Welcome to power lunch. Im melissa lee. Lets take a check on the markets. Out of the gate pulling stocks lower, we hit threemonth lows on the dow, as well as the s p 500. We are off session lows now. The s p higher by about 16 points from lows today. Banks gets hit hard again. Third day of lossesment this of course ased of a slew of bank easternings that start tomorrow. One bright spot in narcotics. Utilities are holding up nicely. Up by 1. 8 at this hour. Thank you very much. Welcome, everybody. Heres what else is happening right now. Worlds longest reigning king has died passing away today at the age of 88. He took power back in 1946. Amazon hiring 120,000 holiday workers this year. Thats up 20,000 from just last year. And u. S. Jobless claims now at a 43year low. The 84th straight week that claims have come in below 300,000. Got a big two hours ahead and we kick it off with this big move down in the market. Though not as far down, bob pisani, as earlier today. Weve come back. Weaker export data, about 1 . Affected our markets. The major sectors leer, banks to the doup side. Some of the other issue, energy stock, tech and materials on the downside. Materials down on the slowdown, so a lot of issues for the r market. Not just china here. Slower china growth, then higher rates an stronger dollar, then election jitters. Thats been an issue the last several days. Cautious start for earnings season. Ericson warning, honeywell warning. Oil has been on a wild ride. Down the last two days in the nrng stocks. Oil stopped going up, but you see the drop there on a build of inventories have been a rally back. This is eog. Went down to 94. Now, its at 96 here as it rallied back on not an awful lot here. A lot of people trying to fig that out here. Fairly heavy volume in banks. Four will be reporting. Remember, these stocks have had big run ups. Good news here, higher Interest Rates helping them out. A lot of reports about problems with commercial loan growth. Take a look at some stocks here. Regions, bank of america, suntrust, all up near double digits. What kind of loan growth and of course, guys, that whole regulatory environment, which no doubt is weighing on those stocks. Back to you. Thank you very much. Want to zero in on some key parts of the markets breaking key levels. Dom . If we take a look at some of those pocket of strength bob just referred to, so did you early on at the top of the show, but there are some moving averages, some of these average price levels that traders watch to see whether or not the slowing momentum is hitting. This is the vectors semiconductors etf. Theyve bb been a lot, a big upside trade oaf the course of 2016. As you can see, that momentum has been strong over the course of the past few months. Now, its dipped below the 50day average price. Its not a tell all, but perhaps a sign that one of the leadership points of the market is showing some signs of weakness. Also moving on here to a financial part of things, kbe. We referenced that one. Some of these big financials like bob said have been real leerds over the course of the second half of this year. Now, were seeing signs of weakness there. Theyre touching their 50day average prices. See if they can bounce off or if theres more downside. One other place i want to point out, the small stocks. Theyve been showing sign of weakness over the past week and now, they are below their 50day average price. One more thing about this market breath or sentiment independent kart. If you look at this, 371 members so far of the s p 500 are now below the 50day average price. Nearly the 200 are below their 200day or longer. More signs of longer term weakness there and one thing to watch, 32 stocks in the s p. Within 5 of their 52week lows. Doesnt seem like a lot, but melissa, just three months ago, there were no stocks in the s p 500 that were within 5 . Back the you. Trz. 30year bonds up for auction. Rick santelli is tracking the action. Matter of fact, this was the best. We just added 56 billion in total supply. Had two mediocre auctions. This auction, 12 billion of 29year, 10month securities, reopened 30s. B as in boy the plus. Maybe it was the fact we had a little rally. Maybe some investors thought the sell off may be over a bit as this risk off day seems to have taken grip on investors sie. That was an aggressive side. That was the offer side. Quickly, 244, the best cover in one year. 6. 1 was the only light part of this on the direct and 6. 1 well, lets put this it this way. If you look last option, 4. 6, youd have to go back to march of 2014 to find a lower number. Very solid. Were seeing a one basis point drop as the auction buttoned up. Back to you. Trz. Thank you very much. Now, to your top story of the day. Wells fargos embattled ceo, john stumpf, retiring in the wake of the scandal. Elate lit rally, the ins and outs of the story. We have a new ceo and board set up. For the most part, analysts have applauded that. So is the share price, it is down, but less than the bank sector as a whole, but more needs to be done. With that, we focus on earnings tomorrow morning. What to watch for in earnings. Number one, customer retention rate. New account opening. Secondly, any additional financial provisions taken, keep in mind, the additional 185 million payout was taken in q 2 numbers and number three, compare tear on legal fallout. Not just from wells, but also citigroup and jpmorgan. They report tomorrow as well. Deutsche banks analyst says hes low 2017 earnings by 4 because higher Regulatory Burden and 2 billion less in buybacks. One other thing. What about moral amongst the troops . Last night, catching up with this new ceo, i asked him whether this last 24 hours, him taking over, had been a sad moment or proud moment. Its a sad moment because john stumpf is retiring in a situation that i think he would have never imagined and he has done sauch great job in managing this company, not with standing things that i think he wished he would have done differently. Having said that, i feel a great responsibility and im looking forward to to be ceo of this company. Wells fargo report earnings tomorrow, 8 00 a. M. Eastern time. Vchl. So, is the ceo change at wells fargo good for the stock . Lets bring in kevin barker and chris, the Senior Research analyst at oppenheimer. Ill start with you, kevin. What do you expect the Earnings Call to be like tomorrow . Are we going to get increases in legal reserves, for instance, get a kitchen sink quarter because we got a new ceo . I think its too early to say were going to get a kitchen sink quarter. Primarily because i think the quarter has set. This happened the last minute they know what earnings is is going to be this week. I think this happened in the last few days. On the fallout of john stumpf. Into this quarter, i think tim sloan look to start 2017 anew. So i dont think youre quoing to see that. Chris, ill ask you this question. What investors probably like about tim sloan is that hes a 29year veteran of the bank. Long seen as the air apparent. To mr. Stumpf, but at the same time, he was still the president and coo of the past year or so, and in the hearings. Allison warren s senator from massachusetts, asked about the decision not to fire the head of the unit whose practices were under question. Mr. Stumpf at one point, said at the time, she was reporting to the president and coo. Does this fully turn the page or how much, to what degree does this turn the page past the scandal . You know, what we had with wells fargo is you know, opening all these accounts. Its obviously a terrible breach of Customer Confidence and trust. But it is a problem of a fail yaur to supervise. As oppose today a problem of policy, right . And any large ogs is going to have a problems with with supervision. Ive been in management myself. I can guarantee you, employees do things you dont want them to all the time. Sometimes, because they dont understand what you want. Because theyre not capable. Sorry to cut you off, youre make iing a good point b, howev banking is ark, largely based on trust and brk, increasingly come come otttized. Dont you think tlas risk to the business Going Forward when people have a choice of three or four banks . They say, wells fargo may do bad things with our money. Lets go somewhere else. Theres a failure to supervise and in terms f you know, kulpaablety, its fair to ask where tin the chain of command did that praech occur. If theres a breakdown in military discipline somewhere in the armed forces, our first instinlgt isnt to say the joint chiefs need to go. You try to do an analysis of where the breakdown occurred. I think on the outside, Elizabeth Warren included, do not have enough facts to know where that breach happened. As for the cust mes, i bet you theyll be much more forgiving than all the senators and congressmen. People will make their decision about where to bank based on con venus and its a documented thipg that people hate banks, but love their local bank and their local banker and the people they deal with all the time. At their branch. I agree with the earlier tom tair that theres going to be months of bad news to surface there. Possibly, all kinds of city attorneys and state attorney generals initiating investigations. The news flow is going to be tough for a while, but i think ultimately, you know, a year from now, i think most people will have forgotten this. Do you agree . Do you think ths going to cost the customers . At what point do i start to reconsider wells fargo as investment . Is there a point youd be looking at . Theres going to be some turnover within wells fargo. I think youre going to see some Financial Advisers have tough conversations with their clients. I think youre going to see some customers not walk into a branch of choose Something Else because of the reputation of wells fargo. You hear people are having issues choosing wells fargo as bank. Not the say theyre not a good bank or well run bank. I think one of the best managed banks in the country, its just this this issue in particular has hurt their reputation and it will cause turnover. You had an underp performed rating on the stock since april. Thats this most recent scandal erupted in the format today, so, you had questions about banks fundamental business and perhaps valuations. Jpmorgan is above one. Bank of america,. 