Transcripts For CNBC Closing Bell 20170725

Point. And that and i dont want im not going to call it, but mr. Mccain was expected yes and johnson was an unknown, sounds like he just voted aye. The democrats are going to vote no, but that should be i know were in closing bell right now. Well stay with this for a few minutes. John harwood and sara fagen still with us, i believe are you there . They have the votes. The ayes do have it, and as i said in my little hot mike moment there in a long conversation like that with Mitch Mcconnell, it sounds to me like ron johnson wanted to vent a little bit at some of his frustrations with Mitch Mcconnell but not so much that he was going to walk away and vote no so hes voted aye to proceed which means this Health Debate is going to happen and what weve got is a some attempt to rewrite the Senate Health bill which had been stalled for lack of support. If that fails, they are ultimately going to try to get to this bare bones repeal which would be a vehicle to get to conference with the house, and the question then is what can they negotiate can it can a less ambitious bill than the house passion the house and what can pass the senate all of them are going to have much lower coverage scores than the Affordable Care act, but republicans have the ability to get past that issue if they want to, and at least they have taken the first step here. Worst case, this they end up passing something in the senate. They go to a conference committee, and it drags on for months and gets in the way of tax reform kelly etches and Bill Griffeth in with closing bell. This is not the repeal of obamacare, but this is the first step paroled yoully to begin the process anew to repeal observing apartment. The market though, again, oddly not reacting the market has shrugged off, guys, everything that d. C. Has thrown tat because corporate earnings have been good enough. Indeed. Youve had high drama on capitol hill, but it has been about earnings for wall street so far today, brian thank you, guys. Well take it from here as the procedural vote continues there in the senate. Im Bill Griffith along with kelly evans at the new york stock exchange. Opens a can of worms. A good sign for the bill that this got this far and it moans that there could be a bunch of amendments coming down the pike from republicans and democrats and a first step, a necessary step and still many questions to be resolved. Lets begin here with this procedural vote that just happened on the bill to replace obamacare, and Kayla Tausche has more details for us. Kayla . Reporter kelly, for this vote in and of itself to wrap up, my producer stephanie dew who is down the hall says that the Vice President is in the chamber. Hes expected to be needed to break this tie which currently the vote currently stands at 502, so he will be the 51st vote on this issue with senator john mccain of arizona coming on to the floor to a standing ovation to vote aye, and John Ron Johnson of wisconsin, an unexpected holdout there at the end and in a heated discussion with Senate Leadership casting the very last vote on the republican side as a yes in this vote to proceed. So what comes next well, there will be a couple different votes on things that the senate has already been discussing, an outright repeal and then the better care act that they unveiled in june, but neither of those are expected to have the votes that they need to pass, so something that has been talked about on k street as well as here on the hill as a potentially viable option is whats being called a skinny rell peel and our colleagues at nbc news have done some great reporting on this. What it would do is repeal the individual and employer mandates and also repeal the medical device tax, but it wouldnt really touch anything else medicaid wouldnt be touched, the obamacare subsidies wouldnt be touched neither would the rest of the Affordable Care act taxes. That is seen as a way that you could cobble together supports from moderates and conservatives alike because repeal enough but you leave enough of the funding in place, too, so that youre not seen as pulling out the rug from under any of these specific programs that process would get you to conference which would be a battle between the house and the senate to actually arrive at something that both chambers could then vote on so were obviously a very long way from the end process. The vote today, a symbolic but important one for republicans who have talked about this and been pressured by the white house to do this for some time kayla, youmentioned a skinn repeal here as being now bandied about. So if that happens and they only get rid of the individual mandate, presumably a bunch of people will still drop out of the exchanges if that happens, has the cbo scored anything like this is shouldnt be anywhere near the 32 million uninsured on a straight repeal, but i do wonder how many millions of people would decide they dont want obamacare coverage if they are not forced to have it. Reporter well, kelly, on the cbo front, one of the reasons why the why the full replacement is not expected to pass is because the amendments that would be brought forth by some of the senators that would be looking to change that would themselves have not been scored by the cbo and would require 60 votes which the republicans cannot currently get with the current compositionin the senate right now, so the skinny repeal is seen as the path forward because it is something that not only would be able to fit through the key hole of needing only 50 votes but something that is seen as potentially workable with the house. We should note theres thats not a replacement option they would still have to figure out in due time exactly what a replacement would look like, and obviously some of the data around the marketplace would be like Shifting Sands as they work that out, to. Meanwhile, john harwood, masterful maneuvering by Mitch Mcconnell. We knew he had to thread the needle very carefully and even the late robert byrd would be impressed with how hes proceeding with this whole thing, dont you reporter i think its very impressive and surprise, especially since Mitch Mcconnell had seemed to indicate that the process had reached a dead end just a few days ago. Also have to say it is a victory for President Trump who has urged them to keep talking he said in an interview with the wall street journal just a few minutes ago this is basically a motion to talk, and if we get the motion to talk, well be in good shape and on the question that kelly was just asking kayla about, the skinny repeal, cbo has indicated that if they just take await individual mandate youd have about 15 million fewer people with Health Insurance over the next several years now, thats partly because of people who would decide not to buy it, but its also because as a result of people Healthy People not buying it, youd have a sicker risk pool, and, therefore, the premiums would go up for the people who do buy it and some of those would be pushed off by skyrocketing premiums, so theres multiple problems with it, but it is, as kayla indicated, at least a way to extend the conversation and kick the can down the road doesnt tell you whether they are going to succeed or fail, but it tells you they are still alive. John, would a skinny repeal be workable in the house, do you