Transcripts For CNBC Power Lunch 20171010

Welcome to power lunch stocks are mostly in the green but off the best levels. Nasdaq hitting new intra day record highs check out shares of walmart soaring more than 4 adding more than 20 points to the dour the dow he they bought back more than 20 million worth of stock and airlines are up 2 to 6 bullish signs fueling this group. We have the details just minutes away and im Michelle Carusocabrera here is what else is happening pfizer is thinking about spinning off its 15 billion Consumer Health care business. Honeywell also shaking up its business focusing more on aerosparroeros. And the imf raising its Global Growth forecast to 3. 6 this year and 3. 7 for next year. President trump right now having lunch with secretary of state Rex Tillerson. That is their first meeting since the reported moron comments eamon javers is live with the latest this one could be interesting. Reporter yeah, thats right. In fact what were told by the white house is this is not the first meeting, it was not on the public schedule, but Rex Tillerson was here at the white house on friday im told for a meeting with the president of the United States on a National Security issue so this is something that the president and Rex Tillerson have been facetoface since that moron comment, the alleged comment by Rex Tillerson became public last week meanwhile we saw the president responding in the pages of forbforbes magazine. Take a look that the quote talking about his secretary of state saying ultimately he thinks its fake news, but if tillerson did make the comments, he said i guess well have to compare iq tests and i can telling you who is going to win. Im told by folks here at the white house that that was obviously a joke by the president in context today they are saying the president just sort of having a little bit of fun on this subject also today, queweve seen the president meeting with Henry Kissinger here at the white house and he did have a chance to talk about tax reform and to sell that proposal again heres what he said. Politically very positive the people of the country want it people want to see tax cuts, they want to see major reductions in their taxes. And they want to see tax reform. And thats what were doing. Reporter when while the president also talking a little bit about that comment that bob cork ere eer made saying he is g the nation toward world war iii. The president was asked whether or not corker was right about that and heres how he responded to the question. All you have to do is take a look you look over the last 25 years, previous administrations, they grew a big problem, a problem this world has never seen. Were on the right path. Reporter and another controversial issue, the president tweeting out this morning talking about the nfl and its tax status saying that ultimately he feels that the players ought to be forced to stand for the National Anthem. Dow jones news wire reporting earlier that there is some effort now among nfl executives to do exactly that well see where all of that lands and what the white houses reaction to it is at the press briefing later today but as you say, right now secretaries mattis and tillerson having lunch with the president and we should get some indication of what has happened there later on in the day as well back to you. Thank you very much ill toss it over to brian it is a terrible scene in one of americas most beautiful places wildfires tearing through Northern California right now, so far 11 people have been confirmed dead, more than 100 injured. 1500 heem homes and businesses destroyed. Aditi roy has more reporter this is typically a gorgeous neighborhood in santa rosa, overlook the a know inni a sonoma valley. Gorgeously dotted with homes that are huge, but instead everything is rubble this is charred, this is all that remains of it this is a neighborhood filled with homes that are close to a million dollars, but you can see right now only empty shelves of these homes remain 11 people have been killed, 20,000 had to flee their homes they were evacuated. And its not just neighborhoods that have been impacted, businesses as well our crew took a spin around santa rosa and found a kmart store completely decimated, a hilton hotel burned to the ground and a Fountain Grove hotel, that is a local landmark, that was also decimated and wineries of course that place suplay such a Critical Role in the local tourism, they have been been impacted as well. Among the ones that we know that have burned to the ground are Paradise Ridge, in napa, White Rock Vineyards and monday t among those damaged, william hill, jimmy rock and no doubt the list will continue to grow even longer and well keep you posted on that in the meantime, apple ceo tim cook also tweeting about the wildfires, he writes our thoughts are with our bay area friends and neighbors affected by wildfires please stay safe and we have noticed thick smoke in San Francisco, and that is 60 miles to the south of us back to you. Thank you very much lets switch over to dom chu for a quick market flash shares of smith and nephew are on the higher on the heels of a bloomberg report citing sources familiar that the company which makes hip and knee replacements is the new target of activist investor paul singer and his hedge fund we have reached out to elliott for a comment and we have not heard back yet and we are also in the process of trying to reach out to smith and nephew as well still shares up about 6 , 7 in midday trading on much higher than expected volume here. Back over to you guys. And as we mentioned, the dow hitting a fresh alltime high and now just 150 points from 23,000 bob pisani has the big drivers and im going to venture a guest which will put us to 23,000 in a mint but innew highs across the board take a look. Multiyear highs in half a dozen names here walmart, that big 20 billion buy back and pfizer talking about selling off its Consumer Health care business a new high chevron, believe it or not, a new high a couple year high amex at a two year high and intel at a high. And then historic highs, caterpillar, boeing and microsoft also sitting there as well that buyback from walmart . That is part of a whole elite i call them monsters Dow Companies that have been huge look at this, walmart has bought back 30 of its shares since 20 2002 exxon has bought back 41, ibm half of their share, boeing 40 since 1999 these help he reduce their share count, improve the earnings, all other things being equal so my pick for the stock that will bring us up 200 points . Its boeing. Its unstoppable there has been no pull back at all this year in any of the aerospace names. Back to you. Bob, thank you. Today it is walmart helping to push the dow to new record highs. Is this unstoppable . Where are the bears in this market lets bring in jim paulson and steve hoff steve, you are not a bear. You think we have only to go higher from here which sounds excuse me skepticism, but extremely optimistic considering were going right into earnings season this week i was hearing that six, seven years ago when we were talking about 2500 so its the wall of worry. Weve raised on our target to 3,000. We think the bear has already been through the camp and done his damage we hd a kind of rolling correction over the last 16 months if you look at the big stocks in every single sector, they have had 5 force on to 10 correct. So the average looks like its gone nowhere, but we added again to equities and mostly Small Cap Value stocks we like financials, energy here. We think that is where there is some gas left. The earnings season, we think its probably a pretty good thing. I know the numbers have come down a little bit, part of that due to the hurricanes. But what were looking to is guidance in tto next year we think that will firm up and when the market says wait a second, well be at 140, 145 on the s p in earnings next year, this market is not that cheap. And this is the type of year when people start looking ahead. So steve hit on guidance, jim. And im curious from your standpoint, because were going to get the big financials. We have citi, black rock, jpmorgan so when it comes to the financials, will we hear the financials who saw great swing of momentum over the past month, will we hear from the Financial Sector which had been doing okay but not that great until the past month which are we going to hear from, the one with the momentum at their back or the other one that is sort of slogging slowly higher, steady, but nothing remarkable well, i