7 or so. It is trading roughly one times turned. Cheaper on earnings share on 2017 compared to large cap regional banks. Our fundamental call from when we downgraded the stock in april is we didnt think wells fargo was going to reach street estimates. The revenue was struggle to go. In this low Interest Rate chirmt, i thought wells fargo is going to have difficulty continues to grow or hit street estimates. That was the bis is for our underperformed rating. The its all about fundamentals as opposed to core issues. Thank you very much. Dont go anywhere. Up next, wall streets top watchdog will put, is hit putting new rules in place on mutual funds. What they are and how they could impact your investments. Mary jo white will join us exclusively when power lunch returns. Will your business be ready when growth presents itself . American express open cards can help you take on a new job, or fill a big order or expand your office and take on whatever comes next. Find out how American Express cards and services can help prepare you for growth at open. Com. At the Marine Mammal center, the environment is everything. We want to do our very best for expreeach and every animal, and we want to operate a sustainable facility. And pg e has been a partner helping us to achieve that. Weve helped the Marine Mammal center go solar, install electric vehicle charging stations, and become more energy efficient. Pg e has allowed us to be the most Sustainable Organization we can be. Any time you help a customer, its a really good feeling. Its especially so when its a customer thats doing such good and important work for the environment. Together, were building a better california. Approving new fund rules today, which could have major imp cases on the way funds operate. The rules require much yul funds so though they have enough liquidity. The latest in the series of erats by the sec to intensify its regulation of asset manageme managers. Joining us now for a power lunch exclusive is mary jo white, the chair of the securities and change commission. Good to have you with us. Without wading too deeply into these rues, lets start with the liquidity ones. What do investors, shareholders, of which roughly half f of us are, what do we need the know and what aere you trying to add something that caused you fear or some perceived weakness in the way funds are operating. Sure, Liquidity Risk management we did today really sweeping formative for the mutual fund industry. Investors in the funds as you say. Theres nothing more important to investors that they get their money and assets when they want to have them. So, managing that risk when shareholders want to redeem is is obviously essential to the Asset Management industry. What this does, transformtive and sweeping, it really for the first time imposes regulatory controls over those risks. I mean, obviously, we saw for example, we were working hard on these rules bf that, in december. The example of a fund that was unable to meet its redemption obligations because of what was not optimal to say the least liquidity managements. As i read quickly through the release, it indicates that the funds would be capped at Something Like 15 of their assets are liquid. Is it done by the funds themselves. This is sort of liquid theres various guidance around making that determination, but yes, the funds make that determination. Weve enhanced the controls around that. 15 . Limit for liquid investments. The rule requires the categorizing or you know, bucketing of highly liquid investments and imposes the funds with board approval. Basically, a minimum requirement for highly liquid and then two other categories of more liquid and less, so they can both better monitor and the board can better monitor the Liquidity Risks as can the sec. The second of those rules is really our reporting rules enhancing the reports of information. New and different and more and more frequent information. Thats the second part of it. Without going deeply into that, lets pivot if we might to a couple of things that are very topical. Starting with wells fargo. As you may or may not know, senator warren said last night that stumpf is leaving with all of his ill gotten millions. He should return every nickel he made while this quote scam was going on, and face an investigation by the Justice Department and sec. Are you looking at anything with respect to wells fargo or to mr. Stumpf personally and is this an area that the sec ought to be, has business going into . Well, i cant really comment on all specifically on wells fargo. Were obviously aware of the calls for investigation. We dont as a a matter of policy, i think for probably pretty obvious reasons, say whether and what and whom were investigating. Obviously, we have a major enforcement division. Just announced his impressive results for 2016, so, you know, we pay a lot of attention really across market par tis papts. Obviously, wells fargo or any other bank as a bank, you know, you have banking regulators as the primary there, but i really cant go beyond that. Thank you again very much for joining us here. I want to talk about Insider Trading because theres a very, very important case in the Supreme Court. I dont want to get too much in the legal weeds, but basically, the Supreme Court has the b possibility, the option, of not blowing up what used to be one of the major standings, but wouldnt be far off according to many speak i spoke with, if the Supreme Court changes the rules regarding personal benefit. Youre right. Optimistic. Reaffirms the law in that area, which will be enormously important to the continuation of you know, what is an extraordinarily strong Insider Trading program at the sec. Has the neuman ruling, which is another case, made it harder for you to bring action sns. Its a significant case. I think some folks that have analyzed this dont realize it impacted us less at the sec than it is the criminal authorities, that was a criminal case in my old office. Our burden of proof is not as high. But to bring really multiple Insider Trading cases within the confines of newman. Weve also made the arguments to various courts at the limitations and so far, quite successfully, but were watching carefully. What your that leon cooper mann is in talks with you guys. Hes fighting the charge, but at the same time, you guys are looking at perhaps suspended him from the industry for however long a time. Its a major case we brought. In litigation. I dont want this to be taken one way or the other, we dont talk about when were in talks with charged respondents, defendants, but its a major, important case. How important is is t to you that whoever is charged with Insider Trading, admits wrong doing sm. I think its case by case. As you know, when i first became chair in to 20 13, i changed the secs sort of uniform policy of allowing settling defendants. Never to ad mitt or deny. We require those admissions of wrong doing. But we have certain criteria we apply. That weve announced. The potential harm to the markets. Since youve been cracking down on Insider Trading, Hedge Fund Returns have gone down drainful some ive spoken with on wall street have said have you noticed, since the sec got tougher, hedge funds have had a tougher time making money. Do you think theres a connection . How much hedge funds in the past do you believe were connected to having a wee bit too much information . I dont think anyone would argue some of those returns at some hedge funds can be attributable to trading on the inside information when its not allowed to trade on. There are Insider TradingProgram Within our enforcement division, historically and current ly, is a very, very hig priority. You want those markets fair and having a level Playing Field for all participants, so weve maintained a r very Impressive Program and the sec has maintained that even in the face of newman. Question question. In the cooper mann case, is there a timeline you have in mind for resolve lg it . How quickly might it move because obviously, it takes up a lot of your resources . Mr. Coopermans business operating under a a cloud so long as the investigation is own. Once you do a case, you bring a case thats being litigated. You know, it really is obviously, were very village lent in pursuing it, but really is not up to us what the the timetable is, so we cant predict that. We have some video of chair white here not long ago, the Washington Nationals brought out the petite righthander. There she goes. To bring in the heat. Were calling it. Heres your pitch. And its hard to do that. And to to get the ball, watch this. You got it there. I did get it there. I did. Most pressure ive ever been under in my life. Just so you know. Youre a nats fan. Or royal. Shes from kansas city originally. Im a yankees fan and a nats fan and im rooting hard for them