Transcripts For CNBC Closing Bell 20160712 : vimarsana.com

Exchange. Paul dietrich is with us today. Hes at post 9, along with Steven Sarge Gill four, and Rick Santelli is stick looking for buyers of tenyears notes. Sarge, here we are, alltime highs for the dow and s p, some other averages not the case. Whats your assessment of this . They buy treasuries, they buy stocks. For several days, they buy stocks. In you think the market is going to come in, you dont. People are talking about buying bonds for the capital gains. What are you advising people when it comes to maybe they still have hesitations . You know, youre looking at the tenyear yield at practically nothing, and what were seeing is moving into the stock market. Im recommending even with the stock market at historic highs, there are still a lot of bargains in this market. I mean, if youre a value investor, as we are at fairfax global markets, where we look for low pes, high returns on equity, there are still a lot of bargains in this market. Like what . Apple, for example, is selling at a ridiculously prized ten times earnings, has a 40 return on equity, massive free cash flow, and what people dont understand is that apple, unlike google and facebook that sells services and sell advertising, they sell equipment, and they go in cycles. The reason why the apple price is so low these days is because of the china. Well, you have to understand that buying cycle in china, because in to 12 and to 13 when they first put the iphone into china, everyone bought it. Most people keep them for three our foryears. Were coming into the cycle in the next year. Goldman sakes said they think in the next six to nine months, more than a 60 increase over what its selling for today, thats a heck of a good return form yell it didnt go well. Tenyear auction didnt go well. Have we finally discovered there are buyers that wont go to a certain level, a certainly yield below where we were . Have we hit a bottom, do you think . I think theyre debating a better entry point. Sevens are considered a lucky number in las vegas, but when you havent had bid to covers, meaning amount of investor dollars chasing amount of dollars available at auction, when you havent seen those poor metrics in seven years for the threeyear or seven years for todays tenyear, thats not a good thing. When you kerr were at 136 closing yield. When we were hovering around a 150 yield, paul said, you know, thats next to nothing, i agree with him until you put it next to a bund or now its a bit more something, but i think that investors arent tiring of the knowing that they know they can game or the quantitative easing, that doesnt help. I think theyre debate iing. Make looking at that yen, more stimulus measures from the bank . Is that a big factor behind u. S. Stocks . The story with japan is you probably have a fiscal and stimulus package fused together over there. Doujt the road dont be surprised if the boj forgives the dead. Thats how theyre going to s. Europe is on deck, Great Britain is on deck, you know, and the Federal Reserve cant be too far behind. How about those indirect. You should understand that i dont think sarge is advocating that at all. I get what sarge is doing. Com padres, of insanity in central banking . Youre on the same side of that trillion dollar coin, for sure. Some of the beatenup stocks there yet . Yes, there are a whole group of stocks with low pes, with huge cash flow, and i think now because of brexit, where theres a lot of people are concerned about the markets. I think now is a real buying time for a lot of beatendown, blue chip stocks in europe. Because a lot of different play places you cant look, but banks for example, would they make your list there . You know, the thing about brexit is its going to have a lot of political consequences, but in the end its going to have zero economic consequences, at least in the short term, because for the next two yearsplus, britains going to be in the european union. Nothings going to change and theyre going to have a lot of time to renegotiate their trade agreements, and because the markets have been hit with in now is the time to buy. Including financials. Good to see you all. Lets move on to amazon, falling into the session, as the company is holding its second prime day, offering exclusive deals for prime customers. Its kind of like christmas in july. Kind of, except youre buying stuff for yourself this time around. Lets bring in ross gerber, and ross, youre are you a customer . Buying stuff today . Im a customer every day at my household, yes, im sure my wife is shopping away, as we speak. I was disappointed on what we saw actually for sale i will keep looking. What i was told from about 60 to 80 of my office they have made purchase already. The stock is down maybe on the sales that arent going to hit the mark. Im sure theyll hit a huge number. James, what about you . You have some caution at these levels, right . Sure, a little bit, but at the end of the day when you look at what theyre accomplishing with prime, you know, i think its pretty impressive, and i think some of the headlines, you know, with the initials sales being negative. At the end of the day what theyre trying to do is move to the membership model, and the fact theyre able to convert prime day at the rates of black friday and cybermonday, so they are very solid conversion rates. Thats why youre seeing the acceleration of growth, 26, 27 and possibly higher in q2 while showcasing their private label. So maybe on this say, poke mon go hit some of the sales today, but are you suggesting that people are hunting for poke mon instead of show pg on prime day. Is that possible . I tried it this morning. Look, that was a joke, but s theyre doing both. You. Well, this is a tough stock, because it trades at the premium multiple, but where does amazon go. It seems only up. If you look at a price to seals ratio, its actually not as expensive as a pricetoearnings ratio. Its not that concerned about earning money, but what they are good at is growing revenue, and i think theyll be successful to , lets be rule. How big could they get in your view . Thats what its going to come down to. When people look at whether it will move, its also about how much bigger could amazon get . The reason were neutral is more macrodriven. At the end of the day, just because theyre theyre also essentially becoming a tax on vendors, having to use amazon as a distribution channel. Sets interestingly brands are looking at amazon as more of a friend than a foe because of the fact that they were getting squeezed by the bigbox retailers for a number of decades for shelf space. So amazon, you know, does have a long runway, but right now the neutral rating is a function macro. Amazon could bring in 525 million, maybe thats a bit of a reach. Even if it doesnt reach that number, do you fear that they could be frondloading sales, drawing them up to this level and the next few months they may suffer, because people bought on prime day instead . I dont think so. I think prime day is all about getting people to sign up for prime. Look at it this way, they sell everything at cost and hope to make money on the 100 on prime and give you all this video stuff on top of it. So theyre making about 30 of that 100 thats free money to them or less. So the profit margin is about 0. 5 , the lowest of any retailer. What they really want is everybody paying 100 a year on prime. If they can get that number from 30 or 40 milton to 60 or 80 million of households, theyll be in great shape long term. Fascinating. Just looking around myself, their prices are not the lowest relative to where you could get them, but a lot of people are stuck in the system, because they feel like the Free Shipping is a bargain. Yeah, you have to do it. Exactly. Exactly. Guys, thank you. Good to see you. See you later, ross. On amazon prime day, july 12th. Not quite bass steel day. About 45 minutes to go here, dow is up 122 points today. We closed yesterday for the s p at new record highs. Were well above the intraday highs. The dow is at 18350, so that puts it were there. Closing high 18,312. In fact the intraday was 18,351, were about a point or two away from the levels. The nasdaq is currently in the green, year to date, but its currently at 5,000. Much more ahead on the markets run into this record territory. Executive chairman roger altman will tell us how long he thinks stock can keep up the pace, thats coming up here. Trouble in the south china sea. China vowing to ignore an International Tribunal rejection of claims over disputed territory, and it says its armed forces would defend its interesting. A leading china expert weighs in on how this highstakes also situation could play out. Youre watching cnbc, firstn business worldwide. In new york state, we believe tomorrow starts today. All across the state, the economy is growing, with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. Like in buffalo, where the largest solar gigafactory in the western hemisphere will soon energize the world. And in syracuse, where imagination is in production. Let us help grow your companys tomorrow today at business. Ny. Gov a good car has to maneuver quickly. Thats also true of a good car company. People have always bought cars. But we saw an opportunity in sharing cars. So we moved fast and launched car2go in 29 cities, all around the world. Doing that required dozens of data centers, designed for speed and performance. We built our business on the ibm cloud. Because thats what the ibm cloud is built for. Welcome back again, significant days ago in mark with the dow touching its intraday high. It closed in new record territory yesterday. 