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Lunch. Im melissa lee. Stocks are holding steady. The nasdaq hittinging yet another record interday high today. Tech and industrials the best performing sectors Consumer Staples and financials. They are the laggard. Down 2 on a big miss, mastercard is up two and mosaic down 7 after missing the top and bottom line. Brian . All right, melissa, thank you very much. And i am brian sullivan. We are coming to you live from day two of the milken global conference in Beverly Hills, california, speaking with the worlds top thinkers on the market and economy. Politics, which is encapsulating everything today, eric cantor being former House Majority leader, chris aailman and dr. O. Welcome, everybody. As michelle mentioned twitter popping this hour thanks to comments from billionaire investor mark cuban. Its up about 4 right now, and we will get to those comments in a moment. First the air is coming out of the auto bubble, it seems. Gm, ford, fiat, chrysler all taking big hits today. Lets go inside the numbers now with phil lebeau. Are these numbers as soft as they seem, phil . Reporter yeah, theyre soft, tyler. Were not look iing like a huge tumble but they are slowing down. Take a look at the numbers for april. You mentioned fiat, chrysler, gm and ford reporting weaker than expected sales. A negative month for toyota which was the only automaker of the big four that actually posted sales that were not weaker than expected. The numbers within the numbers, thats what worries investors. Look at the inventory levels right now. Theyre close to tenyear highs. At General Motors they have 100day supply of vehicles. Now some of that is because theyre building up their supply base when it comes to certain pickup trucks as they transition later this year but no doubt that its taking longer for vehicles to sell when theyre sitting on the dealer lots. Thats been measures. Were looking at levels that you have to go back to 2009, 2008 and finally, guys, incentives. More than 3,300 for the average incentive last month in order to sell a vehicle. That is close to a record high. So its those numbers within the number that worry investors and a lot of people are saying at this point do we see production cuts in the second half of the year . Were not looking at a huge falloff in auto sales but enough of a falloff that people are going to say, okay, lets start to see the cuts in production. You can see the numbers playing out. Phil, thanks so much. Now to the comments sending twitter shares higher now. Listen to what mavericks owner mark cuban had to say to bob pisani just a short time ago. The key to Artificial Intelligence is data. And twitter hadnt been able to harness the data to be smarter how they deliver tweets and use information and how they deliver ads. Now theyve started to hire the right people, are starting to get smarter. You see that in the results rather than chronological, things that are relevant that make a difference. Twitter shares are up about 25 in the last week alone. Theyre high er by nearly 5 today. Lets bring in the analyst at morning star. What do you make of what mark cuban said there in terms of their ability to harness the data that they have . Whats he talking about and what does it mean for twitter . Actually we do agree with him. Its the data in order to enhance their Machine Learning capability on twitter so basically they analyze the user interaction, User Engagement over what topics, what times during the day and Machine Learning Technology Comes up with the best ad to present in front of you and that helps them to monetize their users. Its also changed me the tweets that im going to see, the content has changed. Is that true . It is. The content in addition, of course, to the advertising but the content youll see absolutely will be more relate ed to what youve shown your interest to be based on your behavior and your user interaction on twitter. Theyre doing that to make sure that they keep the users on the twitter platform again to attract advertising dollars. If the user base doesnt grow, though, ali, does the Machine Learning get any better . Isnt it only as good as the data you have . If your user base is going to remain static which it essentially has, how much smarter can the machines get for twitter in order to enhance the experience, increase engagement, attract users back . Thats a very good question. We think its a combination of two things, right. Its not only the user the growth of the user base but the growth of the user interaction and or engagement. You have a lot of devout twitter users that continue to interact and engage and spend time on twitter. The problem is user growth. Yeah, thats one of the reasons why weve kept our valuation on the company or fair value estimate at 17. Were still wait iing to see mo consistent user growth. So that does make a difference. You prestaged my next question. You have a hold on it. A threestar rating and your fair value is at 17 and the stock is at 18. What would make you change your rating . Well, a few things. First, we want to make sure that these guys get rid of the tele part, the retargeting side of their advertising business, pretty smoothly. Second, we want to see more effective monetization of the new content they brought forth or the agreements they signed with some publishing and content providers earlier this week. And third consistent user growth going forward. Once we see that we think that possibly the valuation could go up. Of course the stock has performed well. Weve had the 17 fair value estimate and its gone up from 14 and change to where it is now. Not the a lot of people saw a 23 change including yours truly. Thanks, ali. The street is focusing on the iphone 8 which launches this fall. Our next guest is the most bullish analyst on the street with 185 price target, believes apple remains among the most underappreciated stocks in the world. Brian, great to see you. There are more and more analysts who agree with you in that there could be delays to the iphone 8. We have Deutsche Bank coming out, south koreas kgi securities saying that there are going to be supply constraints in the channel that could delay the launch of the 8. Does that matter . Do we need to hear about an on time launch on this Conference Call . Were undergoing a major shift in apple. Were still in the very early stages. The iphone 8, the 5. 8 inch comes out in november or early october or september, i really dont think it matters. Theres really four pillars driving the stock. Iphone 8, whatever the timing is, valuation, capital return, and a lot of media buzz about new innovations and i think that it will keep driving apple stock. So in terms of some of the things youre list ening for, obviously sales of the iphone 7 should start winding down ahead of a new launch. So what are we listening for . Do we want to hear about china . In the last quarter tim cook said remained a challenge for the company. So china was down 12 last quarter, down half that in constant currency. I think it will probably be down anywhere between 8 to 12 this quarter. You have to remember the comps are impossible. China should start to grow in fiscal 18. For the full year fiscal 18 all people want to see is they got by an okay quarter, nothing around margins that was concerning, i think the outlook may be soft. I dont think its a huge deal because these four pillars are what people are looking forward to. Iphone 8 sales, capital return, which i assume you mean the repatriation of overseas held cash, 250 billion. Of the three, how do you look at that one in particular and what do you think of the best Case Scenario doesnt materialize and stays sitting there overseas. Is it a catalyst, a nothing, what . Well hear about the program. Thats 250 billion through fiscal march of 2018 and theyve used up 201 billion. Im hoping for a higher dividend and also obviously we have repatriation on the table and they have about 230 billion of their 246 billion is overseas. Regardless were going to get an update i believe on their capital return and i think investors want to own it for that. Brian, good to speak with you. Still ahead, President Trumps tax reform plan has been tried before in kansas. The question is did it work . Analysis next. First, back to brian in Beverly Hills. Brian . Listen, tax reform, a lot of discussion here at the milken conference about that, infrastructure, a lot of discussion about that. Will we get anything done . Will the gop deliver . Well find out. Well talk about the global deal making markets. Our guest live right here from the milken global conference after this this short break. Who do you work for . Your boss . Yourself . Your family . Our Financial Advisors are free to realize a plan to fit your familys unique needs. Well listen. Well talk. Well plan. Baird. I am totally blind. And i live with non24, a circadian rhythm disorder that can throw my days and nights out of sync, keeping me from the people, places, and things i love. The people i love have always been there for me. And now, im there for them, too. Talk to your doctor, and call 8442142424 to learn more. Welcome back to power lunch. Im tyler mathisen. The broad principles arent new and have been tried before in kansas. It didnt exactly go according to plan. Ylan mui is live with the story. Ylan. Reporter tyler, thats right. The white house is taking a page from the playbook here in kansas where the governor cut the rate all the way to zero. That was supposed to be a shot of adrenaline that paid later on in growth but instead has blown a hole in the state budget and the hit to schools in particular is turning public sentiment against these cuts. We dont have the resources to