think . I mean, obviously no. The legislation thats come out of there has been more conservative, and this would have to get those members on board. Do you think they would be able to say to their constituents, look, we know this doesnt resemble anything like a repeal of obamacare, especially some of the important parts, but it is a way to move forward and take a couple of steps in that direction. Do you think they will be able to sell that in the house . Look, i doubt, it kelly, but ive been surprised by a lot of steps in this process, and i took republicans at their word a few days ago who indicate it had wasnt going to happen. Lets listen to mike pence and see whats happening. An act to provide for reconciliation pursuant to title 2 of the concurrent resolution on the budget for fiscal year 2017 the senior senator from arizona is recognized. I thank you, mr. President , and ive stood in this place many times and addressed this present and many presiding officers ive been so addressed what ive sat in that chair and thats as close as youll ever be to a presidency, but anyway its an honor were almost indifferent to in truth, presiding over the senate can be a nuisance, a bit of ceremonial bore and usually relegated to the more junior members of the majority, but i stand here today looking a little worse for wear im sure i have a refreshed appreciation for the protocols and customso this body and for the other 99 privileged souls who have been elected to this senate ive been a member of the United States for 30 years. I had another long if not as long career before i arrived here, another profession that was profoundly rewarding and in which i had experiences and friendships that i revere, but make no mistake. My service here is the most important job ive had in my life, and im so grateful, so grateful to the people of arizona for the privilege, for the honor of serving here and the opportunities it gives me to play a small role in the history of the country that i love ive known and add mired men and women in the senate who played much more than a small role in our history, true statesman, giants of american politics. They come from both parties and from various backgrounds their ambitions were frequently in conflict. They held different views on the issues of the day, and they often had very serious disagreements about how best to serve of the National Interest but they knew that however sharp and heartfelt their disputes, however keen their ambitions, they had an obligation to work collaboratively to ensure the senate discharged its Constitutional Responsibilities effectively. Our responsibilities are important, vitally important to the continued success of our republic, and our arcane rules and customs are deliberately intended to require broad cooperation to function well at all. The most revered members of this institution accepted the necessity of compromise in order to make incremental progress on solving americas problems and defend her from her adversaries. That principle mindset and the service of our predecessors who possess it had come to mind when i hear the senate referred to as the worlds greatest deliberative body. Im not sure we can claim that distinction with a straight face today. Im sure it wasnt always deserved in previous eras either, but im sure there have been times when it was, and i was privileged to witness so many of those occasions. Our deliberations today, not just our debates, but about the execser size of all of our responsibilities authorizing government policies, appropriating the funds to implement them, exercising our advice and consent rules are often lively and interesting this can be sincere and principled, but they are more partisan, more tribal more of the time than at any time that i can remember our deliberations can still be important and useful, but i think wed all agree they havent been overburdened by greatness lately right now they arent producing much for the American People both sides have let this happen. Lets leave the history of who shot first for the historians. I suspect they will find we all conspired in our decline, either by deliberative actions or neglect. Weve all played some role in it certainly i have sometimes ive let my passion rule my reason sometimes ive made it harder to find Common Ground because of something harsh i said to a colleague. Sometimes ive wanted to win more for the sake of winning than to achieve a contested policy incremental progress, compromises that each side criticize and also accept. Just plain muddling through to chip away at problems and keep our enemies from doing their worst isnt glamorous or exciting it doesnt feel like a political triumph, but its usually the most we can expect from our system of government, operating in a country as diverse and quarrelsome and free as ours considering the injustice and cruelties inflicted by autocratic governments and how corruptible human nature can be, the problem solving our system does make it possible the fruitful progress it produces and the liberty of justice it preserves is a magnificent achievement. Our system doesnt depend on our nobility it accounts for our imperfections and gives us an order to our individual strivings that has helped make ours the most powerful and Prosperous Society on earth. It is our responsibility to preserve that, and even when it requires us to do something less satisfying than winning, even when we must give a little to get a little, even when our efforts managed three yards in a cloud of dust while critics on both sides denounce us for timidity, for our failure to triumph. I hope we can again rely on humanity on our need to cooperate on our dependence on each other and learn how to trust each other again and by so doing better work for the people stop listening to the loud mouths on the television and the internet and radio to hell with them. They dont want anything done for the public good. Our incapacity is their livelihood lets trust each other lets return to regular order. Weve been spinning our wheels on too many important issues because we keep trying to find a way to win without help from across the aisle thats an approach thats been employed by both sides mandating legislation from the top down without any support from the other side with all the parliamentary maneuvers that it requires were getting nothing done, my friends were getting nothing done and all weve really done this year is confirm neal gorsuch to the supreme court. Our Health Care Insurance system is a mess. We all know it those who support obamacare and those who oppose it. Something has to be done we republicans have looked for a way to end it and replace it with Something Else without paying a terrible political price. We havent found it yet, and im not sure we will all weve managed to do is make more popular a policy that wasnt very popular when we started trying to get rid of it. I voted for the motion to proceed to allow debate to continue and amendments be offered. I will not vote for this bill as it is today. Its a shell of a bill right now. We all know that i have changes urged by my states governor that will have to be included to earn my support for final passage of any bill i know many of you will have to see the bill changed substantially for you to support it weve tried to do this by coming up with a proposal behind closed doors