tonight. Are r you going to go to the game . Not going, but watching. Absolutely. Chair white, thank you very much. Stack of o cooperman papers on her lap and bushen perhaps. Still ahead, mark cuban is ahead. Not the biggest fan of the sec. Well get his thoughts on our interview we just heard with mary white, maybe his take on samsung, the election, maverick of the markets coming up on power lunch. One of millions of orders on this companys servers. Accessible by thousands of suppliers and employees globally. But with Cyber Threats on the rise, marys data could be under attack. With the help of at t, and security that senses and mitigates Cyber Threats, their Critical Data is safer than ever. Giving them the agility to be open secure. Because no one knows like at t. Ive got a nice long life ahead. Big plans. So when i found out medicare doesnt pay all my medical expenses, i looked at my options. Then i got a Medicare Supplement insurance plan. [ male announcer ] if youre eligible for medicare, you may know it only covers about 80 of your part b medical expenses. The rest is up to you. Call now and find out about an aarp Medicare Supplement insurancelan, insured by unitedhealthcare insurance company. Li all standardized Medicare Supplement insurance plans, it helps pick up some of what medicare doesnt pay. And could save you in outofpocket medical costs. To me, relationships matter. Ive been withy doctor for 12 years. Now i know ill be able to stick with him. [ male announcer ] with these types of plans, youll be able to visit y doctor or hospital that accepts medicare patients. Plus, there are no networks, and virtually no referrals needed. So dont wait. Call now a request this free decisi guide to help you better understand medicare. And which aarp Medicare Supplement plan might be best for you. Theres a wide range to choose from. We love to travel and theres so much more to see. So we found a plan that can travel with us. Anywhere in the country. [ male announcer ] join the millions of people who have already enrolled in the only Medicare Supplement insurance plans endorsed by aarp, an Organization Serving the needs of people 50 andver for generations. Remember, all Medicare Supplement insurance plans help cover what medicare doesnt pay. And could save you in outopocket medical costs. Call now to request your free decision guide. And learn more about the kinds of plans that will be here for you now and down the road. I have a lifetime of experience. So i know how important that is. Here is your cnbc news update. The u. S. Launched tom hawk cruise missiles that destroyed three radar sites on yemens red sea coast. Its in retaliation for two incidents earlier in the week in which missiles were fired at us navy ships. It is the first shots fired by the u. S. In yemens long running civil war. Pope francis meeting with nato secretary general at the vatican today. He was in rome to sell wrat the 65th anniversary of the founding of the nato defense college. A private autopsy on a North Carolina man shot and killed by Charlotte Police last month shows he suffered four gun shot wounds, two of which killed him immediately. Thats according to the forensic pathologist who conducted the autopsy. And the university of pittsburgh researchers have been able to restore the sense of touch to a 28yearold man who lost functions of his arms and legs after a spinal cord injury. The team implanted electrodes into his brain that control touch. He was able to sense touch when using a mind controlled robotic arm. Fascinating stuff. Thats the news update this hour. Back to you, melissa. Thank you, sue herera. 25 days to go until the election. Well get the latest from the trail, plus hes been running a controversial campaign. Has it helped or hurt trumps businesses . Straight ahead. Any data hog. I do the sales, the marketing. I have to do that from my phone. We use tons of data. I really dont have to worry about it cause everything is unlimited. I need data and i need it now. Its the end of data limits for your business. Get unlimited 4g lte data as low as 30 bucks per line. Switch your business to tmobile work. [phone buzzing] some things are simply impossible to ignore. The strikingly designed lexus nx turbo and hybrid. The suv that dares to go beyond utility. This is the pursuit of perfection. This is my retirement. Retiring retired tires. And i never get tired of it. Are you entirely prepared to retire . Plan your never tiring retiring retired tires retirement with e trade. Im in vests and as a vested investor in vests i invest with e trade, where investors can investigate and invest in vests. Or not in vests. Sign up at etrade. Com and get up to six hundred doars. Lets get a check on the stock market. Its been a lousy twoday run. Dow industrials down about 84 points contributing maybe to this. But i dont know because the headlines crossed are some comments out of Federal Reserve president and i dont know where he said these, but he said he favors two rate hikes next year. He is not a Voting Member this year. But he will be a Voting Member next year, so again, park e of the philadelphia fed, he may have said these in past, but hes saying i favor two rate hikes. At least we know we have one incoming hawk. Incoming hawk. Zbl three of the hawk rs moving off. Donald trump making headlines now in west palm beach, florida. John harwood live in washington. John . Donald trump is responding to the growing number of women alleging he made unwanted sexual advances against him. He told the crowd that was part of a conspiracy by the Clinton Campaign, media and political establishment. To keep him from wiping the white house. Take a listen. These vicious claims about me of Inappropriate Conduct with women are totally and absolutely false. And the clintons know it and know it very well. This followed a powerful speech given by Michelle Obama in which she called out Donald Trumps behavior has recorded on the videotape and linked that to these alsos of unwanted contact. But new hampshire, be clear. This is not normal. This is not politics as usual. This is disgraceful. It is intop rabble. It doesnt matter what party you belong to. Democrat, republican, independent, no woman deserves to be treated this way. None of us deserves this. Now, this in is the context for the battle of the two parties to turn out their vote. Leets look at the breakdown of the electorate. Donald trump, his base is among white men. 43 of the vote. White women, 38 . Africanamericans, 13. Latinos 11 . Now, look at election interest, which is in some ways, a proxy for likelihood to vote. You see the highest interest is among white men and women. But u close behind are africanamericans, latinos lower down. 60 of latinos express is highest interest in voting and Younger Voters from 18 to 34, express the lowest interest. Just 50 say theyre following the lech closely, now, that was true also in 2012. They still turned out at pretty high rate, so part of the battle again for both parties is donald trump hoping to turn out his base and depress support on the other side and Michelle Obama and hillary clinton, barack obama and the democrat, trying to begin up support, especially among women, College Educated votes and those young people. Thank you very much. For more on the elections and economy and whatever else we want to talk about, lets bring in a former cabinet member of the clinton administration. Good to see you. Thank you for having me. Anything to talk about these day sns. No, nothing. How do you see it playing out . Dont get into why clintons better. We know thats how you feel. Whats your prediction for the election . I was worried a a few weeks ago. I thought it was going tb a very close election. It did narrow. Polls i believe understate him. I think its slipped away from him. Theres 25 days left and a lot of things can can happen. This litany of emails will make this a close election yet. Potentially. But its hard to see people coming back around the trump. The truth is people are now paying attention as they would in the last 25 days, and its time to really focus on what were going to do for the country. On both sides. You think the trats take the senate . I think its a close call. The house. Its harder. Probably not. Probably not. That would take a major kind of landslide proportion to make that happen. So, but the senate i think is very much in play. Democrats might win the senate. Talk about a couple of the things in these wikileaks. One, the speeches mrs. Clinton gave to banks. Goldman sachs. How damaging is the apparent revelation that town hall questions were leaked to clinton staffers who passed it up the chain and that that calls into question obviously fairness and how the Clinton Campaign interact wd the dnc. With respect to their campaign and senator sanders. My honest assessment is that these are inside baseball. They matter to folks kind of in the system. But i dont think theyre registering out in the country. And the speeches. You know, i expected that we might hear something much worse out of all thats been said. About the speeches. In fact, she was talking to Business People and try to relate her policies to Business People and they dont make the best play when youre out in the country at large. You know, populous time. But i found nothing there. Did you find her answer in the debate on those speeches particularly convincing . She went off on a tangent trying to explain the context of the speech where once you have a public position and private position. People understand its a very complex world, you have a view about how you might like to see something. Thats what political people do. The its not mortal sin and the final analysis, theres a lot that goes into the calculation of a decision that meets the public. So, i think people understand that. Now, the trump stuff is dichbt in the sense that its more venal and personal and people do understand that. Thats something everybody relate to at the level of their family and personal relationships, so thats why people take an interest in that just as they did in bill clintons problems. They resognated in different level and they have a character kind of impact. Thats my sense. Honest reaction. Regardless of who wins though, you believe that infrastructure is going to be a major focus for either candidate. I do. For a variety of reason, one, its the right thing to do. Weve had a relatively lackluster economic recovery. Need the boost and stimulus from a lot of construction. Good jobs. You know, Bernie Sanders whole effort and part of Donald Trumps appeal is people who are feeling left out by the economy. Its time to bring people back in, then we have this gap of 1. 