30 stocks inside the dow, thats interesting. I would have thought we would have if not all, certainly a majority. By the way, goldman is one of the best gainers there. Goldman i think the biggest point contributor. Other side of the satire, walmart. They started their Free Shippings yesterday for the whole week during prime week. Stocks to watch. Yes, they are. American Airlines Flying higher with the company says it signed deals. It says it coulding in the pretack imcome in the neck three year. Separately deutsche bank, and Delta Air Lines to buy from hold, the firm says that head winds like brexit, and excess capacity have been priced into the shares of those airlines while improvements in unit revenue have net to be fully reflected. An International Tribunal ruled against china in a territorial dispute. Seema motty has horrid. Has more. This came in as a big surprise. The International Tribute rejecting chinas territory claims, a critically Chinas Foreign Ministry quickly responding, and expressing definance. Philippines, vietnam and malaysia among others, well see if they use this ruling to assert stronger control, pushing china to potential amp up its defense. This could increase the risk of an accident in this heavy maritime but the United States has also been expanding its military pressure, one to exercise maritime freedom, and one the assistant secretary Daniel Russell telling me theres no up side to china engaging in a military confrontation. No good will come for anyone, let alone china, particularly as it struggles with a slowing economy from any kind of military clack. The coming weeks will prove to be very important, meeting with john kerry, where it will likely dominate the discussion. Joining us on the phone for more now on the situation is steven roach, former Morgan Stanley asia chairman. Thank you so much for joining us. Hi, steve. Hey, bill. Hi, kelly. Frankly there had been some pretty harsh rhetoric from a former china eats toll politician, so what do you think the country does now . First of all, in contrast to what seema just said, i dont think this is a big surprise, and to get to your question, what does china do . I think you have to i think recognize that chinas belligerence, which is very clear in the eyes of this tribunal ruling did not occur in a vacuum. I think on importantly part of it can be traced to a very muscular china containment strategy that was launched by the u. S. In late 2011, when we unveiled the socalled asian pivot tipping or arsenal back to asia, along with a very ambitious trade plan later to be known as tpp that deliberately excluded china from. Obama went further to say we cant let countries like china write the rules of the global economy. China didnt like that, you know . They have their own nationalistic aspirations, and they have responded illegally, according to this tribunal, but again the response is not something that occurred off nowhere. Yeah. To this point, steve, the relationship between u. S. And china has, you know, its been simmering. Ill use that word. Weve encouraged them to take steps on their courage sill, on human rights, all these things that have happened here, but they continue to simmer, they dont escalation. With china taking a hardline stance, they dont feel like the court had any jurisdiction on that. They continue to maintain their control of that area. Does it feel like it could get worse here than better . Youre right to worry about it. Im worried about it, too. Our worries always seem to intensify. Ive been doing this long enough to know they always intensify right before a president ial election. Every four years it seems like were coming to a real boy. We have an election and come back to a more temperate position, but this is the first time when the simmer has gone beyond the economic ballots and more of a geostrategic potential military dimension. Thats worrisome because of the potential for accidents, as you are alluding to. I wonder if you expect them to just ignore this ruling, stephen, or to respond to it as if they feel they have lost face or have to take a stand . I think theyre going to put a lot of pressure probably behind the scenes on the United States and its allies to try to walk back from this level of hostility. They will not do it unilaterally. I think it would involve a loss of face with respect to their own perceived rules of a strong nation. Steve, good to talk with you. Be well. Thanks for joining us. Thank you, bill. Thank you, kelly. Stephen roach. We have record territory today for the dow and the s p. Roger altman will tell us about what he thinks could pose the biggest threats to markets. After this runup, thats just ahead. Up next, yeah, poke mon go fever is spreading even here at the new york stock exchange. And everywhere, it seems. Details how its gaining popularity in china where its not even rolled out yet. Foand millions moremericans lwho feel its effects. S, lets walk together to make an even bigger impact and end alzheimers for good. Find your walk near you at alz. Org walk. Welcome back. With the market up 130 points in record territory, its time for a cnbc news update with sharon epperson. Heres whats happening. In dallas, president obama is paying tribute to the five slain Police Officers. He said despite the recent shootings, america is not as divided as it seems. Dallas, im here to say we must reject such despair. Im here to insist we must not be divided as we seem. I say that, because i know america. I know how far we have come against impossible odds. At least 22 people were killed and 43 injured when two italian commuter trains collided head on in the Southern Region of, at least two people were pulled alive as the recent cube operation took place. A tanker crash and fire took place on a bridge over tampa. The truck was carrying 4,000 gallon of diesel fuel, and it had mechanical issues which caused it to crash. The Brazilian Health minister says the chance of being infected by the zika virus in rio is less than 1 in 500,000. He spoke at the launch of a new mobile phone app, which encouraging people to upload to the sism a description of how theyre feeling each day. Thats the cn. News update this hour. Bill, back to you. Thank you very much. Going into the last hour of trading, record territory, a leading trader will tell us what hes watching as the dow makes its run to the highest close of the year in just a moment. Which state is the top state for business . Or scott cohn gives us a final hint before the big reveal in the next hour of the show. Great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet installed on your schedule. Comcast business. Built for business. Glue every. Welcome back. Were in the last half hour of a historic day. We have an eye at the dow on the fresh internet highs. What are you watching here . First of all, its grate to be here. I told bill this move was imminent, and he was skeptical. Live data, that came out last week was surprising you know, theyre going to continue to get in behind this thing and support it, but know we see where the rubber meets 9 road. We start to see some followthrough in some of these big names. What about the banks. Thats obviously the first one that comes up here. We have also seen oil. Interesting the way the transports are up today. This market could be one , and a lot of guys are excited about that. I saw it scribbling down there. Thank you. Bill . Yeah, sorry we had to run there, gordon. Heading to the close, 27 minutes left in the trading session, with the dow up on the heels of this weeks reportshattering market moves, we will talk to roger altman about where he sees the market and the economy heading. Well talk to a member of president bill clintons administration, about the prospects of Hillary Clinton as well. Stay tuned. Youve wished upon it all year, and now its finally here. The mercedesbenz summer event is back, with incredible offers on the mercedesbenz youve always longed for. But hurry, these shooting stars fly by fast. Lease the gle350 for 579 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. When you cook with incredible thingredients. Ato. You make incredible meals. Fresh ingredients, stepbystep recipies, delivered to your door for less than nine dollars a meal. Get your first two meals free at blueapron. Com cook. Welcome back to closing bell. We are on the hunt for pokemon. Purple snake. How many points dots for this guy . We have alltime highs for the dow and s p. That was kind of cute, wasnt he . Was that bob pisani . So, yes you wonder why Steven Sarge Gill<\/a> four, and Rick Santelli<\/a> is stick looking for buyers of tenyears notes. Sarge, here we are, alltime highs for the dow and s p, some other averages not the case. Whats your assessment of this . They buy treasuries, they buy stocks. For several days, they buy stocks. In you think the market is going to come in, you dont. People are talking about buying bonds for the capital gains. What are you advising people when it comes to maybe they still have hesitations . You know, youre looking at the tenyear yield at practically nothing, and what were seeing is moving into the stock market. Im recommending even with the stock market at historic highs, there are still a lot of bargains in this market. I mean, if youre a value investor, as we are at fairfax global markets, where we look for low pes, high returns on equity, there are still a lot of bargains in this market. Like what . Apple, for example, is selling at a ridiculously prized ten times earnings, has a 40 return on equity, massive free cash flow, and what people dont understand is that apple, unlike google and facebook that sells services and sell advertising, they sell equipment, and they go in cycles. The reason why the apple price is so low these days is because of the china. Well, you have to understand that buying cycle in china, because in to 12 and to 13 when they first put the iphone into china, everyone bought it. Most people keep them for three our foryears. Were coming into the cycle in the next year. Goldman sakes said they think in the next six to nine months, more than a 60 increase over what its selling for today, thats a heck of a good return form yell it didnt go well. Tenyear auction didnt go well. Have we finally discovered there are buyers that wont go to a certain level, a certainly yield below where we were . Have we hit a bottom, do