in consultation with the administration and then springing on skeptical members, trying to convince them that its better than nothing, that its better than nothing asking us to swallow our doubts and force it past a unified opposition i dont think thats going to work in the end, and probably shouldnt. The administration and Congressional Democrats shouldnt have forced through Congress Without any opposition support of social and economic change as mavis as obamacare, and we shouldnt do the same with ours. Why dont we try the old way of legislating in the senate . The way our rules and customs encourage us to act. If this process ends in failure, which seems likely, then lets return to regular order. Let the Health Education labor and Pensions Committee under chairman alexander and Ranking Member murray hold hearings, try to report a bill out of committee with contributions from both sides. [ applause ] something that my dear friends on the ore side of the aisle didnt allow to happen nine years ago. Lets see if we can pass something that will be imperfect, full of compromises and not very pleasing to implacable partisans on either side but that might provide Workable Solutions for problems americans are struggling with today. What have we to lose by trying to Work Together to find those solutions . Were not getting done much apart. I dont think any of us feels very proud of our incapacity merely preventing your political opponents from doing what they want isnt the most inspiring work theres greater satisfaction in respecting our differences but not letting them prevent agreements that dont require abandonment of core principles, agreements made in good faith, that help improve lives and protect the American People. The senate is capable of that. We know that weve seen it before ive seen it happen many times, and the times when i was involved even in a modest way with working on a bipartisan response to a National Problem or threat are the proudest moments of my career and by far the most satisfying. This place is important. The work we do is important. Our strange rules and seemingly eccentric practices that slow our proceedings and insist on our cooperation are important. Our founders envisioned the senate as the more deliberative careful body that operates at a greater distance than the other body from the public passions of the hour we are an important check on the powers of the executive. Our consent is necessary for the president to appoint jurists and powerful government officials and in many respects to conduct foreign policy. Whether or not we are of the same party, we are not the president s subordinates we are his equal as his responsibilities are on us, many in powerful on ours we play a vital role in shaping the direction of the judiciary and military and planning foreign and domestic policies. Our success in meeting all these awesome constitutional obligations depends upon Cooperation Among ourselves. The success of the senate is important to the continued success of america this country, this big boisterous brawling intemperate restless striving daring beautiful bountiful brave good and magnificent country needs us to help it thrive. That responsibility is more important than any of our personal interests or political affiliation. We are the servants of a great nation, a nation conceived in liberty and dedicated to the composition that all men are created equal. More people are free and lived free and prosperous lives other than in any other nation weve acquired unprecedented wealth and power because of our governing principles and because our government defended those principles america has made agreater contribution than any other nation to an International Order that has liberated more people from tyranny and poverty than ever before in history we have been the greatest example, the greatest supporter and the greatest defender of that order we arent afraid we dont covet other peoples land and wealth. We dont hide behind walls we breach them we are a blessing to humanity. What greater cause could we hope to serve of than helping keep america the strong inspiring and inspirational beak oven liberty and the defender of dignity of all human beings and their right to freedom and equal justice that is the cause that binds us and is so much more powerful and worthy than the small differences that divide us what a great honor and extraordinary opportunity it is to serve of in this body its a privilege to serve of with all of you. I mean it. Many of you have reached out in the last few days with your concern and your prayers, and it means a lot to me, it really does ive had so many people say such nice things about me recently that i think some of you must have me confused with someone else [ laughter ] i appreciate it though, every word, even if much of it isnt deserved ill be here for a few days. I hope managing the floor debate on the how the authorization bill which is the product of bipartisan cooperation and trust among members of the Senate Armed Services committee after that, im going home for a while to treat my illness. I have every intention of returning here and giving many of you cause to regret all the nice things you said about me. And i hope to impress on you again that it is an honor to serve of the American People in your company thank you, fellow senators mr. President , i yield the floor. [ applause ] returning here and giving man what can you say but wow. That was a moment in the senate there with john mccain as the 20 hours of debate on the Health Care Bill begins there in the senate, and we begin with a dramatic stemwinder from the senator from arizona as he gets out of his sickbed and comes to vote. Illness, i say . What illness that was an incredible speech from a man who just underwent that surgery with that scar. Yeah. All of the accolades which have been thrown his way in the last couple of days absolutely deserved a stinging rebuke of the current environment in d. C. By a man who has been there for 30 years. Just an incrediblemoment Kayla Tausche, as we wait for President Trump to come out of the white house with the lebanese Prime Minister, i mean, that i dont know if its a turning point or what, but that was just a a big, big moment in this process thats been going on for weeks now reporter it was. You could feel the frustration as senator mccain spoke. Someone with 30 years of experience in the senate talking about his colleagues on both sides of the aisle, urging them to put together a bill that no doubt would be imperfect and full of compromises but that might provide Workable Solutions for americans struggling today. Kayla, the president with the lebanese Prime Minister. Im proud to announce that with zero of the democrats vote the motion to proceed on health care has just passed, and now we move forward towards truly Great Health Care for the American People we look forward to that. This was a big step. I want to thank senator john mccain, very brave man he made a tough trip to get here and vote, so we want to thank senator mccain and all of the republicans. We passed it without one democrat vote, and thats a shame, but thats the way it is, and its very unfortunate, but i want to congratulate the American People because were going to give you Great Health Care, and were going to get rid of obamacare which should have been frankly