ieds led earlier this year it doesn't look like the company will bring them back online. that's a real sticking point that may be the toughest part of the uaw having to sell this deal toyotas members at this point. >> it's great information. thank you for joining me >> thanks for having me. that does it for the exchange. "power lunch" starts now thank you very much. we'll see you over here in a moment welcome every one. here is kwhast new at 2:00 on power lunch for a monday we are heading into the heart of earning season but so far so good we'll tell you which names could take the markets to new highs. boeing is turmoil. new fall out over the safety of its 737. wall street split on what will happen next. the nba getting ready for tip off this week under a cloud of controversy in china insider will be here later this hour to explain it all as "power

lunch" begins right now. >> welcome to "power lunch "t shares of boeing are the biggest on the dow that stock down more than 12% in two days we'll have much more on this story later on thank you. we begin with presidents frcomm president. eamon is at the white house with more. >> reporter: the president was putting an optimistic spin on where things were going with china. he wants democrats to pass it. he calls them the do nothing democrats but if they pass this one, he will give them all the

political credit if they do that the president continuing to lobby there. on china what the president said is they are suffering. their supply chains are going down the tubes robert lighthouser spoke in this cabinet meeting to say that ultimately he feels they are going to get toured a phase one deal but not until the president and xi jingping meet later this year he says there's still some issues to be worked out. the president continuing to suggest things are going well and he sees the phase two issues as being easier to deal with than what's in this phase one piece that they are wrapping up. we'll see if that's the case there's a long way to go between here and there >> appreciate it markets approach record

high we have the latest >> over those trade negotiations ongoing, the question is whether earnings can get us to new highs. we're less than 1% away. the s&p 500 above 3,000. if we could close there it would be the first time in one month the dow would be above 27,000. boeing accounting for 80% of the losses there's strengths in financials. we're looking at jpmorgan trading at a 52-week high. this week 122 s&p 500 companies reporting earnings we have 12 dell component and results will shed light on whether these multinationals are able to account for a growing risk like a stronger dollar, tariffs eating into costs as well as slowdown in u.s. manufacturing. i'll be watching the industrials closely. it's worth noting that profit estimates have come down from 6% in july to 0.9% from the major industrials. we have united tech, cat terpilr

and 3m shares of 3m down 25% in the past stix months. best performing stock on the s&p 500 is kodi. the company exploring sale of its professional beauty service as part of its broader turn around strategy. the stock up 13% finally some of the trade sensitive groups like technology and chips moving hire. back to you. >> thank you we have some breaking news we have details. >> all right what we're watching right now are shares of teva pharmaceuticals up right near the session highs up about 11 plus percent at this stage the reason why because all these drug companies had been higher on the day after news of that settlement for the opioid litigation in ohio

teva announced they are in a frame work for a wider ranging settlement including agreements with the attorneys general of north carolina, pennsylvania and texas as well as certain defendants for a possible global settlement frame work. it would include around $23 billion worth of drugs and medication provided to help remedy the opioid addiction crisis as well as a cash payment of up to $250 million over the course of a decade that particular news is helping to send shares of not just teva but drug districters to their highs of the day as well we're keep a close eye on this but for right now that's the reason you're seeing such sharp moves higher on these drug districte distributors back to you. >> thank you goldman sachs cautions that buy backs are plummeting will earnings be enough to push stocks to new highs?

let's talk about that with chief investment officer and jamie cox who is a managing partner with harris financial group we'll get to the question of the buy backs in a few minutes how should i invest in that slower growth environment? >> i think it will be good enough to take markets to new highs. you have to look at with the bad news out there, we're seeing corporate revenues grow faster than the conomy. that reflects the fact that people are working you talked about the end of the last show about how we're seeing strikes because the labor market is so strong those people are making money and spending that will keep driving revenues and probably wil kpmtatioexpect

well >> how should you reposition your portfolio to catch the wind >> it makes a lot of sense to reorient to things with much more sustainability. we're looking at a corporate debt situation that could spiral out of control if you look at companies like diamler and compare them to ford you have a situation where companies have over borrowed and could use that money to find buy backs and dividends. it's produced a situation where companies have been spending way more than their free cash flow investigators need to pay close attention to the stocks they own to try to figure out the ones that cover the payments.

