Coach, advanced autoparts and even home depot is on the red and thats dragging the dow down well tell you whats behind these big moves. Four people have left President Trumps Manufacturing Council in the wake of trumps reaction to the deadly violence in charlottesville this weekend. Is it a sign President Trump is losing support from the Business Community in general. And after the bell our friend Mohamed Elerian talks about whether geopolitical tensions and north korea could still be a risk factor. Always look forward to talking to mohammed. Lets take a look at the ugly day for retail Courtney Reagan has all the numbers the numbers, the big numbers, the High Altitude numbers were good, but the stocks are just getting slammed today, courtney. Reporter and i think thats the point, bill. If you look at the stock movement, you may not realized there was actually good in todays retail report, though it wasnt really the case for dicks Sporting Goods. Shares here hitting sevenyear lows after missing across the board after particularly the comp sales and guidance sharply off what analysts are looking for. The Sporting Goods and retail apparel says its going to increase discounting for the rest of the year to try to hold on to market share weakness and hunting, licensed goods and Athletic Apparel more than offset the strength that it saw in ecommerce, footwear and golf shares there down almost 22 consumers may not be buying hunting equipment, but they are spending on their homes, so home depot is beating acrosstheboard Streak Continues this quarter comp sales, again, much stronger than expected, particularly in the key u. S. Market. The strength is broadbased across merchandise categories and gearing physical doityourselfers and pros as a result, home depot upping its fullyear sales and earnings forecast, but shares getting dumped on all that retail pessimism anyways. Coachs quarter mixed with an earnings beat, but due largely to a lower tax rate. Revenue missed, comp sales stronger than anticipated, though at a lower rate of gross margin some charges in the quarter are clouding whats really happening with coachs business. Those shares are down 14 . Marshalls, t. J. Maxx and home goods Parent Company tjx beating on revenues and comp and its guidance on the fullyear earnings below the street. It the does have a conservative history when it comes to that though, so investors are looking past it for tjx shares, at least slightly higher. Thats the one where were seeing some green. Bill still amazing that home depot can putter a better than 6 comp and its not enough. Right. And i think part of of this also, courtney, maybe even back me up or disagree with me, we just highlights more for me that we have too many retailers numbers are good overall consumers are benefiting but not all retailers are because they are beating each other up to gain market share at the expense of profitability. Reporter more retailers and more distribution points than ever before. For a long time youve been able to order on the phone or catalog and now you have online hand the store, and the retailers are trying to give you everything that you want all the time were very fractured youve got small names like asos which operates online only in the u. S. And operates overseas thats taking share hand we dont really talk about that, but youre probably seeing that pull some spending away from the gaps of the world as well. So more choices hand more distribution points. Makes it really hard to grab share and continue to grab share over time. All right thank you, courtney. Thank you, courtney well see you later. And well see her next hour when Urban Outfitters reports. The fun continues. Not over yet. Lets get to our Closing Bell Exchange for this tuesday. The dow is up 12 points. Been struggling up and down today. Home depot, as we mentioned, one of the drags there larry glazer from mayflower advisers is with us today, keith bliss and Rick Santelli checks in from the cme in chicago keith, what is do you make of this we had that bounceback yesterday and now were kind of hovering here is retail a plus or a minus for stocks overall do you think . Its definitely a mine us its no secret if you look at retail, the bricks and mortar retailers being down but yet the transport companies are starting to rally back a little bit airlines got oversold and if you lock at some of the Parcel ServiceCompanies Like ups and fedex, they are doing okay, and i think the two are somewhat linked together. When you talk about retail and how it will be a drag on the market, and it will be for some time, again, the bricks and mortar retailers, but then you take a look at the online retailers as courtney was talking about, they are doing well and thats a direct reflection inside the transport companies who take the look. The market, broadly speaking, bill, we got very oversold short term last thursday when he had the washout on the north korea jitters. It was a bounceback. The vix got very overbought and that always moves in the opposite direction where we are in the market, all the major trend lines have been reestablished, still above the moving averages. I see no reason even though the debate has intensifying for the 20 thats coming, i dont see anything on the near term horizon thats so. In terms of your market shopping bag, larry, what are you looking at these days . The world may have