Transcripts For CNBC Closing Bell 20160524 : vimarsana.com

And more evidence that were not in the 20th century anymore, toto. Esports coming to cable. Why competitive video gaming could be the next frontier in the new world. Now cocacola is stoning production in venezuela because of a shortage of sugar. Wheel talk with a global economist about the impact this could have across latin america. Some of the stocks including homebuilders. Mary tom sn is on the floor with the details. Mary . Hey, there, bill. Markets rallying on the back of a strong gain in europe. Then we have the housing data. Theres also a bit of a short squeeze going on. Volume is not that great. Ill tell you whats great. The action on the back of the positive data for the april housing. We have Toll Brothers right now with better than expected numbers. Its stock trading at 29. 30. To the right you see the others, pulte homes and others. The home numbers have given a lift to some of the suppliers of the housing industry as well as the appliance makers and other makers like whirlpool and all of those who make building supplies. Those are among the performers as well. In large part youve seen strength in tech. Semis getting a boost on its report. And then lastly we want to point out cf industries. This was one of the biggest winners yesterday. This is a Fertilizer Company to acquire a Dutch Company called osi with changes to the virgin rules. Yesterday Merrill Lynch cutting the stock prices. Again, were seeing the Strong Performance led by financials, led by health care and led by tech. Back to you. Thank you, mary. You know, the number of the day, to me 321,000. Thats the medial price of a new home on the market. I mean these are dramatically high twhaern we saw during the bubble which is just fascinating if there a point of view. What does it tell us about that part of the economy. And theres a rally today and the stocks interesting. Lets get to our Closing Bell Exchange now for this day. John manly from wells fargo funds is with us. Hes at post 9. So is steve grasso from Stuart Frankel and Rick Santelli is back with us from chicago. Steesh gra steve grasso, you were talking yesterday. We have a pretty good cushion over that today. We do. Flat on. I mentioned yesterday the fed has the inside track on the polling data for brexit and thats not going to be a hurdle for them if they wanted to go in june and no later than july. I felt like they wanted to stay away from that political cycle. June, july, it doesnt matter to me. It matters to the market and the fact that the dollars rallying, crudes up. This definitely feels like a riskon trade for me. But look at the housing data. Maybe you play it through ford or gm. The followthrough would be the ford f1 50rks the silverados, but those are really if you think of comeback in construction and a comeback in growth, you want to be buyers of those stocks unless this is just a kneejerk reaction and we sell off in the next couple of weeks, which i do believe were at the top end of the reins. That brings us to the question do you think the stocks will anticipate a rally . Sure. Why is the fed raising rates . Because the economy is getting better. The real question is how many times are the feds going to raise rates. The real question is are they going to try to encourage or discourage Economic Growth . Thats easy. No matter whatever the rates, theyre going to push the economy. Meanwhile, rick, lets see. The dollar, what did i see. Was that a tenweek high . Weve got a iuorio, a strong twoyear note auction. Discuss, rick. Yeah. The twoyear and the dollar index are kind of dancing to the same fed music. You know, i pretty much totally disagree with job. The feds raising rates because all roads lead to negative outcomes if they dont. If the economys getting better, they wouldnt be crying behind closed doors that they have to raise rates. They would have done it. But i give them credit. At least theyre opening the door a bit. The real issue is it a chicken little chapter or is it not . Im telling you, their credibility and its not them. All central banks, all this experimentation, were tired of having three arms and five legs. We want things to get back to normal and steve nailed it. What used to be a creeling is now a floor. How many times have we bumped up against a change from the downside. Now were bouncing off it from another direction. Were within a half a point of unchanged achlt half a percent before this mornings rally and i think thats a good thing. I read that santelli wrote a story about flat is the new up. Thats been kind of the moniker, the saying on this Trading Floor for a couple of years now regarding equities that when normalization occurred, just a flat line is going to be a good youtd come. How many times are they going to put us through getting ready for it. Yeah. By the way, one area that is doing okay today, john, are the insurers. It looks like chubb was trading at alltime highs. Cincinnati financial, alltime highs. A on the high since 2015. John, would you stick with the insurers here . Is this finally the relief over the higher rate environmental, you know, opportunity . I think so. By the way, i should mention. I wouldnt rather be wrong. Im very proud of that. I do think the fed is going to help. Weve been waiting for the fed to raise rates. Most of us know theyre at a moderate pass. I think the insurers anticipate that. Also some of the banks should also anticipate. Steve, what was your name again . Yes. What role do you think crude oil is going to play in this equity market right now . We know the correlation has been busted. It was strong last year. Hasnt been this year. But if Oil Continues to move to new highs for the year, does that put pressure on equities or does it help them . You cant i dont like to play it with pressure on equities. I think its been misconstrued. I dont think thats necessarily the case. Theres no global growth. Its anemic. Our growth is subpar. So i do believe its a trade at this point and it would eventually. I white gold rather be a seller. Is that bullish bears . A lot of people in the space have been bettsing against that, but were very tight to that 50 mark. Goldman sachs put out their price target for crude. Its 50 bucks. A dollar and a half away from it now. No leap of faith. I would be a seller of the market. I would feel were still topee and the market has to give some back. Very good, guys. Nice to see you. Thanks for your thoughts on todays market action. We have breaking news on toyota and uber. Put those together, dom chu. Theyre teaming up, guys. Its a lease they put it jointly. In this release toyota and uber have announced theyve formed a partnership in which the companies have entered into basically an agreement in which theyre going explore collaboration and trials on kind of expanding the world of ride sharing in certain countries. As a result of this collaboration and partnership, Toyota Financial Services and an Investment Fund that has toyota as an investor will invest in this particular venture. Again, the whole idea of this says the release is through this agreement the companies will create new Leasing Options in which car purchasers can lease their vehicles from Toyota Financial Services and cover their payments through their earnings they generate as uber drivers. So, again, if youre an uber driver and youre creating or making a paycheck, youy use that to offset the cost of leasing or renting a toyota automobile. Theyll also explore a collaboration in a variety of other areas such as developing incar apps with uber drivers. Again, an interesting partnership. For us, not unforeseen that a car manufacturer would get together with a ridesharing service. We already know that gulf of mexico a gm and lift have a relationship. Now toyota and uber in release in the pafts few moments. I with u going bring up the gm lyft deal. Clearly this adds value. Its an interesting way to talk about whats going to be the market for these guys. Is ride sharing something thats disruptive to a gm or toyota or not . By the way, did you see the story in austin, texas, where the regulations chased uber and lea lyft out of the city . So the city leaders in austin, texas, in 16 days put together an alternative ridesharing, a nonprofit ridesharing business that theyre going to use called ride austin. I wonder if thats in the future. This is how center has evolved. The first person gets in there and they get all the chases. Same with carmel. Were doing Free Association here. They have a new ride sharing app. Really. Yeah. So well be watching that. Im all into that. With lyft, theyre letting you book these cars ahead of time. Thats going to be a big innovation. Yes. You get a week advance of booking there. Amazing. Toyota making a strategic move with uber. The s p is up 28. The nasdaq up 91. The redstone saga heating up after the billionaire named new trustees for his media empire. When we come back, the impact it could have a on viacom and cbs. Plus snapchat raising 220 million. Is that a fair price or is this another potential red flag for a startup space. And uber and the gig kma economy to blame for the nations growing tax gap. Thats coming up later as well on closing bell. The call just came in. Shes about to arrive. And with her, a flood of potential patients. A deluge of digital records. Xrays, mris. All on account. Of penelope. But with the help of at t, and a network that scales up and down ondemand, this hospital can be ready. Giving them the agility to be flexible reliable. Because no one knows like at t. Man 1 i came as fast as i man 2 this isnt public yet. Man 1 what isnt . Man 2 weve been attacked. Man 1 the network . Man 2 shhhh. Man 1 when did this happen . Man 2 over the last six months. Man 1 how did we miss it . Man 2 we caught it, just not in time. Man 1 who . How . Man 2 not sure, probably offshore, foreign, pros. Man 1 what did they get . Man 2 what didnt they get. Man 1 i need to call mike. Man 2 dont use your phone. Its not just security, its defense. Bae systems. Were always looking for ways to speed up your Car Insurance search. Heres the latest. Problem is, we havent figured out how to reverse it. For now, just log on to compare. Com. Plug in some simple info and get up to 50 free quotes. Choose the lowest and hit purchase. Now. If youll excuse me, im late for an important function. Compare. Com. Saving humanity from high insurance rates. Welcome back. Weve got under armour surging. It tops nikes 252 million deal with ohio state. Coincidence, i think not. And shares of monsanto are higher after they rejected bayers buyout offer. They called the offer inadequate. The people response for his stakes. When he dies or is incapacitated. Julia boorstin has more or the latest on this story. Julia . Hey, kelly. Thats right. Today redstone announcing replacements. It will control 80 of cbs and viacoms voting shares when redstone dies or is incapacit e incapacitat incapacitated. He appointed tad jankowski and jill krutick. He also employed her and his granddaughter. He said, this is my trust and my decision. I have picked those loyal to me and removed those that are not. Yesterday there was a suit filed to challenge the removal questioning redstones mental state. Meanwhile redstone filed a petition to uphold his changes to these two boards. Now focus is very much shifting over to the future of viacom whose shares are down 40 in the past 12 months. Reporting are circulating that sumner and his daughter Shari Redstone are looking to shake it up. These battles are over. I home Andrew Ross Sorkin or others are taking notes. Julia, we want to talk about how esports, video game playing has become a very popular spectator sport. Its coming to cable, right . Thats right. Esports is now ready for prime time. Theyre announcing the launching of the their first tournament. It will culminate with finals that will air on tbs on friday. This is the first of 20 esport events that turner plans to air live on air. Theyre branching off on the traditional tv content. Not only does it offer legitimacy for the hardcore fan but it also opens the door for a casual friend and a potential to grow the audience. Former nba player rick fox whos competing in it says this tv tournament is a tournament for esports. Its a way to cash in on the 220 million Million People who are esports fans. Theres ticket sales, media rights, sponsorship and merchandising. All the ancillary and traditional ways you would see a professional sporting franchise capitalize on their investment. Now, the e Sports Industry is projected to grow to a 1. 