President trumps address to congress hoping to get more details about tax reform y. Hope you saw senator oren hatch talking earlier today. He said tax reform could be difficult to get done. As far as changing the Current System that is very difficult because democrats are not cooperating. It seems when you get a brand new president you ought to be at least seeing what can be done. They are not only not supporting him but fighting him with everything they got. Many major averages took a small leg down on the comments but not by much. We will see what happens here. You can see shares of the major brokerages both cutting online commissions. We have a fee fight today. All stocks are getting hit hard on the news. You can see Td Ameritrade down more than 9 . We are going to get you details. Panel of Retail Investors to respond to all of this. Im sure are loving these lower fees that they pay for trading. Target ceo speaking exclusively to our courtney reagan. We will delve into those comments coming up later. The stock down almost 13 . Speaking right now at the companys investor. Got headlines crossing. We will have the latest and bring the news to you shortly. How are we going to fit all of this in . Happy mardi gras by the way. Lets start with President Trumps activities. Kala is at the white house with more. Any last minute speeches will the president signing three executive orders. The first is an executive order that aims to support women in stem careers. A second visits the regulation and this executive order instructs epa to revisit this or review this and that could hand back the oversight over some of the bodies of water. And then there is an executive order that prioritizes in the president s word historically black colleges and universities moving that agenda item from the Education Department to the white house and then the president will be meeting with the guests of himself and the first lady to tonights address. Those are mostly guests that are families affected by violence committed by undocumented immigrants as well as the widow of the late justice antonin scalia. As far as that peach i am told it will be optimistic yet realistic. Expect a lot of talking points about the state of the economy, about what the president inherited about a trade deficit and about how the administration will seek to create jobs. As for tax reform and health care the devil will likely not be in the details because remember the audience in the congressional leaders who will be there are the ones who will be putting pen to paper on legislation. You guys just aired comments from senator hatch. You had speaker ryan talking about how he believes that entitlement reforms are on their way through the repeal and replace of obama care. And then we had Mitch Mcconnell weighing in. Here is what he said. Eight out of ten americans want it either entirery replaced or changed. The status quo is not an option and what we are doing is not the status quo. Reporter there are a lot of legislative items on the agenda. We will see which one the president prioritizes tonight. Thank you. With hours to go before that address. Now to target tumbling on the heels of earnings miss. Courtney reagan did speak a couple hours ago. She has the latest for us now. So target did release the disappointing earnings then they addressed the community here in new york city for their annual meeting. They laid out a three year plan to spend 7 billion investing in the supply chain and in the stores. I sat down with ceo and asked how he plans to get back those sales that he has been losing over the last six quarters with a plan that looks similar to what they have been doing. Take a listen. We have lots of work to do. We talked to the Investment Community about today and this is not going to happen overnight. It will be a threeyear plan that we put in place. This first year is about investment. We ha we think with the disruption in retail today there is significant market share opportunities because people are closing stores. We have an opportunity to be one of the future winners. As he begins to open up more small format stores. He spent some time in washington, d. C. Several trips speaking to President Trump as well as lawmakers several times about the border adjustment tax. I asked him where he thinks everyone stands. He said he thinks that they understand the impact on retail but understanding and actually putting it into place may be two different things. Take a listen. They dont wuntant to see prs go up 15 to 20 for families buying clothing for their kids, school supplies, basic staples. They understand the impact to retail and target pays 35 effective taxes today. If this were to go forward our tax rate would go over 75 . So they understand the implications. I think we are going to end up in a much better place. If that tax does go forward i think target can kiss the three year plan good bye. Back to you. That is the thing. You look at the stock and clearly the stock market doesnt want to wait three years for a turn around at the company especially when he is talking about two different strategies investing more in plants and new stores and at the same time trying to gain market share which means fewer profits down the road. So thats clearly not pleasing wall street right now. That is exactly right. Target says both online and in stores very important to us. The majority of target sales we know a little more than 95 are still coming from