you think . I think theyre debating a better entry point. Sevens are considered a lucky number in las vegas, but when you havent had bid to covers, meaning amount of investor dollars chasing amount of dollars available at auction, when you havent seen those poor metrics in seven years for the threeyear or seven years for todays tenyear, thats not a good thing. When you kerr were at 136 closing yield. When we were hovering around a 150 yield, paul said, you know, thats next to nothing, i agree with him until you put it next to a bund or now its a bit more something, but i think that investors arent tiring of the knowing that they know they can game or the quantitative easing, that doesnt help. I think theyre debate iing. Make looking at that yen, more stimulus measures from the bank . Is that a big factor behind u. S. Stocks . The story with japan is you probably have a fiscal and stimulus package fused together over there. Doujt the road dont be surprised if the boj forgives the dead. Thats how theyre going to s. Europe is on deck, Great Britain<\/a> is on deck, you know, and the Federal Reserve<\/a> cant be too far behind. How about those indirect. You should understand that i dont think sarge is advocating that at all. I get what sarge is doing. Com padres, of insanity in central banking . Youre on the same side of that trillion dollar coin, for sure. Some of the beatenup stocks there yet . Yes, there are a whole group of stocks with low pes, with huge cash flow, and i think now because of brexit, where theres a lot of people are concerned about the markets. I think now is a real buying time for a lot of beatendown, blue chip stocks in europe. Because a lot of different play places you cant look, but banks for example, would they make your list there . You know, the thing about brexit is its going to have a lot of political consequences, but in the end its going to have zero economic consequences, at least in the short term, because for the next two yearsplus, britains going to be in the european union. Nothings going to change and theyre going to have a lot of time to renegotiate their trade agreements, and because the markets have been hit with in now is the time to buy. Including financials. Good to see you all. Lets move on to amazon, falling into the session, as the company is holding its second prime day, offering exclusive deals for prime customers. Its kind of like christmas in july. Kind of, except youre buying stuff for yourself this time around. Lets bring in ross gerber, and ross, youre are you a customer . Buying stuff today . Im a customer every day at my household, yes, im sure my wife is shopping away, as we speak. I was disappointed on what we saw actually for sale i will keep looking. What i was told from about 60 to 80 of my office they have made purchase already. The stock is down maybe on the sales that arent going to hit the mark. Im sure theyll hit a huge number. James, what about you . You have some caution at these levels, right . Sure, a little bit, but at the end of the day when you look at what theyre accomplishing with prime, you know, i think its pretty impressive, and i think some of the headlines, you know, with the initials sales being negative. At the end of the day what theyre trying to do is move to the membership model, and the fact theyre able to convert prime day at the rates of black friday and cybermonday, so they are very solid conversion rates. Thats why youre seeing the acceleration of growth, 26, 27 and possibly higher in q2 while showcasing their private label. So maybe on this say, poke mon go hit some of the sales today, but are you suggesting that people are hunting for poke mon instead of show pg on prime day. Is that possible . I tried it this morning. Look, that was a joke, but s theyre doing both. You. Well, this is a tough stock, because it trades at the premium multiple, but where does amazon go. It seems only up. If you look at a price to seals ratio, its actually not as expensive as a pricetoearnings ratio. Its not that concerned about earning money, but what they are good at is growing revenue, and i think theyll be successful to , lets be rule. How big could they get in your view . Thats what its going to come down to. When people look at whether it will move, its also about how much bigger could amazon get . The reason were neutral is more macrodriven. At the end of the day, just because theyre theyre also essentially becoming a tax on vendors, having to use amazon as a distribution channel. Sets interestingly brands are looking at amazon as more of a friend than a foe because of the fact that they were getting squeezed by the bigbox retailers for a number of decades for shelf space. So amazon, you know, does have a long runway, but right now the neutral rating is a function macro. Amazon could bring in 525 million, maybe thats a bit of a reach. Even if it doesnt reach that number, do you fear that they could be frondloading sales, drawing them up to this level and the next few months they may suffer, because people bought on prime day instead . I dont think so. I think prime day is all about getting people to sign up for prime. Look at it this way, they sell everything at cost and hope to make money on the 100 on prime and give you all this video stuff on top of it. So theyre making about 30 of that 100 thats free money to them or less. So the profit margin is about 0. 5 , the lowest of any retailer. What they really want is everybody paying 100 a year on prime. If they can get that number from 30 or 40 milton to 60 or 80 million of households, theyll be in great shape long term. Fascinating. Just looking around myself, their prices are not the lowest relative to where you could get them, but a lot of people are stuck in the system, because they feel like the Free Shipping<\/a> is a bargain. Yeah, you have to do it. Exactly. Exactly. Guys, thank you. Good to see you. See you later, ross. On amazon prime day, july 12th. Not quite bass steel day. About 45 minutes to go here, dow is up 122 points today. We closed yesterday for the s p at new record highs. Were well above the intraday highs. The dow is at 18350, so that puts it were there. Closing high 18,312. In fact the intraday was 18,351, were about a point or two away from the levels. The nasdaq is currently in the green, year to date, but its currently at 5,000. Much more ahead on the markets run into this record territory. Executive chairman roger altman will tell us how long he thinks stock can keep up the pace, thats coming up here. Trouble in the south china sea. China vowing to ignore an International Tribunal<\/a> rejection of claims over disputed territory, and it says its armed forces would defend its interesting. A leading china expert weighs in on how this highstakes also situation could play out. Youre watching cnbc, firstn business worldwide. In new york state, we believe tomorrow starts today. All across the state, the economy is growing, with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. Like in buffalo, where the largest solar gigafactory in the western hemisphere will soon energize the world. And in syracuse, where imagination is in production. Let us help grow your companys tomorrow today at business. Ny. Gov a good car has to maneuver quickly. Thats also true of a good car company. People have always bought cars. But we saw an opportunity in sharing cars. So we moved fast and launched car2go in 29 cities, all around the world. Doing that required dozens of data centers, designed for speed and performance. We built our business on the ibm cloud. Because thats what the ibm cloud is built for. Welcome back again, significant days ago in mark with the dow touching its intraday high. It closed in new record territory yesterday. 30 stocks inside the dow, thats interesting. I would have thought we would have if not all, certainly a majority. By the way, goldman is one of the best gainers there. Goldman i think the biggest point contributor. Other side of the satire, walmart. They started their Free Shipping<\/a>s yesterday for the whole week during prime week. Stocks to watch. Yes, they are. American Airlines Flying<\/a> higher with the company says it signed deals. It says it coulding in the pretack imcome in the neck three year. Separately deutsche bank, and Delta Air Lines<\/a> to buy from hold, the firm says that head winds like brexit, and excess capacity have been priced into the shares of those airlines while improvements in unit revenue have net to be fully reflected. An International Tribunal<\/a> ruled against china in a territorial dispute. Seema motty has horrid. Has more. This came in as a big surprise. The International Tribute<\/a> rejecting chinas territory claims, a critically Chinas Foreign Ministry<\/a> quickly responding, and expressing definance. Philippines, vietnam and malaysia among others, well see if they use this ruling to assert stronger control, pushing china to potential amp up its defense. This could increase the risk of an accident in this heavy maritime but the United States<\/a> has also been expanding its military pressure, one to exercise maritime freedom, and one the assistant secretary Daniel Russell<\/a> telling me theres no up side to china engaging in a military confrontation. No good will come for anyone, let alone china, particularly as it struggles with a slowing economy from any kind of military clack. The coming weeks will prove to be very important, meeting with john kerry, where it will likely dominate the discussion. Joining us on the phone for more now on the situation is steven roach, former Morgan Stanley<\/a> asia chairman. Thank you so much for joining us. Hi, steve. Hey, bill. Hi, kelly. Frankly there had been some pretty harsh rhetoric from a former china eats toll politician, so what do you think the country does now . First of all, in contrast to what seema just said, i dont think this is a big surprise, and to get to your question, what does china do . I think you have to i think recognize that chinas belligerence, which is very clear in