terminated long ago. Its been a disaster for the American People thank you very much good afternoon, and thank you all for being here it is my honor to welcome Prime Minister hariri of lebanon to the white house. The Prime Minister and i have just concluded an extensive conversation about the challenges and opportunities facing lebanon and its neighbors. Lebanon is on the front lines in the fight against isis, al qaeda and hezbollah. The lebanese people of all faiths are working together to keep their and you know, this and weve been discussing this at great length, their country safe and prosperous. They love their country, and they are going to keep it safe and prosperous mr. Prime minister, i want to commend you and your people for standing up for humanity in a very troubled part of the world. The ties between our two countries stretch back more than a century. Long, long relationships in 1866 american missionaries founded the American University of beirut. Now more than 150 years later and with ongoing american support this university continues to educate generations of leaders in the region today our two countries seek to strengthen our relationship in many ways, including the pursuit of stability, mutual prosperity and peace. What the Lebanese Armed forces have accomplished in recent years is very impressive in 2014 when isis tried to invade northern lebanon, the Lebanese Army beat them back since that time the Lebanese Army has been fighting continually to guard lebanons border and prevent isis and other terrorists of which there are many from gaining a foothold inside their country the United States military has been proud to help in that fight and will continue to do so americas assistance can help ensure that the Lebanese Army is the only defender lebanon needs. Its a very effective fighting force. Threats from the len knows people come from the inside as well hezbollah is a menace to the lebanese state, the lebanese people and the entire region the Group Continues to increase its military arsenal which threatens to start yet another conflict with israel, constantly fighting them back with the support of iran, the organization is also fueling humanitarian catastrophe in syria. Hezbollah likes to portray itself as a defender of lebanese interests, but its very clear that its true interests are those of itself and its sponsor, iran ive repeatedly emphasized that syrias neighbors in the middle east must take responsibility for helping Syrian Refugees until they can return home and rebuild their country. The lebanese people have led the way, accepting more Syrian Refugees per capita than any other nation its not even close. I want to thank the Prime Minister and the lebanese people for giving shelter to those victimized by isis the assad regime and their supporters and sponsors. And pledge our continued support to lebanon since the start of the syrian crisis, the United States has helped lebanon support Syrian Refugees with clean water, food, shelter and health care. Our approach supporting the humanitarian needs of displaced syrian citizens as close to their home country as possible is the best way to help most people america is proud to stand with those who have the courage to stand up to terrorism and take responsibility for affairs in their own region the reliance and resilience of the lebanese people in the face of war and terror is extraordinary. We honor the citizens of lebanon who are working to secure a future of peace, stability and prosperity for their children. Mr. Prime minister, im grateful that will youre here today. Its a big day in our country because of the vote that you just heard about we stood and watched the results on television before coming out, and you found it very interesting, i hope. Yes, i did. And very important. I look forward to working with you to strengthen our partnership and the enduring friendship between the american and lebanese peoples thank you very much. Mr. Prime minister thank you good afternoon i had the honor and pleasure and the pleasure to hold a very good meeting with President Trump i appreciate his leadership and the United States leadership in the world today. We discussed the situation in our region, and the efforts we in lebanon are making to safeguard our political and economic stability while combating terrorism. I thanked President Trump for his support to our army and security agencies as well as his support to maintaining peace and stability along our southern border where our government is committed to the United Nations Security Council resolution 1701 as well as all resolutions we also discussed the pressures lebanon is facing as a result of 1. 5 million syrians displaced in our country. I outlined to the president to President Trump my governments vision for dealing with this crisis with the support of the international community. We also discussed economic prospects in lebanon and our governments efforts to jump start inclusive Economic Growth with a particular emphasis on job creation i thanked President Trump and the United States of america for their support to the lebanese people, striving to keep their country a model of moderation, dialogue, coexistence and democratic governance in our region thank you. Thank you very much margaret. Hello, margaret. Thank you, mr. President. And Prime Minister, ill have a question for you in just a second if youll bear with me. You spoke earlier today with the wall street journal. Weve all seen the comments, but i think everybody here probably is hoping that you could talk a little bit more about this you have called your attorney general beleaguered. Youve criticized his decision to recuse himself on the russia matters, and your kind of catch phrase or motto before the white house was youre fired im wondering if you would talk to us a little bit about whether youve lost confidence in Jeff Sessions, whether you want him to resign on his own, whether youre prepared to fire him if he doesnt and why youre sort of letting him twist in the wind rather than just making the call for him . Thank you. I dont think i am doing that, but i am disappointed in the attorney general he should not have recused himself almost immediately after he took office, and if he was going to recuse himself he should have told me prayer to taking office and i would have quite simply picked somebody else so i think thats a bad thing not for the president but for the presidency i think its unfair to the presidency, and thats the way i feet thank you. Thank you mr. Prime minister, could you tell us what you think about the the saudiled blockade of qatar. This has been something thats been of great concern to the u. S. In terms of resolving do you think that qatar is doing enough on terror, anandif so, would you like to see President Trump increase the pressure on the coalition to ease the blockade and, mr. President , if you would give us any more thinking on Going Forward with the path for attorney general sessions and maybe a time line for making a decision. You dont give up thank you. Thank you i think there is an effort by the kuwaitis they are leading this effort i think and i think they made some progress. We believe that dialogue is the best way in improving this relationship between saudi arabia and qatar i believe that maybe the United States also could help in in solving this issue in the