Transcripts For CNBC Closing Bell 20170623

Rally yesterday and for most of the week now weighing down the market today coming up we will look at which stocks could be the big winners and losers from the Senate Healthcare bill proposal and President Trump has been touting an improving economy, but economic disappoint hasnt been this low in six years were going to discuss what trump can do to help turn things around mean healthcare is still on pace for its best week of the year it is the best performing sector this week led by the biotech these gains are just shortterm moves in his view. The market is focused on shortterm profits if you look at whats going to happen five or ten years down the road, this is going to cost much more. So were going to have some shortterm savings but in the end the taxpayer is going to pay much more joining us now to talk about the stock market impact, are you looking primarily at the insurers and do you think its this bill thats driving insures higher or could it be they dont think the markets going to pass . First of all, ive been looking at the hmts and the insurers, but to focus on the insurers for the moment, this bill doesnt actually change very much in the near term its not nearly as aggressive to making changes in obamacare in the first two or three years, depending on whether youre looking at med katd or the commercial market. And thats actually good for company. If they can get some certainty and understand what the rules of the game are or will be, once they get that its actually i suspect going to be knight a bit more positive for the managed care companies, especially those that are not involved in the exchanges and not exposed to adverse selection and losses that it costs. So we like United Health group for that reason as well as many others, because this stabilizes the medicaid outlook special Medicaid Managed Care for at least the next three or four years. Hospitals are another story. And lets bring in Chris Meekens as well. Were just talking about for the next few years not much changes under the senate bill. But after that, then you think things get pretty bad. Whats your view of how things stand right now and how the market responded to it i think not only are you guaranteed what the Affordable Care act offered but youre getting even more money in the stabilization funds to really stabilize these marketplacebes, which is really a win in the near term. Now in the later years, they change the increases in medicaid spending from spi medical down to 1 down to cpi. You graderally roll people off medicaid, which is better than just immediately kicking them off Medicaid Expansion but in the coming years, its problematic. Once those cost sharing subsidies that help people pay for their 6, 8, 10,000 deductibles go away, youre going to have people who make only 25,000 a year go pay for their service, and that could increase debt. Not only, you could have fewer people insured is that your view that the longterm prognosis for the hospitals based on this kind of legislation is not suppositive well, i would agree with that, but lets put things in perspective. 2025 is certainly a long way away im negative for fundamental and infrastructuretural reasons. Weve had a shift away from hospital utilization from their marngenned care plan we saw hca, with all due respect to them their a Great Company with phenomenal cash flow, but they missed with marginal care and high managed patients in their beds in their first quarters the data from the hospitals industries own admission to medicare, clearly shows year over year a 7. 4 same store decline in commercial and managed care and other admissions that should not have happened over the expansion. So theres a fundamental decline in hospital utilization. Separate from what washington does three years from now, 7 or 10 years from now, all of which are important. Probably not today, probably not Second Quarter but probably soon thereafter before we let you go, chris, are there hospital stocks you would buy here look, i think in the next nine months to 18 months, its benefit for them, because you could see an increase in utilization right before the Affordable Care act was imp lmgted and people were worried about the changes. And that could be beneficial for them mchb over the longer term, i think there are some problem so there could be a bump here you could experience over the next few months. At that point, people may want to consider their positions. And cheryl, who would you buy here. In hospital land of buyers of hca, its buy growth, cash stock, multiple ways to make money. Our top two picks are united and hca. We are going back a little today, but overall strong for the week thank you both. Now lets get to our Closing Bell Exchange for the weekend the manager of the vilary balance fund is here with us today. And Rick Santelli checks in. Whats going to happen here, steve . So if you look at what some of the projections have been, it looks like tech materials, utilitied should be bought and you should some staples, but all that could go out the window see a little bit of a drift. Maybe the market tries to absorb it a little bit, but today and next week huge events for the market do they buy the lagerts, do they buy the financials in energy to try to make up for that performance. I was going to ask about tech, sandy, which youre focused on as an investor. Technology was in the leadership position it is again today. Where are you looking and are you worried about as the best performing sector so far this year you yeah, i think technology is going to continue to lead its amazing when you look at just the paradigm shift about a trillion dollars thats going from active management to passive management look at the s p 500, the top four stocks apple and microsoft and facebook and amazon are about 10 of the entire s p 500. So everyone that puts a dollar in the s p index are putting about 10 cents into that alone i dont think people are going to start losing money quite yet. What do you accept the trading is going to be like for the currency and Interest Rate markets . You know, i think were going to be toying with some of the low marks of the year. Right now two babase points off its close of the year. We do have the gdp hovering around 2. 9 . And thats come down a lot, but thats the way it is i do expect balancing out fist and Second Quarter, maybe an event the bomb market will Pay Attention to but right now i dont see huge selloffs. Vilary index really looks like it was going to get some legs, but this week its died on the vine the flattening of the curve jumps out. When you look at a two year note yield closing down on the lead the other team of the week has been lower oil prices. Are you surprised at the resilience of the overall market given crude and what do you do with inenergy Stocks Energy is definitely still for sale its down 13 or 14 year to day. If youlook at crude, weight is still on crude theres still a lower low in the makings right now. Remember the break evens are lower than ever with our e p companies. You could see crude fall, and thats what wall street usually does it sets up to hurt the most amount of people all at once and everyone thinks energy cant rally. So although im still a bear on crude, i do think these companies can start yeah, it went up another 8 today. Sandy, i guess youre among those i mean steve was talking about whether Fund Managers would go out and buy the langards hoping theyd pick up in the second half of the year would you consider the energies or the healthcare or oath laggers that have been lagging in retail for the market this year i still see some value. Two stocks we hold, still very cheap versus growth profile. Skywork, i think it has a lot of potential. Western digital, a storage company, i think they could earn Something Like 12 at the end o this year. I think theres still value in tech without having to go up and buy the big tec bell whergts if that makes sense it does lets leave it on that where were making sense here. Thank you, you guys. Have a great weekend thank you you, too as you point out the rustle is kind of the leader for the upside today as we get ready for the big rebalancing. The fate the dow and s p, well see what we get in the next 48 minutes or so. Youre better at it than i am. The disappoint with the economy has actually hit multiyear highs. Were talking the expectation gain and whether trump reform can actually turn things around. An retailer misses on Quarterly Sales but the stock is higher today tgif