5 trillion. In Infrastructure Improvements that are needed. The american Civil EngineeringAssociation Says we have a d grade for things like this 66,000 bridges that are dangerous in this country. So, ive heard both sides say things that lead me to believe this is a very high priority for them. Hillary clinton has said 125 billion infrastructure u initiative including an Infrastructure Bank for example. Right out of the box. First thing and donald trump, ive heard him say how he defines making America Great is in part, buildinging. Hes a builder. So, which ever way this goes, i think were going to see a golden age. I love your state. Texas. Texas is doing very well. I dont remember the number of it, but i was in austin. Driving to san antonio. The speed limit was 85. Thats highway 130. Speed limit was 85. I was in like chevy cruise rental r car. Top speed is like 72. But i tried. The idea is basically pay to speed. Yep. Thats true. Kind of the way things are going. And pay for lack of congestion. Keep an eye on the texas trooi angle as the next Great American megalopolis. Got to go. Well get you pack back on to talk about it. Thank you very much. All right, donald trump has run a controversial campaign. The question is, has it helped or hurt his businesses . Robert frank is here with a closer look at trump inc. Whats the verdict . Its a little too early to tell how these latest troubles will affect his company, but even before last week, there were signs that trump, the candidate, was not helping trump the business man. Accord tog data from foursquare, the share of foot traffic fell 17 in june. 14 in july over the latest period compare today a year ago. Now, the travel site hip monk saying that bookings are down 12 since the start of his campaign. The effect on his Residential Real Estate build, less clear, since real estate has longer lead time, but an angel alysis d trumps 16 branded buildings in manhattan saw prices increase 5. 5 over the previous year. While the broader Manhattan Market saw prices at 1. 7. There have been some high profile defegss from his buildings, including keith ole berman who sold his apartment for 3. 9 million. The market at nyc for trump apartments is in a free fall. The Trump Organization did not return my calls for comment. According to the sec filings in may, revenues that hes increases, almost 190 million. Well have those gains coming from his golf course, branded merchandise and book royalties. Of course, we have the opening of a new trump hotel in d. C. , which could be another big windfall for him. Down 27 since the start of the campaign. Yeah. Thats right. And again, these are outside estimates, so its private. We only know what he chooses to tell us. For now. Yes. Robert, thank you. Still ahead, the four stocks on our radar today. Your daily chose de la osa of street talk is still ahead. Who do you work fo your boss . Yourself . Your family . Our Financial Advisors are free to realize a plan to fit your familys unique needs. Well listen. Well talk. Well plan. Baird. American express open cards can help you take on a new job, orill a big order or expand your office and take on whatever comes next. Find out how American Express cards and services can help prepare you for growth at open. Com. For donald trump to threaten a potential lawsuit in response to the New York Times story from a number of women that donald trump had groped them at some point in the past. This letter from the New York Times attorneys two attorneys for donald trump. Just released within the past couple of minutes and i want to quote you a couple of key sections that the New York Times is is saying it has been asked to remove this story from its website and issue a full and immediate retraction and apology. The New York Times saying we decline to do so going on here, the lawyers for the New York Times write the essence of a liable claim of course is the production of ones reputation. Mr. Trump has bragged about his nonconsentual touching of women. He has brag ged about intruding on beauty pageant contests in their dressing room, a radio hosts request to discuss his own daughter as a piece of, and expletive in the will thor. The New York Times also going on to say we gid did what the law allow, published news worthy information b about a subject of deep public concern. And guy, this reaction from the New York Times here is really no surprise. It will come as no surprise in journali journal israel. The Trump Campaign is in middle of a rally. Donald trump himself is speaking as we are talking now. Down in florida. Where he has denied all of the allegations against him in terms of groping or inappropriate sexual touching. He said hes got evidence that the clints knows that this is false and he says he will release that evidence at an appropriate time in the future, so all of this unspooling right before our eyes here in real time. Back to you. Thanks. Keep us posted. Time for street talk. We start with apple. More bullishness on apple, this time, from pacific crest. Overweight rating. Current expectations are reasonable and there is potential for upside. Checks indicated apple will meet 45 million iphones in the fourth quarter. No mention of any boost from Samsungs Galaxy note 7. You know apples done well lately. Do you know how well . In the past threes, apple is up 20 . More than double the next highest stock, which is caterpillar, which is up 8 . Second stock, hca. The hospital chain upgrades to overweight. Fourpoint call. Election catalysts with the greater chance of win. Strong urban market, moderate leverage. Their 94 target implies about 20 upside. Its worth watching the whole sector. Third stock were watching, pfizer. Its getting a downgrade from jeffrey to a hold rating. To 36 because of a lack of catalyst. Catalyst have drone jefferies to upgrade. And the flu vaccine, prevnar, or the catalyst failed to materialize such as inversion of splitting the business. Also, the risk of f. I. R. E. Doing a deal in the next 12 months as increases. And you wonder what would be out there they would want to buy. Probably have to spaend lot of money. Final lewly, a Company Called new relic. California based Software Analytics company. Pacific crest boosted the target from 44 to 38. Strong momentum in Big Companies and they say they noticed a 51 sers increase in detection rates of new software at fortune 500 companies and they add revenue per customer should benefit and new relic likely to beat on earnings. The target is about 20 upside. I like the name. New relic. Like jumbo shrimp. Tyler . Thanks, guys. Still ahead, mark cuban will join us live. Well his take oon wells fargo, the election, samsungs image crisis and a whole lot more. Hey nicole. Hey i just wanted thank your supporteam for walking me through my First Options tde. We only do it for everyo gary. Well, i feel prey smart. Well, were all about educating people on options sttegies. Well, dont worry, i wont let this accomplishment go to my head. Im still the same old gary. Wait, you forgot your french dictionary. Oh, mucho gracias. Get help on options trading with thinkorswim, only at td ametrade. Doesnt go on your wrist. Technology. The highly advanced audi a4, with classleading horsepower. Youve got to look at ulta salons. Not only the best performer in the s p 500 today, it is up 11. 5 raising guidance. Actually one o f the best p performing stocks in the s p 500 over the past seven our eight years. This has created millionaires and tonight on mad money, jim is going to speak with the ceo. Its a company, sure you talk about it at 5 a 0 p. M. Always time, its just printed money for investors the last nine or ten years. Small lux kis. Its done well even if the individual cosmetic companies have had rough patches, so this is one thats found that magic sort of combination of the product and the retail experience. Leets take a look at what you know one that has gone the other way. Wells fargo. There is an intraday, the stock down about 1. 5 at 44. 