in the gulf denise i have one question for the president and also for Prime Minister Congress Introduced additional sanctions against hezbollah last week what is your position towards these sanctions and on the role of hezbollah is playing in the region and syria ill be making my position very clear over the next 24 hours. Were going to see what is exactly taking place i have meetings with some of my very expert military representatives and others so ill be making that decision very shortly, okay and about his role in syria and the region. Whose role . Hezbollahs role. Ill be talking about that tomorrow. [speaking Foreign Language ]. Blake berman, thank you hello blake. President trump, hello, thank you. Indulge us here for a second, just to pickup where margaret. The American People i think would like to know do you feel that the attorney general should indeed stay or do you intend on firing him why should he remain as the attorney general, and secondly, on a separate topic with the Health Care Vote that just came about, theres still a long ways to go. At what point do you feel that republicans if they cant get something done you know what, we gave it a go, lets move on to tax reform instead, thank you. I want the attorney general to be much tougher on the leaks from intelligence agencies which are leaking like rarely have they ever leaked before at a very important level these are intelligence agencies. We cannot have that happen you know many of my views in addition to that, but i think thats one of the very important things that they have to get on with i told you before im very disappointed with the attorney general, but we will see what happens. Time will tell time will tell on health care, im extremely happy that we got this vote. This is they say, if you look historically, this is the tough vote to get. Now were all going to sit together and were going to try and come up with something thats really spectacular. We have a lot of options and a lot of great options and the republican senators really went out there. Its not easy. When you have 52 senators and you have a block of 48 voting against you, no matter what it is, no matter how good it sounds, its very hard to get the kind of numbers that we got. We ended up with 51 votes, 51 to whatever, i dont know what it is, 5150. Two republicans that went against us which is very sad, i think. Its very, very sad for them, but im very, very happy with the result i believe now we will over the next week or two come up with a plan that is going to be really, really wonderful for the American People. Obamacare is a disaster. Its failing in every front. Its too expensive it gives you horrible coverage it was gotten by a lie, 28 times it was a lyrics you can keep your doctor. You can keep your plan all lies, and the people are sick of it, and were going to come up with a Great Health Care that satisfies the needs of the people that we serve which is the people of the United States. I will say, and i said it right the at the beginning health care is always difficult because you have to weave a very, very narrow path, like a quarter of an inch wide right down the middle, and if you go a little bit too far right you lose three people on the left and if but go a little too far left you lose five people on the right. Its a very, very complex and difficult task, but its something i actually know quite a bit about. I want to just thank some of the republican senators who were really fantastic in getting us here, particularly john mccain for making the trip, but i think youre going to have a health care this is the beginning of the end for the disaster known as obamacare. Thank thank you very much. Mr. President. Mr. President , how can the United States help lebanon cope with the massive number of refugees, of Syrian Refugees, and is there a way that you can help facilitate the refugee return to their home country well, we are helping, and one of the things that weve made tremendous strides at is getting rid of isis. We have generals that dont like to talk. They like to do, and were with general mattis last night, and the success they have had against isis in extraordinary. Weve made more progress in the last four or five months than previous really than really the Previous Administration made in eight years and then we have to see what we have to see, but i will tell you isis in syria, isis in iraq, isis in other locations. We have made tremendous strides. Our military is an Incredible Fighting force, and as you know i let the commanders on the ground do they had to do before they used to have to call in this Beautiful House and speak to people that didnt know what was happening, where they were, what locations, practically, probably never heard of the countries they were talking about or the towns i let the generals do what they had to do, and we have made tremendous plans we were discussing it just before we have made tremendous gains with respect to isis in syria, iraq and other places. Thank you. [ inaudible question ]. Assad im not a fan of assaded. How will you hackett . We have 58 out of 58 or you could even 59 out of 59 when we launched the tomahawk missiles now im not a fan of the assad i certainly think that what hes done to that country and to humanity is horrible so i have been saying that for a long time i am not somebody that will stand by and let him get away w what he tried to do. And he did it a number of times. When president barack obama drew the red line in the sand and then he should have he cross that had red line because somable acts against humanity took place, including gas and the killing through gases. That was a bad day for this country, and i would go a step further, that had president barack obama gone across that line and done what he should have done, i dont believe youd have russia and i dont believe youd have iran to anywhere near the extent and maybe not at all in syria today okay thank you very much. [ speaking Foreign Language thank you very much, everybody. Appreciate it. Thank you. Thank you so much. Mr. Prime minister, thank you. President trump with lebanese president hariri there who himself a product of an American University. Yes, thats right. And his son went i think to Boston University as well. He went to bu. The father. Were getting generationally confused the president was basically asked about attorney general Jeff Sessions in this particular q a and the wall street journal has been putting out head loins with their interview with trump in which he just addressed the issue of the fed chair, janet yellen. Said she, gary cohn and a few others are in the running, addressed apple. Said tim cook had called him promised to build three factories and also, of course, on the topics of the day which include health care. Lets get more reaction from ylan mui. Just so you know while the president was speaking Mitch Mcconnell was also speaking on the floor of the senate and he toke about attorney general sessions and said that hes doing a fine job, did the right thing to recuse himself from the russia probe, even as the president was criticizing him for that. Reporter well, a number of republican senators have come out expressing support for attorney general Jeff Sessions, including john cornyn, including lindsey graham, but in this News Conference that just wrapped up, President Trump continued to say