Stitch fix is having its first trading day doing, well lets see, it started out higher it did dip below the 15 ipo price. Its just above that level right now. Does the Subscription Service have ha what it takes to take on amazon a you know there are 2,000 companies in the same business essentially. Im shocked that its that high, actually. Birch box does makeup, and my favorite is the one called bark box for your dog they send treats and other fun things each month. Sounds like its right up your alley i guess President Trump said that he was focused on fair and reciprocal trade in asia during his trip overseas. Larry kudlow is going to weigh in on what that could mean for wall street. And whether investors should be concerned. Larrys not real hes not exactly seeing eye to eye with the president on trade issues ri right now. Thats for sure. We begin today with media merger talks heating up, sources saying comcast and 21st century fox, some of foxs assets and the cable giant, comcast, may not be the only one. Lets get over to Julia Boorstin for the very latest. Reporter kelly, sources tell us that comcast is interested in buying foxs entertainment assets the same assets disney was pursuing a huge part of their appeal, their International Scope including sky in uk and star in india, as well as big brands such as avatar and xmen and digital reach with hulu. A source close to the situation tells me that verizon has also reached out to fox about those assets as well as it looks to keep up with rival at t and its pending acquisition of time warner i spoke to cbs Ceoles Moonves at our net net conference last night about what all this means for the media landscape. I think we were all shocked by the initial announcement which was on cnbc art about murdoch potentially selling some of his content assets. And that sort of surprised me because we all envisioned ruppert as somebody who is always expanding and the reports from cnbc that day said, well, the talks had stopped and no surprise, you know, Brian Roberts stepped in there so i think what it says is content assets are unbelievably valuable reporter moonves also told me hes surprised about the department of justice pushback on the at t time warner deal he says that will be watched closely as a sign of how likely a fox acquisition would be to be approved back over to you all right, julia, thank you very plucmuch it seems every media outlet, maybe amazon to verizon, are being touted at potential suitors for 21st century fox and some of their assets which media marriage makes the most sense for investors for consumers . For regulators maybe taking that into consideration joining us with their analysis, jeffrey is with jbl advisers and scott rosten from training the street gentlemen, thank you both for joining us jeff, heres a question, first of all, that i have, do all the assets that are being discussed have to go to the same suitor . Could things go in Different Directions based on who is the best fit i mean, how do you think this thing shakes out well, once you begin to parse the assets of fox, theres no requirement that they have to go to one particular buyer. And especially given the fact that regulatory derby is going to be a big factor in making any kind of decision right jeff, what is your perfect marriage of Media Companies . Well, disney certainly fits exceptionally well, the film and television sides of the business, particularly the Television Production side both companies whether its comcast or disney would certainly have a great love for star and for sky i think that once you get beyond that, then its a pick and choose and how do you fold it in, whats the price, what happens with foxs debt, how much of an ownership interest do you want the murdochs to have in your company, are there Strings Attached to that, board seats, et cetera. Scott, how about you . What do you see happening . What would make the most sense for you at this point . Well, if i go off of jeffreys point, one other consideration here is tax bills. When you start to divide up a company, potentially lead to taxable transactions and the tax leakage could start to make an economic dis inceincentive to d transaction. It gets complicated. I wouldnt rule that out altso, too. Thats why god created accountants. Is thats true. Also why fox may be able to look at potential suitors, what shares are the most valuable currency, is it comcast, diseconomy like jeff, it looks like you think either one make a fit here Something Else to think about, their ability to pay when youre talking about disney, comcast, verizon, these are Big Companies with big Balance Sheets and a big ability to pay. Stocks in general at a high women me which means acquirers are feeling great about it the other wildcard out there, lets tie this to whats going on in washington, with if there is a tax bill passed with the e repatriation of foreign earnings, all the companies are going to have a big war chest to actually do it i think another element to think is some of the more nontraditional Media Companies that can potentially come in here, think about the traditionally more Tech Companies of the googles and amazons, netflix, even apple of the world, theyve got big Balance Sheets, theyve got a lot of money overseas. They want content. So its a content race and i think its wide open and any time you get a deal like this, i, you know, i understand why the buyer is wanting to buy but i always ask myself why is the seller wanting to sell . Jeff, why would the murdochs want to be selling these obviously valuable assets right now, do you think . Well, clearly this is a new point of departure for fox i dont know if this is a kneejerk reaction to the regulatory activities in the uk, or whether theres just were willing to give up, were will to move on, were miwilling to monetize the Great Company we built over the years