were drowning in information. Where, in all of this, is the stuff that matters . The stakes are so high, your finances, your future. How do you solve this . You dont. You partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. Morgan stanley. [ intense music playing ] ] its here, but its going by fast. The opportunity of the year is back the mercedesbenz summer event. Get to your dealer today for incredible onceaseason offers, and start firing up those grilles. Lease the e300 for 569 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. The worst performers in the s p today. You probably heard that London Police said that last weeks london fire started in a hot pool refrigerator. They say the refrigerator was not part of a recall and the fire was not started deliberately the company itself said quote, words cannot express our sorrow of this tragedy. What a tragedy disappoint in thechy is touching lows not since 2011 for more than whats driving these numbers and what needs to happen and turn it around where lets bring in cnbc finance editor jeff cox who wrote the story just out on cnbc. Com so jeff, first set it up what exactly is the index showing . Were at lows we havent seen since about august 2011 in the economic surprise index. Now, if we go back and do the way back machine, 2011 we were worried about the United States defaulting on it its debt. We were talking about a double dip recession in the u. S. So whats happening is all these thoughts, all this enthusiasm has not been translating into the data, and were getting this dispoint after disappoint and at some point analysts are going to have to recalibrate. What do you think is missing, peter . Well, we had a 1. 2 growth rate in key one. So there was this assumption after a mediocre year, we are going to get this big bounce back in q2, so expectations were very high for this rebound in the Second Quarter and based on that index, clearly not coming through okay, so the index measures the Economic Data that comes out, release by release, burst by expectations. So theres been a lot of misses, jeff but maybe instead of showing some underlying weakness in the economy, maybe its that expectations ran too high. How bad is that data youll see the way this thing zigs and swralgs i think well probably see this bottom and turn back higher because well have to change our expectations now to sw your question what about about whats driving it all, a lot of it is were not going to get to 3 growth under Current Conditions we have demographics working against us, an asian population and immigration thats leading to a skills gap in the labor market so we just have these skills in the economy preventing us from getting to those expectations we had at the beginning of the year we talk about how that comes up every few months yeah, but look how quiet its been the stocks at 10 here, he thinks it just reflects the same stagnation in the economy right now. What do you think . I think the difference this year is we have this mediocre growth rate that now has a one handle on it, and the fed is increasing the pace of their tightening so im not confident thats going to necessarily end well and that this calmness were seeing right now, i dont know see how it lasts as the fed gets deeper into their tightening in the second of this year going to be again the ecb is going to be announcing a tapering their balance sheet, a further tapering i dont see how this balance is going to stay the same as we get into the that. President trump told us the next gdp numbers are going to look good. Yeah, i wouldnt expect that. Overnight bank of america, merl lynch pulled down their numbers for 2018 to 2. 5 for the full year to 2. 1 for the full year and thats where that gets us, guys it gets us right back to where weve been all along as far as in washington, their waiting for the tax reform, waiting for the Obamacare Repeal to get done and see sea how that all goes at some point this is all going to have to get reconciled. But, hey, has been up lifting. Thank you, guys. Up next why the stock of an Athletic Apparel retailer is raising ahead despite a sails miss and the shift frommive to passing, maybe sending kmaechl companies to the field market. Thats why i have the spark cash card from capital one. With it, i earn unlimited 2 cash back on all of my purchasing. And that unlimited 2 cash back from spark means thousands of dollars each year going back into my business. Which adds fuel to my bottom line. Whats in your wallet . When a fire destroyedd with us the living room. We were able to replace everything in it. Liberty did what . Liberty mutual paid to replace all of our property that was damaged. And we didnt have to touch our savings. Yeah, our insurance wont do that. Well, there goes my boat. You can leave worry behind when liberty stands with you™. Liberty stands with you™. Liberty mutual insurance. Hthis bad boy is a mobile trading desk so that i can take my Trading Platform wherever i go. You know that thinkorswim seamlessly syncs across all your devices, right . Oh, so my custom studies will go with me . Anywhere you want to go the markets hot sync your platform on any device with thinkorswim. Only at Td Ameritrade 46 minutes until the closing bell and were looking at a market that the dows down, sort of a mixed picture, down 40 points. Nasdaq and rustle 2,000. Hitting 52 week lows today weak store traffic certainly contributed to a 2. 4 decline in store sales and also expecting a slight increase. That stock is taking a beating today, down 12 . Really getting clobbered as it was last night in the after hours as well. Mean when i will finish line shares are higher. Company did miss on the top line, but bottom line earnings were in line with expectations and same store sales fell less than expected. Which is perhaps while shares are rallying today the company ceo says he remains optimistic about the firms future as it is revamping its instore experience and working to improve its digital platform, which is key for a lot of retailers right now. The stock is rebounding from a 7 year low, that happen said on wednesday when nike switched to selling its product on amazon. On thursday, its actually one of the best performing dow stocks so far this week, up 3 and a lot of it was driven by that day when it started circulating how nike was going to start selling on amazon. Com they were already a lot of pressure, theyre going to face more pressure. Now that amazon is up in their face directly in the Athletic Apparel, this is the next factor to watch in terms of the aminization youve coined a term. The other problem for these retailers right now is that names like nike is focusing more on director to consumer. Meaning theyre shifting their entire Business Model to focus more on the nike. Com, nike stores, nike apps, whatever it is instead of going through the are tailors because traffic is hig weak, promotion is high. Youve got this whole thing wired here mean when i will, fewer Companies May be going public due the rise of in popularity of passive investing. Well get you up to speed on whats happening with that, after the break. Well be right back. The power of 100 of the worlds top companies. The power of an etf. The power of qqq. The thinking we put in, clients get out. Power your clients portfolio at powershares. Com qqq. Before investing, consider the Funds Investment objectives, risks, charges and expenses. 