the examples diamler, procter & gamble and something like nestle would be good three examples for investors to consider. i don't think the u.s. economy is going into recession in the next year or so. i think that will fine i agree the company is pretty stable i do believe that stocks in the u.s. are becoming very stretched and it's going to be easier for investors to own these more value oriented names do it now before it's too late >> in that table where you mentioned diamley and nestle, you also havexon mobil it's down 16%. >> i agree 100% with that. we're looking to the future and not to the past.

this would be a good opportunity to buy exxon mobil the ability for them to sustain that cash blow or the dividend payment s really important now i believe that the debt service ray sho rain shows are better. >> let's talk a bit about buy backs and are you one who believes they are drying up and if they are, will that lack of sort of tender affect the market more broadly i'm not talking about the dating site >> i think what you're seeing here is we might see buybacks pull back a little bit

there's two things you need to remember we saw buy backs increase to about 900 billion this year compared to last year. they can pull back a considerable amount and still be at a healthy level the second point is this, we're talking about generally new announcements of buy back programs one of the announcements still have some room to run. we're not talking about a cliff. we're talk about maybe a slowdown over time we're talking a high level of buy backs. because of that i don't think that's going to be thing that takes the market down. there's a lot of head winds but that's not going be it >> we leave it there thank you for your time. >> thank you coming up, the nba season is kicking off and the league is facing a bunch of issues not just the china controversy we'll get you set for tip off. boeing is weighing on the dow. several analysts turning negative we'll hear from one who says now

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welcome back boeing is falling again as wall street is turning its back on the stock. the stock is down 12% now in just two days. let's get to phil if r tfor thet news >> this is what happens when you have three analysts downgrade a

stock and dropping the stock by more than $100 some of the statements are pretty clear on why they downgraded them. baird saying long road just got back ubs saying it could increase the likelihood of a pause on the 737 max production system. suis serks s suisse saying we can no longer defend the shares in light of the latest discoveries we should point out all of this started on friday with the release of instant messages as well as e-mails from a technical pilot suggesting he may have misled regulators. one other stock we want to point out and it's spirit arrow systems. it makes a fuselage for the 737

max. it was downgraded. we could see a drop in production at some point over the next month or two. >> thank you for more on what this mean, let's bring in our panel you have a $500 price target yet you say the volatility will be enough to stay away. whatmakes you think of after this bout of volatility that the stock is going to gain 170 bucks from where we are right now >> it's to your price target, just to be clear what matters to us is what does the future look like not does what instant messages tell us three three years in the past there will be a return to normally at some point with the

737. i think phil highlighted the question which is near term production quarterly earnings have been very vor till flatile for the sk we expect continued volatility we think there's substantial value and upside from here >> i'm wondering what makes you think this is the dip to buy we have been sort of strung along in this whole boeing saga fo to believe that theses will resolve themselves sooner lan later. what make yous think that now is the time >> we are bullish. we like when people copitulate on a stock that's almost cutting our 737

max margins in half. we know the next hand boeing has is probably a negative one whether it's a rate cut or further delays on the max. we can see that coming but we think it's priced in by having where our current max gross margins are today. >> do you think millingberg stays as ceo or pushed out >> that's a tough question to answer i think every one thought it was destined he was going to lose his job. as context emerged that they haven't been hidden from some areas and hasn't made it to other. i think that become a much more difficult calculus i don't think it does any good dood a leadership change while

they are trying to get the airplane back in the air the board would be reluctant to move too soon, to fast >> you have political pressures and outside activists calling for the upheaval or over throwithro throwing of the entire board boeing is interesting that it's part of a duopoly with air bus the one thing you can see that distinguishing boeing from its competitor is that it has to have been financially dented by what's going on here there may be orders that will be lost there will be litigation and they'll have to pay carry yrs for the losses they have suffered there may be large fines how do you factor this in? >> they struggled.