think there will be cautious among the financials, they are facing a lot of different headwinds. Even in washington yet but i doen ultimately what wins the day there is the direction al rates and its already made a big difference on all those stocks i think because the 10 year treasury has gone from basically 205 to 235 here just in a very short order. And the real question for the financials will be will rates go higher or lower. And inf that 235 treasury breaks 260, i think that it will continue to steepen the yield curve and continue to force the fed to keep following along with rate hikes it will play right into its string for the financials. I think they will continue to leads. And jim, its interesting point. Yesterday we spoke with bill gross and bill said this is not about rate hikes the market knows rate hikes are coming its about the mace apace and aggressiveness he thought if we did 50 basis points per year, that could put the brakes on the market rally would you agree he with that, is that sort of the litmus test of rates . I think rates wont go up unless inflation does. So you have to see wages go above 3 , you have too see the Consumer Price index do the same and core inflation move up and ultimately i think if you look at the yield gap between earnings yield and bond yields right now, the earnings yield is almost dufbl touble the ten yea yield. I think there is a lot of buffer i think we could probably take that ten year up towards 3. 5 before it really starts to on bite into the stock market i do think in we get in the upper 3s that there is other things that tell me that that might start to be more of a hurdle for stocks. Im just impressed though all year long weve been growing the imf just listed Global Growth forecasts and were in such a sweet spot because growth keeps going, were at full employment and yet we have no aggravation to inflation or interest rates. Were sitting here with a ten year down on the year, the dollar down on the year, there is no break in front of this stock market thats why i think we got to go higher until we got more pressure on stocks two bulls thanks, guys appreciate it. Julia boorstin has breaking news on Harvey Weinstein thats right, more allegations. New york times now publishing more revelations saying that Gwyneth Paltrow and Angelina Jolie have detailed Sexual Harassment, this of course just a couple days after the first revelations of sexual wiharassmt of actresses and paltrow in this article details how Weinstein Sim ummon her to his room and asked her for a massage and berated her when her then boyfriend told him to stop treating her this way. So this is a long article. Moe moore more details about other actresses all adding to the list of actresses and women who say that they have been sexually harassed by Harvey Weinstein of course more allegations today in an article in the new yorker as well. Back over to you wow can this Company Survive in any form or fashion at this point . Well, i think that Harvey Weinstein has already been pushed out hes actually out of the company. There is talk that we will be hearing about a name change at the company in the next few days but one thing that was really interesting about the new yorker article that was published this morning is that there is a long list of people who were aware that something was going on, maybe not the detail of exactly what was happening, the new yorker article says that three women allege that weinstein raped them so you have to wonder if criminal charges will be pressed. There is an investigation ongoing. That could cost millions if not tens of millions of dollars. So certainly a lot of challenges the Company Moving forward especially considering it was trying to sell its tv division does this put the company up for sale in your view . Is there talk that perhaps it could just be taken over well, there is a lot of questions as to what is this company worth. The tv division which many would say is the most valuable part of the company because of all the different assets that they have in terms of shows like project runway, et cetera, that tv division has been up for sale since 2014 so they havent been able to find a buyer for that long and now you have all these complications to that. The Movie Division does have a lot of debt and has not had really big hit in several years. So Movie Companies arent worth as much as they used to. They used to rely a lot on their library. Not worth as much as is ch amuco be. Sounds like this was the worst kept secret in hollywood i think yesterday was a revelation New York Times was going to run a snoer 20tory in 4 and that was spiked. I know you live and work amongst a lot of these folks did people say that they all knew but nobody had the guts or the ability to say anything . Well, wean steharvey weinstea wellknown bully that was one of the ways that he was an effective business person, but also bullying getting articles shut down and reports shut down about him that he didnt want to see out there. I talked to a lot of people here in hollywood about this story and i think that everyone knew that wean steHarvey Weinstein ws and potentially offensive to women, but i think especially the allegations that were out today in the new yorker article about rape, i think people were not necessarily aware of that. But there is a but here but he could make you a star right . I mean thats why he had power thats why women were afraid to come forward. I mean, Gwyneth Paltrow in in New York Times article says that this way of treating ends now, and she is sort of calling on women to come forward and say this conditions happen anymore we saw the actors guild say if they released a statement condemning weinstein and telling their actors that if they ever feel terrible the way that Harvey Weinstein made women feel, sththey should come forwad all right, julia, thank you very much. Procter gamble wins its proxy fight. Is that good or bad for the stock. And the average American Family has more apple devices than it does children. Well have the numbers they take probably better care in some places we want to know how many apple devices do you own go to at at power lunch to vote stay with me, mr. Parker. When a critical patient is far from the hospital, the hospital must come to the patient. Stay with me, mr. Parker. The at t network is helping First Responders connect with medical teams in near real time. Stay with me, mr. Parker. Saving time when it matters most. Stay with me, mrs. Parker. Thats the power of and. The leader of catalonia is addressing the parliament right now. We await to hear whether or not he will say that the region will depart from spain. It would lead to a Major Political and constitutional crisis for the country thus far, he has said we need to deescalate the tension and knock contribute or increase it with words or actions we dont know if that is a precursor to his decision. Well be watching. Proctor and gamble says it is the victor in its nasty proxy fight with nelson peltz. He says notpeltz sara eisen is in cincinnati. Reporter today he is refusing to concede defeat even of a tore proctor and gamble said their preliminary tally points to a victory that shareholders voted not add nelson peltz to that board by a margin 0. 4 . Actually a little bit less than that so very close to call. As for the larger question of why, which the company completely got, peltz, got, we got, why the board and management fought so hard to keep nelson petal who hoff petaf the board . You know why . Three letter word. Ego. Board . You know why . Three letter word. Ego. I threatened the hallowed walls of that board room and how dare i do that and the fact is that the board needs refreshment. I didnt even call for that. The board needs to really look honestly and openly and say what is wrong with this picture right after that, we asked david taylor for his reaction. Listen its not ego, its concern for the future of this Company Board of directors is extraordinarily committed to not only the short, mid but long term success of the company. They have invested their time and they care about the company. I can say from the amount ive interacted with them and the availability that they have made themselves to me he just as they are ready to do whatever it takes to to get p g growing. And what is next, we are waiting for this final tally of the votes. Dont expect it today. The company says it could take a few days taylor is eager to get back to work on his transformation says he got the message loud and clear that investors