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We got what 30 minutes left in the trading session with the dow down 40 points right now who are your friends back here the. These are friends from google partner. They came to visit me, learn a little bit about the business. Learn directly from the master i dont know about that, though, but i am imparting some wisdom what are we expecting in years past it used to be a very volatile time because it was never setup probably what weve seen in the last rebalance wrg, its been a lot ofvule yom institutions have already prepared for it. Its just a lot of movement of stock, not necessarily movement in price just quant and shares there will be a few stocks that will probably move out of their normal rafg. But overall most on the stocks being rebalanced generally will be very stable well see volume on it the volume on the flows, this one i dont think its as big as weve seen in the past but i do think its close to one of the big ones. I think its a little closer to 3 billion shares we were talking earlier this could be a our fourth down day of the week for the s p and dow after hitting alltime lows on monday i didnt think that but the institutions arent setup properly for the close, its going to mean the balance is more towards the sell side, which will impact the close. What i have seen on the balance when their volatility is limited in the previous weeks, most of the stocks are fairly priced and wellprized for the close. So rebounces can be very volatile all right, i will return the master to you folks now. I know hes got a lot more to tell you there Live Audience time now for cnbc news update heres whats happening this hour House Majority Steve Scalise who was shot last week is no longer being held at the intensive care unit but theres been no update from the hospital hes listed in fair condition. A mistrial has been declared hes accused of shooting an unarmed black man at a traffic stop early on they asked the jury to continue deliberating after they said they couldnt reach a decision they decided there wasnt enough evidence to send him to trial after criminal charges First Lady Melania Trump announcing the selection of timothy harlem as the white house chief staffer. Thats the cnbc news update at this hour. Sara, back over to you so hes got some experience, i guess. Courtney, thank you. Heres a question are ets and index funds actually hurting the market the answer is they could be. Leslie picker joins us to explain. So for there be sellers of ipos, there must be buyers of ipos that compares with more than 2,000 during the fiveyear increments in the 90s and early 2000s. And people are increasingly turning to the biside for the explanation of why were seeing lower ipos its the active Fund Managers that attend road shows and help determine pricing and issue allocations. But theyre experiencing outflows into passive. And active managers are also bulking up in size to survive. And with billions of dollars in management, they dont have the time or will to devoted to these smaller ipos these were all topics brought up yesterday in a panel with the icc on how to get more Companies Going public but its unclear whether the regulatorers have any power to change anything. Guys all right, leslie, thank you very much. Lets talk about what this means for the Market Going Forward i mean is this another unintended consequence of this mania were going through for passive investing right now . Yeah i think as leslie just pointed out theres no question that passive funds do not participate in captalization ive never seen one passive fund in an allocation list. Are there any longterm implications is that a concern for, say, the number of stocks in this market down the road . Well, we now have more etfs listed here than i think we actually have stocks listed. So you tell me i think there is a an effect on that, and i think it will impact capitalization weve been doing a lot here and in d. C. To talk about the value of making sure Small Companies in particular have access to capital from active managers what has to happen to turn this around . I mean whats going to bring active management back again do you think the. Well, i certainly think mark and swoon vote will probably help i think that people have to recognize theres risk in the markets still. When theres risk in the market we see some volatility and see some active managers outperform in that market, that would be helpful. And i also think capitalization also helps in performance. If you look at the performance of ipos for the last five years, particular in the bio sector, you outperformed ibb and the index by a lot when the ipo is working and funds are buying those ipos, it actually outperforms managers pretty significantly we talked about in the past how some companies sometimes wait too long to go public uber being one of them, a reluctance to go public. Well, theyre having a hard time raising money well, thats the thing. The Capital Formation is not happening in the Public Markets but in the private markets right now, right well, i would say to you in Companies Like the bio tech markets, there are more than enough Companies Using the Capital Markets to fund their growth theres a lot of Technology Companies that can benefit from having a robust capitalization in the markets so weve got to get people to focus on the fact that Small Companies in particular need to access those markets because not everyones like anuber we were waiting for that big msei decision. It strikes me that msei and footsie have gotten so capable in determining which way flows go with the rise of Fund Managers and etfs. Jeff, what are some knock on effects we should be thinking about that were potentially not considering here we could go on about some of the challenges associated with pricing and online etfs. I mean investors have to remember that etfs derive their prices from underlying securities and so if theres a mismatch in the etf manage and online securities, that could be a problem down the road. I think we saw a little bit of that at the end of december. And i would caution investors etfs are great products, they definitely have a purpose but if we get too much on one side, thats usually not good for the market all things in moderation. I think everyones trying to figure out what the longterm impact is going to be in all of this, its a conversation we will have many times on cnbc thank you for weighing in today. Well see you again, jeff. All right 22 minutes left in the trading session with the dow down 38 points home sales, theyve been hot when we come back well look at just how robust this market is right now. And President Trumps promise to protect jobs. The two plants he visited are now facing cut backs coming up well revisit the power of this white house saving jobs [vo] when it comes to investing, looking from a fresh perspective can make all the difference. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. Thithis is the new new york. E . Think again. We are building new airports all across the state. New roads and bridges. New mass transit. New business friendly environment. New lower taxes. And new University Partnerships to grow the businesses of tomorrow today. Learn more at esd. Ny. Gov the heat is on, and were not just talking about the weather. Home sales have been hot cnbcs diana is in our nations capitol with the blazing numbers. Diana. Sales are improving, but its prices you wanted to say are on fire theyre finally targeting younger first time buyers, but not so much. The median price in may jumped 7 that my friend, is a new record. What st. Really shows is that more higher priced homes are selling. Sales of homes priced between 200 and 300k dropped 30 Housing Starts are improving, but still theyre well below historic norms builders claim its too expensive to build low priced homes given the higher cost for land and materials new regulations are eating away at their margins and so far the trump legislation has not helped on that front. Back to you guys i keep hearing because im always asking these analysts and Real Estate Agents and why they dont build more they say its tough finding the land is it really that tight right now . Well, its not just land. Its land where people want to live remember we used to expand out, but Everyone Wants to live in the city nu. There are also new regulations, environmental restrictions and yes there is land out there, but its taking a lot longer to develop it and actually put a house on it. A lot more expensive for builders where and that means the price jacks up is it more expensive to rent these days with prices rising like this . We looked at the surveys. They used to weigh heavily towards homeownership. But it is a lot cheaper now to rent in some areas than it is to buy. If you look longer term, you think owning a home as a good investment, but if you think owning a home up front diana, thank you very much. Luteally. 15 minutes now before the closing bell lets show you where the market stands at this moment. Were seeing pretty much Strong Performance pretty much all weekend today. The dow remains negative, though just 16 points, rustle, near the highs. Closing bell share more than just a first name what in the world could that mean well ndfi out well be right back. upbeat dance music dance music abruptly stopping dance music starting then stopping upbeat dance music bell ringing wont replace the full value of your totaled new car. The guy says you picked the wrong insurance plan. No, i picked the wrong insurance company. With Liberty Mutual new car replacement™, you wont have to worry about replacing your car because youll get the full value back including depreciation. Switch and you could save 782 on home and auto insurance. Call for a free quote today. Liberty stands with you™. Liberty mutual insurance. Well, welcome back david, our investing consultant is back. This was a week of major change in many areas and many realms the c is for china a shares. 