the eyes of this tribunal ruling did not occur in a vacuum. I think on importantly part of it can be traced to a very muscular china containment strategy that was launched by the u. S. In late 2011, when we unveiled the socalled asian pivot tipping or arsenal back to asia, along with a very ambitious trade plan later to be known as tpp that deliberately excluded china from. Obama went further to say we cant let countries like china write the rules of the global economy. China didnt like that, you know . They have their own nationalistic aspirations, and they have responded illegally, according to this tribunal, but again the response is not something that occurred off nowhere. Yeah. To this point, steve, the relationship between u. S. And china has, you know, its been simmering. Ill use that word. Weve encouraged them to take steps on their courage sill, on human rights, all these things that have happened here, but they continue to simmer, they dont escalation. With china taking a hardline stance, they dont feel like the court had any jurisdiction on that. They continue to maintain their control of that area. Does it feel like it could get worse here than better . Youre right to worry about it. Im worried about it, too. Our worries always seem to intensify. Ive been doing this long enough to know they always intensify right before a president ial election. Every four years it seems like were coming to a real boy. We have an election and come back to a more temperate position, but this is the first time when the simmer has gone beyond the economic ballots and more of a geostrategic potential military dimension. Thats worrisome because of the potential for accidents, as you are alluding to. I wonder if you expect them to just ignore this ruling, stephen, or to respond to it as if they feel they have lost face or have to take a stand . I think theyre going to put a lot of pressure probably behind the scenes on the United States<\/a> and its allies to try to walk back from this level of hostility. They will not do it unilaterally. I think it would involve a loss of face with respect to their own perceived rules of a strong nation. Steve, good to talk with you. Be well. Thanks for joining us. Thank you, bill. Thank you, kelly. Stephen roach. We have record territory today for the dow and the s p. Roger altman will tell us about what he thinks could pose the biggest threats to markets. After this runup, thats just ahead. Up next, yeah, poke mon go fever is spreading even here at the new york stock exchange. And everywhere, it seems. Details how its gaining popularity in china where its not even rolled out yet. Foand millions moremericans lwho feel its effects. S, lets walk together to make an even bigger impact and end alzheimers for good. Find your walk near you at alz. Org walk. Welcome back. With the market up 130 points in record territory, its time for a cnbc news update with sharon epperson. Heres whats happening. In dallas, president obama is paying tribute to the five slain Police Officers<\/a>. He said despite the recent shootings, america is not as divided as it seems. Dallas, im here to say we must reject such despair. Im here to insist we must not be divided as we seem. I say that, because i know america. I know how far we have come against impossible odds. At least 22 people were killed and 43 injured when two italian commuter trains collided head on in the Southern Region<\/a> of, at least two people were pulled alive as the recent cube operation took place. A tanker crash and fire took place on a bridge over tampa. The truck was carrying 4,000 gallon of diesel fuel, and it had mechanical issues which caused it to crash. The Brazilian Health<\/a> minister says the chance of being infected by the zika virus in rio is less than 1 in 500,000. He spoke at the launch of a new mobile phone app, which encouraging people to upload to the sism a description of how theyre feeling each day. Thats the cn. News update this hour. Bill, back to you. Thank you very much. Going into the last hour of trading, record territory, a leading trader will tell us what hes watching as the dow makes its run to the highest close of the year in just a moment. Which state is the top state for business . Or scott cohn gives us a final hint before the big reveal in the next hour of the show. Great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet<\/a> installed on your schedule. Comcast business. Built for business. Glue every. Welcome back. Were in the last half hour of a historic day. We have an eye at the dow on the fresh internet highs. What are you watching here . First of all, its grate to be here. I told bill this move was imminent, and he was skeptical. Live data, that came out last week was surprising you know, theyre going to continue to get in behind this thing and support it, but know we see where the rubber meets 9 road. We start to see some followthrough in some of these big names. What about the banks. Thats obviously the first one that comes up here. We have also seen oil. Interesting the way the transports are up today. This market could be one , and a lot of guys are excited about that. I saw it scribbling down there. Thank you. Bill . Yeah, sorry we had to run there, gordon. Heading to the close, 27 minutes left in the trading session, with the dow up on the heels of this weeks reportshattering market moves, we will talk to roger altman about where he sees the market and the economy heading. Well talk to a member of president bill clintons administration, about the prospects of Hillary Clinton<\/a> as well. Stay tuned. Youve wished upon it all year, and now its finally here. The mercedesbenz summer event is back, with incredible offers on the mercedesbenz youve always longed for. But hurry, these shooting stars fly by fast. Lease the gle350 for 579 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. When you cook with incredible thingredients. Ato. You make incredible meals. Fresh ingredients, stepbystep recipies, delivered to your door for less than nine dollars a meal. Get your first two meals free at blueapron. Com cook. Welcome back to closing bell. We are on the hunt for pokemon. Purple snake. How many points dots for this guy . We have alltime highs for the dow and s p. That was kind of cute, wasnt he . Was that bob pisani . So, yes you wonder why Trading Volume<\/a> is light down here, by the way. Every time we try to film a pokemon, somebody would get him. They were going after them with a vengeance. Lots of green on the s p today. Any positive close for the s p as you know, is a high for the day, and the dow now in record territory, up 135 points at the moment. Speaking even in china, where it hasnt ruled out, Julia Boorstin<\/a> has more. Pokemon of her own. Of course. Thats right, kelly. People in china are so desperate to play pokemon go, with these crazy characters that theyre playing chinese copycats of the game. You need a google account to play and you cant get one in china. Here in the u. S. , its been downloded more than 8 million sometimes, which estimates the game generates 1. 6 million in daily revenue from the ios devices alone. This is up 55 in tokyo trading over the last week adding 9. 8 billion to the market cap. The nintendo is sharing that revenue with developer which spun off from google last year, as well as the pokemon company, in which nintendo owns a third. The app stores both take 30 of all revenue that comes in. The app based in outcry ownerly that they were users were told they were giving the game full access to their google account to see and modify nearly all. Niantic says that was an error and they are in the process of fixing it. Kelly and bill, back over to you. Impressed you got them to hang out. Youve trained one. Like a little bet. Thank you, julia. Stocks are rallying, but our next guest says the wild card here is whether the market will continue to have confidence in the ability of Central Banks<\/a> to keep Global Growth<\/a> going. Lets bring in roger altman. Roger, welcome back. Welcome back, roger. The brexit shock has worn off and then some. Can you believe the snap back . Everybody is heartened by the snap back. I think it reflects four factors. One is that Interest Rates<\/a> will be lower for longer. The second is that brexit isnt going to have any meaningful effect on the u. S. The third is that the u. S. Economy continues to be steady, even if the 2 rate weve been seeing now for two or three years. And finally that other markets are flashing signs which are positive for equities. Yields are down, oil prices are up, and in this environment, those are positive. So its its probably not a big surprise that the market is rallies, although to hit a new high is a little surprising, but on balance, the outlook for equities over the medium term is good. To your point on the credibility of Central Banks<\/a> globally and the markets confidence in them. With abes victory over the weekend and the election there, that seemed to be a green light for him to introduce even more stimulus, maybe a big fiscal and Monetary Policy<\/a> package there. How much do you expect . And how effective do you think that will be finally . Well, i think you have to be skeptical about the japanese economic outlook. Theres been a lot of monetary stimulus, a huge amount so far to relatively little effect. Now, of course, the counterfactual may be that the japanese economy would be a lot weaker without it, but it certainly hasnt had a particularly positive impact on growth, but the largest point is that since 2009, if you take the Balance Sheets<\/a> of the u. S. Fed, the ecb, and the Japanese Central<\/a> bank, together they have increased by 8 trillion since 2009. So you look at that figure, which is an astronomical one, almost hard to hard to get your hard to grasp, and you say to yourself that the Central Banks<\/a>, of course in the trillized world have been keeping the economies afloat. In turn you ask yourself, can that continue . How will those Central Banks<\/a> ever unwind that and thats why theyre so related a related request question is that these bond yields are so low and the prices have gotten so high, everybody has gotten so out of whack, can it possibly end well . Well, short and medium term, i think the outlook for equities is good. Theres nowhere else to go theres a flood of capital, and equities look good in terms of historical returns and dividendees in an environment of Interest Rates<\/a> this low, but kelly, your point is a good one. Is a 1. 