that he was disappointed in sessions take a listen. I am disappointed in the attorney general he should not have recused himself almost immediately after he took office, and if he was going to recuse himself he should have told me prior to taking office and i would have quite simply picked somebody else so i think thats a bad thing not for the president but for the presidency i think its unfair to the presidency. Reporter President Trump did not give any time line for when he might make a decision about the fate of sessions he also spoke about the Health Care Bill. Now this, had been a very dicy day for the white house and even more republicans on the future of this bill President Trump actually watched the vote on the senate floor with the Prime Minister of lebanon. They delayed the start of the News Conference to give john mccain time to finish his speech President Trump said that john mccain is a very brave man, but even as john mccain called for bipartisanship and civility in washington President Trump highlight that had no democrats supported this bill and that obamacare is still a failing disaster back over to you guys. Yeah. If anybody joining us here did not see john mccains speech, seek it out. I hope we put it on our website. Youll find it somewhere you must listen to what john mccain said during his his speech as soon is as the vote was ending and they begin the 20 hours of debate there. Ylan, also, what was the other issue that came up there, oh, on the fed chair, this was with the wall street journal. This didnt come up during the News Conference, but he did, as kelly was pointing out, tell the wall street journal that gary conhn and janet yellen are still in the running to be fed chair. Thats an issue that will come up later this year were all sort of handicapping it ahead of time, arent we . Reporter what ive been hearing it really depends on what some of the dynamics within the white house are. Does gary cohn feel empowered with the administration to get things done, like tax reform i can tell you that gary cohn was here in the front row listening to President Trumps remarks with the Prime Minister just a few moments ago, so he has been here in the white house and clearly he could bein the running for some other positions as well. I want to go back to health care for one more, ylan, and in his speech, it was interesting, john mccain of the current Health Care Bill, i think he referring to bcra, a shell of a bill now and got applause when had the health and education committees should people together and even though they granted the move to move the bill forward, he hardly gave support for this current legislation. Reporter i think john mccain was very clear he said he will not vote for this bill in its current form on the floor so i think that things are still up in the air. It is notable that republicans were able to come together at least for this moment to get this debate started, but all the dynamics you had swirling around before are still in place and could still potentially take this bill down and now skinny repeal is the talk of the town. Yes, skinny repeal. Ylan, thank you very much ylan mui at the white house. Lets bring in cnbc contributor jimmy petrocoukos. What do you think the impact of this whole issue with Jeff Sessions is. What happens if the president fires him . Reporter one problem with his administration is theres been all these sorts of other issues i think just gobbling up sort of peoples time, intellectious bandwidth week after week and month after month and now were sitting here without a Health Care Bill, and lets be clear there is no Health Care Bill were sitting here without a tax bill that. Bill doesnt exist, and and anything that happens with Jeff Sessions, hes fired, again, another distraction. I think, you know, further occupying that administration and making it harder to get anything done. Its not early in the process at this point. What did you think of john mccains speech . I assume you heard it. Yeah. And does it move the legislation forward if anything . They may sound too idealistic, but does it nudge us a little bit towards some sort of a bipartisan wrangling on this issue of health care listen, i like a nice mr. Smith goes to washington moment as much as anybody else it was a moving speech, but actually my big takeaway from that speech is that john mccain said that he didnt like this progress and he was against a shell of a bill. Im not sure exactly if he meant the American Health care act, if he meant this skinny repeal bill or iffy he iss also just a vote against this process hes only going to vote for something once it goes through regular order, so thats a huge unknown that he just put into the system. Jimmy, i also wonder if this so the whole idea behind skinny repeal as were learning and has been reported throughout the day is that it would repeal the mandates. Right. Individual mandates, employer mandate. It would repeal the medical device taxes, not medicaid, not the subsidies. Is that something you think could get democratic support in the house if conservatives dont support it i dont think so. My sort of baseline has been whatever the senate passes, assuming its Something Like the American Health care act, the house is going to also approve that, but i think the skinny repeal is a little bit different. It does it would remove the mandates which republicans have railed about as sort of Big Government interfering with our lives. That would be extraordinarily popular, but it would still, you know, spend a lot of money leaves the investment taxes, so Something Like the original Senate Health bill would pass the house. This im not so sure about, and i dont think democrats would vote for it getting back to your initial question listen, this is going to destabilize Health Insurance markets and make the Affordable Care act weaker, not stronger. But you have to admit, we were talking about this earlier. Mitch mcconnell really i dont three days ago no one would have predicted this. Hes actually made some progress here. Were not sure what the end game is. Yes. But at least they are talking now and maybe they can put something together here and hes hoping to have a vote on something by the end of this week which we thought at the beginning of this week was was never going to happen, so exactly. Maybe its too early to try to guess what this bill is going to look like by the end of the week, right . Republicans have decided to hold hands and take a step together into the darkness what is in there, they do not know they know that the president has been putting pressure on them. They know the base would like something done and that, of course, they need to get this done and get to taxes. Listen, if they could right now take skinny repeal plus big tax cut, they would take that right now over whats behind door number two and door number three. Glad you brought that up, jimmy. When weve talked to larry kudlow about this process. He said health doesnt have to have any bearing on the tax package. Do you agree with that and if they change this to a skinny repeal or what have you and it gets through or doesnt at all, does that automatically change the options in front of them for doing something with tax i dont think so. I dont think republicans, especially in the mood they are now, going to let a cbo score, unless its absolutely