pay. Thats been a huge challenge. Reporter a Third Generation family farm that makes Food Processing equipment. They say theyve saved 18 million from the tax cuts reinvested in new it technology and new jobs and Sam Brownback told me thats evidence that his policies are working and the white house should be paying attention. If they want to grow jobs and want to grow small business, these are some of, i believe, the best income tax cuts you can make. Reporter kansas lawmakers will be debating whether or not to repeal the tax cuts so, guys, well see how much longer the kansas experiment can last. You talk about the hole in the budget. Is that because revenues fell or did spending not decrease enough . What happened to tax revenues from when these tax cuts were implemented to now . Reporter revenues fell substantially, michelle. Supporters say the Government Spending cuts that were supposed to go along with the cuts didnt happen. Theres a policemen on both sides of the Balance Sheet. Thanks, ylan. Back out to brian in Beverly Hills at the milken conference. Brian . Thank you very much. Get this, earlier President Trump tweeted out the following message. The reason for the plan negotiated between republicans and democrats that we need 60 votes in the senate which are not there we elect more in 2013 or change the rules to 51 . This is what is getting attention. The country needs a good shutdown to fix the mess. House ma rt jojority leader. Eric . I think the reality this week is there is no shutdown. This president likes to keep people offbalance and theres a lot of uncertainty. Theres no shutdown this week. A lot of people obviously dont spend a lot of time steeped in the rules and the procedures in washington. I think thats reflective of even the president saying, hey, im not from that world. Im not used to those things. It doesnt sound right. All right, tax reform, infrastructure, all these things. First off, lets start with tax reform. Will we get it . I think were going to see tax reform and i think well see Health Care Reform. What does it look like . Its not going to be one page. You know that health care has to get done in order to get to tax reform. Why . Because, number one, politically we republicans have been promising as a party to get rid of obamacare for the last 7 1 2 years. The president has moved past that. If tax reform is pursued there will have to be another budget taken up and if another budget is taken up, it removes the privilege of 51 votes health care enjoys right now. So if a decision is made to go to tax reform, then youre not going to see Health Care Repeal and replace which i think you will need to see in order to have a delivery on the promises that have been made. Need to see and will see are different things. Will we see Health Care Reform . Yes. Its not dead. No, its not dead. Its just going to take some time. Everybody is very anxious because the thought was we were going to see that very quickly. Washington, unfortunately, doesnt work that way. No, weve learned that. Infrastructure also a huge topic here at the milken conference. Theres a lot on the gops plate. Are we going to get an infrastructure as well . Infrastructure is something that will demand 60 votes. As per the president s tweet, items that it demand 60 votes are in accord with existing senate rules. Now the president in his tweets suggested that perhaps if we cant get more senators elected change the rules. Thats what hes proposing. Do you think well get it . Weve interviewed them on cnbc, some democrats are onboard with infrastructure. Do you think we will get the 60 votes relatively easily . I do because infrastructure is not as partisan of an issue but, also, if infrastructure happens at the federal level we really need to go and see some implementation at the state level. I mean, if you look to see some of the funds that are talking about potential ly investing at this conference its about risk its the risk premium and the Political Risk associated at the state level and the federal system that we have that weve got to address. So youre hopeful we do get it done. Its going to happen. Slow. Its all about sequence. We have health care, tax reform and infrastructure. Eric cantor, its a real pleasure to see you. Melissa, there you go. Optimism still that these things, tax reform, health care, infrastructure will indeed get done. All right. See you soon, brian. Check out shares of a in mgen. Stock is up 11 but plunging 8 in the past two months. That is ahead for the company . The ceo lays out his growth plan in a power lunch exclusive next. With e trade you see things your way. You have access to the right information at the right moment. And when you filter out the noise, its easy to turn your vision into action. Its your trade. E trade. Our 18 year old wase army in an accident. 98. When i call usaa it was that voice asking me, is your daughter ok . Thats where i felt relief. Were the rivera family, and we will be with usaa for life. Welcome back to power lunch. Developments with Molina Health care, those shares up by about a percent. The companys board has dismissed the ceo and cfo, the two of them together, again, ceo molina after what they call, quote, disappointing Financial Performance in the company. The chief accounting officer is now taking over the role of the interim ceo and cfo, thats joseph white. They the board thanks them for their service. The molina brothers were Second Generation managers of the company. Their father had founded Molina Health care in the past. Melissa, an Interesting Development from Molina Health care, a big insurer tied closely to medicaid. Back to you. This stock has halted. The print there is before it stopped trading on this news and this is a stock down 11 over the past three months. Thanks, dom. Speaking of health care, over to meg terrell. Meg . Thank you so much. Were joined at the World Medical innovation. Bob, thanks for being here. Happy to be here. The focus is cardio vas scholar disease and you have a big new cholesterol drug people expect to be a big moneymaker but it hasnt been taken up and paid for as quickly as investors hoped. You presented some data showing that it reduces heart attack risk. Have you seen a change from insurers based on that data . Maybe take a step back and reflect on what we learned from the large, robust outcome study that we recently reported on. And, as you know, the data was robust and demonstrated we were able to lower ldl, the bad cholesterol, and as a result of profoundly lowering that bad cholesterol we were able to significantly reduce heart attacks, stroke, and the things stents and coronary bypass surgery are required. If you look at the data after 12 months those subjects experienced a 35 reduction in heart attack, a 24 reduction in stroke and 28 reduction in the need for coronary vas scholarization after 12 months on the drug. So the effect of this medicine is quite profound and that travels in tandem with the fact that its so significantly lowers ldl leading cardiologists to observe that lowers better or some have said even here lowest is best. So were excited about the data and what they it tell us about how to reduce the risk of these events in patients who are at high risk and were excited to educate patients and physicians and payers and others in the community about the longterm benefits of adopting an Innovative New medicine like this. Have you noticed a change even in the last month since the data came out . Weve noticed from prescribers and patients and then in addition from the Payer Community is a recognition that these are important data and that these data need to be incorporated into the thinking for guidelines and the thinking for utilization management by the payers and so we are seeing a recognition that these are clinically important data for what is the most troubling disease in so ciety today and thats cardiovascular disease. You have a lot of cash particularly overseas. What should we expect from amgen in terms of buying . We have a strong Balance Sheet and we have a focus in six therapeutic areas. We will continue to look at ways to invest in our business across each of our six therapeutic areas and while we have a strong Balance Sheet we recognize at the moment that valuations are pretty stretched at least on the targets that we might be interested in acquiring so well be patient and discriminating and focus on earning return for our shareholders not just the shareholders of the targets. Bob, well leave it there. Thank you so much for joining us. Thank you. Melissa . Back to you. Thanks, meg. Youre looking at the White House Press briefing room. Were going to bring you that when it happens. First, though, back to brian in Beverly Hills. Brian, whats on tap . All right. So what is on tap . The stock market is up in the last year, michelle, the bond market has done well the last year, the vix, the volatility index is below 10. Everything is calm. Does that make one of the biggest investors in the world nervous . Were going to find out with chris ailman right after this. Last year, he said he was going to dig a hole to china. At t is working with farmers to improve irrigation techniques. Remote moisture sensors use a Reliable Network to tell them when and where to water. So that farmers like ray can compete in big ways. China. Oh. He got there. Thats the power of and. Its been over 100 years since the first stock index was created, as a benchmark for average. Yet a lot of people still build portfolios with strategies that just track the benchmarks. But investing isnt about achieving average. Its about achieving goals. And invesco believes doing that today requires the art and expertise of highconviction investing. Translation . Why invest in average . Hi, everybody. Im sue herera. Iowa Governor Terry brans it tad to be the next ambassador to china. And he said china can do more to push north korea to curb its nuclear program. Theres other things they can do diplomatically and economically to send a clear signal that they as well as the United States and other countries in the world do not tolerate this expansion of Nuclear Technology and missiles. The Consumer Products Safety Commission is urging consumers to stop charging and using lazy board whoevhover boards. They say it cause add fire and took the lives of two young girls. A busy highway in minnesota was closed for hours as crews worked to clean up a massive corn spill. A truck carrying the corn rolled on to its side on highway 169. And thats the news update this hour. What a mess. Melissa, back to you. Thank you, sue herera. A check on the markets. They are holding steady. The nasdaq hitting a record interday high once again. Coach, martin marietta, cummins. Coach soaring double digits. More on this coming up. Back to the fresh prince of Beverly Hills it at the milken conference. Hi, bri. Tyler, thank you very much. I was thinking i was trying to come up with a witty introduction but then i looked at the corn spill and i thought thats kind of a metaphor for the market, theres just money like corn going everywhere. Stocks, bonds, you name it there seems to be capital out there. Does that make chris ailman m nervous . Its kind of funny, chris welcome, by the way. Thank you. The corn is doing this on the highway and i see money going everywhere. It looks like capital is coming out of the woodwork and buying up every asset class. The vix is below ten. The fear gauge is super low. Does any of this make you nervous at all . Brian, i had hair like you a month ago. Look what happened. Im totally nervous. I will be there soon. Not the that bad. And you hit it right on the head. I led a panel this morning, the Global Capital for milken from gpif, 1. 4 trillion. At 200 billion i think im hot stuff. Im like dirt on the floor. No, youre right. Saudi arabia was here sunday you get my point. Capital seems to be going everywhere. Absolutely mreplentiful. That makes me nervous. Should investors, should your pensioners be nervous at the all . No. Their pension is secure because its a guaranteed defined benefit. If i was in a defined Contribution Plan i would be cautious. What i would do is rebalance my asset allocation. To what . To a 70. 30, 80. 20. If youre in a 401 k youve only got the equity to invest in or bonds. I can go into private equity, into real estate for our viewers that cant do that you would think even right now 70 is a good blend . Depending on your age, i think so. But be global. Dont just be in the usa. The u. S. Economy, like we saw last week, is not the strongest growing in the g7. You want to be globally diversified. Do you think that europe is a Better Bargain than the United States right now . Weve heard that before. Price wise, yes. Obviously europe has got a lot of issues. But if you look at a graph, and im long term, you know that, so im going to back up and look at the last, say, seven years. The usa is priced to perfection. Right now it is . Oh, yeah. The nasdaq is at an alltime high. The dow is close to it. But if you look at europe, its not recovered as high and the same thing in asia. So we think that while theyre priced well theyre still attractive. The question is it if we are priced to perfection, as you say, can our stock market hang on for a number of years, or do we have to decline at some point . No everybody is asking. No. When do we go down . Do we have to go down . Maybe we dont. You cant time the market. You want to be a steady investor over time. Let the hedge fund, let fast trading and cramer try and time the mark. Im not going to do it. Will it go down . Yes. The market has recessions. We have bear markets about once every four to five years. Were a bit overdue but bull markets dont die of old age. Tyler mathisen and i have talked a couple of times. You have an index and then you invest long term. Very smart guy. I get to work with him every day. Its great. Isnt that amazing . You want to stay invested in the markets. You dont want to time it. I love cramer. He has lots of ideas. If youre a trader, trade. If youre an investor you have to stay invested. Leave us with this, whats the last thing that you have newly bought . Is there a new position of any size youre coming into that looks attractive to you recently . Letters e, s, and g. Enenvironmental, sustainability and governance. We invest with companies that are thinking long term, looking at their Business Risk the next three to five years, not look at the next 90 days. Forget short term. Think long term. Chris ailman, a real pleasure. Thank you very much. Ill send it back. Tyler, hes singing your praises. I love that. Thank you. Say hi to chris for me. He knows that he and i are Kindred Spirits with respect to indexing. I think its the core of the smart portfolio. Thank you very much, brian. To dom chu with more details on whats going on at Molina Health. Its not any of the molina brothers, any of the catchers in major league baseball. I can tell you a report that in the last few moments shares of Molina Health have resumed trading. Remember we told you it was up about a percent prior to the trading halt. It is up about 16 , 17 on heavier pickups in volume here. It was up as high as near 19 to almost 20 on the heels of that announcement that Molina Health cares board of directors has, in essence, fired its ceo and cfo to molina brothers who are Second Generation owners and managers of the company, both of them big shareholders north of 2 stakes in the company. So not unsubstantial in any way, shape or form. This was for what the board calls poor Financial Performance. Those shares i should point out, guys, that they have postponed their annual meeting which was supposed to take place later on this month again from may 3rd all the way to may 10th, one week later so a postponement of the annual meeting on the heels of this. We could expect questions and fireworks at the annual meeting. Back over to you. Got it, dom. Thank you. The btig charity day is in full swing with some heavy hitters including derek jeter and arod. Thats so brian sullivan. Get it . Our own heavy hitter bob pisani is there live. Reporter we had so much fun. No place else that i ever go do you get this many celebrities in one room, but theyre trying to raise money for charity. Thats what makes it fun. I spoke with derek jeter about raising money to help kids with drug and alcohol problems. I spoke with Alex Rodriguez about the boys and girls club of america. I spoke with steve, the actor from boardwalk empire, about the fireman fund in brooklyn. Hes a brooklyn guy. I spoke with kristen davis, charlotte from sex in the city. Shes the representative for the high commissioner for refugees about refugee problems. She goes all over the world. And i sat down with mayor mike bloomberg, the former mayor to talk about his new book he had out, climate of hope. Hes talking about climate change. And here is an interesting comment that he gave talking about President Trump reversing president obama, obamas climate initiatives and how it wont make that much of a difference, surprisingly in the long run. I hope that he changes his mind when he listens to his daughter who is a big advocate of staying the course and even if he doesnt change his mind, its the private secotor that hs reduced greenhouse gases. We are twothirds of the way to the targets for 2025 without any help from the federal government. So were going to make this regardless. Reporter and i had a long talk with mark cuban. Mark is never short of opinions on anything. The first thing on his mind was Artificial Intelligence which he insists is going to change everything. I dont think people realize the impact of art figures intelligence, deep learning on the performance of these stocks. They are going to accelerate. Companies that know how to harness new data and take advantage of them, apple, netflix, facebook, google, amazon, twitter, theyre crushing the world. Reporter and then out of nowhere he brings up twitter. He hasnt been very complimentary towards it in the past. Suddenly ive changed my mind, he says, theyve been getting their act together with Artificial Intelligence saying theyre harnessing the data to be a lot smarter in ad delivery. That moved the stock up almost a dollar. Its a great day raising probably 5 million down here. They have raised 40 million in the last 15 years for dozens of charity. Helping reverse some of that perhaps negative image that wall street has. Do they donate trading commissions for the day . Where do the donations come from . Reporter they all come right through the door, everybody gets introduced and right there, the ceo sits in the middle there and they all do an honorary trade and the Company Donates a percentage of the commissions of their whole day trading to each individual charity. Did you ask derek jeter about the marlins . Reporter he said he didnt have anything more to say about it. I said thats a lot of money. Hes only putting up a fraction along with jeb bush. Rumored to be putting up 25 million apiece. We tried to get him to fill in more details but he didnt take the bite. A lot of intense negotiations are going on. The big question is who is going to put up the rest of the money for that . Thats what the negotiations are right now. I like the response when you asked them. Do you two really not get along . What, is this the History Channel . Reporter he made quite a splash. Alex went to the met gala which is quite an affair in new york. I would have asked him if he made her dress like she did because she was covered from head to toe. You cant see anything on j. Lo. It was a demure dress. Are dating . Tyler. Are you in the News Business . Did you hear what he said . He looked at me and said, what is this, entertainment tonight . It was a funny moment. People want to know, bob. Thanks, bob. Look at coach. Why not, look at coach, a bright spot in the retail wreck lately. The stock rallying 10 on earnings. Thats the kind of spike you like to see if you own Company Shares up more than 20 this year. How much higher can coach go . We will discuss that. But first Rick Santelli at the cme for todays bond report. Hi, rick. Reporter hi, tyler. Interday of ten shows you everything you need to know. We rallied a bit pushing yields down. O oneweek chart really hard to break through these kind of upper 2. 