9 billion business in 2018. Thats up from 750 million from last year. Bill and kelly, definitely a hot space to watch. Where do we begin . Its sort of when we saw the twitch. Now this whole thing is really blossoming, and its about people watching others play video games. I read today in the journal how its changing the habits of buying people how they would try to get good at one or two they follow on the pro circuit. 220 million fans out there . Are you kidding me . 220 million fans. And there are all sorts of statistics that are mindboging. If you look at the amount of time people spend watching video games every day and the range of Companies Getting into the spachls now, of course, we have turner making a big bet in this spachls remember, it was almost two years ago that amazon bought twitch for about aillion dollars. Its one of the main destinations. Everybody thought youtube was going to buy twitch. Youtube has been investing heavily in its own streaming. Teen gamemakers themselves are investing this this space as well. Friday night, right . Get the popcorn. Get ready. You enjoy. We know what you guys will be doing. Absolutely. ll be watching tcm or something, doing know. Thank you very much, julia. Is there basketball friday night . Probably. A couple of big series going on right now. Competitive. The market continues to set highs for the day. The dow up 234 points right now. Percentagewise, nasdaq is having a better day. Up 2 . Snapchat has over 140 million users. Theyve just nailed a 20 billion valuation. Up next well hear from a top venture capitalist whether that price is just burng. Meanwhile disney is waiting to open its long awaited shanghai park but now someone is vowing to crush their dreams. Well have the details coming up on closing bell. Olay regenerist renews from within. Plumping surface cells for a dramatic transformation without the need for fillers. Your concert tee might show your age. Your skin never will. Olay regenerist, olay. Ageless. And try the microsculpting cream you love now with lightweight spf 30. Still the stock down around 46 for the year. Ceo Nick Wood Miami with squawk on the street this morning. I think its somewhat relative of peoples understanding of what it is were building. In that sense were highly motivated to do a better job of communicating the vision of gopro and go and build it and go and realize it to make it real. Those shares of gopro you could see up nearly 5 . Im not picking on nick woodman but how many have we heard from when their stock is down saying their stockmarket doesnt understand my company. Oh, sure. Right. Yeah. Sometimes you hear it on the flip side. Maybe elon musk talked about it. Oh, when stocks high. We talk about it. No troves. No big news and things. Its quitely building a big franchise, isnt it . Yeah. Well, especially in my house. We have three teenagers. So i think theyre creating quite a buzz . That demographic. Still, steve, how much do you think its worth here . 22 billion. You know. Is it justified . Well, if you look at it alone, snapchat is growing faster than facebook. It has about 40 of the engagement that facebook has. And 40 of it as well. It has 10 , 15 of its daily active youers account. So today facebook is worth 330 billion. Is snapchat worth 1 16 of facebook given those numbers . Right. I id say. We know how fixing the young can be with their social media. Theyll move onto another platform when they get tired of that one as theyve done in the past, right . That would be the bear case that this is a flash in the pan and, you know. Is snapchat profitable . I cant tell you that. I know these companies dont often monetize to the extenlts that the more Mature Companies do, but, you know, its often said that content is king, but context is god. If you think about what that means, the overtime if you bring the i hate to sort of harken back to the days of the eye balls where companies are valued on eye balls. But today snapchat has as much video traffic as facebook does. Its only a matter of time when that level of traffic, that theyre going to start monetizing. Part of the reason why its risky is the fact that its private. Should there be more of an effort to get companies . Once they get this big into the Public Markets where its easier for people to look at their financials and make sure its there . Yes. Well, unfortunately theres effectively a 500 million tax on startups going public. Its called regulation in the form of starbucks, a huge variety of regulatory issues that essentially criminalize in banging and being a startup company, you can only really afford to go public once youve gotten to be at fi 5 billion, billion, 15 billion company. The reason were talking about this on cnbc, snapchat, which no one can invest in except for a few select private institutions, you know, it says a lot about where we need to go regulatorily in our country. It does. Steve, thanks for joining us. Thanks, steve. Steve talking snapchat. Its time for our news update. Lets get to sharon epperson. Hi, sharon. Hey, kelly. Heres whats happening this hour. President obama talking with veto any meese on tre bre nears about their business and success to ho chi minh city. He says it will talk about their potential for innovation to the world. Gas stations in paris experiencing fuel shortages with some temporarily closing. This following unionled blockades. The blockades oppose frances new label reforms. Security is being tightened near the g7 summit in japan. They set up roadblocks while more police were added to the area. The twoday summit which president obama will attend begins tomorrow. And who would you like to sit next to on a plane . Donald trump, hillary clinton, or Bernie Sanders. They surveyed nearly 10,000 travelers and 37ch said donald trump, 32 Toll Brothers<\/a> right now with better than expected numbers. Its stock trading at 29. 30. To the right you see the others, pulte homes and others. The home numbers have given a lift to some of the suppliers of the housing industry as well as the appliance makers and other makers like whirlpool and all of those who make building supplies. Those are among the performers as well. In large part youve seen strength in tech. Semis getting a boost on its report. And then lastly we want to point out cf industries. This was one of the biggest winners yesterday. This is a Fertilizer Company<\/a> to acquire a Dutch Company<\/a> called osi with changes to the virgin rules. Yesterday Merrill Lynch<\/a> cutting the stock prices. Again, were seeing the Strong Performance<\/a> led by financials, led by health care and led by tech. Back to you. Thank you, mary. You know, the number of the day, to me 321,000. Thats the medial price of a new home on the market. I mean these are dramatically high twhaern we saw during the bubble which is just fascinating if there a point of view. What does it tell us about that part of the economy. And theres a rally today and the stocks interesting. Lets get to our Closing Bell Exchange<\/a> now for this day. John manly from wells fargo funds is with us. Hes at post 9. So is steve grasso from Stuart Frankel<\/a> and Rick Santelli<\/a> is back with us from chicago. Steesh gra steve grasso, you were talking yesterday. We have a pretty good cushion over that today. We do. Flat on. I mentioned yesterday the fed has the inside track on the polling data for brexit and thats not going to be a hurdle for them if they wanted to go in june and no later than july. I felt like they wanted to stay away from that political cycle. June, july, it doesnt matter to me. It matters to the market and the fact that the dollars rallying, crudes up. This definitely feels like a riskon trade for me. But look at the housing data. Maybe you play it through ford or gm. The followthrough would be the ford f1 50rks the silverados, but those are really if you think of comeback in construction and a comeback in growth, you want to be buyers of those stocks unless this is just a kneejerk reaction and we sell off in the next couple of weeks, which i do believe were at the top end of the reins. That brings us to the question do you think the stocks will anticipate a rally . Sure. Why is the fed raising rates . Because the economy is getting better. The real question is how many times are the feds going to raise rates. The real question is are they going to try to encourage or discourage Economic Growth<\/a> . Thats easy. No matter whatever the rates, theyre going to push the economy. Meanwhile, rick, lets see. The dollar, what did i see. Was that a tenweek high . Weve got a iuorio, a strong twoyear note auction. Discuss, rick. Yeah. The twoyear and the dollar index are kind of dancing to the same fed music. You know, i pretty much totally disagree with job. The feds raising rates because all roads lead to negative outcomes if they dont. If the economys getting better, they wouldnt be crying behind closed doors that they have to raise rates. They would have done it. But i give them credit. At least theyre opening the door a bit. The real issue is it a chicken little chapter or is it not . Im telling you, their credibility and its not them. All central banks, all this experimentation, were tired of having three arms and five legs. We want things to get back to normal and steve nailed it. What used to be a creeling is now a floor. How many times have we bumped up against a change from the downside. Now were bouncing off it from another direction. Were within a half a point of unchanged achlt half a percent before this mornings rally and i think thats a good thing. I read that santelli wrote a story about flat is the new up. Thats been kind of the moniker, the saying on this Trading Floor<\/a> for a couple of years now regarding equities that when normalization occurred, just a flat line is going to be a good youtd come. How many times are they going to put us through getting ready for it. Yeah. By the way, one area that is doing okay today, john, are the insurers. It looks like chubb was trading at alltime highs. Cincinnati financial, alltime highs. A on the high since 2015. John, would you stick with the insurers here . Is this finally the relief over the higher rate environmental, you know, opportunity . I think so. By the way, i should mention. I wouldnt rather be wrong. Im very proud of that. I do think the fed is going to help. Weve been waiting for the fed to raise rates. Most of us know theyre at a moderate pass. I think the insurers anticipate that. Also some of the banks should also anticipate. Steve, what was your name again . Yes. What role do you think crude oil is going to play in this equity market right now . We know the correlation has been busted. It was strong last year. Hasnt been this year. But if Oil Continues<\/a> to move to new highs for the year, does that put pressure on equities or does it help them . You cant i dont like to play it with pressure on equities. I think its been misconstrued. I