want to happen faster. But didnt necessarily say he was making any changes peltz says he still wants to see the final vote count and he will still push for a board seat because almost 50 of shareholders did vote his way. All right thank you very much. Shares fell sharply after the preliminary results were announced. Lets bring in Jonathan Feeney good to have you here. Thank you what is the message of the vote transformation endorsed by a very thin margin of shareholders, but also a strong dose of concern that things maybe should be happening faster should p g be embarrassed that almost 50 of their shareholders voted against them . I dont know about embarrassed. I think they should take the message and i think they will. I think you will see particularly on the point of some of mr. Peltzs stronger points, bringing in perspectives from the outside, i think you will see proctor going to be moving more quickly do that than they otherwise would have. Do you think they get what mr. Peltz referred to, looking openly at what is wrong with this picture what do you think is wrong with the picture . The stock is basically dead money for quite a while and yet im looking at the portraits of the people on the board, they are pretty much of a blue chip roster of Corporate Executives in this country. Well, a couple things have happened that require some change quite unlike what has happened in my 20 years you see customer fragmentation, mobile divisions, you have seen retailer fragmentation different ways severaling thi s things so i think this was about more quickly moving to change and i think p gs management position is we get it, we are changing. So that is really what today was about. And i think its about the pace and i think that will accelerate a little bit is it a consumer shift . People dont necessarily want the tides and swiffers, they want to is shop with a more specialized type product in some cases to the extent that the business becomes more about reaching a pocket of consumers directly who are really engaged in a certain kind brand or need like you mentioned, natural, and its less about just convincing your main huge retailers that your company and your brands are the best solution, well, that will result in fragmentation and it will require working harder or more creatively than in the past if nelson peltz actually gets a seat, is p g better off or are they better off without him . I think they are better off with him i do i think that there is an out 150id perspective cant hurt someone from outside taking a look at the issues and recommending one many voices the best course of afrks skrjonathan, well see what happens. Facebook under fire again. This time Mark Zuckerberg appearing as an avatar in puerto rico and plus well tell you what is fillings gains between the airline group. American up nearly 5 . Wow. Were back right after this. Most etfs only track a benchmark. Flexshares etfs are built around the Way Investors think. With objectives like building capital for the future, managing Portfolio Risk and liquidity and generating income. Thats real etf innovation. Flexshares. Built by investors, for investors. Before investing consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. 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. Airlines stocks are flying higher today phil lebeau joining us for a look at todays move reporter this is all about American Airlines and the guidance the company put out for its Third Quarter performance, what they are expecting. Check this out, basically two things are stronger from americans perspective, revenue up half a percent to 1. 5 and it expects the pretax margin of between 9 to 11 that is about half a percent better than the previous guidance this gird answ this guidance is welcome news overall. The expectation is that we will see a flat Fourth Quarter from the airlines that is the reason why you have the hurricanes hurting traffic, hurting pricing and that has weighed on the stocks. Look at the airline index, it has been under pressure over the last three months. Delta will report its performance for the Third Quarter tomorrow and speaking of the delta earnings coming tomorrow morning on squawk box, you do not want to miss this interview ceo ed bastion will sit down to not only talk about the Third Quarter, outlook for delta, but also including the department of commerce and this ruling where they are putting a tariff on some of the planes that delta has ordered. They are not happy about that ruling well talk about that. Again, that is tomorrow on squawk box. Fiphil, thank you. Is facebook becoming too big or powerful for even Mark Zuckerberg to handle well talk about his latest misstep coming up. And let us know how many apple products you own update the head of Irans Atomic Energy Organization warning the u. S. Against revoking and undermining the landmark nuclear deal in a speech in rome the unfortunate trend across the atlantic since the new American Administration took office early this year especially the recent delusionary negative postures do not order well at all. The new yorker reporting that Harvey Weinstein has previously raped three women, significantly intensifying the scandal surrounding the disgraced movie mogul. A representative for weinstein vehemently denied the allegations in a statement to the magazine the New York Times reporting that Angelina Jolie and Gwyneth Paltrow accused weinstein of sexual hthat harassment. Oprah winfrey telling he len degasoli degeneres that she had not been to a bank in 29 years. She said she recently walked into her local branch and stood in line to deposit a check for 2 million i would stand in line to deposit a check for 2 million, as well. That is the news update this hour dominic chu has a news alert so what were looking at is cnbc obtaining a memorandum from nfl commissioner Roger Goodell to Team President s in the nfl, in at the talks about a number of things with regard to the National Anthem protests, but these lines stand out in particular saying that sports and especially the nfl brings people together and lets them set aside those divisions. We believe that everyone should stand for the National Anthem. It is an important moment in our game we want to honor our flag and our country and our fans expect in a of us then goes on to say that building on those discussions with clubs and players, we have worked to develop a plan that we will review with you next week so all of that leads being up to a lot of discussions were sure coming up at the next week league meetings. Certainly is. And from what i understand last nights monday night football ratings, another recent low. Its something that they will be grappling with for a while. S money is coming in or not. The new cnbc allamerican survey showing that americans love apple products. Here is some breaking news Steve Liesman is here with the results. The breaking news is how much we love it. Look at you i think that we could change the phrase to say as american as apple. You can get rid of the pie because our survey shows that twothirds of americans now say that they own an apple product or have at least one in their household, that is up from 50 when we asked the question five years ago. 64 saying that there is an apple product in the household how many its gone up by one apple gizmo, to 2. 6 but in the incompany group, under 30,000, they ever one over 100,000, 4 pp. 7 retirees, 1 ppts. 3, and 18 to 3. 6. So call them apple haves and have nots. Only two or three demographics in total had under 50 said they owned an apple product i think i have nine but you have kids per capita though that would be three per capita or if you include the cats, you would have to divide that. Chargers didnt really count . Thats not what were really talking about. But look at you i have three. Are you like in double digits, michelle no, i cant even count how many brian is embarrassed. What is your number . From at lea. And at least 50 i keep all the old stuff as kind of a museum. Its in a box. Then im up there, too. I have the apple computer, first ipod with the thunderbolt connection that may be worth something some day i have the original mac that stood up straight with the first mouse. Obviously you have a certain financial ability do this, but you feel like your kid should have an apple phone and an and the apple xut computer if possie in term of the numbers going up, that has implications for Household Spending you think about how many more devices the average price per device, its a few hundred dollars. If you average out a mack okay buying versus an apple tv, and that is a greater dent, im imagining that house hold spending habit gone up by a factor of so its come away from other places but the other way to think about that economically, we have to move on, but how much value pooe people put on it washing machine penetration in america is 80 smartphone penetration is 80 . So its the same thing i just want to show you some data about faeb here recebook hl quickly. We asked people how do you think about facebook now and we asked five years ago 21 said it was a fad back then, now only 10 and a half say its useful but look at the growth of the essential. And the growth the group that has grown among or who call it essential, 18 to 34 with a gap in the middle, and then 50 to 64 so there is that group in the middle that dont see it those with high school education, college or some college see it ascension but here is the thing about apple. No company is better at planned objects objects less inside. How many connectors do you have at home . The thunderbolt, usb 2. 