i also wonder if theres behind the scenes in the family issues that are creating this, at least a think spot, for fox. Yeah. Going to be all sorts of speculation. Scott, real quickly before we go, we showed a graphic that also had amazon and netflix. Is that because you think a tieup of those two is a good idea potentially look, theyre both racing to acquire content and theyre both spending billions of dollars to acquire content, so as you saw with moonves quote last flight, content is king. Its at a high premium right now. And the valuation makes sense. Ultimately its something in class all the time, ultimately if youre the seller, the valuation needs to make sense. Better to sell now and monetize it than go alone yes, theyre racing to acquire content. Its expensivexpensive. Maybe buying those media assets could be a faster and quicker way to do it all right jeff, scott, thank you both. Appreciate your thoughts thank you. On a fascinating story as it continue to unfold here thanks for joining us. Lets get back to the Broader Markets with the dow down 85 points but the russell in positive territory today. Joining our closing bell exchange, cole smid from smid Capital Management kenny from oneal securities Rick Santelli from the cme in chicago. Welcome, everybody kenny, what do you make of this market and as we mentioned, some of nose aftthose averages goingo different ways. Right aisle surprised at all, after what we saw yesterday the market exploded to the upside yesterday it was walmart, cisco, it was also the house passing the tax vote, everyone was so excited about it, look, were going to get tax reform. Today the arguments about, well, okay, thats fine, component now were back to the senate the senates not so sure theyre going to pass it the bills are two different bills. Even if the Senate Passes then its going to go to a compromise is it really going to happen by year end i think youre seeing the market take a breather as a result. I think partly because yesterday was, my since, it was overdone yesterday, right it kind of the momentum caught up to it. I think it pushed it a little too far. Im not surprised at all to see kind of the Broader Market back off the way youre seeing it cole, you feel like theres a mania going on in certain sectors of this market, right . What are you looking at here well, i mean, you guys kind of touched on it when you talked about whos got cash out there to buy content and who has the willpower to want to do that that would be in the tech arena. In other words, if you want to get the highest price on content, you go to netflix because theyll spend more than anyone to a certain extent so that dynamic use etoday as a picture, there are the have nots catching a bid, someplaces lik retail and media today, and the markets not being benefited by that because theyre such a small portion of the overall market, it does not have a fundamental effect on the returns. Rick, it is kind of a headscratching day here the dollar moving lower, as we mentioned the russell moving higher, dow and s p weaker on the session. Oil which has had a horrible week is catching it sh. First down week in six weeks. Wow what do you make of it all, rick is. Well, you know, when you look at it, you nailed it down. 75 . Tenyear yields are down ten basis points we did get one positive, high yield did a turnaround wednesday, hit a low and bounced rather nicely and the spreads narrowed good data points todays Housing Starts and permits were good. National association of Home Builders index was frit good retail sales was cplus, bminus. But through all that, the markets acted as if the economy didnt matter. Maybe thats the point i found the yen rally most interesting today. There you have a central bank, you know, kind of like spring break, theyre just out of control. And yet their currencys getting stronger now, we could argue maybe its the carry trade, negative short end. No matter what it is, maybe it will impact some of their exporting, but at the end of the day, i think theres one thing we can be sure of, when it comes to equities, vix, hyg, most of the moves that scare investors seem to be short lived my final thought maybe on why the hyg high yield turn, you know, we continue to hear from the ecb and the watney, one of the ecb officials talking about theres going to be a higher percentage of corporates when they cut back on qe beginning in 2018 of course, 30 billion instead of 60 billion. Running out of government securities by default, corporates are going to make up a higher proportion thats maybe the moral of the story. The markets cant be held fwr r forever in many the distortions especially in corporates these are things that make us nervous. Certain Central Banks continue to make the matters more conf e confusing to the markets and kenny, i know you traders watched the russell a lot, those small caps en, i mean, thats showing some resilience this week after really lagging since early october. Are you taking any comfort from that at all . No, listen, i think the small caps and the russell, the stocks in the russell, they do sthand sfabd to stand to do better if we get tax reform russell still thinks its going to get it. The think the Broader Market is sitting there telling us not so fast one way or the other i think u. S. Americana, russell, midcap names are good places to be. Should be part of your portfolio. I think thats what youre seeing today cole, any names in retail or plead media you guys would be picking at here . Look at the lineup of the whos who. You got the roberts family, bob iger, the murdochs thats a john malonebacked discovery. The smartest people in media out there are out there consolidating the industry and whos sitting on the outside of this great content is all the Great Technology companies that want to do what the billionaires have done in the past, theyre