222 shares, there are many more, many thousands were picked at a 5 waiting for each one of them. Its only 7 going into the big emerging market index. So thats a big change its step one of their equity markets. By the way, we were all over that decision. Yes, i saw that the h is the handover of power to the prince in saudi arabia. I think hes going to be a catalyst for major change in the middle east. So we have to watch this very carefully. The a is the americas cup we have it the next round. The the u. S. Is down 30. So the next round will be saturday where they do four races. And the change is that the incredible power that new zealand has brought using bicycles and drones. One invention very old, one very new. And speaking of en, were going to have new ceos were going to get a new one, mr. John flanary, 55 years old there are many seats that are empty at that company. And it was started well, there was a joke going around if you got no ceo, no cio, no cfo, and no technology the g is grande france, and there we have macron with a decisive fictry. And then e is oil and energy, a bear market. Down 20 from its recent peak. And there you see not only the recent stocks, the energy stocks, but you also see pressure on the oil service stock. And i do believe those you could start to nipple at why you cant touch this shale without the help of these big Energy Oil Services companies. Next week we have the four cs at the end of each month consumer, confidence, perlgs consumption, and the chicago purchasing index the four cs and europe looks good from an evaluation standpoint. The u. S. , not so good from an evaluation standpoint. I was just going to ask if i all your changes you alluded to would result in a change for the market going on for several weeks in a row its been a market at a standstill near record high. You see this rotation, sara, great point. You see this rotation going on where pharma and biotech have started to come back alive id like to see a little less emphasis on those big Technology Companies that have been the big high fliers, and theyve used off a little bit, which is a good sign. You had them chasing their own selves im going to do this now before we go to the break. The market on close orders heading into the bell are a balance of 1. 6 million but dont let that deceive you thats what the official market on closers look right now. But well see. Were going to get a lot of volume thats for sure. By the way, weve got a promotion right now going for a very, very Worthy Charity that is near and dear to our hearts the lulu and leo fund put together by our colleague on behalf of his late children leo and lulu crim. Take a tour, watch us do the show ive got a couple of books ill sign for you join kelly and i fwr a drink. And if the bidding gets to 10,000, i will kick in 10,000 of my own money to match that bid. You want to tick in a couple of bucks there . Yes, bill, count me in. You can join us for drinks as well anyway, so the bid is next tuesday. But get in the the bid in now. I know you all are lying in the weeds, but dont do that you dont want to miz out on this very important meeting. Well have the closing count down coming your way in just in a moment here. And then after the bell President Trump has positioned himself as a job saver coming up well take a look at threrdo r. dance music large boat honking im living that yacht life life life life top speed fifty knots life on the caribbean seas its a champagne and models potpourri on my yacht made of cuban mahogany gany, gany, gany watch this minutes of trading here with the dow down 40 points as we await whatever is going to happen here i can already see the volume picking up for the rebalancing thats going to happen here in the last couple of minutes of trade. But loets go to the week this is the fifth week decline for wti crude. Weve moved into bear market territory as you know during the week and not much of a bounce from that tenmonth low. Were at 43. 08 today with a minor gain youve got the senate out with its version of the healthcare bill on thursday, and thats where we got a bump there. I guess we got some bad data on that one day, so thats skewing that but anyway, there was a pretty good bump on thursday, representing that. The banks passed their stress test, but where is that in the stock market youre not seeing that the banks are still suffering from the low Interest Rate environment right now and the stockess reflect that that and the dow, we had the alltime high that hit on monday to start the dow and s p, but then we had four Straight Days down. And we havent seen that since midmay. As we head noo the last week of the month, the quarter and that first half week as well. So this is going to be for the big ten. This is a Pretty Amazing day its going to one of the heaviest if not one of the the heaviest trading days of the year i was saying you and i could stand here and watch the rebalancing like if it were a Solar Eclipse happening here. Usually it might be a stressful event because youre trying to find luquiddity and not impact the stocks. Peter was pointing that out that the institutions have got this down to a science now you are going to see some stocks that move from one index to another as they are down shifted because of a smaller cap right there. A hot profile retailer is among them i will use this rebalance to hoe is the rus 1,000 growth. Going out with a 5 point gain it looks like for the dow right now. Stick around were going to wrap things up this week for the second hour of the closing bell. And welcome to the closing bell on a friday. Im sara eisen in for kelly evens. Heres how were finishing up the day and the week on wall street well, the s p managed to avoid four days of losses. The dow closed in the red but ever so slightly. 01 infact the dow, s p and nasdaq all higher for the week. So nasdaq out performing again its worth noting russell up 3 bers but as a fifth of republican centers have come in but a fifth republican senator has come out against the bill, can any progress be made were going to debate that coming up here on closing bell. Lets talk about the markets for the week weve got cnbc commentator as always and chairman and founder of navaleer and associates. Mike, you have talked about rotation so many times it was oil back on top, energy on bottom. What else stood out . I think with bio tech, it shows the habit of this market and the current environment to look for the laggard groups and lift them up it hasnt really helped, but for this we closed today at 24. 38. But you observe the oil crash and the week or seasonal by the way, we talk about how smooth this rebalancing is, i lmgs got runover by three traders. We have a lot going on here. We have a news alert on walmart right now. Curtany reagan stepping in with details. Routers citing a source that walmart is not considering a rival bid for whole foods. Again, this is reuters citing a source walmart is not considering a rival bid for whole foods. Walmart told us last week their customers are looking for a experience with physical and digital they said, we quote, with feel great with our position and fast growing ecommerce and grocery business so thats what walmart said last week. And now we have this word from a source according to reuters they are not going to make a rival bid. Back to you. Curtany, you cover all the retailers. Is this surprising to you of all of them the. No, not at all. Which names should we watch yeah, i think really what is going on here is the fear of what amazon could do we know that whole foods has a very small share of Grocery Sales over there all we know that walmart customers are very different from whole food customers, and their sales dont overlap that much. And their afraid what sam zon could use that real estate for so we know that kroegers have had a really tough time, but they are the largest grocer. Its possible they could consider it, but then again swram zon could come back in and give a higher offer. So i think cash is something to consider here. As we could imagine, theres no love loss between amazon and walmart here. And i think maybe they just want to avoid a direct combats relationship between these