0, lightning. My first generation ipod will not work, so you have to buy a new one. You add more useful stuff to it each time and some annoying extra bells and whistles you dont need. Cool data even as facebook is described as more essential by users, the socieshl necial netw more under fire for its fake news problems, ad trouble, questionable influence, are all these signs of a tech company that is growing too big too fast max reed has an indepth look at Mark Zuckerbergs empire in this weeks new York Magazine entitled does even Mark Zuckerberg know what facebook is lets start there. Does he . I think he is still figuring it out i think that he is on this big tour this year visiting every state in the union i think part of that is talking to people around the country to see how they use facebook and maybe how he can make them use it more. Is the company too big for him to manage . Is it a question some of the controversy surrounding it and what happened during the election last year, what didnt happen during the election last year, that they are experiencing growing pains and it has gotten too big too fast yeah, i think that its important to make a couple distinctions Mark Zuckerberg knows what goes on with the algorithms that is hugh he sells advertisements but the thing is with a company that has 2 billion active users, one out of every five minutes spent on the internet outside of china is spent on facebook you can make small changes or seemingly small changes that have enormous ramifications for the whole world. Do you think he is naive in the power that facebook wields or he sort of knowingly denies maybe to himself that they are arguably the most powerful corporation in the world when it comes to swaying public sentiment . I think when he is talking to advertising clients, he being a nothi acknowledges it and when trying to sleep, he doesnt. A acknowledges it and when trying to sleep, he doesnt it seems like it happened over the past year because initially when the russia thing came out, he sort of denied that facebook could possibly have a role and now hes walking in a back very sharply i think the election last year was a huge wakeup call for him, realizing that facebook could clearly and before we get too angry with facebook, if that is the tide that seems to be turning here, this to me is an open source publishing platform with all of the sort of comp li indications that come with it. It is not a mature medium, not a Mature Company to me and i think they have to be trying to figure out what the standards are that they want to apply to the content that sometimes they dont even know where its coming from yeah, absolutely. And i go back to, you know, how have newspapers or television stations or radio stations tried to govern and develop their standards for the ads that they will take, when a story is ready to publish, et cetera, et cetera. Sorry to be long winded. Broadcasters especially in the 40s and 550s are a great comparable because were talking about when it was just cbs and in, audiences of hundreds of millions every night but they were operating in a much different regulatory environment, this is right after world war ii people understood the value of television as a propaganda medium and it was shred clear about what kinds of for example political ads could be placed on it and we havent done that with facebook not just facebook as a company, but we as a society havent sat down and said what do we actually want and how can we do it right is he running for president or isnt he . I think he is more powerful than a president i think he is in a position why would he want to take a step down like that he runs he orders, you know, not just a staff of several thousand people, but he controls the flow of information around the world. Plane probably nicer. Much nicer. Smarter than a brd president which president who would win he did look smart when he did his puerto rico video. What was that about so he went on they have a new vr product, and he went on a sort of tour of the disasters zone of puerto rico that seemed like a lot more like he was showing off a cool new product than trying to call attention to the awful tragedy. Seemed to cartoonize something. He is trying very hard to seem more human. Thank you swrecyou very much. More human through ai and we have breaking news out of spain where the leader has just finished speaking are they leaving or arent they . Reporter yeah, a quite emotional speech behind me and said as president it was his responsibility to declare independence, to commit to the results of last sundays referendum, but he stopped short specifically of making sure that happened now he asked on the parliament to suspend that process by which they would have to declare independence automatically according to a referendum law here and he said he wanted to seek dialogue there are apparently talks he said both on the domestic and International Level about catalonias future with spain. I want to quote some of this speech he said were not criminals, were not crazy, we have not staging a coup were normal people asking for dialogue he said it was his responsibility to declare that independence that he is asking for a bit of time for them to try to figure things out with spain. Bottom line, the market is concluding that he did not declare that they are losing that is the bottom line he is asking for talks it could take weeks, months. If you look at models like slow scre slovenia, he has talked about that being a model for him so we 00 scould see changes, bua the moment all right thank you. On deck the big story that only on cnbc is digging into, the obscure rule change out of europe that could change the way you invest and possibly lead to a major round of wall street layoffs. That is next i cant wait for her to have that College Experience that i had. The classes, the friends, the independence. And since we planned for it, that student debt is the one experience, im glad shell miss when you have the right financial advisor, life can be brilliant. Ameriprise Institutional Investors out with a list of top analysts. How many analysts will be left on wall street to rank before we get to who the top firm is out there, will, there is this rule that we talked about yesterday with the ceo henderson, would it end up in a result of layoffs on wall street, will rowlandsrees it is a bit of a mistake to suggest it is going to cause contractions among the south Side Community this is a market and a business which is impacted by changes and increasing shifts to electronic trading from high management and a hedge Fund Strategic thats challen challenged over the last month over this medium term, i expect to see the total population of analysts declining on wall street and around the world. You know you got jp morgan number one and bank of america and evercore when you talk to them, how worried are they in are they confused or scared i think everyone is worried about this rule change i think everyone is worried about what the impact will be. You know i think if you think of the industry today and you were talking about apple before, Something Like 16 or 17 analysts that cover apple thats significantly more than i think is needed to effectively covering a stock, everyone in the industry that we speak to tells us that there is a supplier of research when it is good, it is really good and when it is not, it is noise in the process we got to go wi, will rowlandsree we came up across a report, what