5 tenyear treasury a sign of strength or a sign of weakness . Over the long term, its a sign of weakness. It signifies weak Global Growth<\/a> and signifies geopolitical instability as well as a flight to safety. I always thought i was supposed to invest in stocks when earnings were going up, but weve been in something of an earnings recession in this country. Do i only invest in stocks because the yields look that good right now relative to bonds and anything else . No, historilly the returns on stocks have been good, compared to Interest Rates<\/a> anywhere near will. I mean, if you just look at the span of history as Warren Buffett<\/a> so often says. So its not just a dividend yields, and, by the way, we could be coming out of that earnings recession. Im just saying over the very long term, you have to be cautious about the role the Central Banks<\/a> have played. And what the level of Interest Rates<\/a> is saying long term. Roger, good to see you. Appreciate your thoughts today. Thank you, guys. Roger altman. For the last decades, its each year for the best state, and each year the winner is the bestkept secret. Scott cohn is here to offer the very last hint for us to now guess this years winner. Scott . Such a feeling of power. Its awesome. We lynn joined by a very special guest. I think we have kind of outdone orselves this year, but whos going to help us introduce it. Weve been giving us hints all day. Onestop shopping, the need for speed, original colonists, making ends meet and eight is enough. A lot of you have weighed in with interesting guesses, but were not done keeping you guessing. From here, after we named the top state for business 2016, as you heard bill say, weve been doing this for ten years, so were going to go maybe we leave or stay here, were going to unveil the state that has done the best over the past ten years. So youll want to see that tomorrow, but the immediate business, we will unveil the top state for business, and you will be able to see where your state tacks up, and we always want to hear from you using the hashtag top states. Is it all apples to apples . What we do is look at what the states are talking about, and if the states are saying more states are saying we have a great work force, that carries more wait. So the idea is well to hold the states to their own claims, so thats changed to reflect the landscape, but the categories, to keep it apples to apples have always been the same. All right. Im going to guess my guess is based more on where you were yesterday, but i think youre in california. Wow, wishful thinking. Homeland. Yeah. Has new jersey ever won . That doesnt look like new jersey. I was away a bit, granted, but my guess is kentucky because of that little fence last hour. All right. There you are. Weve got just about 15 minutes left. The dow is 18,342. The second day running. The nasdaq in positive territory. The next guess is theres a key event that could take this market to the next level. Shell explain when we comes back, after this. We are in record territory. Art cashing was just telling me the market on close orders tells me the balance to the not a whole lot, but joining us right kn know, youre keeping your eye on everything just as the market is right now. What do you make of our historic rally compared to the rest of the world here . The national of the rally has been predominantly cyclicals. We take that as a good sigh. If you think year to date the defensives have been outperforming. Growth is sustained in the u. S. , its been steady,. That all sounds right. But then again they werent shaken too much. Its interesting. Theres something going on. We know they ten to go a bit out of the whack. Historically i would say this time, though, i would expect for this to continue. In terms of yields, the threeyear note auction was very poor. The demand today very poor. So has the appetite for low yields, is it waning right now . What this comes down to is the phet doesnt operate, and i think theres more connectiveness with global rates and global monetary possible. At the not diverge as much as they try. It just speaks to the so i think we could continue to see a rally. To see them move into something more cyclical, what does it mean for some of the best returns i agree. You see cyclicals continue to move higher if they will. So we had a strong labor market report. Growth is running at about 2. 7 . If it becomes exciting, i think cyclicals could continue to rally. Do you see anything to buy there . Anything bargains . I think in Europe Brexit<\/a> hasnt had too much of an impact. I think as it unfolds. The time line about how brexit may or may not play out, you see pops of volatility, but right now broadly the market looks cheap, but we think theres a lot of uncertainly there. Same thing for japanese stocks, people are wondering, is it now the time to chase . Giving the renewed victor . For japan, everyone is waiting for more stimulus, whether we think thats enough to sustain a rally or make the market pop, im not sure. The value of the yen has appreciated a lot. We will take a break, come back with the dow up 116 points. Were hitting a record close there. It looks like well have one for the s p as well. And a whole lot more on tap for the next hour of the program. Were also watching amazon stock today. Its been an all alltime high, and prime day sales probably wont hurt, but well look at what has been selling on this amazon prime day. Bob pisani is chasing pokemon. Did you find anybody . Theyre jumping around. People stopped for julia. Thats the last two days, this rally really goes back to, as we pointed out the japanese elections over the weekend. That sparked that 4 rally in the nikkei on monday that continued into our market. Monday the s p hit alltime highs, and today with any positive close is another new alltime high. Here we are up another 15 points. The dow yesterday was on its way, wasnt at an alltime high, but what longterm yields, the tenyear, we highlighted how the threeyear yesterday was weak at the low yields not very strong. The same happened today for the tenyear note. The yield was 1. 51 , so we have come back quite a bit in the last week. Below 1. 4, now 1. 51 . Thats quite a move here. I want to emphasis while the s p and dow are at new highs, the s p small came up is essentially at a new high. Lets not quibble about a point or two. The point is this is a brought rally, not just a bunch of the top 125 stocks. Volume is not bad today, either. Probably to 4 billion shares with the consolidated tape. On a normal summer day, 3. 2 bill chron. You start getting towards 4 billion, i call that heavy volume. New highs, volume up, the technicians will love this. Youll hear a lot of technical articles written tonight. Oil has been very volatile. Yesterday was down sharply. Today were coming back here. All kinds of crosswinds about the demand, the amount of production that well see for next year, the eia out with estimates for that as well. Opec was talking about that this morning, better demand, next year production will be more in line with demand overall. So that helped oil. You have gold down, oil up, the dollar behaving. You have the tenyear yield up just a bit, but not enough to cause any panic, and you have two major indices at new highs for stocks. That is about as god goldilocksy as youre going to get. Now i think we have to get over what the banks will have to say. Jim morgan will be the first. Thank you, bob. See you later. A recordclosing high for the dow and s p. We have a bunch of economists in the house today. And dennys, if you couldnt tell, is ringing it any nasdaq. Stay tuned for how number two of a very special guest on the panel today. See you tomorrow, kell. Another day of record high closes here on wall street. A look at the Dow Jones Industrial<\/a> average, which now looks to be going out at a fresh record high. 18,346 is the level there. That tops the previous high from may of 2015 by about 30 points. So again, a gain of 119 points for the dow. The s p now sitting i believe its second straight day of a new high at 2152. It added 15 points or nearly 0. 