watching this and no providing viacom sitting out there with assets, we dont own them but just the same, theres assets in that content and this is all a race for content. They have to fill the needs of the consumer and theres Certain Companies that are going to have that and certain ones that are not. All right very good. We have more content to produce here, ourselves. So were going do have to move on thank you, all three of you. Have a good weekend. See you later. Thanks. And weve got 47 minutes left there the trading session here as we already attemitemized slight down day for most of the major averages here after a pretty herky jerky week for the stock market. Still ahead, though, elon musk unveiling teslas line of electric semis the trucks that was last night in a highenergy presentation full of surprises as well and it appears at least some customers minds were blown as musk had promised. Well explain that coming up here. Plus, p g was dealt a major blow this week in its board seat battle with billionaire investor nelson peltz coming up, well speak to an exec from the nations largest Teachers Retirement Fund which supports peltz. Its that time again, were digging deep into the closing bell mailbag to read your comments about the show on air at the end of the program today. You still got time on twitter, facebook or over email. Well read the best a little later on youre watching cnbc, first in business worldwide you cant predict the market. But through good times and bad. At t. Rowe price. Weve helped our investors stay confident for over 75 years. Call us or your advisor. T. Rowe price. Invest with confidence. Welcome back have you seen shares of abercrombie and fitch today, up 27 after posting samestore sales growth after more than a year of declines the company said that its californiathemed hollister brand was a key revenue contributor for the quarter. Saw sales growth across all channels and geographies. Now i really feel its back to the 90s with them up, gap brands up yesterday. There you go. Talked about in this yesterday, walmart, cisco. Nelson peltz narrowly won a recount for a seat on Procter Gamble this week whats become the most expensive proxy fight in history for what these battles mean to investors, were joined by ann shaheen. Ann, welcome. Welcome back. Thank you nice to be here. You guys supported nelson peltz here, to read the way that you framed your philosophy, you say youre passive investors but active owners. What would oh, and im sorry, were just going to have to interrupt this for one second. We got to get over well come back to this after the White House Press briefing, we want to briefly listen in. The basic idea is that back when we increased our Corporate Tax rate from 34 to 35 , we were kind of in the middle of the pack of oecd nations subsequently what happened was the countries around the world found when they cut the Corporate Tax, their Economic Activity increased and the welfare of their workers improved then they very often did it again, typical country since our for economists what that does is gives us enormous amount of data to analyze because there are countries that change the rate and countries that dont you can compare the experiences of those two types of countries. Theres a big peerreviewed literature that looks at that, a paper by german economists thats about to come out in the American Economic review. We go through the papers, have charts, if this is true, what wage effect do you get most the action is well north of 4,000, thats where the number comes from ill go in the middle, the orange tie one of the criticisms, kevin, of the tax reform proposal is that the Corporate Tax rate is cut permanently, the individual tax rate phases out after ten years. Why, in your view, is that such a good idea . So the president supports permanent tax cuts for the middle class, permanent tax cuts for corporations and thats certainly the objective of the planners of this tax bill. But there are also, you know, Senate Budget rules and reconciliation rules that are required to allow this bill to move forward with 51 votes of course, the hope for everybody is that, you know, when the time comes for these things to expire, that they get extended as happened, you know, i might add, even for the top marginal rate when president obama came into office and extended most of the bush tax cuts, but even the top rate at the beginning, which interestingly, they must have done because they knew if you were to increase the top marginal tax rate during a recession, that it would be very harmful for the economy. So back then, there was bipartisan support for the idea that you should not lift the top marginal rate so there should be bipartisan support there would be Economic Growth effects of bringing it down right flow ill go back down into the middle there hi. One america news the two bills are different in that the house bill repeals or does away with the estate tax and the senate doesnt and i know that was a big point for the administration and Vice President pence has voiced his support for repealing the death tax. As they call it. What are your thoughts on that do you think a final bill will include a repeal of it i think that, again, thats one of the things that the senate and the house are working out. I know that the president very strongly favors the e liliminatn of the death tax and if that is in the final bill, im sure that hell be happy about that, but hes listed his nonnegotiables and those nonnegotiables i cited at the beginning ill go back to the far back now. Thank you, kevin, i appreciate it. Can you talk about the moment earlier in the week at the wall street journal event, gary cohn was on stage, the moderator asked a group of ceos if tax reform passes, who here is going to increase their investment only a couple of hands went up in the room. Gary co