two here, right . Thats true and i definitely think theres room for both amazon whole food and walmart to both succeed with customer sets you can be number one in one type of grocery and number one in another type of grocery im not surprised by this headline, but maybe some are because you did see a reaction in the stock price it does seem like its a little bit of a bridge too far for walmart strategically to go after that quote if it comes to financial power, its probably going to be hard to overtake amazon, by the way, is going to borrowing for this deal. Its not like they have the cash flying around. It lost a little bit on that walmart news, still trading a dollar above that. Still leaving the possibility if its a private buyer from overseas or somebody else comes in cuourtney, thank you sandy, healthcare, what do you make to the response on the market this week and what do you want to do with that group right now as a money manager so i think we look at it as just the first shot in the senate and theres still a lot of details that have to be flushed out. I think theres still a lot of value as we stand right now in healthcare thats a big umbrella i know, and im going to give you some names gilliad being one, johnson and johnson being another. Were looking for stocks that can grow big dividends and grow those dividends over time. It offers, as i said, great value. Yeah, and it doesnt sound like any of it really matters, your thesis matters with whats happening in washington with the healthcare bill. Not really. I would say its related to good value, thats it louie, it looks like youve got some etfs including first fund biotech fund. Biotech has really made an index here between biotech and healthcare, its actually 30 of our portfolio right now. So this was a great week for that portfolio do you think these gains last he said these gains are just temporary here yesterday, the markets only looking shortterm. Theyre not looking at the pain that could still come if this version of the healthcare bill passes what do you see happening on the horizon down there on this sector, louie . Well, its interesting the alpha dex etfs are basically a baited etf but also a bit weighted and when you go to the healthcare companies, United Healthcare is in the best period but theres a lot of upandcoming Healthcare Facilities theyre picking up. Etf portfolio we have with alpha dex is leadsing the way. A lot of people talk about the drug makers, mike. Theres a parse of what we got from the senate and they say the companies, these drug makers actually dodged the bullet it looks like the focus on the bill is not going to be on drug pricing and regulating that, although it seems like a bipartisan issue and after that this, theyre going to move onto tax reform. So drug makers have it easy. If you look at the performance of healthcare in general from year to day, a lot of it has been pulled up by the growth sectors of healthcare obviously this bill helped take the tax of medical devices but also its the general, where is the secular earnings growth, the markets finding those stocks hey, kids, the latest cnbc cfo survey is out and it shows that the ngzs chief Financial Officers are still bullish we covered a variety of topics with the cfos, everything from business to washington on this quarterly check in. And i think the tone was fairly optimistic so 60 are saying, yes, theres another leg up coming. Interesting where they think the market is going to see strength. Rougherly 40 said they think tech naelg is going to drive us forward. When asked how they think the feds is going to act for the remainder of the year a little over 4 said were not going to see that for the year. Just understand 60 theyre somewhat concerned about both. What keeps them up at night, concerns about consumer demand, thats where it comes to their business and also cyberattacks the cfos are less confident trumps plans are going to go through by the end of the year for full survey results head to cfocouncil at cnbc. Com and bill, i want to tell you gas prices according to aaa, changing subjects their see you later jackie. Not sure how accurate cfos are in predicting the market, but what stands out to you i did just look to see theyre calling out whether the dow goes to 22,000 before it goes to 20,000, well the markets was a bit about 21,000 for this period in june, which tells you the cfos can do math technology, sandy, that has been the leader. Does it continue to lead or what do you think is going to happen here the. I think its a question of what technology. We happen to light the Semiconductor Stocks again, were focused on dividends, so were looking at stocks that can grow those dividends over time. We recently purchased taiwan semiconductor, and we find that is very attractive situation as apple continues to design more things inhouse, they still have to fabicate it someplace its also very limited by cap tal. The industry requires a lot of capital to build these whereby and theyve got more capital than anybody so we had healthcare, had technology a little bit. Well give you the final word on which sector youll be watching as the leadership in the market given what kind of economic and market environment were in. Well, tech is still by Biggest Holding and healthcare would be second. But i love nuviddia, great buy at this moment webco, the chinese twitter is a good shortterm buy. Pull back the other day. We still have the optical companies. Inviddia is a good buy . Because itll be 300 within two years, so its a good buy. Yes, it is okay. Youre not the only one that thinks that. Its all about crypto currency, right, mike . I would say if you think its about crypto currency, you wouldnt want to buy i think nnviddia, is much bigge now. Thank you are for joining us. Art cash stopped by and yelled at me to tell me that on the bell here balancing just in that last moment they did a billion and a half dollars of volume and they did 2 billion over all today in the New York Stock Exchange as you know the senate revised its healthcare bill yesterday. But already five centers says they cannot support it so far. So is this bill really that bad or doesnt go that far for republicans . President trump has touted jobs in both bowing. Coming up were going to discuss what it means for President Trump to create more plans in manufacturing where and what that looks like. You can contact the show on twitter, facebook, email. Wed love to hear from you youre watching cnbc, first in business worldwide swing. Ed into my huh . Dont you mean dad kind of ruined our hawaii fund . I thud go to the thothpital. There goes the airfair. I dont think Health Insurance will cover all. Of that. Buth my fathe without that cash from aflac we might have to choose between hawaii or your face. Hawaii what . Haha. Hawaii you might have less coverage than you think. Visit aflac. Com and keep your lifestyle healthy. Aflac welcome to holiday inn whether for big meetings or little getaways, there are always smiles ahead at holiday inn. The power of a low volatility investing approach. The power of smart beta. Power your clients portfolio with powershares. Before investing, consider the Funds Investment objectives, risks, charges and expenses. Call 8009830903 for the prospectus containing this information. Read it carefully. Distributed by invesco distributors inc. Containing this information. Read it carefully. So, how are things cartheyise . Youre fired [ screaming ] its time to get back on top. Were going back to villainy. So bad so good that im so bad. [ maniacal laugh ] dont try to fight the feeling of somethin thats so organic. [ pop ] despicable me 3. Rated pg. A fifth republican senator has now come out publicly against the healthcare bill that was unveiled yesterday john herwood has details for us right now. Who was that, john bill, its dean heller, and thats a significant development. Represents the state of nevada he is up for relection next year what he said in a state where a couple of hundred thousand people gained coverage under obamacare was that this bill is simply not the answer. Im telling you right now i cannot support a piece of legislation that takes insurance away from tens of millions of americans and hundreds of thousands of nevadaens so make no mistake, the aca does need fixing. But the bill in front of us today i dont think meet those fixes. Heres why thats significant. Mitch mcconnell can lose two of them and still have mike pence pass this bill but so far five senators have indicated they cant support the