61. On the news of turnover there at the top. Theres three months. There you can see its down about 8 . There is the story of wells. Around the first of september when the news of the hacking scandal, its really the accounts scandal. Theres a new guy in charge of wells fargo. Well talk about what needs toos to turn the bank image around and what really goes on behind the doors of the Trump Campaign. A former trump insider will join us live. Im melissa lee. Heres whats on the power lunch menu. Wells fargo has a new guy at the top, but its scandal far from over. What he needs to do in the next 100 days. Show me the money. The anatomy of a highend house flip, plus, a unique look inside Donald Trumps war room. You cannot mitsz this. The second hour of power lunch begins right now. Hi, everybody. Welcome. Im tyler mathisen. Lets get a check on the markets with hours until the closing bell. Stocks well off the session lows. Really closinging in on basically the flattish line. Industrials off about 40 points, nasdaq down 21. S p 500 off about a quarter of a percent. Or five points. Financials, materials and tech, theyre the laggards today. Utilities and real estate, the bright spot. Bio tech on track for its workweek in four months. Brian . Thank you. Topping your headlines at this hour, xeroxs biggest individual share hoholder suing to block t company from flit spliting in two. They want to split sbroo separate copier and Business Services companies. A billionaire claims the split violates a tooin 2009 deal he made. Meanwhile, asking the wto to establish a dispute panel that could better examine claims about unfair export practices from china and get to know nicole. The now category 3 hurricanes barrelling down on bermuda. Packing winds of 120 miles an hour. Lets start your money. Ti if youre vesting in stock, theyre worth less today than they were yesterday. Lets find out why and what else is going on with bob pisani. Take a look at the s p 500, we were at the lows of the day, 1030, but then we turned around, largely on oil. You can see were getting close to positive right now. Take a look at the xle, the energy index, we were at the lows there. Around 11 00, we had a sell off on oil and turned into a rally. When traders realize that had the inventory build was not as bad as we had fear and you can see the energy sector, almost positive here. Bank stocks still sitting near lows of the day. Big earnings tomorrow from citigroup, wells fargo, concerns here about particular things about loan growth and regular laces weigh on those for the last couple of days. Strange day for transports. Airlines are up big. Delta, the first one to talk about earnings. They topped, nice gains here, but look at the truckers on the other end. All to the downside. Covenant trading warn on weak truckload volumes. Bottom line, very top choppy trading ahead of earnings. Back to you. Sxwl zbl for more, lets bring in bob dahl good to see you. Bob . Hello, bob. Hello, bob. Call me bob. Bob, bob, bob. Bob, bob, bob. Apparently, hes not there. Hes not there. Despite best efforts. Not like beetle juice. Meantime, beetle juice. Beetle juice. Beetle juice. Didnt work. Your top story is the abrupt requirement of john stumpf. Lives in the middle of a fraudulent account scandal. Normally, id shy away from commentary, howevecnbc. Com, thi not a bad thing for wells fargo, but may be a bad thing for the stock market and for capitalism in general because capitalism in confidence and theres a lot of people that have been burned by the stock market in the past few years. They feel its rigged. They see this happen, they get disgusted. Another instance where they may get disgusted rightfully, choose not to invest in the stock market w. The baby boomers ageing out, if all these 22, 27, 36yearolds thinking about invesing, see this, they may feel the market is rigged against them, that Corporate America is not what it should be. Thats my oped. Get some insight from hall scott, author of connectedness and contagion. Protecting the Financial System from panics and management in crisis. Author of winning and the mba. Susie, what did you make of the oped . I think the horse is already out of the barn to tell you u truth. I dont think the people are looking at the market and looking at this wells fargo thing and say, im so shocked. I had trust in the system and now i dont anymore. Isnt this a chance to restore some trust by doipg the right thing. Well, what would be the right thing . Him leaving with less man . I think anyone who abruptly resigns in the middle o f a scandal, rank and file employees lost their jobs, maybe shouldnt walk away with 140. Nobodys going to disagree on that. When the board signed him up, they gave him a contract. I think its ugly, but i dont think its going to change anybodys view of how the market works. I think analysts are cynical and investors know what theyre facing into. Nobodys view. Now, look, a a crisis shows how good a company was. If wells fargo had all these wonderful results, but this crisis is revealing they were poorly managed. Thats going to remind people that managers are not that theyre showing. So, professor scott does the board go and claw back men that mr. Stumpf earned . Was given to him by the board . Well, i really dont have a big opinion on that, but i think you need to focus on another aspect, which is less and investors and more about the reputation of wall street, generally. My concern about is this its another black mark on wall street. It really affects the ability of the federal government. Particularly, the fed. Thats the the issue i raise in my book. The more unpopular wall street becomes, the less possible it is for the fed to support it in a crisis are wr the fed should support it. I like your view, professor scott, not only because it agrees with with mine in a way, but the banks rightfully so in many cases are probably the most bruised and battered sector of the mark. Youve got all these americans struggling to get by and you see somebody thats forced out. I have never seen company, s p 500 company, krrk eo retire this abruptly. So kay, and whos walking away with by some reports, 140 million. Forget about wells fargo. Dig a little more into why this may harm the market generally. I guess my question to both would be when you felt ha the market was doing well and didnt have a black eye. Youve got to rebuild it though. Its not like it had this wonderful period where everybody said, oh, yeah, we trust the market. I think still 2008. People are not saying banks are great. Of course not, but thats a new amount of time for most of human his or since the 1972 buttonwood agreement, people probably thought it was a fair place to invest. I feel like thats far gone. Maybe im missing smog. What does wells fargo have to do now . Theyre trying to turn the page with this new guy, hes not a new guy because hes been at the bank for 29 years. Elizabeth warren has brought up the point, why didnt you fire this woman who was the hedo f the Retail Banking unit where the accounts were falsified and john stumpf on capitol hill said at the time, she reported in to our coo and president , who is now the ce ork. What can they do to sort of distance themselves and convince customers were different now. Im in no position to give advice to wells fargo. We need to look at the Bigger Picture here. How come wall street, wells fargo included, reestablish a legitimacy with the American People so that its not vulnerable to these continuing pop list attacks. Thats the big issue facing not just wells fargo, but wall street in general. Its very hard in the his riff of banks over the past eight or nine years. There was the libor rigging scandal. All kind of examples of bad behavior here. Trz that has eroded confidence. I think the wells fargo board has b to be held to task here rmt when this crisis broke, there have been public firings of very high level people. They did way too little way too late, so if we want to, wall street is just businesses and business is just people. But we have a lot of boards are sort of ab ten senne tee. If youre going to be on a board of a bank, youve got to be in the weeds. The Banking Industry is down in the tumps. Starting to sort of crawl out of this stuff then this drops. You got stuck with 140 or so Million Dollars. Maybe at a time whos going to do it . Go ahead. I think we have to remember that the banks and the whole Financial Sector is at the heart of our economy. Unless it functions well, our economy in the longterm even in the median term, is not going to do well. Its been crippled. T not functioning well and regulation is piling up on it in addition to the fines, so r we have to get out of this mess. Not just to restore the reputation of wall street, but to get our economy back on track. Is there a correlation between bigness and bad behave here that really is what were circling . You dont hear about this kind of stuff at Smaller Community banks. The banks sometimes, you do. Maybe theres go ahead. Small Community Banks dont hit television. Thats why you hear about the big banks. If you go back to the savings and loan kris nis the 80s, it was small savings and loan institutions that had these problems making bad real estate loan, particularly in texas and the take away was well, we have to have mergers, so we have larger institutions that are better able to manage themselves. So, i dont think the you know, were going to get less violations by breaking banks. I think you can make the case that a place like jpmorgan and indeed, wells, apart from this particular event, are in a better position to manage risk than small institutions. Were going to have regulation upon regulation upon regulation. Until theyre suffocated in rell reglations unless the quality of market improves. Where you have people, i saw the headline yesterday, they knew as early as 2005, hes done. They get lett to th go on and on without taking a high level manager without saying to the company and the world, look, this is permitted here. Its always the cover up, not crime. They tried to cover it