i think that the current share price, i'll go back to it. going back to the financials is pricing in another concession into what the max margins look like r >> your colleagues at suisse have downgraded the stock to now tra -- neutral. they are talking about labor productivity being a future problem and legal risk do you think none of those issues will be as serious as they seem too. >> i think we think all those things are real. i'm sure it's tough to be an engineer and go to boeing every day. i think all of that stuff is real i think where we are at this calendar point to say can i

stand by it here and defend it here, it's tough the catalyst pad is a tough one. at the end of the day you've got to ask yourself what does normal look like when you get beyond this into a recovery i think there won't be a material impact on production rates in this duopaly in profit rates. it will be significant costs that incured over the next 12, 18 months. you'll get back to a well functioning duopoly. that is where we will settle out. >> betting back to recovery is the koe poikey point. is there something in history that you think is comparable to what boeing is going through where a company is facing a risk to its business, challenges to its culture and whether or not

culture bred sort of malfeasance and a ceo that could be in the hot seat what comes to mind is wells fargo. so far that scandal has been going on for three years and that stock has underperformed. >> they are not competing in a duopoly. you have a pretty stellar track record for the 737 you think what is the level of support that boeing will have out in the field i would venture a guess it would be more extensive in the history of human flight. i'll you the plane will probably be incredibly safe in a duopoly where you're not facing a competition, it's easy to make those recoveries over time i think we'll get back to where

we started bvr this crisis happened >> thank you two big named dow stocks hitting record highs we'll get the traders take on apple and get a closer look at the housing trend that's been boostingom he beddepot. power lunch will be right back obvious. sometimes, they just drop in. cme group can help you navigate risks

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welcome back to power lunch. apple hitting fresh records after raymond james upped its share price to $280. that's the most bullish on the street craig johnson and mark teper, are your trading nation todaeam. pretty upbeat commentary right there. i guess the only question if you look at the chart is it gets stretched at all or does the trend seem okay? >> mike, i think the trend looks great. the stock has broken all time new highs opini when you look at the size of the consolidation and do a

measurement on it, you can argue for a price objective that based upon the chart north of $300 i'll still be a buyer of apple here >> mark, not all that much as changed since the business of apple. in early january you had the panic over china iphone sales and the rest of it do you think right now people are looking too much on the bright side or you still think the long term story is intact? >> we own apple and you almost have to own it because it's about 3.5%of the s&p 500 we have recently taken some properties this call was really about the iphone 11. they are faphasing out some oldr models production has been higher than expected what the call doesn't mention are some of the things that interest us when it comes to apple. for the first time in a long time the iphone makes up 50% of apple's revenues why is that important? they are in the process of becoming just reliant on one

product. they are diversifying their business that's good for companies and multiples. wearables are doing well services are up 13% year over year and shifting towards more recurring revenue. wearable and services are about one third of their revenues. love the company we'll continue to own the stock but i believe most of the easy money has already been made. >> all right it's interesting we mentioned 280 is the highest price. that's only 16% up side. it's unusual for a marquee stock not to have anymore bullish analysts than that we'll see what that says about the overall sentiment. thank you very much. for more trading nation head to our website. home improvement stocks have had a constructive year but a new study says spending on repairs could hit a wall in 2020 what the means for the housing market more than half of the s&p stocks are yieldsing dividend higher than the ten-year bond.

the nba season tips off tomorrow night will the lingering fall out with china dampen the big event we'll sit down with a top nba insider.

