Certain tariffs. Not just a trade deal, but actually removing some of the economi existing tariffs earnings continue to lead us higher just a bit. We have names like kroger and tapestry, the old coach beating expectations joining us for the entire hour is a man you know well, steven weiss from Short Hills Capital partners steven, good to see you down here at the New York Stock Exchange good to see you brian good to see us both heres the thing, earnings, trade, maybe just general positive market sentiment. One of those three or maybe something else, that has been the primary driver for what has been a nice little run we are up nine of the past eleven sessions on the s p 500 i think there are multiple drivers to the market. Trade being the most important and the most dominant. You can see the correlation. For those who say that trade is all in the market, thats clearly not true because when you get positive news coming out, the market ticks up when you get negative news, it goes down. So trade is still going to be with us until they sign the agreement. And negotiations are going to continue up until the signing. However, whats also lifting the market is weve seen a backup in yields of about 32 bips in the tenyear over the last month the market is associating that with people selling bonds, buying stocks well, more so than that i dont know if theyre doing that, but theyre associating the move or the steepening of the curve and the backup in rates with a healthier economy so theyre basically picking different numbers. So we have a strong employment number, we have a poor ism manufacturing number we have a strong ism services, which is most of the economy so you can pick what you want. The markets are always optimistic or 90 of the time, 85 of the time. Its going up. It makes somebody like me almost feel smart because things that i own are working, but i know its not me, its the rising tide lifting all ships. But it is you, because your boat is on that ocean. Some people are still docked i was smart enough to get my boat in the water, right reporte but where i am feeling a little pain is my properties i dont think its anything to worry about or sell, because the fundamentals are still excellent there. Well be talking to you a lot more over the next hour. In the meantime, lets focus on the big stories we are following today. Phil lebeau is watching boeing leading the dow following new comments from the companys chairman wilfred frost is in london with exclusive highlights from his interview with jamie dimon and Bertha Coombs has details on a big pop for walgreens. But first, lets go to you, phil, on boeing. And morgan, this was an emphatic defense of Dennis Muilenburg as ceo of the company, and it came from the chairman of boeing who has only been in that job for basically about a month. Dave calhoun talked with us exclusively this morning on squawk box. We touched on a number of topics including boeing, Dennis Muilenburg, the future of the 737 max. Heres a little taste of what he had to say about how the board feels about the job Dennis Muilenburg has done. Dennis didnt create this problem. But from the beginning, he knew that mcas should and could be done better. It was sort of clear to us, no one was hiding anything. It was a set of engineering decisions that ended up being wrong. That question of culture and anybodys willingness to trade safety against anything else, never seen it, never touched it, dont believe it the big piece of news coming out of this interview this morning is dave calhoun saying that he got a call on saturday from Dennis Muilenburg who, remember, last week, was grilled on capitol hill about his pay package and why he is still being paid, despite all of the issues surrounding the max mullenberg said, im going to waive my bonus and stock awards for 2019 and for as long as it takes to catch up on 737 max deliveries guys, last year, Dennis Muilenburg made just over 23 million, so hes not going to have that kind of a payday for 19, likely for all of 20 because theyre not going to be caught up until 21, late 20 at the earliest great interview you covered quite a number of topics this morning, phil. One of the things that got my attention was the fact that he basically said, were not going to rebrand name or rename 737 max when it gets back into service. It will take pilots and crews getting on these planes once its recertified the more that happens, if there are no other incidents, most believe in the Airline Industry that this is going to be something that people are not thinking about a year, year and a half from now. Its definitely going to take a long time. There will be people who are nervous at first, but thats what its going to take to get this plane back in the comfort zone in terms of the flying public i ran a little twitter poll, and about half the people said they will never get on a max again. Thats just them being reactionary. I get that but what happens if we have a scenario, phil, where some people are looking at flights and listen, if you love in dallas and youre on american yo, you live in new jersey and your only options are a max, you choose a different carrier if that starts to happen, could we see a big carrier pushback on boeing, saying, guys, no ones getting on these