dont think thats necessarily the case. Theres no global growth. Its anemic. Our growth is subpar. So i do believe its a trade at this point and it would eventually. I white gold rather be a seller. Is that bullish bears . A lot of people in the space have been bettsing against that, but were very tight to that 50 mark. Goldman sachs put out their price target for crude. Its 50 bucks. A dollar and a half away from it now. No leap of faith. I would be a seller of the market. I would feel were still topee and the market has to give some back. Very good, guys. Nice to see you. Thanks for your thoughts on todays market action. We have breaking news on toyota and uber. Put those together, dom chu. Theyre teaming up, guys. Its a lease they put it jointly. In this release toyota and uber have announced theyve formed a partnership in which the companies have entered into basically an agreement in which theyre going explore collaboration and trials on kind of expanding the world of ride sharing in certain countries. As a result of this collaboration and partnership, Toyota Financial Services<\/a> and an Investment Fund<\/a> that has toyota as an investor will invest in this particular venture. Again, the whole idea of this says the release is through this agreement the companies will create new Leasing Options<\/a> in which car purchasers can lease their vehicles from Toyota Financial Services<\/a> and cover their payments through their earnings they generate as uber drivers. So, again, if youre an uber driver and youre creating or making a paycheck, youy use that to offset the cost of leasing or renting a toyota automobile. Theyll also explore a collaboration in a variety of other areas such as developing incar apps with uber drivers. Again, an interesting partnership. For us, not unforeseen that a car manufacturer would get together with a ridesharing service. We already know that gulf of mexico a gm and lift have a relationship. Now toyota and uber in release in the pafts few moments. I with u going bring up the gm lyft deal. Clearly this adds value. Its an interesting way to talk about whats going to be the market for these guys. Is ride sharing something thats disruptive to a gm or toyota or not . By the way, did you see the story in austin, texas, where the regulations chased uber and lea lyft out of the city . So the city leaders in austin, texas, in 16 days put together an alternative ridesharing, a nonprofit ridesharing business that theyre going to use called ride austin. I wonder if thats in the future. This is how center has evolved. The first person gets in there and they get all the chases. Same with carmel. Were doing Free Association<\/a> here. They have a new ride sharing app. Really. Yeah. So well be watching that. Im all into that. With lyft, theyre letting you book these cars ahead of time. Thats going to be a big innovation. Yes. You get a week advance of booking there. Amazing. Toyota making a strategic move with uber. The s p is up 28. The nasdaq up 91. The redstone saga heating up after the billionaire named new trustees for his media empire. When we come back, the impact it could have a on viacom and cbs. Plus snapchat raising 220 million. Is that a fair price or is this another potential red flag for a startup space. And uber and the gig kma economy to blame for the nations growing tax gap. Thats coming up later as well on closing bell. The call just came in. Shes about to arrive. And with her, a flood of potential patients. A deluge of digital records. Xrays, mris. All on account. Of penelope. But with the help of at t, and a network that scales up and down ondemand, this hospital can be ready. Giving them the agility to be flexible reliable. Because no one knows like at t. Man 1 i came as fast as i man 2 this isnt public yet. Man 1 what isnt . Man 2 weve been attacked. Man 1 the network . Man 2 shhhh. Man 1 when did this happen . Man 2 over the last six months. Man 1 how did we miss it . Man 2 we caught it, just not in time. Man 1 who . How . Man 2 not sure, probably offshore, foreign, pros. Man 1 what did they get . Man 2 what didnt they get. Man 1 i need to call mike. Man 2 dont use your phone. Its not just security, its defense. Bae systems. Were always looking for ways to speed up your Car Insurance<\/a> search. Heres the latest. Problem is, we havent figured out how to reverse it. For now, just log on to compare. Com. Plug in some simple info and get up to 50 free quotes. Choose the lowest and hit purchase. Now. If youll excuse me, im late for an important function. Compare. Com. Saving humanity from high insurance rates. Welcome back. Weve got under armour surging. It tops nikes 252 million deal with ohio state. Coincidence, i think not. And shares of monsanto are higher after they rejected bayers buyout offer. They called the offer inadequate. The people response for his stakes. When he dies or is incapacitated. Julia boorstin has more or the latest on this story. Julia . Hey, kelly. Thats right. Today redstone announcing replacements. It will control 80 of cbs and viacoms voting shares when redstone dies or is incapacit e incapacitat incapacitated. He appointed tad jankowski and jill krutick. He also employed her and his granddaughter. He said, this is my trust and my decision. I have picked those loyal to me and removed those that are not. Yesterday there was a suit filed to challenge the removal questioning redstones mental state. Meanwhile redstone filed a petition to uphold his changes to these two boards. Now focus is very much shifting over to the future of viacom whose shares are down 40 in the past 12 months. Reporting are circulating that sumner and his daughter Shari Redstone<\/a> are looking to shake it up. These battles are over. I home Andrew Ross Sorkin<\/a> or others are taking notes. Julia, we want to talk about how esports, video game playing has become a very popular spectator sport. Its coming to cable, right . Thats right. Esports is now ready for prime time. Theyre announcing the launching of the their first tournament. It will culminate with finals that will air on tbs on friday. This is the first of 20 esport events that turner plans to air live on air. Theyre branching off on the traditional tv content. Not only does it offer legitimacy for the hardcore fan but it also opens the door for a casual friend and a potential to grow the audience. Former nba player rick fox whos competing in it says this tv tournament is a tournament for esports. Its a way to cash in on the 220 million Million People<\/a> who are esports fans. Theres ticket sales, media rights, sponsorship and merchandising. All the ancillary and traditional ways you would see a professional sporting franchise capitalize on their investment. Now, the e Sports Industry<\/a> is projected to grow to a 1. 9 billion business in 2018. Thats up from 750 million from last year. Bill and kelly, definitely a hot space to watch. Where do we begin . Its sort of when we saw the twitch. Now this whole thing is really blossoming, and its about people watching others play video games. I read today in the journal how its changing the habits of buying people how they would try to get good at one or two they follow on the pro circuit. 220 million fans out there . Are you kidding me . 220 million fans. And there are all sorts of statistics that are mindboging. If you look at the amount of time people spend watching video games every day and the range of Companies Getting<\/a> into the spachls now, of course, we have turner making a big bet in this spachls remember, it was almost two years ago that amazon bought twitch for about aillion dollars. Its one of the main destinations. Everybody thought youtube was going to buy twitch. Youtube has been investing heavily in its own streaming. Teen gamemakers themselves are investing this this space as well. Friday night, right . Get the popcorn. Get ready. You enjoy. We know what you guys will be doing. Absolutely. ll be watching tcm or something, doing know. Thank you very much, julia. Is there basketball friday night . Probably. A couple of big series going on right now. Competitive. The market continues to set highs for the day. The dow up 234 points right now. Percentagewise, nasdaq is having a better day. Up 2 . Snapchat has over 140 million users. Theyve just nailed a 20 billion valuation. Up next well hear from a top venture capitalist whether that price is just burng. Meanwhile disney is waiting to open its long awaited shanghai park but now someone is vowing to crush their dreams. Well have the details coming up on closing bell. Olay regenerist renews from within. Plumping surface cells for a dramatic transformation without the need for fillers. Your concert tee might show your age. Your skin never will. Olay regenerist, olay. Ageless. And try the microsculpting cream you love now with lightweight spf 30. Still the stock down around 46 for the year. Ceo Nick Wood Miami<\/a> with squawk on the street this morning. I think its somewhat relative of peoples understanding of what it is were building. In that sense were highly motivated to do a better job of communicating the vision of gopro and go and build it and go and realize it to make it real. Those shares of gopro you could see up nearly 5 . Im not picking on nick woodman but how many have we heard from when their stock is down saying their stockmarket doesnt understand my company. Oh, sure. Right. Yeah. Sometimes you hear it on the flip side. Maybe elon musk talked about it. Oh, when stocks high. We talk about it. No troves. No big news and things. Its quitely building a big franchise, isnt it . Yeah. Well, especially in my house. We have three teenagers. So i think theyre creating quite a buzz . That demographic. Still, steve, how much do you think its worth here . 22 billion. You know. Is it justified . Well, if you look at it alone, snapchat is growing faster than facebook. It has about 40 of the engagement that facebook has. And 40 of it as well. It has 10 , 15 of its daily active youers account. So today facebook is worth 330 billion. Is snapchat worth 1 16 of facebook given those numbers . Right. I id say. We know how fixing the young can be with their social media. Theyll move onto another platform when they get tired of that one as theyve done in the past, right . That would be the bear case that this is a flash in the pan and, you know. Is snapchat profitable . I cant tell you that. I know these companies dont often monetize to the extenlts that the more Mature Companies<\/a> do, but, you know, its often said that content is king, but context is god. If you think about what that means, the overtime if you bring the i hate to sort of harken back to the days of the eye balls where companies are valued on eye balls. But today snapchat has as much video traffic as facebook does. Its only a matter of time when that level of traffic, that theyre going to start monetizing. Part of the reason why its risky is the fact that its private. Should there be more of an effort to get companies . Once they get this big into the Public Markets<\/a> where its easier for people to look at their financials and make sure its there . Yes. Well, unfortunately theres effectively a 500 million tax on startups going public. Its called regulation in the form of starbucks, a huge variety of regulatory issues that essentially criminalize in banging and being a startup company, you can only really afford to go public once youve gotten to be at fi 5 billion, billion, 15 billion company. The reason were talking about this on cnbc, snapchat, which no one can invest in except for a few select private institutions, you know, it says a lot about where we need to go regulatorily in our country. It does. Steve, thanks for joining us. Thanks, steve. Steve talking snapchat. Its