percentage of analyst researchers opened up by clients on t 3 . Wow, they dont value it. Anyway, thats street talk. Speaking of thanks will. Eli lily is up. It is a note that you may not have clicked on. Walmart is soaring including walmart is soaring including stores boosting custome theres so many opinions out there, its hard to make sense of it all. Does it mean for stocks when we return for power lunch. That way you can keep your eyes on the big picture. Huh. Feel better . Much better. Yeah, me too. Wow, you really did a number on this thing. Sorry about that. Thats alright. I got a box of em. Thousands of opinions. One estimate. The earnings tool from td ameritrade. What is this . Its the new iphone, its for our anniversary. Our anniversary . Its thirtyfour days since we first met. I didnt. Get you anything. Oh its, its fine cuz. I got myself one too. Oh from you, for me, happy anniversary. I love it. That is very thoughtful of you. Thank you. Get the amazing new iphone 8. And with all at t unlimited plans, get hbo for life. Less than 40 per line for four lines. Only from at t. Whentertaining us,es getting us back on track,hing . And finding us dates. Phones really have changed. So why hasnt the way we pay for them . Introducing xfinity mobile. You only pay for data and can easily switch between pay per gig and unlimited. No one else lets you do that. See how much you can save. Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit or go to xfinitymobile. Com. Time for street talk. We kick it off with eli lily. Price market is maintaining 88 bucks a share. Also, sales will be flatten in 2018 because of patent expiration anim yes, final stock today is called monolith ic power economy. Sun trust starts coverage of 132 target, it is in the quote early stages, getting design wins of automotive that target is 20 upside. Put that in the list of seven conductor stucks y stocks. All right, well all be watching star wars verses espn. There is more controversy surrounding eanspn anchor which is more important . That and much more coming up on power lunch. This is not a cloud. This is a tomato tracked from farm to table on a blockchain, helping keep shoppers safe. This is a financial Transaction Secure from hacks and threats others cant see. This is a skyscraper whose elevators use iot data and ai to help thousands get to work safely and efficiently. This is not the cloud you know. This is the ibm cloud. 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Breathe better starting within 5 minutes. Get symbicort free for up to one year. Visit saveonsymbicort. Com today to learn more. Welcome back to the second hour of power lunch, i am Michelle Carusocabrera, here is whats on the menu we are breaking down the news of walmart and ge star wars verses espn. Disney released its trailer for the last jedi and as the president goes after a host of espn 127 million work of art, the latest unveil and it comes with quite a controversial of the story. Well tell you more, power lunch starts right now. Good afternoon everybody, welcome to hour two of power lunch. The dow and s p 500 and nasdaq is hitting a 100th times high. The nasdaq is a little lower of. Proctor gamble is the worst performer on the dow at this hour mr. Personnel says hes going to challenge the boat and keep plugging transport on the move on pace for their best day since way back this is years ago, september 20th delta leading the game and the transport right now and nyidia hitting an all time high after announcing a new system. Teslas higher after Morgan Stanley raised on its stock by 62. Walmart hitting its highest levels in more than two years. The retail announcing 20 billion buy back at its daytoday kourtney reagan is joining us. Hi there, tyler the street of a strong forecast for the rest of the year and along with the new two year 20 billion buy back walmart gives a forecast range for fiscal 2019 in line with consensuses. Theyre not weak either. There were some worries that could be the case and the stock is rallying. The vast majority of walmart sales still come from its stores consumers shopping both in stores and website have spend two times as much. Nisan ain fact, there seems o some suggestions of getting shopper of advocating to walmart is something that retailers exploring further. Well have to wait and see on that one online ordering for in store pick ups will be available as twice as many stores by the end of next year as it is now. Thats important because the stores with that program have higher Product Availability and higher sales than the stores that dont it is bringing walmart new shoppers and thats very key as the grocery space hits up. Thank you very much Courtney Reagan joining me now is charlie it is great to see you again also, walmart is going to keep expenses contained as percentage of seam of sales all of this things are happening on top of cost savings, how do you think of all these Different Things in what the stocks have been doing it is clear to investors of whats happening this is a little different than what it is walmart made the announcement it is going to do what it is going to do, making Investments Online and people and investment in price. Thats resonating. The website is much better than it was the mobile app is better on the expense side, remember when you are building an online business, you are building a second business, at some point in time, you will start to see two businesses converged and you will be able to shake expenses, walmart is at the stage where you get leverage on the expense side lets say i want to build a mini portfolio, three or four, is walmart one of the three or four i would say as a fixed income that walmart is one of the top performers in retail the equity side is something that i struggle with, i cover amazon and that evaluation is a bit of a mystery, i would say that if you are looking at retailers are performing well of trarns serious conditi transition of brick and morter, you have to put walmart high on the list what does the debt tells you of how retailers are doing in terms of whos going the worse against the life of the amazon right now, what is the market telling isnt it true. The market is telling me that we are still at a historic leveleve of what we define as distress. In the past, we put the wall up on the board here. That was the still over 20 which is the highest in numbers since the Great Recession at a percentage space who are those you got claires on that list and Neiman Marcus and j. Crew and sears are on that list walmart has the flexibility making the investment and shifting at the fly. A lot of companies dont have that the Competitive Position is really challenging to the point where this holiday there will be a shake out. It will be a black friday situation of a make or break i think a lot of the names of our ca list that this is a critical holiday and we think promoe promotions for this holiday is going to be heavy or potentially more because you got this battle going on between walmart and amazon over market shares and there is a lot of Collateral Damage charlie, thank you very much. Over to you thank you very much, two huge Company Stocks that you may own and focus today. Honey well announce plans of two companies and next, the saga ge continues. Morgan brennan is here with more on both. It is spreading throughout the biggest industrial companies, honey wells latest, Home Security business as well as automotive business those together is totaled in 7 billion in revenue. This move comes after a five mo months review and mid activists pressure from third point argued by the divest of aerospace. If you take a look at shares of honeywell, they are up 24 this year ge on the other hand, shares are down 25 this year, it is facing similar pressure, activist shareholder triumph fund gaining a seat on the board happening just yesterday following a big management shuffle the pressure on these industrial giants to slim down because of investors believe that some of the parts is greater than the value of the whole thats what is playing out in industrial rigs right now. We got meg terrell here onset talking about something similar. Theyre talking about a spin off . From industrial to the whole business sector now. It is not the biggest part of pfizer business. Pfizer brought in 3. 