75, and nasdaq for its part closing above 5,000, going into the black or green, however you would want to call it for the year. It opened the year at about 5,007, and closed with a gain of 34 points. Now, coming up, we will reveal 2016s top state for business. By sure too stick around for the winner and a special music at guest. Joining today we have mike santolli. And guy adami. Are you allowed here . Irs you and mike together unbelievable. I mean that, from 3 00 to 4 00, you guys are doing a great job. Its a special honor. Were going to see what happens this whole hour. You also with you, mike is guy the special musical guest . Im just saying. Later in the hour, b. K. I dont see it being a buying panic or that being said, its a bit extended. Credit marx are very, very chronic. Finally treasure yields lifting, plus chatter about bailouts, so a lot went right. I think 2150 is an interesting level, if only because its the consensus yearend talent. We can close up shot, right . I hope im not here you secretly do hope. No, listen, without question, ive been a skeptic for a long time now. I say it all the time. I would want the market to be built on a stronger foundation. Ive also said, you know, i understand whats going on in terms of the really 100 . Bev huge earnings this week. I think they absolutely do matter. And you have to ask yourself, is this the only game in town . Well get to more of that in a bit. Bob, how did and the important thing is the two biggest insises are at new highs right now, but its even broader than that. Lets look. Dow industrials, your key here, thats what we needed. We did that rather handededly. I want to emphasize how broad the rally has been, because were essentially at highs on the s p mid cap and s p small cap. Lets not quibble about a point or two here. This is a broad rally, with small, mid and large caps all participating in it. It was about as perfect a day as you could ask for. Take a look at the major indices. The dow historic highs, crude was up rather dramatically, gold was down and the dollar behaved and the tenyear yield moved up a bit. This is about as perfect as you good et for a stock scenario. Number of stocks hit new highs, maybe not as much as people expect, but a lot of people are just below highs. But heres what we call the fade trade. And gold all down today here a lot of peopling about whether the defensive names have much left in them. They have all been market leaders, at t to the down side. I guess a key point is weve got gold down, weve got crude up, weve got the dollar behaving, the tenyear up just a bit. About as perfect a day as you could ask for. Guys, back to you. Erasing the losses for the year, Bertha Coombs<\/a> has more on the rally. Were about 200 points away from an alltime high, about 4 for the nasdaq, but bob was talking about the small caps. If you look at the s p small cap 600, these are sort of the biggers small caps. Theyve had the best gains year to day. This is really what is working. Theyre not just as new highs, but youre seeing these stocks actually providing the leadership now. A look at some of the other sector highs, the etf highs we saw. Mid caps, small caps, those are the biggest gainer, but today some of the biggest volume was in that mid cap etf, also when it came to a big cap tech. Chip stocks as well. Chip etfs are at a new high. Some of the tech highs, were seeing a bit of a rotation. Cisco today joins the club, not an alltime high. It will take a while, however, 52week high for the year, just shy of 30 today, other bicktech names, include intuit, game stocks are all riding that pokemon wave it seems. Amazon today had illustrate a fresh alltime high. Last year if you bought on prime day, you would be up about 15 . Afterwards today we saw a bit of a swoon at the end. Bertha, thank you, i was looking at some of the specials for amazons prime day, they special have a weird and seiny section, but you can get cat purr therapy, motionactivated toilet night light. Amazon shares are lower today. Thats a side issue. You know, its an interesting question. Frankly you have to be equally, if not more so, in look at corporate bonds, everybody is piling in there, aid missing out on exactly whats happening. Its all part of the same spectrum. Theyre not unrelated. Theyre all on the spectrum of things you cant buy, so thats one explanation. I also fall back on the idea that a market that has refused to go above a certain level for 14 months and really has stayed in a particular range for a year and a half, its not a fluke, theres something going on. It doesnt mean it goes up for long or forever, but i think something is going on, earnings perhaps could be the cover satire for the next go higher. Brian, where do you say . Whether its the earnings, maybe a turn in the economy more largely . Guy hit on it earlier. To me its the story in japan, they are now talking about deathfueled stimulus, fiscal stimulus, if that narrative has changed, earnings may not actually matter, but if japan is going to do fiscal stimulus, you know what . Make the u. S. After the election will do fills causing stimulus, theres a reason to do stocks. I think theres much better places. I would buy currency stocks. To me that looks like the absolute best trade out there. They have to go part and parcel, though. Sure we did a done of qe after of financial crisis, but we also have earnings go up dramatica y dramatically, then they both stopped at the same time. Just because people in japan or even the uk or brfr were saying the Central Banks<\/a> you do ultimately need earnings and factors. I thought that for quite some time. I thought for a while. Said it for almost a year and a half, the chasm between earnings and Revenue Growth<\/a> continues to widen out, but the market doesnt seem to care. We talk about gap earnings, generally accepted accounting principles, except the people who dont accept them is this market here. The gap between the 18 times, and the 1234, times gaap earnings, thats a big scary. As Bill Parcells<\/a> said, you are what your record says. Were at a record high. As much as i would like to douse it with water, you cant the truth is here we are. Would you be more comfortable. Youve had a great call on bond yields, but would you in a weird way feel more comfortable if that was because the fundamentals werent that great, as opposed to thinking that they are okay . Its interesting, you know, i thought the move in the bond market almost mandated the stock market would correct to the down side. Exactly the opposite has happened. One has to asks yourself if yields start to go higher, for whatever the reason, what does that mean for the stock market . In essence, nothing has hindered the move to the up side. Every piece of bad news where i thought this was it, the market shrugs it off. Maybe in a weird way the bond market going down, yields going higher will be the next positive catalyst. Exactly. Mike . At least for markets that are bigger than the yieldsensitive ones, right . Consumer staples, the guys that have been bearing the load here are about 17 of the market. The rest of the market is 83 , financials are 16 , so its actually kind of easier for the market to go up if in fact its not all a yield story. What are the limits to that . Are the limits where we get to a point where we have to get refocused on wanting to have an i think weve had this very kind of special phase where you have 4 nominal growth, and the fed proceed to be shrined and kind of game on. Does anything interrupt that . It also seems to be a case the credit cycle is dead. One of the best past performers has been consumer finance. My favorite nugget, we are officially subpresuming mobile phones. Verizon does this offering about 1. 2 billion, aaarated, and again its going in, and the demand for this is way more than anticipated. The spread between what theyre getting on this and socalled safe Government Debt<\/a> is very low. The credit cycle lives on. Mike wrote about this stuff seven or eight years ago, almost that its happening again. Is it scary . To me its scary, but does it scare the market . Clearly not. Were able to point to one assetbacked deal. And Insurance Companies<\/a> in germany are buying fake triple a dead, so obviously totally different, but the logic back then was, well, youre always going to pay your mortgage, you might let your other bills go. Are you always going to pay the phone bills . You have to pay netflix. A parting word, brian. If youre buying the market now, you have to know youre buying into a bubble. Simple as that. Lets send it over to seema mody here. A strong day for health care is the company raising thesecond guidian, and adjusted earning in the range of 1. 19 to 1. 22. The previous Guidance Range<\/a> was 1. 16 to 1. 20, so beating its own photograph. Testi teva is waiting for approval for the pending acquisition. You know whats interesting about the boy space, traded up to the 285 level. We talked about it forever on your show. Double bottoms at 240. If you look at see what happened, thats exactly it. Whats interesting now is none of the politicians have talked about biotechs for the last month, month and a half. It seems like the air cover for these guys is there. I actually think biotech is underappreciated. I think you could have a stealth rally, not unlike we saw with oil. Though im. Their success seems to breed its own failure. You can get to brian kelly next hour. Theyre talking to rich ross about the three stocks he thinks could take the dow to the big. Up next two stock pickers who say there are great buying opportunities out there. Their picks after the break. Plus could the rally spur more startups to go public . Well talk to someone with a pulse on the ipo market, later on closing bell. Youre watching cnbc, first in business worldwide. Im here at the Td Ameritrade<\/a> trader offices. Steve, other than making me move stuff, what are you working on . Let me show you. Okay. Our thinkorswim Trading Platform<\/a> aggregates all the options data you need in one place and lets you visualize that information for any options series. Okay, cool. Hang on a second. You can even see the anticipated range of a stock expecting earnings. Impressive. Whats up, tim. Td ameritrade. Our next guests say there are great buying opportunities out there. Sarah hunt from alpine funds, and chris from needham funds. Welcome to you both. Sara, where do you see value . Weve got a couple stocks in that area, harris, a orbit al. I think its likely that oil prices will stay higher than the people might have thought otherwise in the summer, and were looking at some of the stuff in the aerospace industry. What about you, chris . We have seen some is surprises out there already. So we see better hard wear which would been weak. We think the cloud builders are still spending, which is a builder of those servers should be doing pretty well. We also like a company gilyard, thats really historic. Theyre great at integrating new m a, so were still positive. Mike . I wonder in terms of the mid cap defense companies, you say that a relative valuation thing. Is it a call on the election . On the next administration . On general defense spending trends . I think its a call on general defense spending trends. You get pretty high multiples out there. And sometimes the mid cap guys are still trading. We think thats reasonable given where the market is going, which is today obviously went higher. Super micro, their lastsh but value ways looks