bill in the current form doesnt mean those are final decisions. Theyre not firm, although heller was very strong in his statements but what it means is given the fact there are other senators with question marks like rob portman of ohio, it means that Mitch Mcconnell has a lot of work to do to make sure he can get those 50 votes theres no assurance but he hopes to theria have it. Five senators have at least come out. And youve only got a margin of two defections that are possible so what happens between now and next week. I guess voters are scheduled for thursday right now yeah, they want to get it done before july fourth recess thank you both for joining us today. Pallia, it looks like you say this is an improvement on the house version. We certainly got that kind of reaction in the market healthcare stocks were the best performing group why do you say that the. Because they good utthe income related tax bills right so the maximum tax you pay which is targeted at age, this is age and income, which is going to make the more affordable so even if you dont qualify for medicaid, you can get tax credits through the senate bill. Doctor wen, im going to imagine you dont like the treatment of medicate. But what it does here is delay the change in funding by a few years beyond what the house is planning here. Does that give manipulates like yours time to figure out what to do in the mean or do you not like this at all this is still about leading the people who are the most vulnerable in my city there are 85,000 children who depend on medicaid for basic Services Like immunizations and treating asthma im 7 months pregnant myself, i cant imagine the choices i would have to make if i were to decide between prenatal care for this child and food and rent for the rest of my family. Were talking about older adults, people with chronic conditions there are thousands of people who will lose coverage if this bill were to pass. And others are left with a bear bones plan that doesnt even cover the basic services that are important to provide healthcare well, congratulations, dr. Wen, on that republicans have wanted so long to repeal and replace obamacare. Part of obamacare was an expansion of medicaid that now some states are reliant especially states dealing with Opioid Crisis and other issues how do you reconcile this issue . One thing the bill tries to do is actually increases spending in poorer states a little bit faster, ratchets it down in higher states like new york states like new york would have to tighten their budgets so thats an important fact. And then youve got to get the tax credits right. Inyou dont get medicaid, a Strong Enough coverage through the tax credit can make that coverage affordable. And thats what you want to do ted cruz came out against this saying he wants lower premiums rand paul came out yesterday saying he wants fewer subsidies. You cant have both, right so this just points to how complicated this bill is but wheres the dividing line that youre going to at least bring one person onboard here . I would say, look, get the market to work that can be plans interest the vast majority of people, subsidize plans, and then thats a comp rumaze. If youre chasing insurers out the market, thats not good. Peoples buy decisions are or not buy decisions kind of follow that calculus. Were talking about healthcare and all these other things right it does in some parts on the market where you can choose, some services, getting an ancologist, going to the hospital, you cant. But in other insurers, you can doctor, when youve been on the other side of this issue and opposed to the legislation, but there are problems with obamacare. And we document nearlyal every other week an insurer pulling out of the exchange. What kind of solution do you think would be a workable one . Youre right that obamacare is not perfect, but we cannot afford to roll back the gains weve made we were talking about addiction a moment ago and we have a National Public Health Emergency the last thing we need to do is to drop people from coverage one out of every three people in maryland if were getting treatment for addiction, depend on medicaid. Were also talking about dropping Addiction Services and Mental Health services from benefits im curious, lets assume that the worst in your view, the worst happens and this bill in its crude form passes and in five years the Medicaid Expansion starts to roll back. What are your options then were talking about going back to a time that i remember, practic s medicine in the er where my patients have to make choices between food and medications, where they are waiting until they get extremely ill before they come in, which ends up costing a lot more so states like mine and maryland are going to have to make very hard choices at deciding who are we not going to provide care for at all, what are the services are we going to have to cut . All right, thank you both very important issue well, next week is going to be critical. See if they can get it through the senate now the electric auto maker says it may be looking at getting into the music streaming business coming up well discuss what tez laws end game is and whether that might be a smart move also the daily auction that help set the National Price of cheese, it officially ended today. A tradition goes by the wayside. Again. Our fast take on the end of this historic auction when we come back we recently had a heart attack. But we are not victims. We are survivors. We are survivors. We are survivors. And now we take brilinta. For people whove been hospitalized for a heart attack. We take brilinta with a baby aspirin. No more than one hundred milligrams. As it affects how well brilinta works. Brilinta helps keep platelets from sticking together and forming a clot. In a Clinical Study brilinta worked better than plavix®. Brilinta reduced the chance of another heart attack. Or dying from one. Dont stop taking brilinta without talking to your doctor,. Since stopping it too soon increases your risk of clots in your stent,. Heart attack, stroke, and even death. Brilinta may cause bruising or bleeding more easily,. Or serious, sometimes fatal bleeding. Dont take brilinta if you have bleeding, like stomach ulcers,. A history of bleeding in the brain, or severe liver problems. Slow heart rhythm has been reported. Tell your doctor about bleeding,. New or unexpected shortness of breath, any planned surgery, and all medicines you take. If you recently had a heart attack, ask your doctor about brilinta. My heart is worth brilinta. If you cant afford your medication, astrazeneca. May be able to help. What . Pony neighing] hey gary. Oh. Whats with the dogsized horse . Im crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. Isnt that right warren . Well, you could get support from thinkorswims inapp chat. It lets you chat and share your screen directly with a live person right from the app, so you dont need a comfort pony. Oh, so what about my motivational meerkat . Inapp chat on thinkorswim. Only at Td Ameritrade. Time now for fast take today marks one year, the oneyear anniversary of the brexit vote. But the first negotiation for the talks of britain to leave the eu actually kicked off this week theyre focused on the future rights of citizens the pound, by the way, has fallen more than 14 in the past year we have no idea what the brexit implications are going to be for the u. K. Those talks just began what we do know is that the pounds fall actually helped maintain the economys resilience and that this whole brexit vote has led to an upheaval in british politics did you shoot that . We were there last year . I dont remember. It does seem like its kind of a suspended animation thing but then what . And you have 48 point something percent of brits vote not to do this thing so, yeah, i think the political implications have been the oes most obvious in the u. K. Surprised populous wave to say the least. Up next here, will hotels have more to worry about the site is reportedly getting ready to launch a service for higher paying travelers who are pickier about matching sheets and bottled water among other things it is officially being called select mike, i know sara, and i among those who prefer a hotel and all the amenities that come with that but when traveling alone, i also prefer a hotel if you prefer a home, which weve gotten many times like with air bnb, and its interesting how disrupters, you become most like the thing youre against perhaps amazon buying whole foods is an example of that. But