up and i guess banks and their boards have a special responsibility to the whole system for high quality management. Otherwise, the trust will go out. Whats left of it. Thank you guys very much and before our next guest, usa today with a story that stumpf is still on duoboards, making 650,000 a year. Thats the kind of stuff that mom and pop read, the its gross. Weve got to make sure theres capital in capitalism. Mark cuban is the owner of the Dallas Mavericks and a shark tank investor he joins us from santa monica, california. We are just talking about the developments that have happened in the past 24 hours over at wells fargo. Just curious what your take is and whether or not the reputation of this bank can be improved at this point. I dont know enough details honestly to have an opinion. Ive be so caught up in other things. I just heard the headlines, so i have nothing to add. Talk b about donald trump, a topic on which you have been outspoken and a lot has happened since the last time you made very Public Comments about trump. Whats your take on where he is now, are we closer to his end than you think before . Or is this just all proof he is somewhat teflon this this race . Oh, hes certainly not teflon. His number keefe on going down. I think theres more stories to come out. Ive heard a few. I dont know if theyll become public. But i think this is just a beginning of the end of the middle of the end for donald trump and not just in his run for the presidency. But his brand. His properties, his businesses. Hes been scorched and i think the whole thing has a real chance of o going down with him. That was where i was going to take it. The trump the brand we just had robert frank reporting that hotel book at some of his named properties are off. Theres conflicting information and of course, mr. Trump will probably come out with his own numbers telling a different story. His nature is to punch back when punched, but do you think his brand is toast . Done. Over. I mean, could you see it now, honey, were going to vegas, where do you want to stay . And the answer is, anywhere but trump. Where do you want to go in d. C. . Anywhere but trump. Theres just the stigma attached to his brand now. And its crazy because he went from being a top five brand recognized by almost everybody, to probably being a bottom five brand recognized by everybody for the wrong reasons. Mark, want to ask you about the bus tape. Because its been written off by mr. Trump as being locker room talk. Youre the owner o f f the mavericks. Youve been in a locker room or two. Whats your assess m of this . Ive never heard that talk in a locker room ever. I mean, when you talk about sexual assault, thats ive never heard anybody discuss anything like that. So, theres no just boys being boys. This is just what we do behind closed doors. Not the boys ive hung out with, no. Thats just, no. Mark, i agree. Played football for a lopg time, baseball. All kinds of sports. Didnt hear that kind of stuff. Lets get ive heard a lot of stupid stuff, too, but nothing like that. Plenty to have stupid stuff, but nothing like that. I dont know if you heard our previous segment, where i was sort of arguing about wells fargo may hurt overall confidence in the market. I know youve got a view on the market generally. Do yu agree maybe to susies point, people are so disgusted that it wont matter or does this provide another black eye . Just in terms of the stock market, i think both eyes are black and the body the is black and u blue nor a variety of reasons. So many Different Things to add up. Weve talk ed about High Frequency trade ng the past. Just theres a significant decline in the number of public companies. You know, maybe hopefully, were seeing a change in things now, but companies dont want to go public. And i think you know, because companies dont want to go public, weve seen too many acquisitions. I use this example all the time, but just imagine where how things would be different if instagram and twitch and ok louse and any number of acquired Tech Companies were independent and looking at going public like snap chat is. Wed have a whole new attitude about the vibrancy because wed be seeing these companies go public. You know, i love you, buddy, but how sad is that that were kind of afreeing ta everything is terrible . That the very sad. If we dont, my point of the piece i wrote, just a little scratch off thought. If we dont have young people, getting into the market as old people age out and cash out. There will be no market. We dont have new factories. Were not quoing to have this. How do we fix it . Yes, on one hand, people are just investing in indexes now. Money coming in is kind of forcing the market up along with low Interest Rates, but i agree. My buddies at the sec, they want to talk about enforcement, but they should be doing Everything Possible to simplify the process of taking companies public. Ray gay plus was a minor, minor step. And they certainly havent done anything to insent companies or encourage them to go public and that should be their number one folk. There are a lot of great up and coming companies. There are a lot of great entrepreneurs who could take their companies public. Far sooner and all of us, you know, one of the reasons that the middle class has a challenge participating a long with the 1 is there arent companies that we can attach to that we all get that we can invest in that are coming public and when they do come public, they come public so much later than they used to that you dont get to participate in their growth. Imagine if twitter had come public two years earlier. Wed all be able to talk about, yeah, maybe a slowdown nourk, but it had a great run and it gree. We just dont see that anymore. And that i think is a marketing problem for the market. That is you know, an investment problem for all of us. And i think it hurts competition as well. Because every major Public Company knows they can use their stock to acquire their potential up and coming competition and so, those companies are so small, or small enough they havent reached the level of antitrust ibs. No knock on facebook, because what they did was brilliant. When they bought instagram and whats app gone were two potential competitor, ip oz, b b reasons for us to get excited about the market. Would you take a Company Public today in you had the opportunity or keep it private . In a heart beat. In a heart beat. You would. And specifically because oh, yeah. Because there are so few ipos. Look at how the tech ipos in particular have done. There was an oil and gas ipo read that did well. I mean, theres such a thirst for ipos right now. The demand is there. Theyre just arent the companies ch just the culture and particularly on the west coast or Silicon Valley in particular has just down played all the hassles of Going Forward. I think thats bad for the entrepreneurs for the investors. Bad for the general investing commune and for america. Is there a job in government that would interest you . Any . No. None. I havent asked. I havent asked, i havent offered. You know, one, you know, ive invested in 150 plus companies. I love helping entrepreneurs. I love creating wealth for people. I love creating jobs. I love doing shark tank because it sends the message to 20 million plus people you know, across all viewing for every episode that the American Dream is alive and we. It gets kids from 8 to 80 excited about entrepreneurship. Thats where i know i can have an impact. Thats what i love to do. I just could not see myself going through all, what we call politics. But i will add one thing. I am finding a group and it hasnt been given a name yet. I think one of the big problems we have a a as a country in politics is that we dont not everybody whos our best an brightest has the able toy run for office. Because of the two and a half party system. That has to do with Ballot Access lots. Im putting up 2 million for a group, starting with texas and other states to go out there and say lets do what we can to change Ballot Access laws. You have to have 30,000 or oyefuwa 60 thourk signatures to get on the president ial ballot in those states, so if i could help change the access laws, maybe we could take a step towards creating more diversity. Wont run for office. I think thats a great step. You know, i think one o the things, certainly my house, what people love about shark tang, its family entertainment. Whole family can catch, have an opinion, play along, the whole business. I wonder whether you have spoken to Mark Burnette his experience with donald trump . Producer. We spoke. What did he tell you . He doesnt want to get involved in political side at all and donalds a big bay. I think he came out with with something yesterday or the day before aing hes a democrat and you know, i dont remember the exact details, but i let mark speak for himself. Mark is i love working with mark. Hes a big proponent of shark tank. Ill let him speak for his own politics. Where do you think we stand in terms of value wasuations . Stocks in narcotics youre interested in now . That youve invested in recently . The companies that i bought recently are bright cove. I bought cheg. But theyve gone up. Recently, for me, i dont trade nearly as much as i used to. Those were probably four months ago. I bought some uranium. I was so Much Research on this Clinton Foundation and selling and all the nonsense and all of the falsehood that is i got to know too much about the uranium business, so while i think its going to be down, i bought some ccj. Futures in uranium . I hope youre