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welcome book here is your cnbc news update. dallas officials say they are grateful that no one was hurt or killed in last night's powerful storm but they are assessing the damage across thecity. a tornado was believed to have hit part of that region. >> considering the path that the storm took, it went across a pretty dense lly pop youlate pod

part of our city we should consider ourselves lucky that we didn't experience any fatalities >> a three alarm fire tore through a west philadelphia auto body shop this morning sending smoke and flakes into the air and forcing the evacuation of hundreds of students from a nearby high school dozens of firefighters pouring water on surrounding properties in an attempt to prevent the fire from spreading. nearly 65,000 pounds of ground beef sold under different brands including circle a and clark's have been recalled this due to e. coli concerns it sold to restaurants in 12 to 60 pound paccases. you're up to date. back to you. let's check on markets now the dow has been held back all day by boeing which is having a rough session. it's up about 46%.

nasdaq is the out performer. well, actually the russell is. the s&p up two-thirds of one percent. time for today's power movers we start off with travis on the news coming this hour. a pharmaceutical company reached a global settlement. next, another drug company, seattle genetic stocks soaring to a new high for breast cancer treatment up 16% the indian i.t. company down big. they received an anonymous whistle-blower complaint alleging unethical practices the company is being accused of using unethical means to boost

earnings oil lost some ground today w.t.i. is down .90%. heres about a no deal brexit fears have eased the concerns here demand continue to weigh on the oil market if you look right now at natural gas down 3.3%. we got news from russia yesterday saying it did not meet its september reduction commitment because of increase in natural gas output ahead of winter home improvement stocks are soaring. home depot hitting an all time high housing trade has been hot all year lowe's, home depot and whirlpool

posting double gains harr varvard university center its indicator shows the model dwindling. why the slowdown >> thanks. yeah, it's showing that remodelling spends, homeowner improvements, maintenance repairs is expected to climb a third of a percent into the next quarter or sorry into the third quarter of next year what we're lookingat is the ongoing weakness that we have seen in home building, home sales, home prices all of that will be contributing to the stalling that we're expecting next year. >> we have seen a bit of a pick up, a rebound. in that sustained, could remodelling do better and what is the dynamic between people and removing versus staying in their existing house which of those two forces are

stronger >> absolutely. we do slue think there could be some room here for sustaining the growth that we have been seeing in the whole remodelling market that's been healthy or strong over the last several years now. almost the last decade we have seen above modelling growth. a lot of remodelling does tend to happen around the time of the sale the seller is doing work to perhaps update some things before they put the home on the market the new buyers, recent buyers do tend to spend quite a bit more on home improvements in the first few years after purchase as they are making that home really fit their needs mobility rates have been going down that's a double edged sword because of the sales factor for

remodelling. if you're looking to stay in your home for a little bit longer than maybe you previously thought, the calculus changes for the types of remodelling projects >> did i hear you say slowing by a third of a percent >> that's right. through the third quarter we expect annual spending to decline by a third of a percent. we're looking a ining at a flatt for the coming year. >> that's a very minor slowdown, isn't it >> absolutely. absolutely i think we'll see in next few quarters whether this projection really is the beginnings of a more protracted turn down in the remo remodelling industry or not. this might just be a hiccup. we're looking at some head winds against the growth in the market but some tail winds too. mortgage interest rates, for example, we're in a low interest

rate mortgage environment. for homeowners looking to do protects, if they are looking to finance that project with a home equity loan or line of credit. >> what kind of remodelling projects get turned off first in the beginning of this downturn >> it's the december cessiiscrey projects the kitchen, bathrooms we expect homeowners are starting to hesitate they are thinking about the projects they don't have to do and can put off. i think they are hesitating on project size they might not be spending as much as they would have otherwise. >> thanks. good to see you. we'll see what happens

>> thank you coming up, peleton riding high and dunkin demanding more meatless stay with us