those stores so they dont want to ignore that part of the business but the growth is coming from online. It is a delicate balancing act. Im not sure that analysts and investors are buying it today by seeing that share reaction. Some of the worst reaction we have seen in almost 20 years. Thank you very much. Courtney reagan. Good job with the target ceo. Lets get to our closing bell exchange. Joining us doug sandler next to us at post nine and next to him is peter costa from empire executions and next to them is Rick Santelli at the cme. End of the month. It has been a stellar month. Gains between 4 and 5 for major averages. We could set the record. You are Still Holding that there has to be a correction coming in the near term here. I will stick with that story until i am wrong. I dont think i am wrong. One thing i want to make a point of, i think that us breaking a record today if we do go positive and the dow is up for i think that is more significant than breaking 20,000, breaking 10,000. I think that is the most significant, one of the most significant events as far as technicals in trading on the floor since i have been down here. I think its huge. But i think that if President Trump is all of the nonsense he pulled during the campaign thats not going to sit well with investors. I think people are looking for a little more. I know you cant be specific about how you are going to get things done because congress is going to do it but there has to be clarity from his point and from his view for investors that feel comfortable that tax reform is going to happen. Its almost like they can keep this thing going by continuing want to see plausibility today. Thats what i would like to see. I would also like to see bridge building. I think there is a big example to get done. I think bridge building is necessary. You either have one or the other. I dont think we can have either but we will see. Where would you be investing . A little different than peter. Folks we invest for we suggest anybody took the cover off the market reasonable valuations and to be honest i think the market was held back prior to the election. Once we had clarity i think a lot of the trump balance is we know who it is. Im still a buyer here, maybe not with both feet but certainly not taking money out of the market. What do you think the markets want tohear from the president tonight . I think they pretty much are pretty happy hearing what they have heard. Anything else is a bonus. I know it just seems so right to say things like peter said. President should be more normal or he should get more details. Lets face it. From the beginning of november before the election to where we are now, 2,800 points. Setbacks few. Volatility low. I still say this is repricing. Whatever investors are looking at i think that we, pundits of the market or media seem to want a whole lot more detail. Maybe investors would like that. I think it is really difficult to know the answer to that because the proof is what im looking at at the dow, nasdaq and s p. Though this may be a setback with regard to its strength its not the amount of days up. Its the distance travelled and like when you look at an investment ratio. The distance travelled against the back drop of the volatility we have seen, something important is going on here. It doesnt have to do with details. Im not sure that trump is the only thing it is looking at. I still say we have a trifecta of government that is going to be messy. We cant do anything without it being messy. I still say we have all parts to get something done no matter what the sausage factory looks like. Well, we will know tonight. Thank you guys. Appreciate your thoughts on todays Market Action as we wait tosee if we get history today. Dow is down 25 points. The s p is down six points to 2,363. Transports down more than 50 points. Nasdaq down 35 for its part. Russell giving back gains and then some. Down nearly 1 1 2 percent. And then utilities. Very, very strong and again today up sharply. Escalating fee fight in the retail brokerage industry hitting those stocks. Well tell you which Companies Just cut trading fees. Retail investors will be weighing in on what they are doing. When jp morgan Ceo Jamie Dimon speaks everybody listens. We will go live to the Investor Conference here in manhattan where jamie dimon is making a presentation as we speak. Youre watching cnbc, first in business worldwide. Welcome back. Check out brokerage stocks which are lower after fidelity and Charles Schaub dived. They jumped into that pricing war. This all happened. This outbreak of the pricing scuffle is happening after years of stability with a big online brokerage charging 8 to 10 per listed commission trade. About a month ago schaub touched this off going down to 6. 