If you check out crude oil prices. Crude was all over the place yesterday. It did end the day up. See its up 31 cents right now. Wti at 45. 14. Nasdaq closed at a new high for the year yesterday. Lets get you caught up on some of the other big stories were watching. Notable comments coming from San Francisco fed president. Cue the star warz music. Repeating calls for gradual Interest Rate hikes saying it makes no sense to get back to a pace of steady increases sooner rather than later. The economy is in his words in good shape. Fed policymaker criticizing the Central Banks approach of targeting low inflation saying that method gives the fed too small of a buffer to fend off shocks. It is yap big day. Thoeld holding product event. Expected to unveil latest product lineup at 1 00 p. M. Eastern time. We talked about it. The focus of the event on the new iphone 7. The phone likely to have a faster processer and more pressure sensitive button, higher more pressure sensitive. This is the details. Higher quality camera with a dual lens. That is the coolers part about this. And possibly the more water resistant with removal of headphone jack. In addition to all of those, apple expect to refresh lineup with new mac computer, apple watch and softwareup date. Get a live report from san fran at the bottom of the hour. More pressure sensitive home what. Button. Were going to get to this in jups a second. Youve seen the guest list today. Yes. We have michael dell on. Im very excited to talk to. What are we talking about. His new book. Ufo. What John Williams music should bethen play. Star warz. Close encounters about aliens. I forgot he even did that. Have to really visit hang together, you remember the i forgot he even did that. Thats what were going to get. You missed my do you remember simil. The fire that broke out at a Gap Distribution Center was intentionty set. No employers were harmed. Investigation still underway. Has a contingency plan in place and working across network to serve customers. Believe no employees or employers were harmed. It has been hurting their ability to keep up with things. Thats part of the things they warned about in earnings last week. The question on the next one, did he decide to buy chipotle, make the order from the u. S. Open. Fr from. Hes there sitting right next to the tv like he sits next to brad gilbert. And he is right there, just hi. Hedge fund, taking nearly 10 check in chipotle. Joins us now with more. Hes hard to miss with that main of white hair. Hes in the long. You have hair envy, joe . No, i have eyelash envy. He says their natural. I dont buy it. Lets talk about chipotle. 1. 2 billion. Thats how much they bought the stake for. Now the second largest holder after fidelity. Bill iekman. Bet against herbalife. Ackmans looks for troubled brands. Says the chipotle has a strong brand. They have an Enormous Growth opportunity. Trying to win back sales and customers after a string of food safety concerns. Salmonella, e. Coli and trying a lot of difference things to get people to eat there once again, free food give aways, free kid meals on sunday and free drinks for students. Even introducing a new loyalty program. Sales havent come back to what same store sales down 25 last quarter and howard who is renowned restaurant analyst he says that giving away free food doesnt bring people back. A reaction to this purchase, chipotle says we welcome their investment. We appreciate the confidence theyve expressed in our brand and a strong growth opportunity. A lot of analysts note last night actually say pick agomckm will be coming in and pushing renewed direction for chipotle Going Forward. All right. Susan. Thank you. Just thinking about some of the synergy with bill ackman. Valeant. It was nora dont even say nora virus. Thats the cruise virus. It was something popping up in a lot of places. Chipotle says they have a plan in place. Going to be centralizing food operation. They were sourcing locally. Its going to take a couple of years before they actually get that in place. All the things that happen in chipotle, does it result in the or manifest itself the same way. Im not an expert, but yes. Do you know, sorkin . Is it like a mad is it throwing up . No, i dont know. I think its both. Theres a new Company Called dos toros. In california now taking over the country. Yes. Its a mexican place. Cant be too many. But people nice to have some you dont get sick with, but there cant be too many. I think chipotle is going to come back. The question becomings once people change their eating habits, can you win them back . Thats the huge issue. Baja fresh has benefitted. You will see competitors jump . We should point out on a related note, bill ackman is leaves Canadian Pacifics boards after four years. Raking in 2. 6 billion for hedge fund. This announcement comes one month after sold remaining shares in Canadian Pacific freeing up 1. 5 billion of cash. Wonder if that was directly plowed into chipotle. Only held 7, 8 investments. Speak pg of wellknown hedge fund managers, we have a block buster lineup for the sixth annual delivering alpha conference coming up. Produced by cnbc and institutional investors. More details are available. Were getting excited about this. Take a look at the lineup just around the corner. Make sure you check this out. On todays economic agenda, we have a couple of things going on. Labor department putting on monthly job opens. That comes out at 10 00 a. M. Eastern time. Includes stats not normally detailed. 