30s. It doesnt seem to happen. The dollar index going nowhere quickly. Really stuck in the mud, a fairly weak level and finally everybody is looking for the second round of the frieench elections. The markets do have an opinion here. If you look at a yeartodate chart of the spread relationship between bunds its tightened up. Tightening is not in le pens favor. Power lunch will return. Shares of coach soaring today following an earnings beat and continued m a rumors. Courtney reagan with the details. Coachs latest quarter is a case study in Brand Management and retraining shoppers. The handbag maker beating ebbs inspectations and reiterating guidance as it continues to pull its pro detectiduct out of 25 s its been in and cutting back on discounts across the board. Total north american sales did fall 5 due to cutting at Department Store inventory and from easter calendar. 50 of its north american handbag sales were in the 400 or up category. Thats an increase from 40 last year. Less coach product will be sold in Department Stores, 50 coach stores were opened or remodeled during the quarter and the handbag maker plans to open 100 more by year end. Executives wouldnt comment on kate spade or jimmy choo speculations but did say acquisitions remains coachs second priority behind investing in current brands. Coach has a new Marketing Partnership with selena gomez. They talked about billions in social media, billions of impressions, a new ad campaign will hit in july and a new handbag she created will be available this fall and she is a major influencer in both the world of celebrity and social media. Controlling the amount of product out there is crucial, right . These retailers learn over and over the moment they become y ubiquitous nobody wants them anymore. I wouldnt put coach as luxury. This is aspirational luxury. The same idea. The same branding strategy. Really to see the sales 55 for north american handbags 400 and up is impressive. A big improvement. It was 40 the year before. Stick around, well bring in Simeon Siegel who has a buy on coach and a price target. Good to see you. Is shrinking sales and making more profit a longterm Winning Strategy . For most. It hasnt been yet. The question has been youre hearing vendor after vendor, Apparel Company after Apparel Company, and store after store say we need to get smaller and we need to get healthier. No one has done it. Coach just did it. Coach is working their way through a turnaround and to their credit theyve now set them up where youre seeing the proof in the gross margin. At the end of the day if what it means you get rid of the tail of your distribution and you can elevate your product and those price points, thats where you want to be in this new norm of retail. So can they keep doing just that, following that playbook . Thats number one. Number two, the stock we have to go to the omb director at the white house. Sorry, simeon. If i cant do this but today is my anniversary, so my wife is actually watching this for a change. Hi, pam. I love you very much. Its mip y 19th anniversary. We have that out of the way. I would love to be home. When you cant be home for your anniversary. Hopeless romantic. Most of you who know me know its a meiracle ive been marrid to anybody for 19 years. Were here about the bipartisan spending bill. I want to focus on that description first before we go into details. A lot of folks have asked us over the last 2448 hours with republicans in charge of the house and the senate and the white house why do we need a bipartisan spending bill . And one of the things i think is not being discussed as openly as it should is that this is one of those bills that requires 60 votes in the senate. Its not like the health care bill. We have to have at least eight democrats support this in the senate which is why weve been working with democrats from the very beginning. Yes, we could have passed a republican bill only out of the house, but it never would have passed out of the senate. And then we would have been accused of not being able to function and run the government. So theres a very good reason were working with democrats on a bipartisan bill. We must. Until those rules change, thats the environment we will continue to operate in. The dems have been trying to claim victory on this, which i think is a strange way to look at a bipartisan discussion. If youre in a bipartisan meeting its unusual for one group to walk out and start spiking the football, we won, we killed the other guys. It doesnt bode well for future discussions. But since they have raised the issue and try to cast this as a democrat victory, its important today and only fair to show you what is really in the bill and how the president actually cut a tremendous deal for the American People. At the end of the day thats who we think won in this discussion and this negotiation. Not the democrats or the republicans but the American People. First, the list of things that republicans got in the negotiation, youve heard a bunch of different numbers about the top line, defense number ive heard as low as 10 or 12 in the half billion dollars. The number is 21 billion. Thats what the defense spending is. 15 billion in a standalone overseas contingency account and another 6 billion. This is on ominus bill which means its made up of different bills. One of the the bill thats becoming part of the the omnibus. In that bill its so you take the 6 thats in the underlying bill. The 12. 5 billion number is right. The 15 billion number is wrong. You could talk about a number as high as 25 billion if you want to compare it to fy, 2016 but you can never go below 21 billion in that analysis which is a full 3 3 of what we asked for in the beginning. Well talk about the dh s number, the 1. 255 billion spending. The total dh s number by the time were finished will be north of 22 billion. The largest funding level of Border Security in the last ten years is what wellhave at the end of this process. Thats where this negotiation have taken us to the largest spending on Border Security in ten yearsism well go over the details on that in a second. Minors health. One of my favorites. One of the democrats walked out of the room and say they protected the Miners Health. The president has asked me from the day i got here is a way to fix the Miners Healthcare they have in appalachia. And weve been waiting for an opportunity to give i want a gip discussion to we can get something in return. We marked this as a victory in this particular bill. Every single second an amendment protection we want requested the democrats wanted to get rid of it still in the bill. Ever singed pro Life Protection that we wanted in the bill and the democrats out is gone. The folks in this room and that watch us today understand we broke parity. For those have been covering this area for a long time know what that means. There was an unwritten deal on capitol hill, which is for every dollar of defense spending that the republicans wanted they had to give 1 worth of nonspending into the democrats. That was the deal president obama was able to cut during his last year in office. We got 21 billion of defense spending. We didnt go dollar for dollar, we gunshot a dollar spending and only gave 20 cents worth of discretionary. Thats a tremendous and huge win for a negotiating standpoint. Think opinion from for a second, weve gone from a dollar to dollar to a dollar plus 20 . The Miners Health is included in that number so some of the stuff we gave away supposedly to get the defense spending was stuff that we liked in the first place. What didnt the democrats get . Theres no obamacare bailout punish money in this package. It is not there. What the democrats are telling you about that is false. Theres absolutely no language in this bill that requires us to make any obamacare bailout payments, any c s r payments of any way shape or form as a result of this deal. Why are the democrats saying that, because its what they told their base they would deliver and they failed to do that for the base. Thats not in the bill. Theres no new money for per torey koe. The democrats crying out they got 295 million for put torey koe. Not a penny of it was new money. All we agreed to do was let them move it from one place to another did not cost the tax payer a penny. They wanted none money they wanted to bail out we wouldnt give it to them. We gave them money already appropriated and spent. At the last minute they through in a demand for renewable substance for wind and solar, we kept those out. What they really didnt get is this and this is what they wanted, they wanted a shut down. We know that. They were desperate to make this administration look like we couldnt function and governor. We know that a large part of their base, especially their leftwing base wanted a shut down and didnt want us to cut a deal with us. Thats why i think