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guide. licensed humana sales agents are standing by, so call now. welcome back here is taste of some of the other stories we're watching today. peloton could be shifting boo high gear. they said it's well positioned to disrupt the fitness industry. skeptics remain. the only firm that wasn't an underwriter and initiate coverage with a hold on the stock. the shares are down today by 4.5% the company is one of the worst

performing ipos of the year. it's down about quarter in its value since it went public >> wow, a quarter of its value i thought more people would be buying it. >> i love the bike i use it every week. the thing about this, obviously, everybody knows how wall street works but to see it in plain sight where one firm doesn't have a bay rating on the stock, is not involved in the underwriting of the stock. netflix planning to shell out more bonds the company announced it wants to offer $2 billion this bonds netflix has been gearing up from heavy competition of apple and disney the bonds will help finance netflix's production deals and acquisition. shares have slipped around 12% first time in a long time we have seen that kind of

performance out of that stock. i all te pends on when you buy and sell >> there's been more and more focus on these levels being pretty high and look at the price of content you want south park it's half a million tladollar they are issuing this debt while having those concerns hanging over them and having a high level of indebtedness. >> it's smart to do this now as opposed to later when the competition starts they are boxed in when it comes to the ability to raise prices they should race as much as they can right now. dunkin donuts is betting big on meatless mania. quickly became the docoffee chain's top selling time sausage sandwiches will be

available next mondth beyond meat did rally. >> look at beyond at 110 it's come down almost as quickly as it went up. >> where was it? >> 175 or something like that. >> close to 200? >> it might have i ipo'ed at 25 >> 239.71. >> it's been cut in half and then some. >> lock up expiration is october 29th it still could face volatilitvoy three of the four faang stocks are in sector and get the most of the attention. they don't pay dividends we look at the communication sfr services sock thtocks that do. >> we went hunting for yield

because not all services are just about the hyper growth. some actually pay investors. we looked at a screen. we wanted to look at all the s&p 500 sectors that pay a dividend yield of the ten-year treasury that's about 1.8% now and how many have positive three month conference and year to date performance at the same time these three stocks came to the top. there's at&t and venn verizon and comcast which is the parent company of this network. if you look at the price bmpbs wmpbss you can see verse up, come past up 28% look at these dividend-year-olds because that's one of the reasons investigators might be high on these stocks verizon a 4.1% yield and comcast a 1.8% yields as well. as we take a look at the reasons

why kwhcommunication services, kelly, one of the hottest sectors this year. it might be the expectations but old world cable and tech companies are making up a lot of that ground here and did i havi might be a reason they are out performing the nba season tips off tomorrow any headlines around this one? it was supposed to feature the most exciting rookie to enter the league since lebron james but zion is hurt the china controversy is of sha over shadowing everything any way.

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china's state broadcaster cctv warning that adam silver has defamed the country and he will receive, quote, retribution sooner or later. this in the wake of that infamous tweet from the gm of houston rockets, darrylmorey, and one day before the league tips off joining us to discuss all of this is sham shrksarania

how long do you think this china issue is going to linger over the league, or once the games start, will most fans just say, eh, who cares? >> i mean, in america most fans will move on to the season once things tip off on tuesday, but there's no question, this is a backdrop throughout the nba, throughout the league. the league still has a lot of uncertainty as far as what the next steps are with china, and a lot of nba teams are monitoring whether cctv will start to broadcast their games back on broadcast starting tuesday, or whether they will continue to blackball the nba from playing in china and i'm told the league, adam silver, league officials are in consistent communication with chinese officials on where this is going, but there's no doubt there's uncertainty where this relationship stands, and it stands to, you know, be a question of billions and millions of dollars. >> and cost not just the league, but individual franchises that are -- that have tie-ins in there, potentially, as you say,

billions of dollars. is any one team more exposed than others? >> there's no question it's the houston rockets. darryl morey, the gm, is the one who put out the tweet, and since then, they've all essentially parted ways with the houston rockets and are determining whether they want to move forward with any type of a deal. and there's a belief around the league, around ownership levels, around league executives that that's more of a long-term situation, where houston is really going to be in the dark on a lot of deals in china for the interim, for at least the short-term future here >> adam silver has talked about how much money it's cost the league already is there a truth to the idea this might lower the salary cap next year? >> teams don't know. it's definitely a possibility, if china pulls out of its billions and millions of dollars of agreements with the nba and its teams. there's no question it's a possibility. and there are a vast amount of