35 million in reserve news. Wall street responseto the announcement was generally favorable and many speculating that the company could use the proceeds to fuel the acquisition of its own peculatio speculations swirl around bristolmyers. Now, analysts said there could be a number of interested parties to buy the healthcare unit, from p g and bayer ag and johnson johnson. A little bit of antitrust headaches there if you will. At one point there was a reason for it and they seem to believe there is energy. What changed and what no longer they think should be apart of it this is something we have seen across the industry in favor of more hi innovative. So companies are kind of splitting up of what they say unlocking values of these things and separating the parts that investors can invest in different growth paces out in the business michelle, you know this as well that bankers will tell uhuh a uhyou that you are better off of merging. And a few years later, we need revenue. You got to break it up who gets paid in one way . Merging merging is the new merging thats right, merge, and merge, and three merge it will emerge is the new trend. Earning seasons is about to heat up. Joining us is lawrence skullan a high correlation of s p 500 and gdp. What is the prediction he says by the seashore selling seashells. Thank you very much for joining us, i finally got that out what is your model telling us and our audience of how earning financials likely to come in thank you for having me, glad to be here today july and august is very strong, consistent of gdp growth over 3 . There is a little noise of this quarter so it is a little hard to equate that into an exact earnings estimate. We have seen a continuing trend significantly stronger than expected trend this data thats coming out now shows some of the reasons why the feds and the own data seeing the need to accelerate the tighten. When you look at the models, does it make a prediction of not only this quarter but First Quarter of next year how far out can we look . Earnings still matter to ultimately the stock Market Performance . Earnings for q 4 looks stronger we are seeing a lot of strengths in q 3 industrials the u. S. Dollar is down 5 the consumer is really strong. I would have said there is a head win with q 3 of gasoline prices up 10 . Consumers profit in Revenue Growth showing strong numbers that we have seen in years there will be a bump in q 4 and construction spend from recovery from the hurricanes. Wage growth, we follow atlanta and of july of 3 . Q 4 is more higher we are seeing a lot of momentum and strengths going into q 4 and continuing into next year. What is all these numbers telling you about when it comes to investing which sectors are going to do well do you look at these and say i am dpoing going to invest here t here thats a question of evaluations. He will ca Healthcare Services are continuing to see head wins in managing cost and Revenue Growth and Profit Growth and thats a question of labor cost and reimbursement pressure and managerial challenge that sector is a little bit of a concern. Lawrence, it is a pleasure to have you on. Thanks. Plus, the latest on those deadly wild fires over Northern California, over 100,000 acre haves been torched and houslive have been loss well talk to the top media analysts of the challenges about disney power lunch will be right b k back Wealth Management strategy the same way to create a Financial Plan built to last from generation to generation. Well listen. Well talk. Well plan. 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Take a look at the Airlines Stocks there scott earth, take it away this is one of those shows where people are saying whats the potential of this . What are you hearing that it is team to buy business from our standpoint, we are seeing a good uptake of the amount of people and of the products that we have here and we got a good long list of individuals coming out to the show and looking at new product that is we have been able to demonstrate, the longitude is one of those, we are very excited. This is a perfect example of the industry changing, they with expecting more and better pe performance, planes that can take you further and faster and better than ever what are you hearing of the lodge attitu longitude and perception we have been able to do a clean sheet design on this,it is the quietest plane in industry thats the number one choice that people make when they are buying a product like this we got the decibel levels at the lowest thats ever produced in the industry. We got longer range and the ability to satisfy what their mission is so we listen to our customers and we put that back into the product. Yes, as an industry overall, delivery is lower this year. When does the next leg of growth kicks in do you hear of the prerecession levels the way we look at it, phil, this is more the reality that we have to deal with. We are going to continue to invest in this market. We feel really good about the amount of leads and activities that are going on. I think as long as you are reinvesting and putting new products, you will get customers that want to look at your companies and want to invest in them those customers, how many are coming into your offices if you will, your shops and hangers, time to buy business yet as oppose to being walked up the latter how many new customers are really coming into the industry . From our perspective, we have seen this year about 20 of individuals that are purchasing products that are new customers we have been a i believe ble to them through scott ernest, theyll be delivering the first of next quarter of next year thank you, phil lebeau. Thank you, straight ahead major art auction, well tell you what it is and plus, President Trump going after espn, saying the channel ratings have tanked so badly, it is the talk of the history. Well talk to the top media analyst on this. Throughout my career, ive been fortunate enough to travel to many interesting places. Ive always wanted to create those experiences for others. With my advisors help along the way, its finally my turn to be the host. When you have the right financial advisor, life can be brilliant. Ameriprise 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. A major art auction, one of few of the paints of Leonardo Leonardo da vinci will go on the block. Now, it is Leonardo Da Vincis portrait it was purchased at the auction in 1958 in london for 58 pounds. After it was authenticated in southern italy, it was sold for 80 million. The dealer flipped it to a russian billionaire for 127 million creating a 47 billion mark up in the painting the painting is a center of a legal battle between the dealer and the russian collector. He said he was over charged by nearly a billion dollars for 40 paintings over the years the piece is the greatest rediscovery. It is estimated it will fetch 100 million or more adding to the sale of biblical proportions, christie is also selling for 50 million. It was once own by the british royals and it vanished for years and wound up in sales. For years, it was thought to be students and authenticated how they go back and looked at the brush strokes and compared to another painting. Now, whats interesting the seller of this sold some paintings that he bought from this dealer for 150 million loss earlier this year includ g this he bought for 127 it is the last known Leonardo Da Vinci in private hands it could be worth a lot. We dont know how it where it i to end up because hes so vastly paid i am wondering is it because hes overly paid a billion dollars. This is guaranteed. Can i ask you an unsophisticated question here. No such thing no, it is i think michelle will come after me on this one, does the way a painting look matters . Yes i think so. The Leonardo Da Vinci, it is not good it was not good [ laughter ] you look at it on i think you have to see it in person brian makes a good point. Jesus is the highest volume of where ever you go in the room brian makes an important point. That painting was repainted and brushed back to get back to its original i am not crazy. There are some people that said that painting just does not look as precise and crisp. Thats like the mona lisa hey, it is not good save money a new report facing women in the workplace, well look at potential solutions straight ahead. Plus, devastating wild fires in california, we are live on the ground with the latest when this bell rings. It starts a chain reaction. Thats heard throughout the connected business world. At t Network Security helps protect business, from the largest Financial Markets to the smallest transactions, by sensing cyberattacks in near real time and automatically deploying countermeasures. Keeping the world of business connected and protected. Thats the