theyre going to make more mistakes than not. Thats the danger of the duoclass structure. You have something very intelligent but you have to be accountable. It happens over and over and over. Theres a place that maintain as one share one vote rule and its come up a lot. Have we given up too much by allows companies to use this you know, use this form of governance . I think we have. Go ahead, charles. I hear a dissenting moan in the background. I guess part of the problem is what looks good today, were not going to know in ten or 20 years time. This includes a lot of the Media Companies like ours too. The question becomes at what point can people intervene to prevent, for example, a viacom . First of all, theyre not Holding Shares for 20, 30 years. Managed investors are not in them for that long. To invest behind a Mark Zuckerberg, sheryl sandberg, et cetera who are belding a Great Company, have done a great job for investors when they were private. Now that theyre public, thats a grts opportunity to invest behind those folks. I say if mark can make a mistake or two and still have built just a phenomenally successful company. Charles, is there any way to build in some kind of natural check for Corporate Governance . Weve heard there are people attracted to this. Is there some way to build in in 10, 15, 20 years time to let people reassess whether that tees best way it needs to be n run. Some say give them a chance. The poiptd is it kills accountability. Theyre kind of stuck. Theyre not the overseen people. Look, we wouldnt be in this whole brouhaha at viacom had it not been for that structure and look where we are today. Its interesting television to talk about, but unfortunately if youre an investor sitting there, its not so pleasant. No one is infallible. Thats why we have voting. Thats why you invest. You get a vote. The idea being you get to control your investment and you get to create accountability. When thats missing, bad things ultimately happen, no matter how good it is. Charles, thank you for joining us. Charles elson there. Well, the fight over the future of viacom is heating up again and david faye bore will be zwroining us with the latest details coming up. Plus we head to washington on the race for the white house including a big shakeup for Donald Trumps campaign. Were back in a moment. Amazi. 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 welcome back. Major shakeup, highlights whats been a busy couple of days. John harwood has the latest. When they struggle, they make changes. Theyve been struggling in recent weeks. So today he made a very big change. He fired his combative Controversial Campaign manager corey lewandowski. The real estate executive. He had been wiat odds with paul manafo manafo manafort. It was lewandowski who had to go. On the other side you have a tight nomination, now building the general election and mr. Trump has said its time to build a more efficient campaign and thats the process that were moving forward to now. Now, trump and his parties have money problems too. You can see that apple whose ceo tim cook has scheduled a fundraiser for paul ryan has decided not at to bank roll one in cleveland. Over corporations like cocacola and microsoft are cutting back. Thats when you have a candidate whos as controversial as donald trump. He trails Hillary Clinton by seven percentage points. Is that the only instance youre aware of where paul ryan is getting a specific fundraiser or is he going about and trying to raise money for the Republican Party by doing a series of these convenients . Oh, paul ryans raising money for the Republican Party all the time and hes going to be popular among republican donors. In fact, if you took a poll of republican donors, they would prefer paul ryan to be the president ial candidate, not donald trump. What paul ryan is trying to do on the issues side as well as the political and fund razzing side is do what he can to protect his House Majority and protect the party when its being buffeted back and forth by donald trump. But apple, you said, is not going to participate because of its curbed for donald trump. For tim cook to be supporting a paul ryan fundraiser, they know what the optics of that are going to look like. It looks like theyre trying to throw their waikts against an upstart nomination to spoil Donald Trumps nomination. Not so much to spoil it because its unlikely that paul ryan is going do that. From apples point of view, theyre supporting the highest leading member of the house of representatives and leader of the Republican Party. Thats not bad for apple at all. Its to offset the prim egs that theyre siding with democrats. Looks like senator Elizabeth Warren dropped by Hillary Clintons campaign headquarters. Look. Elizabeth warren is not too popular on wall street. The fact that the Hillary Clinton campaign would move closer and put her on the ticket something that would be concerning to donors who became used to a certain style of clinton politics when clinton was president and Hillary Clinton was senator. I do think it unlikely that Hillary Clinton would go toward Elizabeth Warren as running mate. I think she would go for a difference kind of balance including generational balance. But i can bet there will be a lot of alarmed democrats on wall street. Real quick question to the panel here. I wonder what you guys think. Given a ticket of a Clinton Warren ticket and a trump and whoever he would, who you do think wall street supports . They may not have a great choice unless its the likely winner. Thats where wall street wants to go, with the likely winner. Make sure they come out just fine. At least as insurance. Yes, thank you. Thank you, john. John harwood. Time for a cnbc news update. Lets get to sharon