planes. You need to take them back and give us a credit or give us our money back i think what youre getting at is the rollout of these planes its not like the faa is going to say, lets say december 28th, the faa says, its good to go. Its not like everybody is going to say, boom, put them back in the air on january 10th. It will be a slow rollout. Phil lebeau will be on that first commercial flight when the max goes back into service are you not . I bet. Absolutely and there are going to be a series of these flights with the ceos, executives, boeing executives theyll have to do this a number of times it wont just be one and then theyll be like, everythings good to go, its going to take a concerted effort let me give you a common sense way to look at it rather than the twitter way, which is that all eyes are on this. Its going to be the safest plane out there because they want to make sure that nothing goes wrong if anything goes wrong, its the future of not only muilenburg but also let me give you a common sense way about pilots, which is that some pilots weve talked to complain about the engines being moved up and too close to the fuselage what do you do about that . When they stop building planes and i stop getting secondhand information with the plane in the air, because every roguetory authority in the world thats looking at this with the finest microscope you have on hand is going to say, its safe or its not. Can you imagine what would happen if this plane has another issue . I respect what youve heard from the pilots im just going the other way on it ill get on it with phil. Believe me, i have already made it clear to my family, im going to be on a lot of these flights. And thats fine. Once its settcertified, im hay to go you, me, and weiss. Ive actually had some people suggest i take it, which troubles me a little bit good stuff. Were not done talking about this but moving on. On to another big exclusive interview today, mr. Wilfred frost sitting down with mr. Jpmorg jpmorgan they were in london and talked about a bunch of things among them wework. Heres what dimon had to say when asked if jpmorgan had misled wework and its former ceo adam neumann in terms of the valuation that the company could achieve. You dont know the private advice we gave him or the company. And when it became a problem, jpmorgan did what it always did. In fact, we got a letter saying, no, you exactly what jpmorgan does when a client has a problem. You rolled up your sleeves and tried to find a solution at the end of the day, we did. We offered them a bought, fully financed kind of deal that can get them to the next stage of the life and i think theyll have a future life. And we want them to do that. We dont want to have to lay off 14,000 people with bankruptcy or Something Like that. But a lot of lessons to be learned by everybody along the way and i have learned a few myself what have you learned, in particular some we knew before, but i think Companies Going public should have proper Corporate Governance before they file an s1 you have to make sure you take a lot of time to go through how you disclose this stuff to the public and be responsible shareholders. Shareholders should be treated like partners. They shouldnt be treated like, whats the highest price can i get . The Investment Bank can guide on price, but at the end of the day, price discoveries, when you get hundreds of people in a room like this, and smart people with different ways of analyzing things, its Growth Prospects and that is real price discovery. And the bank should help guide that, but just because someone says its something different, that does not make that true so do you pledge here and now that you wont put your companys name on another s1 with that level of Corporate Governance questions i would never make a pledge to you or anybody else like that i dont make pledges do the best i can every time can i. But you said it should have had better all male board directors, you talked to yourself about that not being the case at jpmorgan the founder owned buildings where the company was a tenant they had multipleperson loans against their own so a lot of those things were prior. Some were changed going forward. If i remember correctly, they had promised to put a female board member they had just gone but the first s1. But you dont know everything that happened on the first s1. Is that something you dont want to put jpmorgans name on the s1 i would never tell you Something Like that. Well decide on every specific case and if we dont want to do business with a client, we can give them advice and we will not do business. But im not going to go through the detail wlas what we did in this particular one. I do think we helped wework get to a proper conclusion, which i think is very important. My really uh would have been bothered and upset if that company was a failure and had a chance to succeed and now it has a chance to succeed. Thats just part of the interview. And wifflered joining us now from london. It was a great interview, a lot covered. You talked about brexit, that, wework what stuck out the most to you reporter listen, i think the wework discussion clearly relatively heated, but with dimon admitting that there were Lessons Learned and mistakes