you see them youing about their success, they made a tell with President Trump and he did a tremendous job. Were talking about more money for defense, more money for Border Security and school choice, another thing that we got. Those of you that were here in march and saw me introduce our first budget of our budget blueprint saw me talk ab the president s priority, defense, Border Security, school chies. The president delivered on hi promises and got his priority funded and thats what the democrats dont want you to know. They want you to think they won, the American People won here because the president simply outnegotiated them. If i can bring the pictures up now that would be greet. Youve heart me talk a lot over the course of a last couple weeks theres no brexit mortar for all this. We built this and were going to build this. Theres several hundreds of millions of for us to replace psych lone fencing with 20foot high steel wall. Theres 700 million in the bill for us can you bring up the other photo please. Theres several hundreds millions of for us to build levy walls. We need levies in order to provide the protection of the southern border that we need. We are building this now. There is money in this build to build several hundreds of millions of of this to replace this. Thats what we got in this deal and thats what the democrats dont want you to know. This stuff is going up now, why . Because the president wants to make the country more safe. This doesnt stop drugs and criminals from stopping the border. It doesnt stop hardly anything from crossing the border, this does. And thats what we got in this deal and thats why were exciting about the opportunities we have to follow through on the president s promises to secure the southern border. Unless we have the other picture ill take a couple questions. How do you say fence will keep drugs from coming over the border they tunnel underneath the border this is the border this is the wall by the way the dha say they accept. This is what dh s wants, why . Because it works better. You can tunnel under anything, ill answer you question okay, you can see through this one its safer. We have this in place now and we do its safer for our Border Patrol agents. You can talk to the dh s about the details but theres been a reduction in the tax on our Border Patrol agents where they can see through the wall because no one throwing anything over the top at them. This is what dhs wanted. T also half of the cost. Its a huge win for Border Security. The president tweeted out this morning, looking at the fiscal year 2018 a shut down may be what we need to clean up the budget mess. Do you agree and can you expand on that . Identify been through a couple shut downs. Let me answer that question this way. Thats a good discussion to have in september. I think the president is frustrated with the fact he negotiated in debate with the democrats and they went out and spike the football and make him look bad. I think its a terrible posture for the democrats to take. If were going to prove to people that washington is going to be difficult and they do that to this president i would have taken offense at that. That doesnt surprise me at all that his frustrations manifested that way. We got a lot to do in september, i dont anticipate a shut down in september. If the democrats arent going to behave better than they have it may be inevitably. How do we shut down and clean up the mess . Look, theres a lot shooor our later well have to start doing something different. I think i can make the argue and i just did, that we made something dramatic by getting rid of parity, by going the dollar to dollar and getting rid of something new. That may help us change a little bit, but if we get to september and its still business as usual and it takes a shut down to change it i have no problem with that. The gentleman in the back with the red tie. Thank you. Happy anniversary. Thank you very much. 87,000 people at United Airlines focused on this so. A quick question, are you worried theres going to be regulations pushed because of the this incident whether its with overbooking or the reservation change fees . The answers on that were going to have to hold. Thank you very much. Wait thats a simple question people want to know oscar. I dont know. The sense in the room was one of an moe in addition to get your stuff together and you can avoid us which i think is fair. If we done do what we said we should be able to stand up to oscar munoz talking there and hes being ushered away by the cooperate attorney for American Airlines. The message is clear, you get your act together or theres going to be further regulation. Oscar munoz leaving the committee here on capitol hill back to you. We heard you back and clear who tried to push back on the pr woman who didnt want him to answer. Good job. Were bringing in gordon. Gordon i dont know how much you seen of munoz this morning testifying, are you satisfying that the industrys going to be able to avoid regulation because of the incident that happened on united or not . Oh yeah i thought he did a very very good job, sincere straightforward. And his remedies were good ones and theyve already been adopted by other airlines. So i think the market will drive the changes that are necessary and then thai begun to do that already. We heard from e choe yesterday she was interviewed by brian at the milk conference, it sound like it was going to be a tough job to get this administration to try to impose new regulation, so the antiregulation position of this administration already on your side of the industry before going into this. Well, youll remember as a democrat jimmy carter that deregulated, and theyre deregul deregulated the day you couldnt tell it by congress acts. Every time they throw a guy out of a bar they dont put it on t. V. The guy wasnt drunk, he paid for hi seat. I mean you know this is being thrown out of a bar is not the same. Well throwing out of burger king im not trying to be smart about it this was wrong and he admitted it and addressed it directly. And i think he apologized as he should be. So its a very rare occurrence and thats why it makes the news. Explain to me gordon if you wouldnt mind, i remember we were talking about this and we all asked you the question, how come united in the moment just didnt keep raising the price of what they were willing to offer to this passenger or other passengers to get off the plane. And i thought i understood you to say they couldnt because they were constricted by rules, and i took that to mean federal rules that limited the am they could pay. Now united is saying, shoot, were going to go up to 10 grand if we have toto avoid this kind of thing. Can you untangle it for me. Tyler i think it is their own rules. They have their regulations. Its hard to run an airline around the world from a headquarters building. Heres the chance where the rules didnt fit the situation and quite frankly so it wasnt a federal rule it was an internal restriction of some sort . Thats right. They have guidelines and rules that you know if you want to keep your job your follow these rules. Go ahead finish your thought. Well im just saying so they ran up against their authorization and then reverted to so i gunshot to know, i got to know and i got to believe you are hearing what is the skud l butt on what dr. Dao got paid in the settlement . Ive heard 3 million. You must know. You got to know you got to know. Id be the last guy they told. To you to get the scandal off of their front page and get that video to be retired permanently, how much is that worthy, 5 million, 3 pl 3 million, as o of an airline you must have an idea. Whatever it takes you should do it. They were clearly wrong and apologized. They have insurance so im sure they topped and made up the difference what the Insurance Company would pay. They say its worth more to them to get rid of this whats Insurance Coverage like for throwing somebody off a plane . Theres so much liability in this business carrying millions of people in air lanplaeps you sued every day. To go back to what tyler was asking you about before when we first had you on you said there was rules on how much you could you were very much against the idea that god forbid there should be some sort of auction happening at the gate where people trying to get the highest possible bid so theyd get a free ticket later. It sounds like thats where we arrived at for the good of the consumer. Thats the deal they make, whether they know what deal they make owner they agree to that exception if we in in voluntarily pumped you off. He didnt want to agree to that agreement, it got out of happened and frankly they raised the lim. I would have got the cash and showed him 800 that would have gotten him off the plane. So back to the question what the semi price may or may not have been will we ever know definitively . Will it show up in a filing somewhere . You know, yan its hard to keep things these silent. Because the attorneys like to beat their chest and say look what i did. At the same time i hope that this was never replicated and i dont think it will be. If you hear anything gordon give us a call will you . Ill call you first. Gordan thank you. Thank you. All right getz get to phil he bow on capitol hill. Whats interesting about this hearing its lasted 3. 