95 per trade. Schaub immediately matching that. It is telling that they have been leading the way because they are the two firms that are broadly diversified. They dont depend as much on commissions for revenue. More than 40 of their revenue. E trade somewhat less than that. What is really going on, too, we have a rate hike in december. That gave more Net Interest Income to the companies which schaub wanted to spend some of that in the way of market share graph. These guys are mostly ast gatherers. I dont think they feel as if an enormous number of people are shopping every day. You can always find these kinds of commissions if you are an active trader. Does it make that much of a difference for most investors . It helps pay less is better than paying more. I have been told average Retail Commission size is about 20,000. Saving 3,000 or 4,000 maybe that doesnt move the needle but does tell you the direction of this industry is to essentially scrimmage over those available accounts that are out there and try to bring assets in house and sell you something else. It reminds you of wireless carriers. A hand full of big carriers trying to knock some customers. The market doesnt love it and hitting these stocks today. How sensitive are consumers . Is it the change as it might have been 10 or 20 years ago . I think the incremental Price Reductions are so marginal. There has always been apps out there that are promising free trades. Interactive brokers has been the value leader. So i dont think it really sends a lot of customers in motion but it is just enough to get some attention and essentially say we are here for all of your investment needs and you can trade that much more cheaply. These are Network Businesses very much like wireless carri carriers. You know it is serious when the etrade baby comes back. Thanks, mike. I missed that one. We all do. We will see you next hour. For more on this fee fight whether effecting Retail Investors and where they are putting their money it is our Monthly RetailInvestor Panel with ceo, veteran investing ceo and accountant thomas. Good to see you both. You loving the lower fees. I moved some of the money last year. Their offer is if you have 25,000 you get 33 trades a month. Even if you dont have that money if you have an old 401 k you can roll it over and combination of accounts and it helps with dollar weight costing. I had Synchrony Financial and dropped down to 26 and 24. I am able to buy 10 shares and 20 shares. Before you wouldnt want to do that because the cost doesnt make sense to buy 10 or 20 shares. When you can do it for free it makes a lot more sense. What impact is it having for you . For me personally it is not having that big of an impact because i tend to buy stocks and hold it a longer period of time. That is actually true of most of the better investing members that are part of our organization. We tend to look at not only the price for the trade but the other services that the Stock Brokerage is providing. Do you find one that most members tend to use . There is probably regular five that everybody is familiar with. Some of our clubs also use Company Folio investing because they like the window trade option that they provide. For the most part i think our members are using traditional brokerage. Lets talk about companies you like. They are meat and potatoes companies. I think they provide good long time growth. Some are growing faster than others. That is what i am looking for, a little bit of balance in there. I think that actually i had Signature Bank for several years now. I was buying it when its price was lower. Now it is doing much better. I think it will continue to do well especially with the way the current environment looks. So i think that will do well. Looking to take advantage of increased spending on infrastructure in the country. Thats the buzz. Well see what the president says about that. Tommy mentioned we saw one of your picks. What else here . I like cracker barrel. You have the domestic situation. Taken a little bit on the chin with the whole mexico thing. That company has been growing. Same thing with i tend to be more value player. Those are my favorites. I like the banks because you have three things working for you. You have Interest Rates going up. You have a lower tax rate. So those are all good things for the banks. And im sticking with them. You know, i can imagine you are not going to worry too much about short term swings. There are some market veterans who are worried about the level of the market. You are the shorter term trader here. Do you worry that the market may be a little ahead of itself here . I have had a higher position than normal for the last few months and havent seen the selloff. I will not chase things at 52 weeks highs. Dow chemicals another spot i like. It is hard to put new money to work when it is 50 cents off the high. Im sure it will come. We have to go. Im wondering because we have seen data have you seen we have seen some very encouraged. One of the comments that we hear frequently in Community Boards is people are havinga hard time finding stocks they want. People are engaged and paying attention to what is going on and are waiting for that eventual opportunity when the stocks they are looking for is going to come in at a price they are willing to pay for. Good to see you both. Thank you. Two smart Retail Investors. Thanks for joining us. Thank you. 36 minutes left in the trading session. The dow is down 24 points. Will we be 13 up days in a row . That remains to be seen. A couple of drug makers in the red today. We will tell you why coming up. And then the earnings picks up again after the bell. We have sales force, go pro and etsy and Weight Watchers. We will break down the numbers as soon as they hit the tape. Marc benioff will speak with jim cramer. Dont miss it. , how can i help you . Im considering a home equity line of credit, but since im over 62 years old, a friend thought i should first look into a reverse mortgage line of credit first. Can you explain the difference between the two . 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