epperson. Hey, kelly. Heres whats happening at this hour. The fbi releasing the complete transcript between the orlando shooter and 911. In it the gunman pledges alee judge to an isis leader. Iraqi forces consolidating their control over central fallujah after driving isis from most of the city. The main hospital is now in their hands. More than 82,000 civilians have evacuated the city since the monthlong assault began. Ash carter speaking at a National Security conference in washington. He discussed how the Defense Department is taking steps to remain the most powerful military on earth. Net flex flix is switching logo. Its a red n with black background. I dont know about the logo. Not too sure. Kind of scary. Investors getting set for a big ipo this week. Finally. Will a it spark a new wash of Companies Going public . Well hear from one of the investors in this Company Straight ahead. Philippe dauman and his battle to keep his job. Well have the latest coming up. Where did that 230point rally go . The dow added 129 points. The s p 500 was up 1238 and the nasdaq up 37. And twill yeo is scheduled for next week. Now twilio is number 39 on our cnbc disrupter list for this year and david mcclure, a backer, tells us why he thinks its a smart investment along with our josh lipton. Josh . Thank you, kelly. Dave, thanked for joining us. Thanks for being here. Taking a step back, dave, were in the middle of this tech ipo drought. Give that, why is now do you think twilio time to make a public debut . It think its been kept secret, dearly loved by developers around here. It started in the previous downturn. I got invested when i was still at founders fund. I was impressed with the team. Jeff lawson, an incredible ceo. Built a Great Company that has stood the rest of time. Dave, well known in silicon valley. Let me ask you, if it doesnt have a good ipo, what do you think . I think a lot of people are hoping for the best for twilio. Im kind of reminded of paypal when we were coming out of a depression then. They thought paypal was courageous or crazy going out at that time but it turned out to be a bellwether for a whole bunch of ipos after that. I bet theres a lot of people piled up to come after them if things go well. Let me ask you, dave. I know kelly wants to step in. You were an early investor of twilio. Theyre going to talk about some of their Big Tech Companies wlrk its uber or facebook, investors have a question. Couldnt those same big tech kpa kmers turned around and cut twiloo out . These are companies stacked with smart engineers. I guess its possible but theyve built a complex investor. Both Big Companies and small. Nontechnologies as well aztec companies. The reason you see some of the more advanced Tech Companies is they realize its not so easy to build that themselves. I was just going to ask, dave, what you think about the suggestion that twilio could get bluecoated, which is to say could it get snapped up before it goes public . I cant predict on whether theres an mna. It seems like things are going to go forward with filing. But there are eyes on the company. What about exit possibilities generally for these companies . You have the Public Markets but arguably theyre undervaluing whats been happening in the private space and then you have the opportunity to be snapped up and give you the resources to really thrive. How do you think the companies are looking at the different opportunities as an exit here . I think particularly for twilio, theres such a technical affiliation, a lot of Telecommunications Companies and others in the bay area that will be interesting. But, again, a lot is used by nontechnology companies as well to build voice maehl systems and interact. Theyre kind of the amazon services, voice and text and video and other services as well. Dave, listen. Thanks for coming in. We appreciate you, sir. You bet. Kelly, back to you. Thank you. Thats dave mcclure with our josh lipton. You know, i was looking it up, trying to get a sense of what it does. Just like they were saying, theres a lot of things were experiencing every day. If youre booking through a Car Insurance, you might get a tech sample. Obviously its a big sample. Its such a buzz word. I think for an investor, its one of those things, if its a great opportunity, who is it taking the business from . Who is the loser . I dont think its going to make or break this ipo, but i do understand that theres confusion in figureling out whos got the approach here. What would you say, sallie . Theyre figuring it out. I think the requestion for the company is going to be making the transition from a private company to a Public Company is a big deal and having the Quarterly Earnings cycle and attention from folks hike you, saying you havent heard it now, you have. Its just innovating away from it. And, yeah, venture capitalists are tough folks. And they dont want to be associated with an unforming ipo. We receive this happen. They always get brought up. It can become difficult. When it has become a very inactive ipo market, those stand out more. Its not as if we did four dozen ipos and we had a couple of winners and a couple of losers. They were shining a bright light on them. Its the First Official day of summer toochl were going to get a sneak peek at one of the films debuts coming up. First the sweet saga of viacom continues. We bring you the latest in the fight for the companys future. Youre watching cnbc, first in business worldwide. 