5 hours and the criticisms for oscar munoz wasnt as blistering as they thought it might be. They did focus on key ideas is whether or not all airlines will stop overbooking look. United says its going to reduce the am of overbooking and if that doesnt happen there were members of congress who were pretty much saying look, we will eventually start considering further rogeliolations for the airlines. Heres what they had todd. I guess my first question i have going to ask is why do you hate the American People but im not going to ask that. Meed to put the customers first and thats how you Keep Congress off your back. That should be the take away from today is seize the opportunity because if you dont were going to come and youre not going to like it. And it wasnt just representative shoester it was several other members of congress that said look if you cant fix this we will. And whether that means fixing the problem of overbooking or telling airlines were not happy with the fact youre charging 150 or 200 a pop to change shall bes reservation. That is the cash cow that worry it is airlines. Youre talking 2. 5 billion that they brought in last year. What happens if members of coming say you should be moving everybodys ticket around for 10, 15, thats the concern here on capitol hill. Phil thank you very much. Our next guest says the American Airlines industry has failed congress and calls on some to fix the problem. What would you like to see happen here in the light of the united incident and other incidents that i assume you believe are evidence of a lack of competition in air travel . Well consumers rights have been tram ld on. We have seen a shift to all of the airlines. Theres been this enormous consolidation over the last few years. What you saw at united is an example of what happens when airlines do not have to answer to their customers. But it didnt just happen in united, american had a terrible incident. Delta had a terrible incident. Okay first of all we think there should be more competition, wed like to see competitors coming into the marketplace to compete with the four airlines. Whats to stop them from doing that . There are rules and theres antitrust immunity that they have, wed like to see that reexamined by congress. Wed like to see the fare feesact pass. It would tie for example cancellation fees you just spoke about. 250 because something changed, your schedule changed. All of a sudden the airlines get to keep your 250 for what, it doesnt cost them 250 to rebook you. They made 800 million according to one Congress Today at United Airlines just taking money out of consumers pocket because change of plans. I think Congress Needs to review the antitrust immunity thats been granted to the airlines. We need to look at more competition. The airlines do their best to keep out competition to keep their slots to themselves. Theres another piece here thats really important, thats when the airlines pull out some of those more less populated cities and rural areas, that has a big hit on the economic dwi in those communities. Businesses didnt want to set up operations in places that are really hard to get to. So youve got you in the hearing this morning in the house you saw members of coming whos constituents are angry about how theyre treated. Now youre talking about a different issues, youre taught about airlines not going to certain places. There use to be subsidies in the past for airlines to go to areas. What they find is people will drive half hour to get to bigger airports. Lets let some competitors come in and see who can after what. Right now we have a very concentrated industry, antitrust immunity and by the way its very hard to sue the airlines. The state attorney general cannot do it, theyre preemed to do that by law. Mr. Dao did just fine though. Thats a situation where their hand was forced and they were going to settle one way or the other. And the other im sure the other passengers who have the similar problems on the airlines theyll probably settle too. But the fact remains we dont have a lot of Power Consumers to sue the airlines. Your main thesis is anticompetitive in terms of airlines and yet airline prices in terms of ticket the price a consumer pays is remain flat over the last years. You pull up some staffs, average cost its gone down. The difference is very small. Its very misleading. Why with repaying little more compared to 50 years ago for a ticket. First of all, thats misleading because the cash cows are fees, fees for cancellation, fees for baggage, fees for your seat selection, thats how theyre making their money the cost for miles flown has fallen dramaticky it hasnt fallen dramatically. Todays dollars according to bureaus statistics last years average was 392. Thats not much different over the last few years. Well there was a congressman talking about how expensive it was for him to fly and the time slots that hes given are very are very limited. I can give you many examples im from minneapolis. I live six months down the road and from washington to minneapolis the fairs are high even six months later when you know the flights are not full. It depends on where youre talking about flying. If youre talking about flying to cleveland, i felt to go to cleveland this weekend my sons playing baseball in a tournament itll cost me 450 to fly. I dont call that you think we all deserves cheap flights. Everybody should be on the same flight whether anywhere in the country we deserve competition. Lack of competition results in the airlines having a tremendous amount of power to impose fees, and that by the way is where their cash cow is. Even if theyre arguing prices have gone down and we challenge some of those assumptions, theyre ability to squeeze money out of us and to limit the access to various flights, you can only get a cheap flight if youre going at 6 00 in the morning, doesnt matter the time of day you can fly whatever you want at what time. We heard it loud and clear thank you so much. And we appreciate you weighing in here. Less than 24 hours were going to get the fed decisions on trrts, what are they going to stay about Interest Rates. Those are the key questions thats been asked. Steve. Thank you. 99 say that our flights are terrible. 65 say the next hike will be in june. 63 say and 71 say the Balance Sheet. The Balance Sheet will begin declining in january 2017. Lets look at this economic of this group. 23 say the threat of trade and protection is the worst and biggest threat to the u. S. Economy but that is 21 points lower. Followed by geoPolitical Risks we have another question where 60 says the president s Foreign Policy has increased mark risks. 8 say tax and regulatory policys a threat. We asked about the president s temperment only 88 say thats the biggest threat to the company. Now to the gdp. Going up to 224 at 2. 6 in 2018 with a pretty low recesssive probability over the next 12 months for this group. Now i have to give pathologiapo my friend larry. This is what they think the president s economic plans will add to gdp. Just 20 basis points, they thought in march, thats come down. Now they think 12 basis point this year and only 30 basis points to gdp this year. Two things about the chart, theyve lowered the amount of gdp and pushed more of it into next year. We see that in the stock and a look at over things. So, tyler not a lot of 3 growth answers to our questions. I always ask you this. Who are these people . 43 from managers and strategists, you know all theyre names. Why didnt you ask me . Larry you are more than welcome to join. My phones always own. Cnbc larry kudlow is here on the set. They never ask me whats up with that. 43 people whos names you would know if we were at liberty to release them. Steve thank you so much. Didnt ask any of my friends either. Come on. Well were talking about tax cuts, if you get the Corporate Tax cut over point gdp, i dont know it may start next year or the year after. Youre already seeing, i know its soft data, but Business Confidence has been rising and so forth, small Business Confidence has been rising. Youre going to give a massive reduction in the Corporate Tax rate. Youre going to give in sent t. V. S to bring the number back home and allow for me the expense for new business equipment, that goes to the weakness in the economy which is capital stock. We had Donald Trumps plan for taxes based on kansas and their taxi revenue has known gone up but have gone down a lot. Tax cuts did not lead to more tax revenue at least not yet. Or growth. Or growth. Look, i dont know anything about kansas, i cant argue in the basis of kansas. I can argue this on the basis of the j. F. K. , 60s. I can argue this on the basis of 1930s if you want to go back there. Wages, its a wageearners tax cut thats a big part of this too. You got Consumer Spending side no to the this youre made this point before but fill in the blanks. 70 of Corporate Tax cuts will go to better wages and benefits. Corporations dont really pay taxes, they do but then they pass the burden along. And so they start with theyre own staff whether thats right or wrong thats where they start, it also effects consumer prices. And by the way, it may have a national effect. If youre raising Corporate Taxes and wages go down in one spot it may effect the competition as well. This is a huge boost to Business Investment and Consumer Spending. I know were going to have moderate l models and yelling and all that stuff, the museum from 1. 