dodged the north Korean Missile threat but it may not dodge the volatility that could be looming. You see the distinction between retail sales and retailers themselves, and with that we see the antif. A. N. G. Trade and lots of Companies Get affect the by the antif. A. N. G. Trade, a sweeping sentiment not all of retail is going away. With retail sales, the fed is very much in the game. When you get the pickup in volatility its good for companies that are going against the f. A. N. G. , a company like disney will compete with netflix. Larry, hang on a second if you want to trade against the f. A. N. G. Names i understand that. Sure. But to talk as if this spike in volatility is coming now, people have been saying this for years, and they keep getting burned. Great, no question. Look, how did people feel last week when you had just two days and big spike in the vix maybe thats a precursor to things that are coming the Strong Manufacturing retail sales is a catalyst to keep the fed in the came that spike in rates could mean a spike in volatility Investor Sentiment has driven this market, Consumer Sentiment and Business Sentiment across the board. That sentiment is fleeting and fragile. Not the same as economic data. If you get any market volatility you lose the wealth effect i talked to had a home depot contractor yesterday who said business is as good as it ever gets, okay, and sometimes thats when you want to take a few chips off the table when its as good as it ever gets and expect that volatility so you can you be in a position to take advantage of when it happens. You know famed Hedge Fund Manager david teppert is sticking to his guns, short bonds right now. Plenty of people are, but they keep getting their head handed to themselves because rates refused to go much higher from here what do you make of all of that. They all kind of refused to go much lower. Case in point. If you listen to what our previous guest just said theres been four main vix events this year, and if you overlay year to date of vix on top of tenyear note rates, what youll find is when you get into the low 2. 20s or god forbid under 2. 20, thats when the vix owe kearns have happened, the big spikes first of all, i think with respect to the vix, as long as were five or six basis points a cushion, i think its going to moderate the point im trying to make is that its a range mentality, and i think the range mentality has served most investors well if you start looking for the big breakouts or the big breakdowns, you dont seem to get another followthrough to make it a Profitable Trading strategy, and in the case of tepper, listen, i agree, that the next big 25basis point move in a timely fashion will most likely be rates to the upside. I just think that the range mentality and considering where were at would be 2. 20 or 2. 30 is what youre supposed to Pay Attention to and if mows of that is 2. 25 and high, i think vix will be at bay heres the next period to Pay Attention to, jackson hole, 24 to 26, most of that over a weekend and Central Banks are really at at epicenter of what moves markets, youll have plenty to think about with all the lip service that normalization may or may not get, especially from mario draghi all right guys, we need to go at this point. Thank you all. Appreciate your thoughts on todays market action. How great is our staff in the control room there somebody was just furiously drawing out that chart comparing that vix with the tenyear yield. Just like magic. Your guy on it. Whats that amazing just like amazing kreskin. Another ceo wearing in on the president s Manufacturing Council and Kayla Tausche is here with that. Reporter this tame tease alex gorski, the ceo of Johnson Johnson and saying after much deliberation the company has responsibility to remain engaged, not as a way to support any specific political agenda but as a way to represent the values of our credo as crucial Public Policy is discussed and developed. He says that he respects the decision of the other ceos who have chosen to withdraw and that thats a matter of personal conscience but that it is Johnson Johnsons responsibility, especially its Crucial Health care policy is being written to remain engaged in this discussion Johnson Johnson saying hell stay on this council, hell remain engage, kelly and bill, in the conversation. Thank you, Kayla Tausche, in washington. Big name Hedge Fund Managers making moves in struggling ipos in blue apron and snap leslie picker, is there opportunity . What are you finding a lot of dumpage going on, kelly. The first full quarter that snap has been a Public Company and just like the photos sold through snapchat the stock saw disappearing owners. Had about 550,000 shares at the end of the First Quarter third point had 2. 25 mill, appaloosa 100,000 and Moore Capital had 1. 