time for our news update. Lets get to sharon epperson. Hi, sharon. Hey, kelly. Heres whats happening this hour. President obama talking with veto any meese on tre bre nears about their business and success to ho chi minh city. He says it will talk about their potential for innovation to the world. Gas stations in paris experiencing fuel shortages with some temporarily closing. This following unionled blockades. The blockades oppose frances new label reforms. Security is being tightened near the g7 summit in japan. They set up roadblocks while more police were added to the area. The twoday summit which president obama will attend begins tomorrow. And who would you like to sit next to on a plane . Donald trump, hillary clinton, or Bernie Sanders<\/a>. They surveyed nearly 10,000 travelers and 37ch said donald trump, 32 Bernie Sanders<\/a> and 31 , hillary clinton. Who are your choices. Trust me. Were not going there. But i thought that sounded like a great setup for a joke somewhere. Is this the new who would you rather have a beer with . I guess. Who would you rather go through tsa security with. Thats another spin to it, yep. My guess. My joyce would bechoice wowu. I sat next to a dachshund and it was the best plane ride of my life. The market is strong. Its adding 234 points. Several huge global bank cyber heists have prompted new security measures to fight these kinds of thefts. We have details and sort of a backstory about this coming up as well. And speaking of banks, wells fargo is taking on apple and the fast growing epayment space. Its coming up. You both have a perfect driving record. Perfect. No tickets. No accidents. That is until one of you clips a food truck, ruining your perfect record. Yup. Now, you would think your Insurance Company<\/a> would cut you some slack, right . No. Your insurance rates go through the roof. Your perfect record doesnt get you anything. Anything. Perfect for drivers with accident forgiveness, Liberty Mutual<\/a> wont raise your rates due to your first accident. And if you do have an accident, our claim centers are available to assist you 24 7. For a free quote, call Liberty Mutual<\/a> at switch to Liberty Mutual<\/a> and you could save up to 509 call today at see Car Insurance<\/a> in a whole new light. Liberty mutual insurance. Shares hitting a new alltime low. The social Media Company<\/a> also announced some changes that we sort of knew about already designed to help jump start staying nanlts user growth. It will reach all of your followers. You can also retweet and quote yourself, kelly. But theyll start against it which is interesting. Shes good friend of mine. I want to take a moment to acknowledge that. Thank you for reminding our viewers. It wasnt anything where you could say, you know what . We can build on it. That seems to be the consensus down here. Whats next. You look at all the feds speaking. Theyre saying, well, now the probability of a rate hike is higher than it was a week ago, two weeks ago. But why. What are they seeing that were not seeing. It seems like theyre boxing themselves in a little bit. What are they looking out . Some sort of initiatives to develop progrowth in europe and asia. Weve seen efficiencies in that. Not that were doing so great here but theyre still paying something on the bonds. So youre skeptical of the rally even though its a pretty big one. Were back off the highs. You have to tip your hat to financials and tech knoll which has been leaning to. Weve been trading in a range. This isnt the action. Where the action is going to be, we dont know. Keep your head up. Its coming. Its not here yet. Gordon, thank you. My pleasure. All right. We have a string of highprofile Cyber Bank Heists<\/a> finally forcing the Banking Industry<\/a> to launch a new security program. Eamon javers has details. Boy, do you have a lot of details, eamon. Yeah, thats right, bill. Let me start off by explaining that s. W. I. F. T. Is the International Electronic<\/a> banging system that they use to transfer messages around the world. Its come under a lot of scrutiny in the wake of that 81 billion bayne gla desh bank heist this year. The ceo of s. W. I. F. T. Itself was set to make a Cyber Security<\/a> speech earlier today in brussels, belgium. We wanted to bring you that speech. But i have to tell you that our cameraman was kicked out of the venue before that speech began, so we dont have any speech of the ceo talking about Cyber Security<\/a>. Were just here relying now on what s. W. I. F. T. Itself put out about the speech. Heres what they said their new reforms are going to be in terms of Cyber Security<\/a>. S. W. I. F. T. Saying its going to have more Bank Information<\/a> sharing of Cyber Security<\/a> threats. Its going have tougher security requirements for bank managed software and use payment pattern controls to look for indications that something fishy might be going on and its going to have Certification Requirements<\/a> for parties that do buzz or transact. Thats s. W. I. F. T. , god freed and others. Cyber security is, quote, the main thing to keep me up at night in terms of a threat to the Global Financial<\/a> system, bill. I dont want us to be the story, but do you know why our camera guy was kicked out . Was it only our camera . Were we the only camera there . Clear that up when you talk about the particulars. We dont know. We dont know why our guy was kicked out of the event. We had secured permission from event organizers and s. W. I. F. T. Itself had sent out a press release announcing the speech ahead of time, so we were under the impression we were invited there and okayed to fill but before the cyber speech our guy on the ground was told he had to leash and he did so. So we have received since then an apology from the s. W. I. F. T. Folks saying it was a miscommunication somewhere along the line there and the people at s. W. I. F. T. Said the fact that they kicked us out of the event that theyre anxious or theres a level of nervousness about this particular speech but they say it was a mishap. That does get to the larger question. Maybe they should be a little bit anxious about this. The ceo said this is the thing that keeps him up at night. So hes saying he has anxiety about Cyber Security<\/a> and he says its nan existential threat, a threat to the existence of banks themselves because banks are in the position of trust themselves and you trust a bank is going to secure your financings which enyou do business with it. When banks cant verify the trust then they cant stay in business was the argument that he made. So thats why hes saying they have to tighten up Cyber Security<\/a> around the world. Its a big prop. They reveal themselves to be a lot smarter than anybody in the Financial System<\/a> thought they were. That is for sure. All right, amon. Thanks very much. You bet. 20 minutes left in the trading session. Just off the highs of the session with the dow up 229 points. Food shortages in venezuela leading to big protests and calls for nicholas ma duerr reto step down. Up next well look at the potential Ripple Effect<\/a> of venezuelas economic meltdown. And youre not alone if you throw milk away on the sellby date but the accuracy of those dates it turns out is now being called into question which results in huge amounts of food being thrown away. Thats coming up on the closing bell. Thank you. Imagine if the things you bought every day earned you miles to get to the places you really want to go. With the united mileageplus explorer card, youll get a free checked bag, 2 united club passes. Priority boarding. And 30,000 bonus miles. Everything you need for an unforgettable vacation. The united mileageplus explorer card. Imagine where it will take you. Quite like the human foot. Introducing the 241 horsepower lexus is 200 turbo. With almost twenty percent more base horsepower. Once driven, theres no going back. Welcome back. We love this one. The s p 500, you can see the markets are rallying strongly. All ten positive. Look at that. Technology leading the way. Thats well, in fact, ahead of financials which are up 1. 6 tied with health care. Energy materials the laggards today. Even as oil hit as new high for the year. Still, its all relative. Everybodys positive. Protests in the streetses are a daily occurrence in venezuela which is quickly unraveling. It has decimated the economy. Among other things, both cocacola and the local beer have shut down production due to shortages of raw materials. Now a growing opposition is demanding Nicolas Maduro<\/a> step down. So whats ahead for the latin merge country, were joined by it. Its a global risk nachlts good to see you. Thanks for joining us. Weve seen this movie so many times before. The economy details, hyperinflation, chaos in the capital. People in the streets protesting. The solution is never pretty. I mean its never easy. I mean were still in the early phases of this chaos for venezuela, arent we. Yeah, we are still in the early stages. What i would say is venezuela has been in a very, very difficult situation for a number of years, but we do see things that accelerates them for some sort of ugly conclusion in the next in the next 12 to 18 months. 12 to 18 methodicals. Theres shortages of everything. People are starving. That is true. And it even makes, you know, conversation about that. A little incendiary when you think about the humanitarian crisis. The opposition is increasingly unified, that there are still divisions behind the potential referendum. That said i think the game plan in the government will be to try to string things out through this year, potentially supported by a slightly better oil price environment. They then have some sort of palace coup in early 2017 when near the end of the president s term sump there dont have to be fresh elections yet and the existing regime can continue in power. You have to think here youre in a situation with a political a regime which has never had to play by the rules of democracy when its been on the losing side. Its been very happy to be committed to elections when its the majority. But its now in a very, very difficult situation and will not voluntarily hand over power. The question we have to ask is will there be a contagion . You dont think so, do you . I think theres certainly exposure to other important emerging markets in the region like brazil, vengs. Yo venezuela. Colombia. And venezuela is playing some sort of role. I mean there could be some sort of incremental impact on Risk Appetite<\/a> for, you know, Retail Investors<\/a> who arent tracking the region very closely. But i dont see this situation rippling out across other economies. James, this is a little bit different question. I dont know if you can really speak to it. But if the International Community<\/a> with the best interest of the venezuelan people in mind would do what they want to help, what would be the best course of action right now . Is it getting rid of maduro immediately or would that not be the best thing at this moment . What is the best way to help people there . I think the International Community<\/a> is able to impose solutions. I think there needs to be Enter National<\/a> cooperation around some sorts of mediation. And the other on a very practical level would be to try to negotiate the government, some sort of aid provision that would be of a nature that the government would be happy with. Because like you said, people are starving. They dont have food. They dont have basic supplies. They have plenty of hydrocarbons, but you cant eat hydrocarbons. Before we let you go, i have to ask you the impact this has on oil. Clearly weve seen nigeria has gone off the grid. Canada with the problems theyre having with the fires up there. Venezuela is just having a pump like man for obvious reasons. They need the money. Any impact you can see on the price of money down the road as a result . Its hard to imagine that Oil Production<\/a> would be totally protected from major disruption. Its held up so far. But were dealing with a country that deals with 2. 