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. Welcome back. Weve got breaking news from david faber. David . Sumner redstone and viacom. Every time i say it, i laugh to myself. The idea that these two would be like this is hard to believe. Motor vehicles ago mr. Redstones lawyer filed a motion to dismiss the plaintiffs complaint in massachusetts. If you recall, Philippe Dauman and George Abrams arguing in a Massachusetts Probate Court that mr. Redstone is under the influence of his daughter shari and hes been removed and as director of National Amusements because of undue influence and therefore should be undone. In a motion to dismiss, redstones lawyers say things like this, you say he doesnt have the capacity any longer is not even at issue here because the trust provides that for all purposes theyre under, sumner shall be deemed mentally incapacitated only if hes judged by a court of proper jurisdiction, the board of trustees, the trust were talking, the certifications by three doctors. Plaintiffs are not alleged that neath ore f these conditions have occurred. Kelly, theyre saying get this thing out of court. Dismissed judge. We dont want to be dealing with this trust issue. Of course, the other court that comes into play is in delaware infront of chancellor bouchard. We do not have a date yet as to when that will be made or whether they can replace five directors like they did last week including, of course, Philippe Dauman, the current chairman and ceo. The case will be a tough one, it would seem for fred salerno and mr. Dauman to win, at least judging from the conversations ive had with people. Its not one that a delaware chancery judge wants to deal with in any way, so it is likely, though we cant prejudge, that, in fact, those five replacement directors will be affirmed by a delaware court. Well see. A lot of people asking why are they going down this path. It seems hard to imagine. Not between the board and mr. Redstone. Philippe dauman answered some of those questions over the weekend and pointed out this distraction is potentially damaging the kun kompany. We saw the earnings last week. The boards being replaced. They say its a pivotal time. They wanted to get involved in some of this skinny bundle stuff but kind of missed the window. Why doesnt Philippe Dauman take an 80 million payout and walk away and let it become sthar question . I dont know the answer to that one. I have not been able to speak to him. Mr. Murray did. In a statement he said they seem to be fighting for what they believe mr. Redstone wanted and told them he wanted throughout many of these last few years, but its unclear why hes dealing with this. Its likely hell lose and be dismissed by the new board that will be composed of the five new directors replacing the outgoing directors. Well see on wednesday, the schedule, when this case will get in front of chancellor bouchard. I dont know what the provision is. So he could walk away, david, of his own volition and still get that payout . I believe so, yes. Im not certain. You can always do a settlement, kelly. You can come to some sort of settlement. They want him out to. Your original point, which is a key one. This is a company which is paralyzed. He wanted to do a deal which he says is going to add greatly to the overall value of the company. How do you do that deal. By the way, to the point you made earlier, how do you do that in an ongoing quickly changing market place. How you do get back suddenly if they want to negotiate to get them back on their cable network. You cant do anything. And so this is not in the best interest of any shareholder, it would seem. Of course, the key point is the stocks gone up since the battle zbachb began. Who is salerno protecting here . Thank you so much for following all the twifrts and turns. Discovery channels shark week is less than a week away. Up next, philippe cousteau, the grandson of Jacques Cousteau is going to discuss his latest water projects, films, and findings. Well be right back. Ah the freedom to watch your directv with unlimited data from at t. Its a steady stream of entertainment. Your favorite shows. Streaming on. You can just keep streaming. And streaming. Hello jim. So much streaming but id really like to go home now. My arms are very tired. Seize the data get unlimited data when you have at t wireless and directv. Switch and get up to 650 credits, per line. Welcome back. Today is the First Official day of summer and Discovery Channel is getting ready for shark week. Joining us now are philippe and ashlynn cousteau. Thank you for joining us at post 9. Philippe, we understand this is your first big project working together, is that right . It is what a way to kick it off. Going out to the marshall islands, researching sharks. It was a lot of fun. I chuckled, actually, when i saw the title. Nuclear sharks . Sharknado . Its kind of interesting. So, right after the cold war, during the cold war, the u. S. Tested all of their Nuclear Bombs in this area called the marshall islands. One of the main test sites was where we set up one of the largest where the u. S. Detonated. It destroyed everything in its path. We heard in the years after that, that sharks had flourished in numbers. We wanted to know if they were all killed, how would they have gotten back to bikini. We set out with a team and satellite tags to find out exactly the sharks came back. Is shark week big in your household . It is. What i wonder, for the people involved, do sharks get a bad rap, or are people more fascinated by them because of the fear factor because of all the hype . I believe sharks do suffer from a case of bad reputation, largely thanks to the media. Shark attacks are so rare, that when they do happen, they make the news. We always remind people, you know, far more people died from taking selfies of themselves last year than shark bites. We neek a selfie week. In North Carolina, we had eight shark attacks last year, which seemed like a lot. Im actually from North Carolina also. And what scientists are thinking is because it was such a