power of and. Hello everyone, i am sue herrera, here is your cnbc news update at this hour. President trump brushing off claims by bob corker that his administration could be setting a path to world war three. He was asked of corkers criticism during a photo opt with Henry Kissinger the people in this country wants tax cut and lower taxes. Hillary clinton responded into the Sexual Harassment allegations of Harvey Weinstein, in a statement she said quote, i was shocked and appalled, the behavior described by women come forg forward cannot be tolerated. The 32yearold peterson gained just 81 yards on 27 carries three four games of the season with the saints you are up to date melissa, back to you. Thank you, sue herrera. Right now we got the dow up by about 46 points and s p higher by four walmart is leading the game today announcing 20 million soft buy back. The oil market is set to close for the day. Lets go down to jackie deangelis, oil has been around 50 bucks for like a long time . Yes, it is not just you, oil is getting a little bit of substantial bump up today back over the 50 mark. We had a couple of days settling under it the general called on shell producer on the United States to scale back and to help with rebalance. Now, some taking this as a sign as a shell player is forced to comply they are under no obligation at all to do so opec is probably going to pump more. The range that we saw today of 49. 54 to 51. 06 all and all of a little bit more than 2. 5 move back to you, michelle. Opec says let me shut down m well, let me do it lets meet the team behind the study, Rachel Thomas is president of leanin. Org. Thank you for having us your data tells us what we need to know they have children and they quit their jobs and stay home and they dont advance in corporate culture. Do you got any answers to why it is happening of women and not with men you are right, this is a big store du study. We see the same thing every year when you look at the top of the organizations, women are one and five Senior Leaders and less than one and 30 of Senior Leaders are women of color why a couple of things, the Work Experience is different for women. They have less support and access to opportunity and they have less opportunities to advance so what you see is a world that actually is not the same for women and men now, 90 of companies will say theyre committed but only 50 of their work force will believe they have a plan in place. Women who are managers are less likely to support them and less likely to give them opportunities. These are the things that help you. One second, i think we are going to fix your mic, i am not sure it is working when a couple and a women having babies, we talk about all this support for women so they can take care of kids, but it never seems to be true for men, it seems to speak to me of a different in biology, women are committed to raising the children and being more involved with the children and looking for more support of the office, right . Is that part of the core issue here i dont think there is any biological differences here between women and men. Women face a path of leadership and we know there is huge blind spot that we are seeing this year men are not as committed to gender adversitieadversities. We are not going to get to quality unless men are on board. Companies are over looking men of cover and getting less access to Senior Leaders and until we understand the double discrimination that women of color face we are not going to raise all women up of all organizations. You really think that the difference, the biological differences between men and women have nothing to do with this that there is no innate desire for a women to, if she can and it is hard, stay home or choose a route that she can be at the oendend of school. I think the workplace should make it easy form men and women to fit families. You raise a good point, women tend to face a double shift, a shift of work and a shift at home i dont know if it is a biological reason or sociological we have to appreciate companies doing better they are two and a halftimes likely to offer child care support and daycare services, it is not so much of the service but it is the fact that they are solving a wholistic environment for women. Let me ask you adam questi d question, as you think about this, who do you think need to change more . I think we have the speedometer f responsibility for both. Men maybe under the impression that we are okay when we are not in a company where one and ten executives are women which we can agree are not a lot of women. Men are say they think women are well represented 50 of women will say women are well represented dont think thats the case. You get to the heart of my question there is it at least in part incumbent on women to stand up as women have with weinstein to stand up, no, guys, we are not well represented in management here and not equally pay here dont the women have to self select so a couple of things there lets be clear, women are asking for raises and promotions at the same rates as men they are being promoted slowly women are leaning in, thats not enough we need organizations to do better as well and all men and women of color alisteniong with. For Company Joining better, it is a Partnership Form men and women. They are less than 20 of the leadership thats a really hard challenge dont get me wrong, i am not suggesting i see it needs to be a partnership that needs to be a sensitivity thats on both sides because i absolutely agree with you and i think men probably think, oh, yeah, it is probably equal here yeah, when you do the count, it is probably wrong. We work a diverse spell there is a vast majority of anchors here were men. More women than men. More females on air and a lot of female producers. The bottom line, we got to wrap, i am sorry here is thing if you do the math no, you did not if you did the math and you factor in cost of child care and taxes and commuting cost and in direct cost of, you know, of whatever it is exhaustion. You basically, if you dont make 60,000 a year, you break even and you are not home. They got to bring the cost of child care down. Why is it always the women . Thats rare is it i am just saying thats not the point. The cost of child care is too high the second point is when that decision comes, the woman stays home and not the man pennies on the dollars. Ladies, thank you quite a conversation. It gets us going. It does i tried we truly do all right, thanks we are glad we have you on. Thank you very much all right, ntake a look at these stunning photos taken boo by the team of San Francisco these started amazingly a short time ago and ripped through Northern California. Our aditi roy is standing with the latest reporter thats right, this path of destruction here is devastating. Take a look at this santa rosa community. There is just empty shells here behind me and pieces of homes burned to the ground by rubber this gives you a sense of how extensive the damage is in this neighborhood look at the shell of cars here in the neighborhood. It is not just neighborhoods are affected, businesses, too. We found a kmart that was entire lilbuly burnt to the grod the hilton hotel and the local landmark in town and the wineries which make up such a critical part of the local Tourism Industry here during the fall here and that has a huge impact on napa and Sonoma County lets take a look at some of those wineries that are impacted Paradise Ridge here in santa rosa, that was completely decimated by the fire as well and in napa, we know White Rock Vineyards and william hill and chimney rock, no doubt that list will continue to roll longer and longer, tim cook sent out a tweet, he writes the following, our thoughts are with our bay area friends and neighbors affected by the wild fires please stay safe. We came in yesterday, we can smell and see the smoke, it was thick and we were 60 miles south of there thats how powerful and high these winds were back to you. Aditi roy in santa rosa disney should be flying high with a new star wars debut the films buzz is over shadowed boo by the president s tweet going after an espn anchor well talk to the number one investor next. I think its terrific. Your kids go to college and you start trading. Yeah, 5 years already. 