8 growth which is the base lean for next ten years, to a potential 3 growth, i think is its in the game. Its a plausible movement. It gets america where to where its longterm growth was. And by the way, its the mother of all payments, right, pay for about 4 trillion off the higher growth rate. We can argue and debate but im sticking to my guns. Okay. You were here when we were listening to mulvaney live talking about what he saw was the victories in this budge, a lot of people will watch and gre droen groen that this is i think we need to add to the defense budge, i think mulvaney is a smart guy and hes right. Theres a lot of stuff that should have gone into that budget by the way, im a believer in the border wall or fence. But this idea of parity is broken, thats good. Could we step back for a second, why do we have to have a filibuster threat of growth for budget bill, i dont understand that. Why do we have to have fill beauters at all . Its not in the constitution, 1970 strurm, its just tradition. Its done for bad reasons, representative, democracy, you vote them in if its 62 majority in the senate, boom. I dont understand any of this stuff. Judges, supreme court, lower courts weve been making thooz changes i think trump was right he tweeted yesterday, whats wrong with a 51 vote majority. If you dont like it vote them out. Theres certain things in the constitution that do require a civil requirement but its not that kind of stuff. This is why, this is part of the whole budget, reconciliation, thats now long time 40 whatever years old. 51 votes, all these spending and taxing bills should not be formulated by some kind of 60 super majority vote. I dont even know what that stuff came from to tell you the truth. The small state representative equally with the big states they get two small seats, thats enough. This filibuster stuff has got to come to an end. It blocks the peoples will, blocks the governance in washington, d. C. I guess the argument is youd get something bipartisan from the people from the other side big believer i love bipartisan, j. F. K. The. Referee lurevolution was revolution was about bipartisan. You cant stop governance, you win win elections. Thats the deal. And Pay Attention to my friend mnuchin, 100 year bonds, ultra longterm bonds to take the pressure off of the debt Mitch Mcconnell says its not time to take i think mnuchins got the story right. Youre at 3 , somebody from j prk morgan was quoted saying borrow money now. 100 years about 3. 5 . Get that done, im sorry about mcconnell i have Great Respect for him. But i say change the rules, sometime you have to do that to make the system works. Larry thank you. On power lunch the ceo edward life sciences, dr. Oz will join us to explain what needs to be done. Plus early movers in our draft, one teem funnel ld the kick off. Another driving it don the field. Both teams, all that and more on power lunch. Lets go, shes a dog. [ whimpers ] find pingpong. Okay, lets go. Find your awesome with the xfinity x1 voice remote. Thats amazing your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 509 on auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Welcome back to power lunch im meg terrell. Joins by ceo mike may sall la. Thanks for joining us. So you guys had a big beat in q1 driven by the growth in this product. This is a new way of delivering a heart valve not using heart surgery. Tell us about the growth in this product. We were fortunate. In the first kwaut we had great growth in our businesses and were proud of our people. But in particular heart valves is on a rapid growth rate particularly in the United States. It was introduced in the United States in 2011, we had a couple revolutions in technology and trial has zplon straited its better than surgery. At what point do we get to a place were no longer doing open heart surgery for valve replacement . I think therell always be open heart surgery because sometimes it might be complex, you may need to address two valves. For this particular disease, severe aortic ste nose weve been seeing a lot of consolidation in the medical technology space, some huge deals and midsize deals. What should we think about in edward as a consolidate date of birth or either company . Were structure ral folks. Were going to stay put in heart disease. Were happy doing just that. Theres so many needs for patients in these two spaces we think we can grow for many years and contribute a lot to patients without having to acquire. In the broader environment in healthcare were talking about Health Reform how does that effect your industry . I think industry has been improved to improve cost. We stay focused on transforming the delivery of medicine. We make cardiovascular medicine better than today. We think we can do it, it takes a lot of evidence, time and money, but its so rewarding when you get it right. Thanks so much for joining us. The oil market is close for today lets get to jackie, the commodity desk. A five week low for crude oil you can see a 2. 5 decline there, we were roughly 1 lower on the day. 4749 was the session low. Breaking through Technical Levels that helped us move further down. Opec fell in april thats four months in a row but investors dont care. This is a tentative trade to the downside. Back to you. Oil billionaire haroldham in t the. Hes join us from dubai. Coming up next. Our next guest, a big backer of President Trump during the the election. Just yesterday trump says hell be open to racing the gas tax on gasoline to pay for infrastructure. Joining us from dubai is harold hamm hes chairman and ceo of continental resources. Mr. Ham very good to have you here. Have you heard President Trump talk about a gas tax and what do you think of that . Well, first of all, you know as far as gas taxes, you know, i dont have a comment on it other than, you know, necessary infrastructure needs to be built out in the u. S. And, you know, if thats what it takes thats what it takes. So im sure that the president has a very good very good information that, you know, as to whether that needs to be done or not. What do you think of the president S Performance so far when you look at his favlt ratings theyre pretty negative or pretty low, but when you drill down into what republicans think theyre a lot more supportive . You were a big backer of his, what do you make of his first 100 days . Okay i didnt im sorry i didnt understand your question. If you wouldnt mind trying that again i appreciate it. Your aassessment of President Trumps first 100 days, thumbs up, thumbs down . Well, thumbs up for the first 100 days. You know, the president accomplished a great deal within those hundred days, and the economy shows it this t jobs are up. A great deal of good things happening, the mood in america is very positive. Certainly we thumbs up for the president s first hundred days. What are your predictions about where prices are going particularly given the opec meeting on may 25th . Well theres been some pressure wondering whether or not opec would keep the cuts in place, but i think its a fore gone conclusion that those cuts will remain in place. You know, it takes a long time to, you know, draw down the inventory that was built up for the last two years, some 350 Million Barrels of excess inventory, and these cuts have been in place some 90 days, and we been in the shoulder months of the year. Theyre not drawn down very much if youre not in heavy driving season, that driving seasons coming on. Were about two weeks from schools being out, people on vacation, well see the inventories come down. Everybodys got a kind eye, you know, looking at the results of inventory draw down, so that will start happening. 90 days is just too short of a time to see those things happen. Well keep watch for what happens now with oil prices. Thank for joining us. Were going to keep this short because theres a tremendous delay of five or six seconds. Brian lets get over to you in Beverly Hills where theres a farless delay. Yeah far less michelle. Thank you very much. Earlier today we had a majority leader whats going to happen with reform. He says its still on the table, if it is what do doctors want to see. Were going to hear from doctor oz on healthcare reform right after this break. [pony neighing] what . 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. Itbut one i think with quesa simple answer. We have this need to peek over our neighbors fence. And once we do, we see wonder waiting. Every step you take, narrows the influence of narrow minds. Bridges continents and brings this world one step closer. So, the question you asked me. What is the key . Its you. Everything in one place, so you can travel the world better. I am totally blind. And for years ive struggled with non24, a circadian rhythm disorder that can turn my sleep cycles upside down. It kept me from doing the things i truly love to do. Sometimes id show up early; sometimes i was too late. And sometimes, even though i was there. I didnt really feel. There. Talk to your doctor, and call 8442342424 to learn more. One of the people we spoke with here earlier at the milk conference was dr. Oz. Not only a Television Personality but a cardio this rask surgeon. So we sat down with him and asked what do doctors want to see from healthcare reforms. The reality in healthcare america the infrastructure issue which is how much it cost to take care of an anl american weaver never going to be able to balance. You can figure out theres going to be medicaid spending, state smending i can get all this and we can debate that. But the infrastructure challenges have to be addressed. For example we have to deal with issues of tort reform, i call it hell justice. Take out some of the risk in Healthcare System and reward people doing a good job. I dont know why we fight with far may all the times there are things that far may needs for its medicine during trials, take that money let them make it and get it back by not getting charged so much. If im sick here and im sick in france its going to cost more to treat me to your point here. Why . Its almost twice as much because we have builtin friction in this system. When i went to a prescription i had no idea what it cost for you to get it which probably means you dont pick up the drug. You dont even know what it cost . I dont know. We need to disrupt the infrastructure medicine not by hurting people