i do think its one way to address airbnbs downfall. Its also a way for them to find the best hosts, the ones that are most highly rated. All right, a new study out by m science finds Court Cutting has been higher in the Second Quarter with Charter Communications being the worst hitch and guess what its hulu, subscribers not netflix that are really likely to cut the cord. I think the most surprising thing its hulu, which is owned by broadcasters. I do think it makes a lot of sense because netflix, i dont think its ever been marketed or really viewed as a direct replacement to the bundle. Its kind of well thats 10 a month. Im happy to spend it for the originals and for a back library. Netflix has done such a sensational job of marketing you go there for that. Youre thought thinking in terms i go there for other things. So why are they cannibalizing their business with hulu either its cannibalizing or its a hedge whats interesting is hulu is worth a lot of money, and its not reflected there on their books. They tried to sell it, and couldnt even get a billion dollars for it heres the last one. A nearly 100yearold tradition came to an end today holding its last open market outcry option for physical cheese and other dairy products. The daily auction help set the National Price of cheese now it will still be done but itll be done electronically beginning next week. Yet another open outcry goes by the wayside. So it sets the bench mark price of shedder and other spreads. By the way, that was the auction we showed. Yeah, that was the last one so were not really talking about a huge heated s p pit. Are we still going to price cheddar . The machines will decide the price of cheddar from on that does it for fast take now for cnbc news. Heres whats happening at this hour, President Trump signing a law that will allow the va to move more quickly to fire problem employees while also prengting whistle blowers this in the wake of scandales at the Veterans Affairs department in recent years. Today were finally changing those laws wasnt easy, but we did have some fantastic help to make sure that the scandal of what we suffered so recently never, ever happens again. And that our veterans can get the care they so richly deserve. A liftoff from cape canaveral. A recycled rocket making its second flight. The launch had been scheduled for monday, but had been delayed due to mechanical issues and youve got to watch this video, folks a foul ball bake a point of controversy for one family a mets fan catches a foul ball in one hand and his baby was in the other arm. His wife was not too impressed he tries to make nice but mom is not having any of it he gets a bit of a talking to. I mean he had both safely in his possession when the play was over yeah, worked out okay but imagine what could have happened what if the ball hit the baby . But it did not happen holy moly, scares me. You see how its coming down here yeah, the men and women see it very differently. Thank you, courtney see you later. Men dont care about babies apparently thats not true women dont care about baseball. President trump promised to protect american jobs at a boeing plant but now that very same plant is laying off workers and the very same thing is happening at carrying furns plant that mr. Trump visitedp. Plus amazon paying 50 million to stream 10 nfl games this season. And now were finally finding outs exactly how much amazon plans to charge advertisers to run commercials during those games. Back in february President Trump visited a boeing factary in South Carolina pushing job creation in the country under his administration take a look. As your president im going to do everything i can to unleash the power of the american spirit and to put our great people back to work. My focus has been all about jobs, and jobs is one of the primary reasons im standing here today as your president , and i will never, ever disappoint you believe me, i will not disappoint you so now the airplane manufacturer is announcing it will be cutting around 200 jobs at that campus where the president spoke about five months ago and carrier furnace is also laying off about 600 people next month at the indianapolis plant where the president had struck a deal to create 400 jobs there. The plant saying they just had to let these people go lets bring in cnbc contributor david cutlow let me just tell you, folks, theyre both loaded and ready to go here. 200 jobs reported in one nuclear weapon, the chicago tribune. I get it, and were probably early. Were just asking the question but you have to admit the president s rhetoric was very strong when he started out that he was going to create jobs. And he himself was very happy about 200 jobs there, 1,000 jobs there. Those are just a drop of the bucket you get what were getting at here actually, i dont, but ill play along but no, i think its the silliest news story ive ever seen by the way, if you want to go down that silly road he has actually quote, unquote kept jobs in the usa but you gain jobs each month and lose jobs each month exactly and people at the administration were getting people to believe im carrying your bucket of water here getting people to believe that he was going to let no jobs leave this country, but it happens all the time okay, so im loaded for bear. Trumps been in office for four months, created did that have anything to do with it i doubt it very much i think this story gets as much coverage as the first carrier story did. Back then there was story after story. Hes changing jobs, turning things around. The truth is at the end of the day this type of Economic Strategy at its very best can save a job here and there, but the cost of that is large. Its not about markets its not about rule of law its about his one off tweets attacking individual companies thats not how you create jobs you want to make america a more attractive place for companies to build those jobs, not build some wall and lock them in here. This is new because youve never heard this from me before. Lets slash the Corporate Tax rate, and lets repatriot 3 trillion of american money overseas, so we can create new jobs over seas if you look at the surveys of confidence, thats showing Something Else 13 number one issue for them is regulations. Thats the highest since 2010. Second, 22 of that survey believed taxes are the biggest problem they face even though overall confidence has imp proved that by the way, is the highest since they started taking the survey in 1933 im saying that the president s agenda in particular on regulations are not only favorable to businesses large and small because theyre more confident because hes trying to fight a fight they want him to fight. Also one of their biggest headaches is not finding enough people so its kind of these mixed messages its not as if theyre eager to shift positions over seas. Training the training budget was cut 40 in the last budget our rnd was cut, the longest infrastructure cut thies are the cuts the Companies Want to make but theyve been devoted in trying to get the private sector involved the priebt b private sector is great, but my migger thing is you look at them and you just dont see them thinking american businesses can succeed on the global stage you else do you explain wanting to use a National Security law to stop the import of steel and aluminum but arent something our economy needs. But i think we can compete and succeed in the global economy. Thats very specific. But a lot of the trade stuff is like that a lot of it is not about the national interest. Actually, hes been very soft compared to what many of us are worried about. But i will say this. He has generated a lot more confidence because of his policies, nonof which have passed yet i get that, but people see it out there. Mike you talk in referential of the stock market every day, and i think theres a lot to that. So my sense is he is for the common guy, he is for the wage earner businesses will really have a strong rebound if these incentives come about. Theres one little thing, im going to say your man, president obama, not personal, but he was waging a war against businesses and waged a war against fossil fuels. And donald trump is changing all that so im saying to the boeing company, i am sorry people were laid off, but give President Trump a chance if he was waging that war, he wasnt doing it very well, larry. We have to go right through the break here and continue this conversation i think we should come back and have it about manufacturing specifically, which