5 global reduction. This is partly about perception and impact. On the impact side, venezuela is a big deal. Thats going to scare investors. It may lead to an uptick in the oil price but also structurally. Were looking at a tightening environment here in changing the overall supply and demand. So in that regard, yeah. This is fact which could potentially be supported. Among like you indicated many other states. Thank you for joining us. I appreciate it. Thank you. James Lockhart Smith<\/a> there on the unraveling situation in vens. A little more than 12 minutes to go. Art cashin, a signal to the 400 million to sell. So slight bias to the downside. Well see if that has an impact. Is todays rally sustainable given the uncertainty of a fed rate hike and all the usuals. Well talk about that next coming up. 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 dollars. About eight minutes left in the trading session. Joining us right nono the floor of the New York Stock Exchange<\/a> is michael of the group. Nothing much changes except maybe they wont leave the european union. It seemed to fuel our own rally. I think it has. The new home sales, highs since 2008 and the biggest jump since 1992. But all the focus is on the shortterm factors. Brexit, greece, the election. Theres a lot weighing on it right now. It was pretty bad. 31. Thats below 50. What does that mean . Look. This is unprecedented. The experts are divided. You talk about the u. S. Getting better, quote unquote, but the rest of the world is deflationary. Greece is struggling. The brexit is weighing on people. I think what were doing, its top investing. Whatever way you think its going, pick the best managers and strategies and go with that. I was going to say the problems youre presenting are shortterm. Does it present a shortterm opportunity . If you can work your way through whatever the resolutions are going to be. Yeah. Longterm opportunity for sure. Bull markets grow on pessimism, grow on skepticism. A and, you know, when things arent that great, its a great opportunity. Whos in your best quality basket . We do an overall allocation for our client. I think hedge funds are getting murdered right now. I would look for good hedge funds. The banks are down significantly. If they rally 20 , youre going to see the whole market rally. I think were getting to the end of the regulatory pressure on the banks. Those would be the two sectors. Can you be snevg can we ask you, is it all of the above or look. We dont get specific until you come to the bapis group at hightower, but other than that, we dont look at specific names. Do you think the fed raises rates next month . I think you could see it. Short term its going to matter. Theres going to be light volume. Theres going to be the summer doldrums if you will. It will affect the markets short term. Its not going to do anyway. We were talking during the break with another it helps. Again, the experts are divided. They think the economys not good, and when they do raise rates, its going to crush the markets. Historically youre right. Look at the beginning of the year. If you look at january 1st saw the percentage where it was, close them, march 1st, nothing would have happened. But we saw a huge volatility. That could happen with the fed raising rates in the short term. Its like charlie mung ger said. Microeconomics is what we do, mac macro economiconomics is what w up with. Michael bapis of bapis hightower. Well take a break that and then our david faber will be covering the report. Well bring it to you along with instant analysis as soon as it hits the tape. Stay with us on closing bell. I am benedict arnold, the infamous traitor. And i know a thing or two about trading. So i trade with e trade, where true traders trade on a trademarked trade platform that has all the. Get off the computer traitor i wont. cannon sound mobility is very important to me. Thats why i use e trade mobile. Its on all my mobile devices, so it suits my mobile lifestyle and it keeps my investments fully mobile. Even when im on the move. Sign up at etrade. Com and get up to six hundred dollars. Inside two minutes off a desenl day. Yesterday, aisle put it kindly. It was a flat day. Today were finishing near the highs of the session with a gain of 22 points. During this time wci crude and brent hitting highs for the year. Were going to show you the crude oil for the year and it just continues to move higher here. Mary thompson is with me on the floor of the New York Stock Exchange<\/a>. Well point out very quickly as we mentioned new York Enterprises<\/a> will have earnings out. David faber will be joining us. You were telling me you have ipos tomorrow. Its been wild. Theres a million ipo coming out. Thats a big event for tomorrow. But you know what we saw today was a pretty steady the markets held onto that gain. During the morning i said, do you think well see this. Initially we saw a rally off the back of the European Market<\/a> and, of course, the blockbuster sales on the home front. Short space helped too. We saw financials, health care and tech, the worst performing shares lead the markets today. Well see if it continues tomorrow. There are some doubts about this market. You know, the higher rates coming on. The skepticism hasnt gone away, thats for sure. Thanks, mary. Going out with gain of 210 points. Its all about water today. Muller water is ringing the ball. Artesian resources at the nasda nasdaq. See you, tomorrow, kel. Thank you, bill. A strong session. The dow a gain of 211 points, the s p was up 28. 1. 4 nearly for the broad index of 20. 76. Now the nasdaq was the strongest performer today led by most of the big cap names on the nose. 95 points. Microsoft, apple, alphabet all leading the way in the session today. And coming up, the big economy economy providing millions and some are not paying their taxes and its leading up to millions of dollars and well have the details coming up. Joining the panel, we have mike santoli along with cnbc contributor stephanie lick. Welcome. Thanks. Guy adami joins us too. Mike, thank you. This is a strong session. You know, how do we know whether its believable. This is the question. So you have to kind of do a little bit of a tale of the tape. This is the fourth day where weve had at least a 100point dow gain. Of course, much more than that on a single day. The prior three times, you had one day each day where you actually lost most or all of those gains the next day. I did kind of go through a list of maybe some items you want to check to see if theres anything more behind it. I think on balance this one has a stronger footing than some of the other ones. Those are the instances where we did have the oneday spikes. Im looking at things like the nasdaq outperforming today. That was not the case with other instances. The dollars higher, bank stocks are higher. The credit markets are higher than theyve actually been. The yield is going up and the market is at least maybe making its peace with the yud that a fed rate hike might be coming. So its a growthier move and maybe it was a little bit more than we were oversold and people werent in position for it. It doesnt mean this thing sticks and we go up and away from here but it suggests there might be a better tone. To your point, the sector led the way, tech, financials, and at the back of the pack, energy and materials. I thought the best part was the housing. That shows the economy is doing a little bit better. Were not off to the races. We still have a lot of issues. Home prices are up almost 10 . Units up 23 . These are really big numbers, and the Multiplier Effect<\/a> that housing has on the overall economy is really something to really watch. Its very important and so you have the consumer stocks rally today and then you certainly had some tech i mean tech has been kind of really very spotty year to date, right . So today you had old tech and new tech doing well, value and growth doing well. And then you had some health care, too, which was very encouraging. And i think health care has been acting pretty well over the past couple of weeks. You get that group back to lead, thats a good thing, i think. Guy, what about the insurers. It bears repeating. Chubb today was trading at alltime highs. Cincinnati financial at alltime highs and was the highest since 2015. So this goes back to what michael was saying. We apparently have an environment where higher rates are on peoples minds and all stocks broadly are doing well. Those stocks are absolutely telling you. Mikes point before, the Interest Rates<\/a> are higher. Im not certain thats the case but the stocks seem to suggest that is the case. So were going to see as usual whos right. But its not unlike what we saw with energy, i guess, a few months ago where they started to lead the commodity app. Now the commodity has clearly caught up, but a lot those energy names took the bull by the horns on their own before we got the energy moving. Ill say this about tech real quick. I was on with you last week when they reported. I think the a lot of the tone of tech, believe it or not, changed with that amac report last week when we were on together. That was a ridiculously long report. A lot of the downstream and apple supply chance did well. We mentioned the stock that had a big day. Maybe the data suggestions yeah. Maybe the data suggests that apple is maybe that quarter was an anomaly and thats what people are starting to get their arms around. You went there. Thats interesting. Now, listen. Warren buffett not Warren Buffett<\/a> but berkshire making a move into the stock. A lot of people werent sure if that was game over or not. Listen. The Berkshire Hathaway<\/a> is interesting. I get it. Weve talked this to death. It with us not necessarily mr. Buffet who pulled the trigger. Ly say this. You have to ask was it a quarter one off thing. Youve got to, go i know. Or is it the beginning of snog the upside. Well come back to it. But i do have those hewlett pack earth enterprise results coming out. David . Thanks very much. Before we get to the earnings themselves, deal news to tell people about because theyre entering a deal with consumer signses cnbc which it will be spinning off in a taxfree manner and combining it with Computer Sciences<\/a> corporation. Again, the Ticker Symbol<\/a> there, csc that will create a company that will have 26 billion dlurs in annual revenues and more than 5,000 customers. Now, the deal is somewhat complex. It will be tax free. Theyre valuing the Enterprise Services<\/a> business at roughly 8. 5 billion. That is in skpebs of the current market value of csc. But in order to make this a merger of equals and also a reverse Morris Trust Transaction<\/a> that will receive the blessing they believe from the irs they allow to be taxfree, theory going to be paying a billion and a half dollar dividend from the newly merged company back to hpe. Theyre also going to be taking 2. 5 million in debt and other liabilities. Hence, thats 4 billion and then hpe believes that the combination created through the merger of its Enterprise Services<\/a> business with that of cs kc c csc will be worth soninlaw 9 billion. Half of that will be owned by hpe share holders. Add it all together, they get to an 8. 