3 million. Three months later all of these managers, except soros had divested thereto was a time when hedge funds loved snap heres david tepper on squawk box in early march. Im not jumping through the hoop to buy the 2180 but should it, you know, go down to the original offer price i would love to buy the stock there. Im a believing in the company its a valuation question to me. Where to me im in the nowhere land of valuation right here now, he confirmed to me today he did acquire a very small position but no longer hold shares of snap those who did hold on saw the value decline about 21 during the quarter. Blue apron went public the day the Quarter Ended and Public Disclosures indicate 18 Hedge Fund Managers bought shares including jana which took a 2 stake which was interesting because jana was interested in whole foods. Ultimately whole foods agreed to be acquired by amazon, a deal that turned away many investors from blue aprons ipo except jana apparently, guys. People were joking that jana is now trying to help the very company that it helped kill by then selling whole foods to amazon or Something Like that. Exactly, and its important to know, especially with blue apron, because theres only one trading day that we know about with this company because the 13f files we sift through, the last one is june 30th hand thats the day blue apron started trading so we dont know if the 18 Hedge Fund Managers have subsequently traded out some people have. One thing im wondering when it comes to the ipos, how many big managers are getting in for the prop, profiting from that and out of the stock in other words, is it emblematic they wouldnt doesnt that. Are they getting an allocation, benefit on day one and then move on and they have already made that are 20 or what if you talk to the book runners, the people who build the bookend and ipo, they divvy up the shares to different types of investors there are levels of quality that you would divvy to, so the first quality would be your fidelities, your trowes you say that they will hold on to it for the long run after that are the hedge funds, and then the people building the book have the list of hedge funds who they know that tend to stick with their ipos for longer and the hedge funds who do tend to sell out if theres a pop if youre a company or book runner, you want people in there for a long time. With blue aprons ipo that did not happen shares are trading at half the price they were after they priced clearly that book was made up of a lot of people who decided to sell that stock pretty quickly. See if they have a seat at the table the next time around or if they get put in timeout you dumped it. Youre out of here. And i love the word dumpage im going to use that from now on. Thank you, leslie. See you guys. 45 minutes to go. Lets check in on marks. Dow hanging on a gain of 19 points fighting back into positive territory. The s p up a point and nasdaq lower by one and russell up nine. And three more ceos following mercks chief resigning from president s Manufacturing Council. And as weve established the Retail Sector is under pressure. Coming up, a debate on whether theres better Shopping Opportunities for luxury retailers or discounters thats coming up. We want to hear from you, reach out to the show via facebook, twitter or send us an email over at closingbell nbcuni. Com. The first survivor of alzheimers disease is out there. And the Alzheimers Association is going to make it happen. But we wont get there without you. Visit alz. Org to join the fight. Stay with me, mr. Parker. To join the fight. 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. Lets take a look at some of the movers in the market today, sink any financi Synchrony Financial shares had been down around 18 this year before that purchase was revealed and today its up 4. 6 . Goldman sachs downgrading corning to sell from neutral and cutting its price target from 26 to 29, trading at 28 right now there are concerns about rising inventories of television lcd screens and falling prices kelly. And three more members of President Trumps Manufacturing Council have stepped down. That includes under armours ceo kevin plank and intels ceo brain krzanich in reaction to President Trumps reaction to the violence in charlottesville. Earlier this year, kevin plank praised President Trump on cnbc for being pro business calling him an asset to the u. S. I think hes highly passionate you know, to have such a probusiness president is something thats a real asset for this country i think people should really grab that opportunity. He loves to build. I dont think theres any surprises here you know, when you look at the president , so he wants to build thing and make bold decisions and is decisive. I like those who publish and it rate versus think, think, think. Mr. Plank faced criticism for those words. Steph curry, one of under armors most popular endorsers says i agree with that description if you remove the et from asset. So, should ceos be mixing business and politics to begin with joining us is the former Dallas Mavericks coowner and motorcycle mazlanski good to see you both today. Thank you. Frank, i mean, ive got a big question about this, but let me get your first blush response. I mean, is there too much mixing of business and politics right now . No. I think business and politics is always mixed, but Kenneth Frazier is the epitome of the American Dream when you look at his background, the son of a janitor, the grandson of a slave, and you take a look at what this man has done in his career, its phenomenal its what we should embrace, and and he should make a decision based on his own conscience, which he did, and donald trump should not be going after him in the manner that hes gone after him and now his company because he made a conscious decision to say that i did not like the way you handled your saturday press conference i think its very, very direct, and i think that, yo