2 00 p. M. Get the feds latest facebo beige book report. Joining us now to talk markets, head of Merrill LynchWealth Management and ceo of fl Investment Management company. Hey, guys. Good morning. What are you thinking this morning. Im happy. Feeling good. Why are you happy. I had two weeks off. Thats one thing, but were coming back to what people thought would be a tough market. The last time i was on, joe and i were talking about the olympics. I said the markets wanted a gold medal too. You had nasdaq reaching all time record highs. I think the nasdaq has won the gold medal. Not many people seven years were forecasting an alltime record high. Markets are up substantially since the lows of 2008, 2009. You have nasdaq up 300 . S p up over 200 . The trend is up. Were going into a seasonal period. Can you get some volatility . Absolutely. As we go into the fed meeting, as we go into the election, we can get some volatility within the market. The trend of the market still up. Likely is. Lead story in the wall street journal is talking about how some european firms are able to get negative yields on the bonds putting out. What does that tell us . Investors are so interested in safety on some of these issues . Not even striding for yields. How is the storck market going o slow down . I dont think it will. I think it will continue to move. September meeting coming up with the fed. If you look at the market, its been bifurcated. Higher yielding names doing well. Companies like amazon and facebook still able to continue to move higher. Its left a certainly degree some of the middle of the market behind. Start to see catchup. You think the markets are all going higher. The guys who are lagging will catch up. I think youll see rotation and the market a bit higher. Also look overseas. Are either of your worried about multiples too high. I think youre about to say out of control. I was. I dont view them as out of control. Higher than normal, but look where Interest Rates are. Even a quarter point move from the fed shouldnt derail the markets. It will be a hiccup. I 100 agree. I really, our baby boomers which are approaching retirement, really thought they would get 5 risk free on their investment. Thats not happening any time soon. So when you look at the market, there really is no other choice. Real for investors. If they want to generate income in portfolio, theyre going to come to the stock market and get growth and generate income. Now, some of the valuations on bond proxies are very high. Some arent. Like telecoms, believe it or not. We still like the rate market. Still have pharmaceuticals fairly priced. Not everything within the market is that high, but i also want to mention when you study history, when markets have the type of reaction in 2008, 2009, it can take decades for investors to have confidence back in the markets. So it still may take a long time for investors to get confidence. Just a strat just on the street. The strategist are very bearish. We were down on friday before the report. Closed up, what, 70, we were up yesterday. So the two days we had looked like it wasnt going to raise. Once again back on track. We started having some sideways action and down action in the market after the fed guys said, you know, september is a live meeting. This time we want to get at least one maybe two for the rest of the year. Suddenly that looks off the table. Ism services was down too. Bad news is good news. Back to bad news is good news. Were not going to get good news ever. Nothing else happening, and, you know, the ecb they may start buying stocks. Thats what i said on thursday. Not necessarily europe per se. Some opportunities in europe. The higher yielding place emerging markets have been on fire. So theres opportunities outside of this country for stocks. Any other emerging markets youve touched. We like areas like india, china, mexico. If youre going to use valuation as your may tritrix, emerging ms is what you want to look at. Wouldnt though markets get harder if the fed decides to raise rates. He said a hiccup. Sure, emerging markets are a volatile part of the market. Up substantially. Absolutely they would get hit. Can you get volatility in september into october, remember, october generates generally major lows within the marketplace. Trends for the market are higher. After a lousy september, see bottoms in october. Absolutely. We find individual investors and professional investors just to bearish. Going to leave it there, tom and marry. Thank you. Football season. Official truck of the nfl. Details about that new partnership next. And how it could change the way trucks tailgate. Back in a moment. For decades, investors have used a 60 40 stock and bond model, with little in alternatives. Yet alternatives can tap opportunities that traditional assets cant. And even though theyre called alternatives, theyre actually designed to help meet very traditional goals. Thats why invesco believes people should look past conventional models and make alternatives a core part of their portfolios. Translation . Goodbye 60 40, hello 50 30 20. Welcome back, everybody. Dave and buster cutting same store forecast for the year after sales missed forecast in the Second Quarter. Stock is down 6. 5 this morning. Canadian retailer hudson bay reported a Second Quarter loss. Sales surged 60 . Driven by european expansion and acquisition of retailer guilt group. Spoke within the ceo about. Ceo of hudson is going to be joining us about the bottom of the hour to talk more about that. Amd plans to raise more than a billion dollars through a Stock Offering debt. Chip maker use the funds for Capital Expenditures and to pay off debt. Profootball season just one day away. Nfl teaming up in a show of toughness. Today announcing a threeyear partnership. U. S. Marketing sales and service at ford and i specifically requested anthony nunez. Long time cincinnati bangle. Almost happened once. Close. To this day, joe montana. I just got over that with counseling and you bring the name up again. 