5 years, hmm. You ever call your broker for help . Once, when volatility spiked. And . By the time they got me an answer, it was too late. Td ameritrades elite service team can handle your toughest questions right away with volatility, its all about your risk distribution. Good to know. Thanks, mike. We got your back kate. Does he do that all the time . Oh yeah, sometimes he pops out of the couch. Help from real traders. Only with td ameritrade. Thats a look of the just e release trailer. The halo did not last long the president took to twitter to blast jemele hill. It is the talk of the industry what should investors focus on this lets bring in ben, it is good to have you here thank you for having me whats more important of disneys stock price is it the Movie Division when you add the film business with Consumer Product and licensing that comes out of that those are larger businesses than espn all matters. The value of these brands and how those brands can help drive cash or longterm, of a new streaming consumer model is espn less important because it is slunk hrunk or ot have grown or espn is shrinking because of the controversies of its onair talent or it is shrinking among other things, there are a lot, a lot more competitors to espn today the last three or four years, fuelled by the accusations of marvel and lucas, films and licensing have taken off dont forget about films like frozen built organically, however, at the same time we have to acknowledge espn has declined an operative income this year. The company just completed a successful renewal of the big distributor renewal of its coming cycles of more on the year i think espn is going to grow operative, and it is not the business it used to be so there is no easy humor there. Live sports Still Matters a lot to advertisers and obviously, we have major films coming up and not just star wars but also thor. Monday night game is a double light sword. The numbers was up year over year but down last week of 17 those numbers according to deadlines. Do we care about ratings when it comes to disneys espn unit operating performance . Because of the cable deals, do the ratings matter much to operating profitability . They matter but you have to but its in context of espn relatively, a quarter of a third of the business depending o f the year of the company and revenue advertising is a minority, espns revenue relative to as you point out subscription fees. Fragmentation has been going on for a long time. It is almost more impressive to me that the nfl have been flat over the last several years than anything else given all of the choices consumers had. Maybe a new normal but it is something that disney have absorbed a few years ago when espn was in fact and cable was the crown jewel yfor disney, there was chatter of spinning it off in some way and the argument is that disney needed that cash flow and now, you know, some consideration being put into maybe hiving off espn and cable inle so way . You know, i would be surprised. I dont think thats where the companys head is at right now theres always the opportunity for a quick pop in a stock from some of the parts, you know, spin or sale, for any company thats a conglomerate. Im not sure its worth the brain damage for disney at this point. I also think theyve got some exciting stuff coming on the direct to consumer side. The answer to your question is, yes, the business is undervalued relative to some of the parts in its businesses and its brands. They got some work to do as they build their direct to consumer streaming options. I think that will become the opportunity there, will become more clear to people over time were not expecting major change in strategic, the portfolio the company has. Ben, thanks for your time congratulations on being ranked number one Institutional Investor thank you. With Semiconductors Nvidia hitting a fresh alltime high this morning, up 180 in the past year. Heres the question. Is it still worth your money will it go higher . Will it fall were going to put it in the trading nation kblender comin up after the break alerts wouldnt you like one from the market when it might be time to buy or sell . With fidelitys realtime analytics, youll get clear, actionable alerts about potential Investment Opportunities in real time. Fidelity. Open an account today. Fidelity. Not rebalancing your portfolio. Focused on what you love, not how your money will last through retirement. We make it easier to plan for retirement with day one target date funds from prudential. Look forward to your 401k plan. If you own nvidia, congratulations. Yet another record high today. Lets talk about it, rich ross, evercorp isi. Erin gibbs, s p global are you surprised about nvidia, do you expect it to continue yes, i am surprised it really has surpassed the other semiand trading above its target price by 11 . Wall street thinks the stock should be priced 11 lower. This is definitely a pop and weve seen just a huge increase in nvidias valuations compared to the semi industry one thing investors have to be wary of is going forward, theyre going from, lets say, about 35 growth, down to more like 7 for next year. Thats a big drop in the rate of growth, and these prices, theyre just looking really expensive. Rich ross, you may feel differently, tell me about ascending triangles. Is yeah, brian, look, with a stock thats up 182 over the last year you dont need a trendfollowing technician to tell you to buy nvidia what you need me for is to tell you not to sell it and by all means dont short the stock, which is what one third of the stocks are bring up the chart this is a oneyear chart, brian. See this textbook continuation pattern that we speak of thats the bullish ascending st triangle take the height of the pattern takes us to 230 look back to november of next year, set the same from the onemonth surge. So im not telling you were going up 64 before year end im not not telling you that can happen, brian. When you zoom out and look at the weekly chart, it gets very compelling here. You look at an impulsive move on a chart, brian, people in this industry are reticent to say this time its different when you look at a chart like this, its telling you something is different, brian, you want to be a buyer of the stock. Okay. Dont short it rich ross, erin gibbs, thank you. For more trading nation, go to tradingnation. Cn tradingnation. Cnbc. Com. Our final thoughts of the day are next check please coming right up. Now trading nation stats ofthe day and word from our sponsor. A good first step of risk Management Strategy is to determine the amount youre willing to risk on any given trade. Some traders use the 2 rule where they try and limit their loss on any given position to no more than 2 of their total adg pil. I cant wait for her to have that College Experience that i had. The classes, the friends, the independence. And since we planned for it, that student debt is the one experience, im glad shell miss when you have the right financial advisor, life can be brilliant. Ameriprise something we all think about as we head into retirement. Its why Brighthouse Financial is committed to help protect what youve earned and ensure it lasts. Introducing shield annuities, a line of products that allow you to take advantage of growth opportunities. While maintaining a level of protection in down markets. So you can head into retirement with confidence. Talk with your advisor about shield annuities from Brighthouse Financial established by metlife. Check please. Results of our twitter poll are in how many apple devices do you own . 15 own none 28 own six to ten 14 have simply lost count thats even higher than what steve said thats, like, 80 plus that have an apple product. Tonight on fast money special cryptocurrency focused fast money. We have Mike Novogratz might remember him hes got hundreds of millions of dollars in bitcoin well talk to him tonight at 5 00. A new little bundle of joy joined us i guess it was yesterday. Our producer christina yates, husband, sean, welcomed gary nolan yates. Hello, hello. Very cute. Gary nolan. They have a tradition of baseball player names in their family first child was named koufax that will be quite a matchup koufax and garrett. Thanks for watching power. Closing bell starts right now. Good afternoon, everybody. Welcome to the close ing bell, im kelly evans at the new york stock exchange. Ill add my congratulations to christina and her family, thats fantastic number two for her im bill griffeth. Proxy battle that could be more contentious than election night. Procter gamble say the shareholders voted against giving a board seat to nelson peltz. Mr. Peltz says it aint over until all the vote are counted and we have the very latest on this boardroom battle coming up. Institutional investor just