interesting. Whats this car, not unlike what we see . Where he do think theres holdback. So now here we are in the second quarter, and youre at points where these guys do need to build out. The data doesnt stop, and you have to build and store. Were looking at the up im the here. And a start reminder, by the way that theres always a story. Its true that we think about these things in broad terms, but not to say you cant have an incredible overnight. Looking for similar opportunities. You saw what happened with the nintendo stock. Net urz. Its not like people are not looking at their phones enough, anyway, so. Where are they finding these names . Consumer finance sector, airlines, all of these really got beaten down. Is something scary have now bounced . One name we like would be air lease. Its an air leasing company, internationally exposed. Its trading right at book value. The shy there is whats the residual value of a plane seven, eight years out. They keep placing plane internationally. And at one time and potentially a Credit Rating<\/a> upgrade the next couple quarters, we think its probably good value. The final point i would love to hear you weigh in on, are you having more trouble finding value than you might have when it was cheaper in does is it feel like, no, theres present of good names for us to pick . I think its harder to find that you can stand behind, but i think the market right now are all pricing anticipatory, and thats where youre seeing the convulsive moves up. You cant be short anything, that means theres things out there that were looking like they were starting to become attractive, so for me thats trickier. I have a value bias, so we look for dividends, so were looking for dividend yield and evaluation that we can live with. We do think theres values and still names, but the key is you better be with a Good Management<\/a> team, otherwise its a valuable trap. They really can stay down there, but we do see some. Its been more difficult, two, three weeks ago, around brexit, there was opportunity. For a day or two. Chris, sarah, thank you both for joining us this afternoon. We appreciate. A record day for they markets, s p 500 closing in uncharted territory. Well ask you whether that could prompt more territories to become me amazon is having is second prime day. There is some concern about the strength every todays sales. Well have more when we come back. Hi daddy gain the freedom to fumble with the new water and shatterresistant Samsung Galaxy<\/a> s7 active. Buy one now and get the samsung gear s2 for free. Exclusively at at t. Would. The Company Kicked<\/a> on which the Second Annual<\/a> prime day. It featured some good deals and some problems. Courtney reagan has more. He, kelly. Theres still more than seven hours to go, though last years prime day fail hashtag still got some use when there were issues adding some its temperatures to carts, though it says, priceblink says when looking at some of amazons top feature deals on products that are also available at other retailers, nearly all of them are lower by an average of 30 . The Bose Soundsport<\/a> 48 off the normal price, and again lower than other retailers, or a pressure cooker, 22 lower than the next lowers competitors price. Deals are only available for prime members now, prime members are moe valuable, spending about 1200 annually. So amazons main goal is to get more consumers to sign up, even if its initially just for the beyond retain theyre still well below black friday. They estimate last years prime day generated 375 to 400 million in sales. This year he expect it could double. Piper jaffray is still confident that it would deliver 30 more unit growth over last year. Kelly . Courtney, thank you. Question to you guys. This isnt black friday. Amazon has created its own holiday. Walmart shares higher today. Eithery moving, i think people generally treat it as a broader phenomenon than just let me find specific deals on amazon. Kelly, i will say that actually walmart is see a nice bump up. Hook logic, another outside source that weve been talking to saying, look, conversion is up. They monitor about 45 din retailers, but it seems to be help retail, maybe theyre going to a web side, so actually it may be helping more than hurting. Sorry, guy, i didnt mean to jump in there. Walmarts had a stealth rally all year. I still think valuation is pretty reasonable. Much quarter had an amazing year, and earlier this year, you saw a 2014like quarter that scared everybody. Obviously february didnt help. One has to wonder, is next more like 14 . Clearly the guys in the bull camp think more 2015. Glue today president obama hailed the Officers Service<\/a> at the protest against police violen violence. Our entire way of life in america depends on the rule of wall, in this country we dont have soldiers in the streets or militias setting the rules. Instead we have public squares Police Officers<\/a> like the men who were taken away from us. Intense fighting between the syrian got and aleppo has completely cut off the only rod for address. Footage released by the sir yang government shows the desserted rode with plumes of smoke rising. Treasury secretary jack lew is saying flex ability is the key to navigating brexit. He said britain and the eu both should show flexibility in negotiations. The soccer roster has been named. Its attempting to become the first womens soccer team to win the world cup and olympic titles in backtoback year. It includes 10 of the 11 players from last years world club squad, including karli lloyd and hope solo. Hope they do it again. The 16yearold from new jersey who made it in the 400 hurdles, oh, my gosh, wow, and she was a juggler . Youngest person on the team. Going to be watching for that. Take care. You too. The ipo marked is showing signs. Wee ask next. Plus just minutes away. Scold cone joins us live for one last hint ahead of the big reveal. Welcome bashes. Its a record days. The dow closed as a new high. It hatted 120 points, for all the major averages today. The s p closing at another high for its pardon, 15 points higher, and nasdaq now in the black for the year after a 34point gain putting it at 0,022. Does in all signaled a green light Going Forward<\/a> . Joins us is making a trip down to the stock exchange, we preserve that. Thanks for having me. The pipeline dried up almost totally for a while. The ipo pipeline was really nonexistent. We talk about this money domiciled oversees, 4 trillion or so that could be repatriated, but in an interest way, it allows some of the things to be works on. Can you speak to that . Were quite unine. If it does, it has a corp partner. The trick is were investing in something with marked value, but in some ways drives strategic value. If you can do that, youre insulated to the market. So were launching a starredup . China right now. Its in the fetal monitoring business, so you have 20 million more babies not coming online, but coming out over the next couple years, so thats a big market. This is going after the fetal monitoring for moms to see how their babies are doing. In that space the Investment Partner<\/a> there is al llianz. Their it flips from im having a baby to i have to protect the baby. Therein lies the Insurance Products<\/a> tore sold on the platform im god. Corporate priorities, so its kind of an outsource are of the r d function left . I think its helping them its about creating the ecosystem. Were quite large, 400 people, were global, we we have to go, but real quick. Weve sees hostess go public again. We have also seen plenty of people exiting by just. Acquired. I think it would be a bala e balance. Thanks for joining us. Jeff shumacher, thank you. Scott cohn is in the winds for us. This is or tenth year, as you said, and its done something that no state has ever done in the tenyear history, and youre about to find out what it is, what state it is, and were going to introduce it in a way we have never done before. Stay tuned, closing bell continues in a moment. I enjoy keeping people up at night. My Analysis Shows<\/a> your stories are actually about human connection, even love. Great storytelling needs drama and empathy. My cognitive apis can help any business Better Connect<\/a> with its audience. You should try writing a book. Find a remote hotel. Bring the family. I do not think that is a good idea. Approaching medicare eligibility . Bring the family. You may think you can put off checking out your Medicare Options<\/a> until youre sixtyfive, but now is a good time to get the ball rolling. Keep in mind, medicare only covers about eighty percent of part b medical costs. The rest is up to you. Thats where aarp Medicare Supplement<\/a> insurance plans insured by Unitedhealthcare Insurance Company<\/a> come in. Like all standardized Medicare Supplement<\/a> insurance plans, they could help pay some of what medicare doesnt, saving you in outofpocket medical costs. 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Call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. Go long\u2122. Its time to reveal our top winner for thescott, please, finally, can you tell us where we are . About toss a mystery no longer. Im on Antelope Island<\/a> on the great salt lake. Now, the price of americas top state for business utah. Donny osmond. So innocent and inspect i did my very best now as the season pass i try to make it last and i watched it fall away but a man can be measured by the number of times hes knocked down its all about what he does when he gets back up again im a survivor what are you gonna change your mind for youre the one i die for take me as i am dont just ignore me no need to feel sorry for me i dont need your pity treat me like a man im not a shadow of who i used to be its just me i have been fighting for so long whether it is been right or wrong its become a way of life and now after all that the tears standing strong through the years what have i become im a survivor what are you gonna change your mind for youre the one id die for take me as i am im a survivor what you gonna change your mind for youre the one take me as i am im not a shadow of who i used to be its just me lets look at utahs climb to the top. We searched far and wide for the state that puts it all together for business. This year that station is west. Utah the beehive state buses to the top. The state soars on the strength of its economy, a priority for the governor. Together we said a got to not recover, but to become the Top Performing<\/a> utah consult in number threw, but thats just the start. Utah is the first state since our study began to fin in the top half of each of our ton ten categorie categories. Utahs individual and corporate taxes a flat 5 , state and local sales taxes top out at 8. 