25 years. Twice, 16 and 23. Number 16, joe montana. I will get to ford in just a second. I have to amy ir my i gave its hard to be with the reds. H he claims he still watches were close. That would have been a great year for super bowl and last year andy getting hurt. That was my example of getting excited for post season and then he throws a touch down and gets an acl injury. Reds get in the playoffs and no hits. Remember that. Exactly. Wow. Im a steelers fan. Anyway, trucks and nfl just go hand in hand. Something about it that just makes sense. Our fan base, the Vehicle Market in general, especially for trucks, is directly in line with the nfl. Its the one place you can really get scale that time of year. Certainly the nfl is a long season. Were excited about the partnership. You know, americas biggest sport matches up directly with our demographic. If you think about our owners, their building america, the tough guys in the trenches. Matches up with the offensive line. Were excited about the partnership with the nfl. For ford, it would help to have a mid size truck. Do you have one of those. We sell one globally. In the u. S. Today we sell just the full size truck. F 150 and super duty. Thats the best seller. Been the best selling vehicle for 40 years. With the oil prices people are buying trucks again. Moved strongly from cars to suvs to trucks in the past five years since coming out of the big recession. The truck business continues to strengthen and the commercial business the new super duty were here in new york with. That has been strong. The Housing Market has plenty of room to run actually. Hospit optimistic. How much is a direct correlation with oil prices. As prices go down at the pump, americans are much more willing to buy big cars and trucks because it doesnt hurt them the way it does when oil prices are double what were seeing now. Certainly contributes to it. The move from cars to trucks to suvs you dont need to make the tradeoff. They have good fuel economy. All the technology in the trucks. Great ride quality. Customers are choosing the higher seating position. I like to sit higher on the road. I like being lower. Why do you want to be low. I feel safer being close to the ground. You dont feel the g forces around curves. Or the 18 wheeler rolls over you. No, now yo have to be defensive. You need almost a truck. No. Defensive or size. You need that big truck. Exactly. Physics matters. Its going to be 130 degrees all across the country. Are these trucks getting lighter by the way. The all new f 150 was 700 pounds lighter. The super duty is 250 pounds lighter. Bigger axle, bigger breaks. Kind of capability to get work done. Every week youll give out an award. This is long overdue. I think you would agree. Offensive lineman. Lately we understand. Quarterbacks we see when the line, doesnt matter how good the quarterback is. If guys get in immediately, they look horrible. I agree. Thats what exciting with me. Teaming up with ford ford built tough. I gee with this. I agree. I think so. Number 78 holding, thats the only time we get our name called. Were going to recognize a line every week. When they call me to team up with ford and i know mark a while back, i said, you bet, m ill be there. The working man truck. Tough. I have to throw this in. Maybe not me, we had a couple of holly cross guys. Its a great partnership. Im thrilled to be part of this partnership. So, ford, the last report , the last quarterly numbers. A couple of things not good. Do you remember . Incentives . Did they not learn again the u. S. Auto maker. We had a strong first half of the year. Record first half profitability. End of the year record august sales were a little soft on yearly basis. Part of that was a big august and september a year ago. Third quarter in the Auto Industry was really strong. Were still running 17. 5 million units. Close to alltime record. Growth weve seen for the last five years has seemed to have plateaued. Makes business a little tougher. Were still operating historically strong. My dad at automation has warned us that he thinks the u. S. Auto makers have been overproducing as a result of the sales floor. They have to offer bigger incentives to get these to move out the door. Do you see any kind of weakness when it comes to consumer. My good friend mike and i have talked about this frequently. As the industry plateaus we all spend a little more money because of all the eer in sha. Tremendous deals this past Labor Day Weekend seems to have been good for the business and were going to mass supply the demand. Keep incentives in check and continue to drive toward the rich mix were seeing in the industry and strong levels of profitability. Were not seeing the strong straight up acceleration weve seen for five or six years, but still a strong industry. Will i was thinking last year. Maybe was it is den verl paver game. Even brady looked like he wasnt a great quarterback. This year, mckaren. Still sticking with dalton . I dont think my opinion matters. Marvin is going to stick with dalton. Hes the their starter. Hell be in there. Its a matter of mistakes. Its eliminating big mistakes. Those werent mistakes. Those were bone head mistakes. We can eliminate those, we still have you still say we sfll. 13 years i still live in cincinnati. Ive say we. Can denver be back this career without pto paton. I dont think so. They have a great defense. Brady isnt there at the beginning. Cant count them out. Seattle still very strong. They still have belechek. Whoever comes in is going to produce. Cant count them out. I think cincinnati has a great chance. You can call me a homer. They have as much talent as anybody in the league now. By the way, when joe gives up on a team, its rough. Hang in there. You have to hang in there. Really . They got rid of everybody though. Finally came on at the end. Anyway, gentleman, thank you. Were going to we didnt talk about uber. Were going to uber and get explain what this is. You get an on demand truck. Part of the whole partnership in the nfl, were going to have several ago vacations around the week. Anthony just talked about and were also going to have the toughest tailgate. Toughest ticket. Popup sensational parties around the. Uber for a truck. Go on uber and go on the uber app and go uber eats. See nfl ford logo and deliver a tailgate right to your place or work or business. You select the gate. Yes, its a taxi. And dont forget, nfl tix off tomorrow night on the best network, actually, with the rematch super bowl 50. Panthers versus the broncos. Were going to uber tailgate. You and uber. Love it. Counting down to 1 00 p. M. Eastern time when apple is unveiling latest project. Maybe youll be able to uber. That project importantly upgr e upgraded iphone and watch. Tell us what to expect next. Right now wed head to a break, take a look at s p 500 winners and losers. Its a very specific moment, the launch window. We have to be very precise. If were not ready when the planets are perfectly aligned, thats it. We ne