players, teams, agents, executives all preparing potentially for the possibility that the salary cap does fall, but it's not a guarantee there's a lot of question marks. >> how mad are the players at, say, darryl morey or potentially adam silver, although i know he'sskilled. how mad are they that this may end up costing them money, not just in the form of maybe a reduced salary cap, but sneaker deals. >> the frustration really lies that they're being asked these questions. they're the ones being thrown into the fire on a daily basis or were. the lakers and nets were in china, where no one really had an idea about safety there no one had an idea about what questions the overseas media would ask them and the lakers and nets met with commissioner adam silver in china, and determined that they would not speak to the media, you know adam sufilver, part of his pitch was, listen, let's get you guys out in front of the media and so you guys can back the league's initiative on freedom of speech,

freedom of expression. and lebron james is one of the prominent players that essentially pushed back and was like, listen, i think the league -- we all need to push back before the players see it adam silver has been very, very capable in helping out at the end of the day, the right decision was made. that's really where the frustration is, that these players and teams are being thrown into it, when it was really just an isolated executive tweet. >> zion might have pushed all of this to the back burner tomorrow, but he's not going to be playing anymore what do they do now, especially when he just continues to be plagued by these issues. this is somebody who could have been the biggest star of the season and who the tv schedule presumably resolves around and what happens if he's missing from it now and again and again? >> yeah, it's a big loss for the pelic pelicans, big loss for zion williamson, big star for the league he was a star. he played a lot of minutes in

preseason. and they've essentially declared him out indefinitely but i'm told there is growing concern over that need, and whether there is damage in that knee and the pelicans haven't put out a release since thursday the assumption is that they will put out a release out before tuesday's opener in toronto. but as one person told me close to the situation, is there's something going on in that knee. and it's going to hold him out indefinitely it will remain to be seen how long he's out, but around the league, there's hope that this is also positive, because it allows him to then focus on his fitness and his body and essentially just get right for the long-term. >> he plays a very vertical game of course, he's 285 pounds got to get your pick tomorrow night, my favorite broadcaster, kevin harlan, has the game, clippers and lakers. who wins in the west and who do they play in the finals? >> i'm going -- i'm stumped between the lakers and clippers, i'm going lakers in the west i think they play the philadelphia 76ers, top to

bottom, i believe that the sixers are stacked i think that their team is loaded the question will be how these players mesh if we fit at the 5 or the 4. they brought back tobias harris. they're as deep as it comes. milwaukee is going to be a threat out east. between the lakers, i think nuggets will be in there, as well, out west but there's, you know, this league is as open as it's been in quite some time >> it's going to be an interesting game to watch that lakers/clippers. and if it's a boring game, i promise you, kevin will make it very exciting. thank you. >> thanks, guys. we've got some more details on that breaking news on teva pharmaceuticals' possible global settlement let's bring in meg terrell for the details. meg? >> hey, melissa. well, we saw teva's stock jump quite a bit on the news that it had reached this framework for a potential global settlement. it reached that settlement with four state attorneys general, which are leading the negotiations and implied that it might

stretch to all of the litigation, including with cities and counties. while we checked with the co-lead plaintiffs representing the cities and counties, zmethey say, no, they're not onboard with this. they say, it appears to be the same proposal that 17 municipalities rejected on friday and we don't see that changing you are seeing teva stock come back a little bit from the 13 to 14% it had been up earlier, as this might not actually be the end of the road for teva as part of this global framework, they say they've offered to supply drugs to treat addiction, up to $23 billion worth over ten years as well as up to $250 million in cash but guys, we are hearing that is not a done deal just yet for teva back over to you >> all right thank you very much, meg and "closing bell" will start after this short break

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welcome to the cloeg"closing bell," everyone. i'm hearing at boeing post today. that stock is down 4% following yesterday's 7% slide 6% gains for the s&p 500 with 59 minutes left to trade. >> i'm courtney reagan in for sara eisen let's look at what's driving the close today. brexit opposition. we've got trade optimism china's vice premier claiming substantial progress and president trump saying they're on target. and treasury yields are moving higher today with spread