35 . Unemployment in utah is well below the national average, with some of the strongest job growth in the nation, but the challenger for governor says the statistics dont tell the story. We dont have enough highplaying jobs to pay a living wage. Intermountain is the largest employer, the largest industry is finance. This is utahs eighth appearance in the top five, the befinish yet. The oneword motto industry, a if perfect fit for the stop state of 2016. Yesterday we were at park city. Our thanks to all the people up there. Onestop shopping, well, the First Department<\/a> store was founded in salt lake city. Founded by Brigham Young<\/a> in 1868. Need for speed, of course the bonneville salt flats. Original colonist, this is the beehive state. Making ends meeting, this is the site of the golden spike where they broad the transcount nevin railroading to, and eight is numb. Eight osmond brothers plus marie. A lot of great guesses, gary herbert is the 17th governor. He joins us from the State Capitol<\/a> in salt lake city. Governor, ive been following your state for the ten years formed youve never been a state to rest on yours laurels, so what is left to do . We can still build. Were not perfect. Were striving for perfection, but this is a great hon ore. Thank you for recognizing utah, and i agree 100 . No state is perfect. I want to ask you about a controversy thats been raging that has an inns la rely station and thats the issue of the state giving a loan to one company to gift port fa what can you tell tuns that youre not to get a fair shake here . Well, again theres a misrepresentation in whats happening in oakland to have us access a port to sell leaf products. In exporting of coal. Thats a different issue. The environment in utah, was very business friendly. We kept faith with the fundamentals that have made America Great<\/a> in the past. We have competitive tax rates. Making sure are for the wealth creator, and consequently a business is thriving out here and diversifying. Those are the things that people are finding in utah. Thats why were growing businesses with inside our state and colocating in our state to expand their profitability and market share. Governor, what is left to do . What are the weak spots . In the past education has come up short. That did well how do you stain that . And what do you do to keep this going now . Certainly education is one we need to continue to keep the pedal to the metal. The fact of the matter is we have a large growing student population. We have a higher birthrate, larger family sizes, so we have some uniqueness there, but we are trying to become the best Education System<\/a> in america. Were not that star off without being out of the top ten. Well make even better strides as we look at education as k through 16 and beyond in a very seamless approach. We want to have the labor force of tomorrow here in utah today, and were working our way towards that very end. Very good, governor. Again, congratulations. You can see where your state stacks up right now. Topstate. Cnbc. Com, the whole study is now online. Well go from here to the state thats done the best of the past ten years. Thats all day tomorrow. Were not done yet. Once more from americas top state for business, the album is the soundtrack of my life, again donny osmond. Im a survive what you gonna change your mind for youre the one i die for take me as i am if this is live i dont want to interrupt. Oh, man, im going to be what do you think . You nailed it. If they had him rig the methodology. Donny osmond is rocking. It says live, but i dont know if it is live. It is live. We need to stop. Now, hes done. Man, our apologies to donny osmond. We were trans fixed watching that all go godown. I cant get over the original colinist clue. The behive state, come on. Beyond the clues, the access to capital. By the way, like Goldman Sachs<\/a> has put more people in utah. Biggest industry is finance. Take a look, quick stock. Look at what sky west has done over the last couple of months when other airlines are going where, theyve made a 52week. Doubled over the last six months. Headquarters in salt lake. Less than a week away from the Republican National<\/a> convention. Delegates are starting to descend upon cleveland. Corporate cash is staying on the sidelines though. Thats next. Can a toothpaste do everything well . This clean was like pow. It felt like i had just gone to the dentist. My teeth are glowing. They are so white. 6x cleaning , 6x whiteninga in the certain spots that i get very sensitive. I really notice a difference. And at two weeks superior sensitivity relief to sensodyne i actually really like the two steps step 1 cleans and relieves sensitivity, step 2 whitens. Its the whole package. No ones done this. Crest healthy, beautiful smiles for life. Welcome back. Breaking news. Check out the stock soaring about 24 . The fda taking the companys lead Clinical Trial<\/a> programs off clinical hold. Now remember last week, the immune o omther pi was put on hold. Now saying the fda has removed the hold and are going taback t the original treatment plan. So youre seeing the stock up more than 20 in the afterhours. Wow. That was fast. Thank you, meg. Now, the Republican National<\/a> convention is kicking off in cleveland, ohio in six days. Platform meetings are underway. Traditionally, major corporations make major contributions in the convention, but this year is turning out differently. This has been a radio active political year. Maybe too radio active for some big american corporations. You know how corporate pr offices are. All of these companies have different explanations for why it is they are not here. Those explanations in some cases, too detailed, but the bear fact is that a lot of companies that paid big money to sponsor conventions are not doing it this time around. Take a look at this list and youll see who im talking about. General electric paying 100,000 in 2012. Nothing in 2016 to the rnc or dnc. 250,000 last time. Nothing this time. Jpmorgan chase, a charlene picture. They say instead writing checks to local charities in the cities where the conventions will be held. Ford solutions and ups all writing checks of more than 100,000 each time. This time, zeros across the board. It may just be this political season is something these companies dont want to be associated with and obviously here in cleveland, theres a lot of talk about just how radio active their presumptive no, maam nominee is. Obviously, he was the clear victor coming out of the primaries, so not all the focus is going to be who will he pick as his Vice President<\/a> ial nominee. We suspect that news to be coming later this week. Maybe the vp will unleash more capital. Thanks. Anythings possible. Yeah. Markets touching new highs today. But will that momentum continue into tomorrow . Well ask, next. Tomorrow on squawk on the street, dont miss a first on cnbc interview with General Mills<\/a> ceo, ken powell. Hes getting set to host the companys investor day. Tomorrow at 9 30 a. M. [announcer] is it a force of nature . Or a sales event . The summer of audi sales event is here. Get up to a 5,000 bonus on select audi models. You can fly across welcome town in minutes16, or across the globe in under an hour. Whole communities are living on mars and solar satellites provide earth with unlimited clean power. In less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. And if you thought that was amazing, you just wait. Welcome back. Havent gotten a solo from guy. Its an art cashin came up to me, when adam comes up and says hi, what a gentleman. Youre fantastic. The quintessential, sets a tone for everybody else down here. Efb should be as cool as art. I appreciate that. Thanks for having me. My fast money fans are all mad at me, the guys on the desk are mad at me. Theres plenty of guy to go around. Dont waste your final seconds. As much i would like to be a naysayer, the price is is truth, folk, and the market want to go higher. If you want to look at one name tomorrow, the overreaction in kite pharma on back of juno last week, that stock the probably trading higher. Mike. Looking for the tenyear yields. They might come up in some friction here about 1. 5, but thats giving you the idea. Im looking forward to the banker. Markets still overbought. 7. 5 in ten days. Everythings fine. Thank you, both. That does it for close bell. Fast money begins now. Breaking news. Hallelujah, that is what investors across america were singing today as the dow set a new record and the s p set a new record high today. This is fast money, americas post market show. Im melissa lee. Tonights lineup is tonight, the goal is really simple. To help you navigate these xup rant, but confusing market and to do that, we are going to start with with a simple question. With the dow and s p a new record, is the nasdaq next . Pete . Yes. I think it is. I mean, i dont know it wouldnt. Because the rotation that were seeing now isnt necessarily out. I mean, i know everybodys been really pinpointing and saying yoow","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia600509.us.archive.org\/1\/items\/CNBC_20160712_190000_Closing_Bell\/CNBC_20160712_190000_Closing_Bell.thumbs\/CNBC_20160712_190000_Closing_Bell_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240625T12:35:10+00:00"}