ridiculous, stand between them and a tax cut. If its a bill thats going to lose 4 trillion, 5 trillion, one thing, but a bill that would be a negative 1 drill yonel, i dont think they need to let that stop them but they need to get moving on that if they want it to happen. Jimmy, thank you for joining us this afternoon. You bet. Good to see you. Our john harwood is standing by in washington john, we thought maybe the markets would applaud this as art cashin had suggested, that they did vote to speak about the bill, to open that up for debate, but weve sold off about 20 points. Maybe they are buying the rumor and selling the facts. Its fascinating the. The markets have not followed a predictable pattern, at least from past presidencies ive covered because every time there is bad news it hasnt had much it hasnt had much impact on the markets so facts and circumstances and here you have from the standpoint of President Trumps agenda some good news that also doesnt seem to have produced a big kick up by the way, i agree with larry kudlow and jimmy that they dont need health care to cut taxes. Theres some ways in which it might make it easier, but if they want to cut the taxes that are part of obamacare, they can do that, and if they want to cut other taxes without including those, they can do that, too. John, the president also had an interview with the wall street journal, a number of headlines from that, everything from the health bill to what happens with attorney general sessions to apple apparently saying it committed to building a couple of plants, the ceo calling the president about that and talking about a couple of different names in the running for fed chair. Anything else stand out to you as significant here . Well, i do think its significant that he had kind words for janet yellen, indicated that she might be reappointed. I think most people have been expecting that the president would not reappoint janet yellen he pushed back against that idea while also saying that gary cohn, his economic adviser, is someone who would be in the running for that job as well so i hi the surprise there was how open he seemed to be to the yellen responsibility. On health care reexpressed confidence that he was going to win the vote and things were moving in that direction before the vote took place and indicating that this is a motion to begin conversation and hes hopefully that the conversation will end in a good place and as jimmy was saying towel moments ago nothing guarantee its going to tend in a good place. Started a debate dont know what they can pass. Thank you, john john harwood in washington with the dow up 100 points. Lets get back to the markets as there were some pretty big moves in the market, all for a time, all the major averages were in record territory and as we go to the close, the s p still is the nasdaq still is and the russell is the dow though has fallen out of that territory, but today was all about earnings from the big companies, many of them in the dow. Caterpillar, mcdonalds and dupont were the big leaders to the upside 3m to the downside with that 5 decline that we saw on 3m the dow was up 157 points at its peak were up just 100 points right now. Big move on oil today. A 3 increase on the close, were now almost to 48 a barrel on wti a move in the yields on the Treasury Curve as well, the tenyear, up seven basis points today as the fed began its two days of meetings and were now at 2. 33 on the tenyear that twoyear note auction, by the way, went very well today and the vix is very near alltime lows. Weve got back to lows weve seen since 1999, but bob pins be, there was a time today when we were thinking we were going to see an eight handle on the volatility index. I think were all past worrying about what the vix is doing right now. Obviously the markets hit new highs because earnings are at new highs and the Global Economy is improving as for that little selloff that we saw, it it happened right in the transits period after senator mccain was talking saying he wouldnt vote for the Health Care Bill as is he called it a shell of a plan and the transition over to President Trump with the head of lebanon. Not sure what caused that selloff. The president did say he was disappointed in sessions but it was right about that moment that we saw the decline. Were going to the close here with a gain of 100 points on the dow. Now we get ready for a barrage of earnings. At t, u. S. Steel, chimtly and wynn resorts and amgen among others coming up on the second hour of closing bell with kelly evans. What a day d. Ill seal you tomorrow, kell thank you, bill. Welcome to closing bell, everybody. Im kelly evans. Heres how were finishing up the session on wall street, as session when everything but the dow hit intraday highs the dow was still outperforming during the day, shows how many catching up it has to do after big earnings components helped it underperform. The dow up 100 points to 21,613, shy of its record and the s p up to 2477 putting it at a record close and same for the russell at 1450. Its above 1442, a record close for the russell, up nearly 1 today. The nasdaq managing, it looks like, hanging on to the green at the close which is good enough for a record of 6412 of course, well keep an eye on it as some of the numbers move around a little bit. Well also be watching the averages, once we get all the earnings after hours its an earnings heavy hour. Its a five box and thats how you know we have 175 s p members. Susan lee is covering chipotles results, Julia Boorstin will bring us numbers from at t, seema mody is covering wynn for us and meg tirrell doing double duty and Jackie Deangelis with results from u. S. Steel. Guys, thank you all. See you in just a moment as these start to come out. Joining us we have senior markets commentator michael tolly, cassandra president of Bell Rock Capital and rob cox with reuters breaking views. First of all, on the markets, pretty strong sessions Companies Like caterpillar up 6 and mcdonalds 4. 5 and freeportmcmoran up and tractor supply. Some lag yards. The big stuff has been doing all the work, the f. A. N. G. Stocks actually to the downside, of course, with alphabet giving up after hours caterpillar and mcdonalds showed how good things have to be the market is happy to say yields are higher, im going to buy financials and Sell Technology stocks on balance is okay when energy is rising alltime highs are a bullish factor, not a bearish one, and so you have to say its a good thing you got there, but youre seeing the energy flag a little bit in terms of buying power. Cassandra, briefly to you because were starting to get results. Wheres the opportunity in this market for you well, i agree i still think theres a lot of opportunity in technology, in financials, and in and in individual stocks that really are outliers within their sectors, and we do like biotech as well. But i think that verall were very bull push on the rest of the earnings season as far as the effect of the overall market. Let me jump in here for a sec. Were getting earnings from ate a. Well come back to this. Lets get to Julia Boorstin with our numbers. Thats right. At t earnings beating expectations coming in at 79 cents adjusted earnings per share. Thats compared to estimates of 73 Cents Per Share revenues are also beating estimates by a hair coming in at 39. 