has some unique challenges. By the way, those 50 job Training Programs in the federal government i think were down to about 30 right now never did a whit of good, jason, and you know that training state and local community colleges, thats the way to go here so the businesses can get what they need i think we need to put more into community colleges. Movingon, tesla, not just looking to revolutionize cars, batteries, and solar power but now turning its attention to the music business and how would you like to tour our set here and have postshow drinks with me, with kelly evens . Now is your chance it is for a very, very worthy cause. Weve added some other sweeteners thrown in and i have said if this bid gets to 10,000, i will match that amount with my own money ile come in with that. The bidding goes in for next tuesday. This is for the leo and lulu fund here say the word, and im there thats a pledge as well. So head to our charity buzz d e ddg esarn all the details anthbiingo until next tuesday afternoon. Well be right back. I put everything into my business. And i had all these points from my chase ink card. So i bought ingredients, utensils, even made custom donut cutters. Wow all with points. Thats how i created the ripple the doughnut in a doughnut in a doughnut. Suddenly its everywhere. I mean, it really took off. What will you create with your points . Learn more about the ink business preferred card. Was law is getting ready to sing a different tune. The auto maker now talking to music makers about streaming its own service. Its had talks about licensing a Music Service that would come bundled within its cars. So is this a good move for the brand or would the company be better served to establish a partnership with a Better Service rather than starting its own . Of course theyd start a music of course now you need a Water Company to supply water to driver and all those things they want to bundle everything in. Thats the plan. I dont understand this deal, actually theyre just in talks. I dont think theyve actually done anything yet. If theyre successfully, thats nice for him but this is low margin business or a low margin business in a lot of cases and you want to grow the top line, i think okay there are oat ways to do it. You can rollout more cars basically, sell more cars is the better way to do it. Its an ad, but people already have apple music or spotify or whatever else is out there right, people have their own now. It certaintily doesnt dispel i want Something Else to pulled in by the Media Business they love the idea of owning a Media Business they look at spotify they had to borrow a lot as well so their net losses were Something Like 600 million i dont know what thats going to do for you as a shareholder its a little different than building Something Like spot spotifxwrrks or pandora. Youre paying these labels, really put a lot of fees ultimately for these labbes to make it happen and youre paying these scre streams. But you have no indication they want to get into that crowded market and compete they want to create a competing, streaming service you cant sell it for too much less than say apple music. Im rubbing out of time, but where we getting a peek to get a sense o where else musk has taken this company is this. I think again, Media Business is something hes looking at least in terms of this batteries city is now part of the whole company, so there is a bezos factor amazon ceo amazon is a portfolio business a lot of people look at it and admire what hes doing in some ways, musk is following suit Business Model creep. Ed, good to see you. Ed lee joining us. Amazon speaking of which looking to cash in on its live stream of thursday night nfl game this is coming season. How much its planning to charge advertisers an whether they will pay that amount well talk about it coming up then later coming up on fast mone money, one technician has the hot hand on oracle, bio techs and more and hes back with a boller call on whats surging reclinbe tethoc mo osg llafr is baby crying fly me to the moon elegant music and let me play bell rings will you be ready when the moment turns romantic . Cialis for daily use treats ed and the urinary symptoms of bph. Tell your doctor about your 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 this may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis. Amazons getting into the game with its nfl thursday night streaming package for prime members. The platform is a new page in the tv sports advertising playbook and our Julia Boorstin joins us from los angeles. Well, bill, amazon is reportedly looking to charge 2. Million for ad packages that would include spots that aired during ten thursday night nfl games that amazon will stream to its prime subscribers. Though amazon now has the rights to sell ten 30 second ads for each of the games. Those are the local slots. For which it paid 50 million. Thats five times what twitter paid last year now, its unclear what amazons package of ads would include, but a spokesperson tells us quote, we can confirm we are offering a range of options at various price points depending on advertising objectives. Now, in contrast, nbc and cbs charge around 550,000 ads during nfl games they drew an average of 16. 5 Million Viewers last season. The new england patriot owner robert kraft says the future of the nfl is not on tv last year, we tid twitter this year, you know, were with amazon and you know, for us, the future is ott now, kraft says they have to work to use streaming to bring in that millennial audience that doesnt subscribe to Cable Tv Services well have to learn more to see what that looks like thank you. Steve schwartzman making a big bet of exceptional students. Those details next rity just like the marines did. At one point, i did change to a Different Company with car insurance, and i was not happy with the customer service. We have switched back over and we feel like were back home now. The process through usaa is so effortless, that you feel like youre a part of the family. I love that i can pass the membership to my children, and that they can be protected. Were the williams family, and were usaa members for life. Call usaa today to talk about your insurance needs. They call him the whisperer. The whisperer . Why do they call him the whisperer . He talks to planes. He talks to planes. Watch this. Hey watson, whats avionics telling you . Maintenance records and performance data suggest replacing capacitor c4. Not bad. Whats with the coffee maker . Sorry. We are not on speaking terms. Whats with the coffee maker . Deartheres no other way to say this. Its over. Ive found a permanent escape from monotony. Together, we are perfectly balanced. Our senses awake. Our hearts racing as one. I know this is sudden, but they say. If you love something set it free. See you around, giulia you didnt know we had over 26,000 local activities listed on our app. Or that you could book them right from your phone. A few weeks ago, you still didnt know if you were gonna go. Now the only thing you dont know, is why it took you so long to come here. Expedia. Everything in one place, so you can travel the world better. In a new documentary, Steve Schwartzman is rolling the dice on a unique oneyear all Expenses Program in china for a group of extraordinary young people and the program started as china was making moves in the south sea china, an area South China Sea area then canada donald trump was railing against the trade policies as tensions rise, the group of superstars from around the globe is gather ng beijing welcome for a year long experiment. That will change them and maybe some day, the world. Its a very interesting social experiment. People from all over the world are going to live together and spend a lot of time together the its excite, but we dont know whats going to happen or how were going to get along theyre extraordinary 110 students chosen from more than 3,000 applicants. Tougher odds than getting into harvard. And you can catch the premier of billionaires bet this sunday 10 00 p. M. Eastern time here cnbc sarahs catching a flight mikes taking a young child to a baseball game and i got to get ready for nightly business report. Fast money begins right now. Fast money starts now live from the Nasdaq Market side overlooking times square im melissa lee. Your traders on the desk hell lay it out in the charts plus, walmart not considering a bid for whole foods. The stock still trading above the price. So could someone else step in and make an officer . An