5 billion value. Thats something theyve been negotiating through the Second Quarter<\/a> source working on this deal tell me and this is something they tell us theyll be comfortable with represents the ebitda that comes from the Enterprise Services<\/a>. In fact, im told its a multiple thats a bit above where csc currently trades when you do a full turn. A furn turn above the ebitda multiple that that Company Currently<\/a> has. Of course, this is a large part of hewlettpackard enterprises and will no longer be a part of the company. Meg whitman will take a board seat at the company. The board will be comprised 50 50 as is the case equally of mergers. But mike lowery will be the ceo and chairman of csc which is getting much, much larger for this plan again for hewlettpackard enterprises to spin and merge its business with that of csc. Important to keep an eye on shares of csc. I dont know if we have a look at it. Responding very positively not just to this, kelly, but it also appears that the earnings the company put out today are actually fairly strong. In fact, its the first time the company is seeing yearoveryear Revenue Growth<\/a> as reported, meaning not accounting for currency since 2011. The company reporting 12. 7 billion. Thats up 1 year over year but up 5 . That dollar, of course, as you well know has been more stable of late and so the company is guiding and expecting a more stable dollar will allow it to say that it is going to be coming in a bit above for the full year what has been at least where the analysts are on an earnings per share basis right now. But overall, some of the highlights from the quarter itself, hardware very strong. In fact, the company doing an Enterprise Group<\/a> revenue of 7 billion. Thats 7 year over year. 10 in Constant Currency<\/a> and 11 currency margin. These are some of the things that Ceo Meg Whitman<\/a> has told me are starting to bear fruit over the last four or five years shes been putting in space in terms of spending on r d, changing some of the key market strategies, namely how it sells its products and doing a number of those things. Of course, the deal there in which they did a deal for their business so they only own 49 of it now does seem to be creating some positive groukts for them. A good deal faster than some of their competitors. So overall, kelly, weve got an important deal in which Enterprise Services<\/a> will be separated from hewlettpackard enterprises and what appears to be better than anticipated numbers, including actual Revenue Growth<\/a> for this company. Theyre not having to say this caveat or that caveat. Its not a big number, but theyll take 1 if they can get. It david, if youll hang there for one scored, ill bring everybody in. What was one company is now three. And about what about this hewlettpackard enterprises. I think the market seems to be saying what theyre hiving off is a steady state growth. What remains of hpe is a little growthier. You got rid of consumerrelated hardware. So that seems to me thats the idea, plus, of course, the efficiencies of melding these scales together, i think, is what the market is seeing. Stephanie, the shares are up 8 . Now you know why she wanted to splits the company up. It was too big to manage clearly and she saw this one piece on the enterprise side to really drive value. With know that. Service has been a problem for the company for years. The fact that theyre spinning this off is a good thing. Theyre going to be left with networking which is a faster growing business. It should be. She can focus on growing that. I dont think the quarter so much was a surprise in that cisco had very good numbers and enterprise was encouraging. It wasnt perfect, but its okay. I think this is consistent that theyre seeing a little bit of an improvement. And the stock was improving. It was not wallowing the way it had been. We see, david, they mention the improvement of going from basically three clients to no clients having more than 10 of the business which i guess speaks to signing new clients before they were ready to do this spinoff. Yeah. That is they are obviously going to be talking positively about it. Very important to see how csc performs hunld the market actually takes the deal from its side, of course, given that well, you know, its current ceo will be running the business 50 50. All of that will take place upon the close. Theyre talking about this deal not closing until perhaps the end of march 2017. As for whats left behind, you guys have been talking about it. Youre still talking about a 33 billion revenue kpep which aspected will have a higher growth rate given that the Growth Services<\/a> has been something of laggard. That said its a far cry from the company meg whit maine harpted which is now hp inc. , printer and devices is and computer business. But when i had spoken to her, she said, listen, we want to focus and focus and focus, and thats what shes really done with this company as its continued to pare down in both its aspirations to a certain extent and the breadth of its coverage and, of course, the cost because we know a lot of this has been done by cutting costs dramatically. Some is showing in the bottom line today. I should also mention theyre going to be buying back a good amount of stock, guys. As much as 4 pint 8 billion, increasing authorization given the proceeds they got from the china deal i mentioned and not having bought back any stock while they were negotiating this deal with csc. It looks like the Computer Sciences<\/a> core shares are trading again. Theyre trading on the nasdaq. Maybe 7 . Well keep an eye on it. David, thank you for walking us through all this. Our david faber. Also be sure to catch david fabers interview with meg whitman, ceo tomorrow on squawk on the street. Guy adami. Last word on this or elsewhere . It says a couple of things. Whats the right valuation. Maybe you give them a 9, 9. 5 multiple which puts them in stock number one. Number two, i would ask meg tomorrow or maybe david will, does this set it up to make it a tuck and acquisition. Strip down, strip down, strip down and insert something that would make more sense with the core business. That makes sense. Im glad youre nodding. Thats the point theyre making. I totally agree. Cloud security. For sure. Those are the two areas theyre going to focus on and the valuations have come down. So maybe its good timing on their part. Really fascinating stuff out of hewlettpackard enterprise stuff. Guys, thank you. Later. Theres more with guy and the fast money crew coming up. Theyre going to talk with Edward Yardeni<\/a> who says the market has just again. Thats in next hour. One chinese billionaire is vowing to keep disney from turning a profit in china for the foreseeable future. Thats next. And wells fargo, how its planning to revolutionalize your wallet. Keep it right here. Youre watching cnbc, first in business worldwide. This is lulu, our newest dog. Mom didnt want another dog. She said its too much work. Lulus hair just floats. Uhh help me doorbell mom, check this out. Wow. Swiffer sweeper, and dusters. This is what im talking about. Look at that. Sticks to this better than it sticks to lulu. Thats your hair lulu mom, can we have another dog . laughing trap and lock up to 4x more dirt, dust and hair than the store brand stop cleaning. Start swiffer ing theres a place for vacationers than just a little time off. The ones who choose to go big or stay home. Come with me now. Where every amazing, despicable, wizarding adventure reveals moments that are truly epic. This place is made for those who do more than just vacation. Whoa go with me now its made for those who vacation like they mean it. Universal orlando resort. Billions are spent to confuse and, dare i say it, flummox the american public. Save 16 on Car Insurance<\/a>. Switch now. Well at compare. Com, we say enoughs enough. So we constantly scrutinize millions of rates. Answering the question once and for all, who has the lowest. Just go to compare. Com and get up to 50 free quotes. Choose the lowest, and hit purchase. So you can get back to whatever it is you civilians do when youre not thinking about Car Insurance<\/a>. Compare. Com welcome back. A chinese mogul is vowing too prevent disney from making money. The second richnd man said disney is heading into a pack of wolves. Speaks on television, he said they eat face intense competition from his lesser priced theme parks. He said over the next 10 to 20 years hell make disney unprofitable. He said the days of mickey mouse and donald duck being able to create a frenzy are over. Weve heard this before. He made his billion dairy four tune from entertainment. His group is increasingly taking on disney around the world. He bought Hollywood Production Company<\/a> and hes about to become the largest cinema own never the world. This weekend wanda is oenging a ticket park with a top price of 38. Disney plans o open on june 16. Their tickets are expected to cost 76. Twice as much. We asked disney to comment. They said these quotes are not worthy of a response. Back over to you. Robert, thank you. We do know what robert iger said last time he was on closing bell, sounding off on the companys plans for china. We look at hong kong. We look at china. Were certainly mindful of whats going on in the marketplace, but the investments weve made there, the park in hong kong and shanghai that opens in june, theyre not made for june 2016. Theyre made for decades to come. My question for you guy is what are the characters in this theme park that wanda is operating. Thats exactly the point. Disney would say its our characters, story lines that sells all over the world. At the same time i do know i mean bob iger has been very clear about this. Disney has approached the shanghai park with a lot of lessons from hong kong. In other words, you cant do everything the same all around the world. Theyre not baseline and deft to the specifics and nuances of the Chinese Market<\/a> and consumers. Its kind of interesting. Its fun. Its bluster. Theme parks, it needs going away. Disney, thats a huge strategy for them. It builds their eco system. Its beyond the tv issue. I dont think its going to change any time soon. That being the case, even if this is a lot of bluster, you know these guys are, you know, ambitious and do you expect that, hey, they might have the backing of the Chinese Government<\/a> some day to grow them to sky and make them competitive not only in their home country but around the world snow. It could. I dont know if disney has plans of entering into various different markets like 20 or 30 different markets in china. Maybe, but thats not what were hearing right now. Theyre in one market right now and theyre selectively finding areas of growth and so that shouldnt be so alarming to this other company. Well see. Its been a decade working very closely as you have to with the chinese authorities there to get this park built. I also feel like its not a zero sum game. Its not like theres an x number of visits to china theyre going to take and you have to apork them by the park. Whats also funny is as the bit theatrical exhibiter that this guy is, you have to have a relationship with them. Youre distributing their films over time too. True. So its maybe just, you know, some kind of fun blustery quote as they say. Well see if he means what he says. It will be 22 days till that disney park launches. The Expiration Date<\/a> mace be totally arbitrary. A new law may be on the way to regulate those dates once and for all. Well put expiration notices to the test coming up. First, a bank hoping your phone will will replace your wallet. Looking to beat apple and google, well talk to the companys mogul maven next. Welcome back. Youre looking at shares. Theyre doing a spinoff and merger of its enterprise merger with this company. We had that story for you a couple of mihms ago. The shares are now up 16 . Apple pay may be the best in brand pay but more and more commercial banks are