not stockpiling uranium. No. Something weshl talking about with the chair, the cooperman case. Have yreached out to mr. Cooperman . If so, what did you tell him . I told him kick their ass. If this is six years later, theyre bringing this, theres probably nonsense. I also told him, read the trypsins of other sec trials because they tend to do the same thing and make the same stupid mistakes. You know, i dont know what general white had to say, but the thing about sec and Insider Trading, there are no real Insider Trading laws. You could talk to five people who work at the sec. None will give you the same definition for any particular scenario of Insider Trading. No one really knows what the law is and ill tell you the other thing ive said to others who have reached out to me about Insider Trading, if you get hit with civil liabililility and lon Insider Trading, its like a speeding ticket. Unless you work in the industry, you couldnt nak two people that have lost, that have been whats the right terminology, that have lost a civil trial. Been found liable. Thats what i was looking for. Impacting your business. Changing your perception among your business and workplace. Those days are long gone, so i think the sec has to rethink how they business. They have to start defiping bright lines on what Insider Trading is. If the sec wanted to reduce the amount of Insider Trading, they would public glooins about what individual investors and in corporate, employees can and cannot do. There would be no doubt b about what is or is not sbooder trading. That f they did that, anybody who bloke broek those laws would have u no excuse. Every case is so hard to prove that it wastes tax pare money and accomplishes nothing. If the sec wanted to eliminate trading, they would glooins about every scenario and everybody would be able to read those and make a decision before they made a trade or understand what they can and cannot do and you would see Insider Trading cases disappear. The reason they wont do it because thats a lot of jobs that they wont need. A lot of lawyers they wont need. A lot of people who lead the sec to work in private practice that wont get jobs. Maryland has the highest percentage of militaries in the united states, but you can name one fortunate 500 company. Great state, built on taerns. Thank you. Welcome, guy, always fun. Mark cuban from santa monica. Much more power lunch straight ahead. Hi, everyone. Heres your cnbc news update. Secretary of state john kerry arriving in rwanda to attend a conference on climate change. He is expected to speak to virmal ministers from around the world to endorse an amendment. Scotlands leader telling her party they will publish a bill next week laying the groundwork for a new independence ref rerendum. The First Step Towards a new vote on whether scotland should leave the united kingdom. Voters rejected independence in 2014, but britains decision has reopened that debate. Back here at home, deaths from Breast Cancer fell between 2010 and 2014, but rates fell faster for white women than black women. The largest difference by race was for older women. And a record breaking 13 foot alligator was caught in a small texas town. Might be bigger than the town. It was hauled out of a lake after six hours weighing more than 900 pounds. It was taken to its new home in gator country. Thats the news update. Boy. I didnt know they had gators in texas. Its gator country. I dont want to go there. No. And no petting of the gators in gator country. At all. Sue, thanks very much. Sure. Shares of delta, a bright spot in todays sort of wishy washy market. The airline reporting a mixed quarter. Phil lebeau spoke to the ceo. He told us that it was a tough quarter and despite that, delta was abe to turn it better than expected earnings. The revenue side, it was challenging quarter. They came in shy of ek peck tases and dont forget in august, they had the computer outage. Scrapped about 2,000 flights. That cost about 100 million. Heres the ceo earlier today explain why this quarter should convince investors the airline can turn consist profits. Despite probably the weakest pricing environment we have seen in recent memory, we had a really strong quarter. 19 operating margin. Now, its up to us to prove the resiliency. Over the last year, investors have said not just delta, wu to all airlines, what have you done for me lately. They have not been listening to the bottom line that many turned profitable quarters. Were going to talk about why deltas revenue pressure is forcing the when it comes to transatlantic flights. Guys, back to you. Look forward to it. Thank you. Come up, the man who was let go by the Trump Campaign will share his opinion on the race and talk about what its really like inside that trump war room. What did he hear the donald say from time to time . Well find out coming up. D afla. Aflac isnt Major Medical enough . No whos gonna help cover the holes in their plans . Aflac like rising copays and deductibles. Aflac or help pay the mortga . Or child care . Aflaaac and everyday expenses . Aflac learn about one day pa at aflac. Com boat blurlbrlblrlbr the Trump Campaign is pulling out of virginia. Sources speaking to nbc news saying the decision was announced on a Conference Call wednesday evening. The decision shifting the campaigns focus to four battleground states now. Considered critical to trumps chances in november. They would be pennsylvania, florida, North Carolina and ohio. Let bring in Corey Stewart former Virginia State cochairman for the Trump Campaign. Corey, welcome. You called this move totally premature. Do you think that trump is still a possible winner . In the old dominion . Absolutely, he is. Look, ive never seen such excite m for any campaign on the republican president ial side. There are thousands and thousands of volunteers, really dedicated, very, very loyal to mr. Trump. The only thing that really the Campaign Needs in virginia is a robust ad campaign that was supposed to be financed by the rnc, but that never came to fruition. Do you think his supporters in virginia are being undersampled by the poles because hes trailing there substantially. I know. He is, but you know, those polls i think youre right. That he is being, they are being undersampled. A lot of people who have never voted before, never been active in politics before, who are thrilled by his campaign and are not being polled. I think that the numbers are going to look better from election day than the polling number rs showing now. Now, you were fired from the campaign op o monday for conducting what was described as an unauthorized demonstration outside of the rnc headquarters in washington. Having to do basically with how the rnc was redeploying money that had been raised in your lights to support the trurp Trump Campaign and now being redeployed. Who fired you and whos calling the shots now inside the Trump Campaign . Well, dave bossy is the one who fired me. There were some personal political reasons why that happened, ultimately, the reason i did that and i knew i was going to be terminated when i went through with the demonstration. Is because we cannot, its going to be very, very difficult to win virginia. Despite the massive amount of support on volunteers, if theres not an Aggressive Ad Campaign and the only way to though shao the rnc needs to step up to the plate. I had to call them out. Especially the members of the establishment within the rnc got to shame them into doing the right thing because they have been diverting resource frs the Trump Campaign to various congressal campaigns around the country. Youre running for governor as i understand it, election will take place next year. Do you believe that the support of mr. Bossy for your competitor in this race, former rnc chairman, et gillespie, figured in your firing . No question. I was told weeks ago that ed gillespie was working on mr. Bossy, to get me fired from the campaign. I knew what the risks were. But i was determined not to let that stop me from doing what i thought i had to do as chairman to get the resources necessary into virginia to win the campaign. But look, you know, the most important thing for me that he get mr. Trump elected president and 2017, when im running for governor, will take care of itself and look, this, i made a commitment to mr. Trump. I stuck with mr. Trump. Im continuing to be loyal to him. Hes what the country needs to turn the country around. Who is really running the campaign apart from mr. Trump . Is it Kellyanne Conway . Mr. Bannon or is it mr. Bossy . Well, like any campaign, there are struggles within the campaign. The best Campaign Manager ever was corey, he was excellent. There have been struggles inside the campaign. Not saying anything negative. But you know, mr. Bannon is superb. He represents more of the grass roots movement. There are struggles with some of the new rnc elements. The establishment almosts, especiallements. You come from what is it, Prince William county . Which is the second largest county in virginia. Just outside of washington, d. C. Vote for mr. Trump . It is the biggest bellwether county in virginia. I dont know at this point if we had an Aggressive Ad Campaign, coupled with all these volunteers erat, we would win in Prince William county and we would win virginia. At this point, i dont know. Corey, youre in Campaign Rooms with donald trump. Youve heard the alleges. What did you hear . What do you think based on your experience with the man . I really like him. Hes tough. Hes a good ceo. Its not what i asked. He makes decisions. He list