dry summer in North Carolina, that the salinity of the water is higher than it normally is, because there was no runoff to make it less salty. So the sharks were coming closer to shore, therefore, in contact with more people. But thats six deaths worldwide. Think of how many people use our shorelines every year. It really is incredible. Millions of people are in the water. You have a much better chance of winning the powerball, or any number of was this destined to be a family operation . Your grandfather had such a career as a filmmaker. Both my grandfather and my father. It was a great part of my youth. An opportunity to travel and understand the world. I cant imagine a better job. When we met and shared a passion for animals, we got married and share this together, and its a dream come true. How do you is it fair game . We cant have enough Educational Programming about sharks. I will say that. But ive been working with discovery for many years, and i love the commitment they have to helping sharks, and the education around the reality of how important they are to the health of our oceans. Its important to each and every one of us. Ergo, we all need sharks. Thank you both for joining us. Best of luck with all your future projects. Nuclear sharks airs june 30th on discovery. We have a news alert on the latest brexit poll, the british vote to leave the European Union. A new orb telegraph poll shows 53 of british citizens would vote to remain in the European Union while 46 would vote to leave. This is a reversal from last week when the leave Campaign Held a onepoint leave. The remain camp is potentially gaining momentum ahead of the vote on thursday. Kelly . Seema, i dont know if you have it in front of you, but was this conducted today or a poll over the weekend . It just came out, kelly, yes. Just wondering. Its going to be a day by day, hour by hour reaction for the markets. Definitely. Right now i think were in the mode of looking for confirmation of the overwhelming likelihood that people will say remain. Thats what the markets are sniffing out today. Walmart setting selling its Online Retail business in china. The buyer may surprise you. Working 24 7 on mobile trader, rated 1 trading app on the app store. It lets you trade stocks, options, futures. 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Smart devices are up. Cloud is up. Analytics is up. Seems like everything is up except your budget. Introducing comcast Business Enterprise solutions. With a different kind of network that delivers the bandwidth you need without the high cost. Because you cant build the business of tomorrow on the network of yesterday. Walmart is selling its online marketplace in china to jd. Com. Susan lee has more. Hi, kelly. Yeah, its an allshare deal. Jd. Com is basically paying for walmarts Online Grocery marketplace. Issuing new shares equivalent to 5 of jd. Com. That values the transaction at 1. 5 billion or so. Walmart recognizes that the future of china is to go online and they need a local partner who knows a thing or two to sell online. Why not partner up with the Fastest Growing chinese ecommerce trader. Theyve exceeded alibaba for seven straight quarters. China is a tough market. You have slim margins, competitive local players, both ahead of walmart when it comes to market share. For retailers like best buy, theyve been squeezed out of the market. Walmart has been criticized for not understanding local chinese tastes and the big box working the same way in the world. Walmart ceo said he believes china still remains an International Market when it comes to sales. Suzage, thank you so much. Whats on the radar these days . This is a Digital Investment platform for women. We are not stock pickers, were picking individual etfs to put together portfolios to help women achieve their goals. What were looking at is how our industry is changing, to be much more investing through technology. As opposed to the way it was done for many years. I think its a great thing. A little dangerous . Look, everythings dangerous. We were just talking about the sharks. But to combine the intelligence of individuals and experience of individuals as weve done with our chief investment officer, sylvia quaun, with technology, and to combine those to put together investment portfolios, not to help women beat the market, but to help women achieve what they want to in life, like retiring well, is a really amazing thing to do. But you have to have people like mike tell them what to invest in, right . Smartly and cheaply and more disciplined way. It doesnt necessarily mean the asset markets will give you a great return. But you can put things together in a clever way. The challenge for women is not to invest as much as the guys do, so giving them that channel to get them marketlike returns is a great thing to do. Weve got a lot on tap tomorrow morning. We have earnings, and we hear from janet yellen. I think shell try to massage this message a little bit. 50 remain, that was one of the latest votes out of the uk. Sally, thanks for joining us. That does it for closing bell. Fast money starts now. Fast money starts right now. Live from the Nasdaq Market site overlooking times square, im melissa lee. The traders are tim, karen, dan and guy. Tonight on fast, gold did something highly unusual today and it could spell big gains ahead for the shiny metal. Dennis gartman is here on the premises to explain. Plus, confused about what to do with your money in the crazy market . Weve got the one group of stocks that has crushed the s p 500 in both good times and bad. Well tell you what it is and why it could be the ultimate safety trade. Later, top market watcher raul paul said forget about brexit, there are even bigger problems having right now in