elbowing their way into the market. Today wells fargo enters the fray. Joining us now to discuss the new venture is jim smith, the head of on line channels. Welcome, jim. Thanks very much. Excited to be here. The wallet, i have it on my phone already. I double click. I guess its apple pay. My credit card comes up and i hit it on the scanner. How will your mobile wallet work. Very similarly. Were very excited to offer the wells fargo wallet in conjunction to Solutions Like<\/a> apple pay, samsung pay. Its going to introduce the convenience of wallets to millions of new customers. We have more than 5 million android kmirs using our mobile banking app and this will be part of that mobile banking app so theyll be able to open it, activate their card and begin using it roue way. I should have said, too, this is for android users, which you say are about 38 of your customers. Thats a pretty big chunk. For these folks, im sort of bypassing the google pay or you know what i mean . Im basically directly interfacing with wells fargo and the point of sale . Wily are different customers are going to choose different solutions. We really want to support our customers with the Payment Options<\/a> that they want. So some will use the veenlts of a samsung pay if theyre using one of those devices or android pay and some, we believe, will really prefer to use a solution from wells fargo. In fact, they reported that 50ch of smartphone users actually prefer a wallet from their primary bank and this really hits the needs of those customers. Why then are now not doing this with iphones at the moment . Is it too difficult or not economical for you guys . Its a really different operating system. In the apple world, its a different set of technology thats more closed and so youre not able to offer the same kind kind of solutions. In the android space you can take advantage of the convenience of tap and play and post card em lags which allows you to store the card numbers securely. Jim, its stephanie link. I have a question on the big picture. Do you envision one day the plastic card actually goes away and in terms of adoption are you seeing better strength in u. S. Come supers versus International Consumers<\/a> . What are your interpretations in terms of looking around the world and consumer demand . Our customers are mostly here dough ms. Particularly. Weve seen tremendous adoption. Were excited about the future of wallets. We have 2. 8 million customers that have downloaded their wells fargo payments into those wallets. And over the last year, we receive an 88 growth in the number of active users, so were excited about the future. You know, as far as whether the palace it card is going to go away, i theyre eventually it may go away. It may take longer than people expect. One of the exciting things that will be coming in june from wells fargo is the ability to use those wallets to get cash out of an atm. So i think youre going to find more and more opportunities to take advantage of this underlying technology. It will just make it easier for customers to transact. That will be super interesting. I hate to tell you youre already behind. I dont know if you saw this today. Using the we had it on cnbc this morning. Literally implanting a payments chip. This is a buzzfeed reporter in his hand in order to make a sale. So mike is now working on that for us. Yeah. Im going to wait for them to get the bugs out a little bit. There it is. Do you think this is where its all headed . Well, im not sure. Its hard enough to convince people to download an app. So im not sure ho its going to be to get people to implant a chip but i definitely agree that the more you can do to make it easy and convenient for the customers to make payments if you do every day, the better off you will see and you will see adoption. All right. Jim smith, thank you for joining us. Time now for a cnbc news update with sharon epperson. Sharon . Kelly, heres whats hanning this hour. Public Health Officials<\/a> say there are thousands of people who likely contracted the zika virus while traveling abroad. Hundreds of mourners packed a church in houston for an 11yearold boy. He was stabbed to death by an apparent stranger while walking home last week. His father said he was a beautiful caring and compassi compassionate boy. Police checked out a plane. This after a threat was called in to the tsa. The jet was kept in a remote section of the airport as passengers were escorted off the plane. The threat was later deemed noncredible. For the first time on record, living with parents is the most common arrangement for people between the ages of 18 and 34. Its the first time that living at home has outpaced living with a spouse in this age group since the Record Keeping<\/a> began in 1880. Thats the cnbc news update at this hour. I have to say when i was in spain a decade ago, it was pretty common. Guys in their 30s were libyaing with mom and dad. Some have always done it before mu and more people find it financially the best way to go. Well see if it persists. The economy has provided jobs across the u. S. , but a new study says it could be costing the government billions in tax dollars. Those details are next. Closing bell will be right back. E of a huge natural resource. Not the land. The water. Or power sources. Its the people. American workers. They build worldclass products. And that builds communities. And a better future. For all of us. Because making something in america means so much, to so many. Weathertech. Proudly made in america. Perfect driving record. Perfect. No tickets. No accidents. That is until one of you clips a food truck, ruining your perfect record. Yup. Now, you would think your Insurance Company<\/a> would cut you some slack, right . No. Your insurance rates go through the roof. Your perfect record doesnt get you anything. Anything. Perfect for drivers with accident forgiveness, Liberty Mutual<\/a> wont raise your rates due to your first accident. And if you do have an accident, our claim centers are available to assist you 24 7. For a free quote, call Liberty Mutual<\/a> at switch to Liberty Mutual<\/a> and you could save up to 509 call today at see Car Insurance<\/a> in a whole new light. Liberty mutual insurance. Welcome back. Its time for your market recap. The dow up 213 pointss, the s p up 28 and nasdaq up 2 . Under armour shares were also surging after signing a 15year, 280 Million Contract<\/a> with ucla. Its believed to be the largest deal and tops nikes deal with ohio state. The under armour shares at 2. 5 . And shares of monsanto higher after they rejected a buyout off. They call the offer inadequate but is open to a higher bid. And Hp Enterprises<\/a> after hour announcing it will spin all of its Enterprise Services<\/a> unit and merge with Computer Science<\/a> csc. The transaction is expected to be completed by the end of next march. Now lets send it over to susanly for susan ly li for an earnings alert. That beatses the is the i mats calling for 321 and also for revenues. 2. 3 billion versus estimates calling for 2. 25. The stories and what were looking at in the shares, its surprising were not seeing more positive reaction because they raised guidants when it comes to revenue and earnings. Eps growth of 40 to 41 in 2016. Back to you. Susan, thank you. Any idea why stock might be lagging here . Its been a tough environmental, right . Yeah, but this stock has been such a great performer. Ice outperforming any of the competition. Its not cheap. You have to cheat by a mile, raise by a mile. Its only down less than 2 . Now, speaking of taxes, the irs estimates the actual tax gap is about 460 billion but it seems irs has to take some of the blame for it. A report shows twothirds of those arent reporting and thats bates isnt required. Theyre confused, how much they make and whether they own any tax. Caroline brugge never is managing director. She led this study, and the most interesting thing to me is what is it meant they theyre dont have to report . The irs made some changes to the 1099 miscellaneous form that says if you get any earnings paid by a credit card, you have to use 1099 k form and you only use that if you have under 200 transactions. So people bolo that threshold are not reporting it . Its not that theyre reporting it. Its not that theyre getting a 1099 form and the irs isnt getting it either. Mike, my head is swimming. I wonder, is this a matter of the economy has moved past what the provisions of the irs rule making and reporting process is up for right now. Can we ease lie blug this gap . I think the rhode island s needs to realize theres a growing population of taxpayers out here and that there are existing rules. How fast can they get something passed without going to congress and maybe they should go to congress and figure out a bigger grand plan for this particular issue. Well, when we when we reminded them about this issue because it was first raised to them in 2014 and when we reminded them of this issue and its relationship to the sharing economy and how meaningful it is for the millions of people who are earning income in the sharing economy that on average earn well less than 20,000, they responded theyre going to be putting out guidants imminently. There are some Companies Like<\/a> uber who are more proreactive, right . Absolutely. Theyre sending one to all of them regardless of the pay. How much of a tax gap are we talking about this closing . I think whats important here is to know that we do have data that selfemployed Small Business<\/a> owners are generally viewed to be one of the major contributor of the tax gap by more than 23 . 194 billion is what they currently contribute to the tax gap and the numbers havent been run for whether or not the sharing economy projections are specifically more than that. And caroline, people have gone back and forth whether the gig economy is kind of all talk or really a transformation thats happening across the work force. What does your tax board tell you . We see that the sharing economy is a highprofile example of a major change thats happening in alternative worker arangements. From 2005 to 2016 theres been a 66 increase in alternative work arraignments and that was done that they put out last month that they cite to in our report. Fascinating. Thank you for joining us. Absolutely. Thank you for having me. Andretti has been racing since he was 20 years old. Hell join us ahead of this weekends indy 500 in just a bit. First a San Francisco<\/a> jury is deciding an oracle case. Were bringing you the latest after this. Youre watching cnbc, first in business worldwide. [ male announcer ] Tora Bora Fallujah<\/a> argonne khe sanh midway dak to normandy medina ridge the chosin reservoir these are places history will never forget but more important are the faces we will always remember. But i am benedict arnold,e facthe infamous traitor. Ember. And i know a thing or two about trading. So i trade with e trade, where true traders trade on a trademarked trade platform that has all the. Get off the computer traitor i wont. cannon sound mobility is very important to me. Thats why i use e trade mobile. Its on all my mobile devices, so it suits my mobile lifestyle and it keeps my investments fully mobile. Even when im on the move. Sign up at etrade. Com and get up to six hundred dollars. [phone buzzing] [engine revving] [engine revving] [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. Welcome back with some breaking news. Susan li, whatty you tell us . We have oil back to 49 for the First Time Since<\/a> october. Theres been a drawdown. It looks lying crude stocks fell. Thats double what analysts were looking for. They were predicting a decline of 2. 