b b b bens to advice and does his own thing. I grew to have a tremendous amount of respect for him. Asking if youve witnessed personally any inappropriate behavior. No, i never witnessed anything like that. Not even close. Why do you think all this is coming out . You know, i think its just politics. Look, hes a billionaire. Hes a wellknown famous billionaire. And i think that if in fact all these women had been groped years and years ago, they would have sued him and there are no lawsuits out there. So, i dont think it, honestly, i discount those allegations. And most importantly, i think as we saw in 92, 96 and even in 98 on the heels of the monica luns ski scandal, people dont care ab about that stuff as much they care about the state of the country. Theyre worried about the compa economy. They were worried about the economy in the 90s and are worried abt now. Obviously, just as a a man, a human being, you understand that sometimes, people are afraid to come forward against billionaires because theyre billionaires. Because they dont have the legal resources, the other person does. Its dangerous, but once one comes out, its safer in a group. You understand that, right . Absolutely. But if as prevalent as these ags allegations are making it out, i mean, mr. Trump would be in jail. At least be sued. I just dont believe it because you know, he would not expose himself to liability by going out and groping women as a wellknown billionaire, he would have been sued. I just dont believe it. All right, corey, thank you very much. Cnbc reached out to the Trump Campaign to speak with the representative, but they did not respond to our questions. If youre on medicare, remember, the open enrollment riod is here. The time to choose your Medicare Coverage begins october 15th and ends december 7th. So call unitedhethcare to enroll. In a plan that could give you the befits and stability youre looking for, an aarp medicarecomplete plan insured through unitedhealthcare. What makes it complete . It cananombine medicare parts a and b, which is your hospital and doctor coverage with part d Prescription Drug coverage, and more, all in one simple plan for low monthly premium or in some areas, no plan premium at all. An aarp medicarecomplete plan ofrs you benits like an annual phycal, preventive screenings and most immunizations all for a 0 copay. Youll also have access to a local network of doctors and much more. 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We are to kick off an important round of earnings. How will this impact the markets . Christine, good to see you. Great to be here. We were on the eve of a major round of bank earnings. What are we expegting, which uns are going to be the win sners. You dont need that. Okay, i can hear you guys fine. Initially, it was the big question on their minds was this rally and its going to continue. Maybe theres jitters around. What are the banks going to report and i have to say that i dont expect a repeat performance from the first half of the year. Numbers are looking more muted for q3. Got jpmorgan, Goldman Sachs and morgan stanley. Weve seen those estimates come up. Theyre expegting year over year growth. Complete opposite story. All of those numbers have come down since their last report and theyre expegting year over year declines. Its not just a just a good idea, so on those three banlgs, the ones i mensed, were expegting somewhat of a miss. It doesnt mean its necessarily going to happen, but when you see revisions come down like that, for wells fargo, thats going to be the big focus and tomorrow, weve got john stuchf out. Going to have to hear what tim sloans strategy is. Can they turn things arn and remember, wells fargo was the most profit bable bank in 2015. Wildly praised by warren buffett. Of those six, it was the one, they were continuely seeing loan growth and certainly, you can see that again in third quarter. I think we are going to see loan growth continue, but how much are they going to have to pay out to their clients to keep them. All right, thank you so much. Well be seeing more of christine in the comes weeks and weve got the return of the earnings squad. Remember that . I love it. Power lunch is back in two. Like the Power Rangers of earnings. Remember here at ally, nothing stops us from doing right by our customers. Whos with me . Im in. Im in. Im in. Im in. One, two, wait, wait. Wait wheres tina . Doing the hand thing . Yep we are all in for our customers. Ally. Do it right. Welcome back to power lunch. We have a news alert with verizons pending purchase of yahoo in the context of email hacking that happened. Comments, verizons general counsel was quoted by reuters as saying i think we have a reasonable basis to believe right now that the impact is material referring to the hacking and we are looking to yahoo to demonstrate the full impact. If they believe it is not then they will need to show us that. They declined to comment on whether or not talks are underway to renegotiate the possible purchase price. We reached out to clarify comments. We asked if it meant that the deal may or may not go through. A spokesperson said that the statement stands on its own. If you are watching for the stock valuation it is possibly the interpretation of comments made by verizons general counsel. Thank you for that update. Coming up, we will take you inside one realtors 1 million house flip and tell you what outrageous new perk is being offered to lure buyers to luxury real estate. A flipper put a million bucks on the line. How did it turn out . You can see it here. She bought this industrial farmhouse for 600,000, put 400,000 more into it and just put it on the market for 1. 469 million. That could be nearly half a million profit if she gets her price. This is the fourth flip for Real Estate Agent who gutted this 1938 home. She spent a year remodeling it, added super high end finishing and landscaping and staged it to sell. She used all cash and is confident that the reward will be will worth the risk. I believe there is a market for the high end because you are investing in what wont change, location, amenities. The risk factor is a tad bit lower. But flipping in general is a Risky Business and the number of investors doing it is rising fast. There were more than 51,000 flips in q 2 of this year, the highest level in six years according to adam davis solutions. Average return rising to nearly 49 thanks to those fast rising home prices and very tight supply. Interesting, there are a lot of tear downs in this neighborhood like this where builders will put up something brand new. Those tend to be much pricier. Here you are getting nearly new but for a little lower price. So far no offers yet. Rice says she is not concerned due to high quality of the location and the renovation. We have more pictures, more facts, more details on cnbc. Com. Lets get reaction to this story. Joining us now is star of bravos Million Dollar listing. Welcome back. How do you react to what you just heard there . I love a good house flip. I think it is risky. You hear a lot about these flips in a good market. We have a healthy market. 2010, 2011 and 2012 there wasnt so many house flips. In manhattan we dont see a lot of inventory of these apartments coming on. As a broker and working with developers when i pitch you you have a loft and then i tell you why put something on the market that looks bad. There isnt a lot of product to purchase it. You couldnt do that in new york city city which is bad news for melissa. The price is so crazy. There is not a lot of really run down apartments. A one bedroom is 2 million. A lot of new stuff including 1 sea port. That is my project. The most successful project that i worked on. Not even open yet. We just reached 50 sold in three months. There is a crazy perk. We have done something no one has done before. We added a boat amenity. You heard about swimming pools in the building. What is a boat amenity. You put your robe on say sunday morning. You wake up and you take your family in the elevator down and you walk out. Do the elevator noise again. You walk out. This building is right on the water. You walk out and there is your yacht. You step on board. No hassle of owning it. Wine, food. No extra fee. As a resident this is the best amenity you can have because it is right on the water. It is like a 500,000 boat. A picnic boat like a lottery boat. Maybe im just a small town country boy. Where is all this money coming from . Who are your buyers . Every building is being sold out. You read New York Times and see a new building. Movie cinemas and this is the place to invest. This neighborhood is everything. In new york in general i always say only one new york and sometimes i say you havent truly made it in life until you own an apartment in new york city and then i smile. You can help them with that. Studio, condo in new york city. What are the monthly charges for this apartment . All included. Are you interested . Im curious. Its about 2. 50 per foot. It is like 4,000 a month for a two bedroom. That includes the swimming pool, includes the private drive way, the gym. There is the pool. Laying like this and you are looking out over new york. Seven bridges. All the rivers. Look at that sauna. I will come visit you. You are going to correct me. Closing bell coming up. I love it. I cannot wait for his acceptance speech for the nobel prize. I hope he sings it just like that. He will need a translator. I dont want to talk over this. I feel like it is wrong. Brilliant move by the Nobel Committee this year. Awarding the prize to bob