made some other interesting highlights of the interview of what weve played so far, he says he doesnt think companies should be criticized for making profits in china he thinks the u. S. Economy, 77 of it, the consumer was strong, but still supported the three fed rate cuts weve seen this year and said despite a couple of recent hiccups from the fed, whether that was the repo rate or otherwise, he still thinks theyre incredibly powerful and in control and on buybacks, even though theyve been buying so much stock a theyre not ideal and he would much rather be investing that cash in the business going forward, but didnt seem to say that the share price itself and the two times tangible book value they trade at was a hurdle to further book values going forward. And i would say a pretty clear hint on the trouble of secession planning that the next ceo could be a woman, which bodes well for mary ann lake and jen peepsack wideranging interview. Just to go back to the wework piece of this interview a little more, we kind of cant stress enough how much jpmorgan has been involved with this company, as an investor, in terms of underwriting the ipo that got scrapped in terms of extending personal loans to adam neumann, as well what was the thing that stood out the most in your discussion with jamie dimon about that entire dynamic i think theres two themes that both David Solomon of Goldman Sachs when i interviewed him a couple of weeks ago and jamie dimon today seemed to echo, which are fair which they sort of say, look, the ipo process kind of worked, ultimately it just played out in public thats true, albeit, perhaps, a slightly generous framing of events they also are loyal to their client theyre happy that ultimately the clients life will continue. And they dont want to reveal individual advice that they may have been given that client privately, that may not have been listened to we dont know about those details. But what fundamentally is very difficult for them to hide from, two big ceos that often talk about the importance of Corporate Governance is that they put their names on the s1 with a litany of terrible Corporate Governance practices i think jamie dimon acknowledged today that that was a mistake, that hes learned a lesson from it he wouldnt go as far as to say hell pledge never to do it again. He says he has to reserve that judgment for individual cases as they arise but i would say that was a pretty full mea culpa. Not perhaps 100 of the way, weapon didnt get that forwardlooking pledge, but a pretty clear acknowledgement of mistakes made in the past. So, wilf, whats coming up in the next hour with jamie dimon reporter yeah, so we picked up on more of the Public Policy topics and exclusive portions still to air just here on closing bell in the next hour. So we discussed that Business Roundtable statement elizabeth warrens response to that and jamie dimon had some pretty tough words to say about some of the things shes been articulating other kinds of things he aligns with in terms of perhaps paying more tax himself and ended with a question about whether there could ever be the possibility of Public Service for him in the future. Quite an interesting answer on that well worth tuning in, of course, for the extra portion of that interview coming up next hour. Well see a lot more of you in the coming hour and a half or i guess hour and 45 minutes, i should say wilf, were look forward to it, thank you. They should stay tuned for other reasons, also. You mean, you and me and stephen. Stephen weiss, Morgan Brennan. Its an allstar panel, basically. Exactly all right can i talk about wework for one second there seems to be a tendency to blame the biggest pocketbook in the world whereas were talking about investors that bought into that 46 billion valuation ya i cant tell you how much pitch meetings ive been in where we came in at the high end, at the middle end ultimately, its up to the board, the private equity investors, and up to the ceo you cant blame jpmorgan does wework survive sorry does swooiit survive thats a great question i dont know the answer to it. Without softbank and theyre inflating all this private equity, theyre probably the biggest culprit in Silicon Valley who knows . Well, taking a look at walgreens, we see shares of that company climbing higher on a report that it has explored a deal to go private Bertha Coombs joins us with the latest bertha morgan, walgreens is weighing a potential buyout a source familiar with the situation telling cnbc that the company was approached by private equity firms about a potential deal and now the board has approached Investment Bank evercorps to explore a sale shares spiking on an initial report of the news, but walgreens has struggled. The company has tried to cut costs, but the market cap north of 55 billion, it could amount to a massive leverage buy out. Any deal, though, would hinge on on ceo Stefano Pessina okaying it that is a big story that would be a bigtime buyout, Bertha Coombs. Thank you very much. Wow. All right, on deck, call it kicking them when theyre down Goldman Sachs booting under armour from its High Conviction list, and it isnt the first miss from the banks list of favorite stocks. 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