but making it transparent. I should know what it cost, you should know what it cost. I should be more thoughtful about the way i prescribe things for you. You got to start keeping up its 21 century. Because were talking about peoples lives or their parents and childrens lives the emotion get caught up. We try to talk about healthcare and it becomes death panels in 4 hours and the emotions get heightened up. How do we take out the emotion and try to fix the problem . You make this happen by realizing you dont win the battle for health in the hospital and congress. You realize health in your home. Forget about healthcare, youll feel better doing these thick, youll lose weight, no hypertension or diabetes. Ive said that many times, why do we fight so much over treatment cost, why arent we talking more about why were so sick. The bill for example which should pass will give in sentives to people to Pay Attention to their numbers. What could we do . In japan they msh your waist if youre over a certain size, by the way i would be you would get penalized. I get that. Im not trying to penalize on that but if youre actively smoking it should cost more. Heres the big idea, i think we have fundamentally looked at two ways of ensuring the population. The first is take the people who have the able to make the decision and the other is take care of people who cant make the decisions, Mental Health problems, adecision. We have the able to do both. If you have the able to take care of yourself heres a Health Savings account. You have the money to fund it. Take it to debt pass it to your kids, be smart. If youre not, lets babysit you a bit, i dont mean to say that in a harsh way but lemake sure you show up from your Mental Health situation. So tyler we talk a lot about the infrastructure here at the milking conference, we talk be roads and reports, dr. Oz talk about redoing the healthcare infrastructure. Those are his views on healthcare reform and why the system need to be revamped and maybe a little more personal responsibility thrown into it. Any idea of price discrimination and being in sent vised to be healthy and be penalized if youre not. Were not all alike or in the same level of risk as we learn every day as we pay our Life Insurance bill. Brian thanks very much. Well check in later. Markets keep soaring high as washington makes promises it has yet to keep and north korea makes threats we hope they dont. Should you have some in Investment Protection in gold . Well discuss that next. Im dr. Kelsey mcneely and some day you might be calling me an energy farmer. Energy lives here. Poll sliding to a threeweek low today. Lets get with the trading nation team. Rick role and gina sanchez. Gina i would imagine that your prediction or forecast of gold will have a lot to do with where the dollar is going. It has a lot to do with where the dollar is going. Those are largely moving against gold. We have an economy that is recovering, were going into an Interest Rate hiking cycle. Volatility has been low and the dollar has been strengthening. Im going the give you a couple thing to think about. First expectations have caught up with the macro numbers so people are expected a lot more out of macro data. We saw our first big disappointment for q1. I think we see more zpoomts as people have gotten lady of where the economy is. I think Interest Rates, thats probably not going to be positive by the dollar, the question of where the dollar is going right now is a big question and i think that could be beneficiary. And whats happening geopoliticalically that could feed into gold. So you think theres a place for gold . Yeah. Theres a shortterm place for gold to be in the portfolio right now. What do you see in the charts . Im not interested. Ill show you why i am disinterested here. Credit where credit is due, youve had a great run in gold just on a yearly inflation, but that failure in friend line calls in position now when we look at chart two you see we start up on the six and we inverted and what are we left with here, youre left with yen. Which is a fancy way of saying all the gold is to me is a safe haven and play on a weaker dollar, lower yield and a bet against japan. I take the other side, the dollar index goes higher, yields go higher and japan goes higher. Not a buyer of gold. In fact for a trade id be a seller and add on a break below 1250. Rich thank you. Thank you gina. For more on trading nation gone to cnbc. Com. One of the pits in our stock last week. Well talk to the man who picked it. Next on power. Industrial and Technology Stocks have historically outperformed the broader market. When the economy is contracting, more defensive sectors outperform so when choosing to invest in a particular sector, be sure to consider where we are in the economic cycle. Stock draft last week, and today, shares of advanced microdevices get exact for a loss of 23 yards. No, 23 . Former new york giant charles way picked amd in the stock draft, and while its still early in the first quarter, this fumble has put the stock giant in a deep hole. We may need a hail mary to catch up, but hes taken hits before. Hes with us now on the phone. Charles, apologies. We had to put in as many football references as we possibly could there. I want to get your thoughts on amd, what happened today, and point out that it is early, and if the patriots had given up in the super bowl at halftime, they never would have won. Caller you are absolutely right, and im going to borrow some football analogies right now. Its not how you start. Its how you finish. Were going to trust the process here. You have to believe in amds processor. That is Key Technology thats been outperforming intels processor, and look at the two new developments on the Cyber Security space and advanced rendering, it only bodes well for them in the next three quarters. So why is the market taking it out on earnings . Theyve been up 25 in the past quarter, and when you see a stock, especially a tech stock going that high, you are waiting for it to go down, especially when its close to a 52week high, and you know what happened last week to intel, and even though they met their performance, people thought, well, what better time than now to take our profit and come back in at a later time. So you would add money here if you obviously, thats not how we calculate the stock draft, but youd add money here . Caller absolutely. This is still a great pick. Its still one of the best they still have one of the best processor in the industry. The gaming industry continues to grow, and what they are doing in that space is just cutting edge right now. This is more eli manning than ryan leaf . Caller oh, absolutely. Think about it. Ive been a part of those two eli manning teams, and if you look at those seasons, leaf never started out great. We never had, like, the best team on the field, but when it counted, we were there. All right, charles, good luck to you. Well be checking back with you. We appreciate you coming on. Always good to hear from my uva buddy. Check please is next. Why pause a spontaneous moment . 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. Whoa,i just had to push one button to join. Its like im in the office with you, even though im here. Its almost like the Virtual Reality of business communications. No, its reality. Intuitive one touch Video Conferencing is a reality. And now its included at no additional cost with vonage business. Call now and see why 3,000 companies a month are switching to vonage. Business grade. People friendly. Fixodent plus adhesives. Theres a denture adhesive that holds strong until evening. Just one application gives you superior hold even at the end of the day fixodent. Strong more like natural teeth. Getting a statement from the white house about the president s phone conversation with russian president putin. The white house saying that they had a good conversation, but they discussed syria, and the suffering and violence in syria has gone on too long and will work to end the violent. They also discussed at length working together to eradicate terrorism in the middle east and spoke about how best resolve very dangerous situation in north korea. Again, this according to the white house that was the conversation between the president and russian president putin. We had an interview earlier on the show check please highlighting the risk of the airline space. Sally greenberg argued there needs to be more competition in the airline and things would happen on the united flight wouldnt happen, and a lot of people agree there needs to be more competition, and everything advocated was actually about nothing related to more competition, more government intervention, the fear of the market, and it it could get a lot more regulation if they dont clean up their Customer Service mess. I cant imagine this administration or the Republican Congress goes for more regulation at all. I mean, i dont know the industry well enough, but the question of why cant American Airlines go in and if they want to fly from newark to richmond, virginia, why cant they do it . In 17 years of coming to the conference rs th conference, this is the most optimistic conference. Its a do no harm attitude, get things done. See you back east. Thank you, brian. Thank you for watching power, and closing bell starts right now. Welcome to closing bell, im sara eisen in for kelly evans at the new york stock exchange. Welcome back. Thank you. Im bill griffeths. Nasdaq fighting to stay positive, its not there now. Awaiting apples earnings after the bell. Getting the big guy. Aetna the winner today, despite ongoing pressure in the obamacare business. Coming up, the

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