5 million barrels. This comes off the report on friday which showed the strongest april demand for petroleum in eight years. So maybe theres some supply demand dynamic. Back you do. Susan, thank you. This is a big drawdown, stephanie. Its huge. All of the data that weve seen in the last couple of weeks months have gotten better slowly but surely. Michael and i were talking the dollar has been going higher and you would think oil should then pull back, but actually its held in and a lot of it is due to the supply situation. I think this is a group you really want to be involved in. Even so, the group was lagging today. Sure. Its had a nice run. I dont think anybody is willing to bet that heavily on higher group prices rye now and it sees everybody has been waiting for the pullback but the crude has been so firm in the face of all the mackerel noise that would suggest we pull back, and this is why. Obviously. Crude over 49. Now, google and oracles bat could could have a major outcome. We have the latest. High, deirdra. Reporter at the courthouse behind me, guys, the jury hasnt left for the day. Theyve been deliberating since early this morning. At stake, a potential 9 billion payday for oracle, a sizeable amount of googles cash stash. Now oracle claim thad google violated its cop rite. Google for its part said it was fair use of that code. Now, this trial has been dragging on for nearly six years and the battle between the two tech titans has become increasingly heated. Oracles lawyer telling the jury you dont take property without permission and use it for your own benefit. Google took a shortcut and at oracles expense. Meanwhile the chairman had this to say. Were part of this. I think it hurts oracle because they own java and need to promote it into this new world and it doesnt make sense to me that theyre in that path. What about that . Arent we there is now an open source version of all of this which they can use and i would recommend that. Reporter now its up for the ten jurors to see whos right. It will ripple across the entire Tech Industry<\/a> as you guys said. Now at stake, as i mentioned, open source. It is a pillar of the Software Industry<\/a> and a Huge Community<\/a> of developers and startups rely on it and they may not be able to defend themselves against future lawsuits the way google can. For now the Tech Industry<\/a> remains on edge until we get a decision and the jury will be reconvening right back here tomorrow morning. Well be bringing you any updates. Back over to you. Deirdra, thank you so much. Stephanie, you were saying how well the tech has been doing leitesly. What happens in this case . I dont know what the outcome is going to be. I would say they win. Its a tough case, right . Its very tough to prove. But if they do get it. If they do win, i think its very big because they would get that revenue royalty at 100 margin. So it would be a pretty big number over time and i dont think its that material if they lose and i dont think its a big deal necessarily for google. Apparently this wont kill android. Exactly. Thats a big question. Even if oracle were to win, does it mean its going to create this other little world of people trying to force the other types of patents using similar logic and just create, i think, more frictional costs in the world of software development. I dont know if at all that would be the case, but to me that tees outcome. For sure. Well, the indy 500 is this weekend. Our new england guest has racing in his blood. Hes Third Generation<\/a> Marco Andretti<\/a> and hell join us next as he makes his way to post 9 in his fire suit right after this. Welcome back. This weekend mark as historic event of the indycar series. Theyre celebrating its 100th anniversary this year and the race gets under way sunday afternoon. With us now at post 9 is Marco Andretti<\/a> of the legendary andretti racing family who will be trying for his first ever indy 500 race come this weekend. Welcome to you. Thank you. We wondered if the names would be a good stock portfolio. But the New York Stock Exchange<\/a> was a sponsor . Yeah, my rookie year. My title New York Stock Exchange<\/a>. It was at the time through the archipelago go sponsor. Yeah, we had a lot of fun. That was for two years. Now i would invest in dr. Pepper snapple. I think youre contract actually required to say that. How difficult is it for you to go into the race this weekend versus when you made your debut . You almost win the first time, how much more have you had to develop as a person and driver to get to this part to win . At that point of my career i thought i would have five of them won already. But it makes you respect the place. My father was never able to win it. And as a family, weve been extremely dominant. Weve won with my grandfather in 69. I have five podiums there, but thats a place where youre either first or it doesnt count. Youre either an indy 500 winner or youre not. But we feel extremely confident this year. Im curious going into a race weekend, because of the car, because of your preparation, how do you teal . Its how the race unfolds. The confidence comes from the race car, how much i have in traffic, the balance. This is my 11th shot at it already. You know, id like to think i know what i need from a race car there. Well have to see. Its going to be very challenging conditions. Almost 90 degrees. Oh, wow. When the track temps up, it takes a lot of grip away. It makes them very hard to drive. How do you prepare mentally . Is that something that you do . You can wake me up out of my sleep and i can go drive an indycar. I love it so much. It comes second nature. Its interesting to go back to the 90s, the indy, nascar, it feels like more could be done. Maybe to make them feel integral. The 100th race this weekend will be crucial. In the same breath were talking about the nba, the nfl, and so forth. We need to be on sports center. The unfortunate part about our business, were on there when theres a fatality, when theres a crash. We need to be on there for good things. Maybe we can be on there if andretti wins. No pressure. No pressure. I dont have that answer. But i think what we really need to do is piggyback off of the 100th. This one will take care of itself. The magnitude that this event is going to be unbelievable. So we just need to build on it, and try to snowball it from there and keep it going. Some of the other sports like wrestling have gone direct to the consumer, too. They know they have a Strong Enough<\/a> following. Theyre like, well stream this right to you. You can pay us month by month. Do you think Something Like<\/a> that would make sense . Thats not a bad idea, yeah. Thats a hard one for me to i dont really know the statistics or anything like that. You know, i think thats a good start for sure, yeah. What about the Auto Companies<\/a> themselves, in terms of their commitment to indy racing. Obviously youre with honda. Is it important for them to showcase themselves in that way . I think so, yeah. We just had this internal conversation that its so important for honda to, number one, be on the poll with james henchcliff, but it means a lot, when theyre trying to sell cars. Even talking to my buddies, theyre not going to buy a honda if the hondas are slow on the racetrack. And then vice versa, with chevrolet. The more manufacturers, the better, the more money and it drives the whole train forward. Best of luck this weekend. Appreciate it. Thank you. Hope you can enjoy it and do well out there. Thank you for coming down. Thank you very much. Thanks for having me. Marco andretti. The date on your milk carton says may 17th. But can you still drink it today . Jane wells presents her findings when we come right back. Up, they work all the time. Sup jj, working hard . Working 24 7 on mobile trader, rated 1 trading app on the app store. It lets you trade stocks, options, futures. Even advanced orders. And it offers more charts than a lot of other competitors do on desktop. You work so late. I guess you dont see your family very much . I see them all the time. Did you finish your derivatives pricing model, honey . Td ameritrade. Prge a manufacturer. Well thats why i dug this out for you. Its your grandpappys hammer and he would have wanted you to have it. It meant a lot to him. Yes, ge makes powerful machines. But ill be writing the code that will allow those machines to share information with each other. Ill be changing the way the world works. interrupting you cant pick it up, can you . Go ahead. He cant lift the hammer. Its okay though youre going to change the world. Welcome back. Looking at shares of csb, hewlettpackard enterprises will be merging interenterprise units with the company. Those shares higher throughout the hour. Theyre now up nearly 9. Nearly 24 . Weve all been there. You check the date on your milk carton and it says its expired. But is it really . We asked jane wells to investigate. Jane . Reporter hey, kelly. You cant have the indy 500 without milk. Now, every year americans throw away about a third of the food we produce, according to the usda. Now theres efforts to cut down on that waste. This milk has a best buy date of may 30th, next monday. The bread here, best if used by june 2nd. The bacon has a sell by date of june 18th. What does this all mean . Usually it means after that date, ive got to throw it away. No, that may mean when its best, or peaking, it should be sold. When does it expire . Milk can last up to at least a week later. I use the smell test. To cut down on this waste, a new food date labeling act is being considered in washington. Heres what it could do. We could set National Uniform<\/a> standards. The proposed law would have two labels, a best if used by date would mean that thats when a product is peaking. But still good. Riskier foods like meat would carry expires on dates, which means after that date throw it away. A lot of states wont let you give away foods that are after this date. Some Food Producers<\/a> are coming online to support the idea. Even though you would think it maybe actually hurts them, because a lot of times people throw away a gallon of milk and have to replace it. The turnover will be a little bit lower. Jane, thank you. You know, the milk is like you buy it in a carton off the shelf, no big deal. Ill buy that for the kids school lunches. I think the worlds coming around to my way. You have a nose, and you can see if mold is growing on the bread. It makes me nervous, stephanie. Right off the shelf, exactly right. But you look at it, if the cheese has mold on it, its obviously not good. Is it good to scoop that part off and eat it . No, i wouldnt do it. Bread . No. Why go there. Would you do it . Would you scoop out the the cultures are healthy for you. You can have that. Okay. I dont know what to do with these things. The reason cheese was invented so milk could stay around a long time. I tell you, the same thing happens with chicken. That date, i would really automatically throw it away. But theres a color test there. Not only is the smell, but if its a little yellow, youve got to throw it away. It makes me very nervous in the kitchen. Were out of time. Can you throw a key word our way . Followthrough. Oil inventories. I love you guys. Stephanie, michael. That does it for closing bell. Fast money begins now. Fast money starts right now. Live in the Nasdaq Market<\/a> site over times square, im melissa lee. Tonight on fast, missed todays rally . One of the most widely followed strategist on wall street, why the s p could rally another 10 from here. The latest round of funding valuing snapchat a reported 22 billion. Is the company on the path to become the next facebook or twitter. And later, is the market worried about a potential donald trump presidency. 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