848 billion and revenues for the quarter. Estimates have been for a hair less than that at 39. 79 billion. A couple other Key Headlines from this Earnings Release hear. Stevenson saying they are continue to expect the time warner deal to close by year end and further transform the company. The company also added 2. 8 million wireless net additions so thats great a big number, and it looks like its bigger than expected. Were going to continue to dig through the release here, but it looks like on certain on certain issues such as churn they are showing some good results saying that they have had theirbest ever phone churn so some progress for at t and we see the stock up more than 1. 5 . Kell, back over to you. Julia, thank you michael, it looks like they have video losses of around 200,000 and they are saying directv is helping to offset the traditional subscriber decline. Yeah, i think from what we can see in the items its better than feared for at t the stock is hitting had around an 18month low so clearly not big expectations i do think that the wireless net ads is probably a comfort right now because really after tmobile had great market share numbers last week, people assumed at t was a source of them. And, rob, i wonder though with unlimited, you know, its putting more strain on these networks its been an issue that these companies have to navigate even as they are building out their content library. What do you think of the results . I havent looked at them in detail you have a market thats purely saturated. Clearly saturated so youve got to the try to find other things to keep people even without time warner in the mix and who knows what they are going to do with that content and how they are going to kist beaute that. Its not i agree. Its probably a pretty good sign that they have managed to get a few more subscribers cassandra, youre a shareholder of at t. We are a shareholder of at t for a long time and frankly after just hearing the little bit, not seeing the full report yet, i would be a buyer at these levels you know, it sounds like they had a really solid quarter with some big positives in there that i certainly wasnt expecting that kind of net gain in subscribers, and i think that given, you know im always a little wary when i see a stock trading with this kind of dividend yield, you know obviously the stock is down quite a bit, you know, over the past year, but i think its due i think its kind of been forgotten about because of the time warner deal. Okay. Its kind of been back burnered and now might be the time to take a position if you havent yet. Lets switch gears for just a moment meg tirrell has results from amgen as at t is up 3 how is amgen lookinging . Reporter adjusted earnings per share coming in at 3. 27 versus estimates of 3. 11. Revenue for the send quarter of 5. 81 billion beating analyst average estimate of 5. 76 billion. The company is lightning tight inning its 2017 guidance now sees 12. 15 to 12. 65. However if you take the midpoint that have guidance of 12. 40, its just shy of analyst estimates of 12. 48 for the year so youre seeing amgen down at 1 importantly contributing to the beat for the quarter were a couple of drugs, its new cholesterol drug slightly beating expectations and enbril really beating expectations there but thats not enough to lift the stock, down 1 after hours. Kelly, back to you. Thats true meg, thanks investment im looking at these chipotle numbers starting to come through. Mike, help me here because i know chipotle is not the biggest story for the stock market right now. No. Plenty of other earnings moving the needle here. Well, certainly not the biggest for the stock market, but its a fascinating individual situation because you have the stock kind of really cascaded to new lows with these new reports of illness and at the same time you had a lot of Value Investors saying finally or at least contrarian investors. The street hates the stock and, you know, the shortage is still up by 10 and thats why its a storied stock. Heres a gain of 2 on the results. Susan lee has the full numbers. Chipotle at this point, lets quickly run through the numbers. Bottom line beating easily 232 for the quarter versus estimates calling for 218. Revenue a little bit light so we got 1. 17 billion versus estimates calling for 1. 19 billion. This is interesting that the stock is up despite that samestore sales, comps as we call them in the industry, only up 8. 1 , far below analyst calls looking for 9. 7 estimates and when it comes to guidance for the rest of the year they are still sticking with the high Single Digits comparison increase for the rest of 2017 and also some statements from steve els who is the fauner, chairman and ceo of chipotle about the recent events taking place in virginia with the store closing and cases of norovirus being reported, also in dallas, of course, with the video of some mice or rats in one chipotle store and steve els says we saw encouraging signs in our improved Financial Results and he said in the first half of the year recent events, however, have shown that we still have a lot of opportunity to improve our operations and deliver the outstanding experience that our customers expect thats acknowledgement in the past few days we havent heard acknowledgement of these cases and steve els saying weve noticed these cases and were doing our best to do better for our customers. Back to you. Yeah. I think hes got to say that at this point, susan. Thank you. Shares up 2. 5 by the way, mcdonalds reported stronger than expected earnings. And Steve Easterbrook will way in tomorrow on squawk on the street. Rewe are the days when mcdonalds owned chipotles, right . They spun it off. Chipotle is like a 9 billion, 10 billion company but its a fascinating one, not only because its a fascinating growth stock and has had its volatility, but we all like to talk about rats falling from the ceiling and all that kind of stuff. You know, this is kind of if you can get that right and you can stop it so that rats stop falling from the ceiling, there is a lot of upside here. Whats your own have you been frequenting chipotle, rob were you a big chipotle guy in the past this is why i say this. Ive got a 19yearold son hey, im going to be talking about chipotle today, what do you think . He said i dont care what they put in the guac im still going to eat it. They have truly loyal fans i hope hes not actually that thats not fully the way he would deal with a bowl of guacamole and disease but i think they do have a fantastic product. Just got to get this right and these little you know, you know how it is you guys put it on tv. Nobody wants to see those excerpts of rats falling from a ceiling. I understand, but my husband, hes still going there, like three to five times a week. Cass drag, youre not a fan of this. Not me. Youre doing something different. I dont care if chipotle is up after hours h. At the end of the day it goes beyond the sickness and norovirus which is horrible if youve ever had it the reality is that each places like wawa now are delivering the same kinds of food that chipotle has been touting for years im not sure you know, wawas are being very innovative now. They are behind just the hoagies, and when i saw that, i i went back to my office. When i went into the wawa and saw they offered essentially the same thing that chipotle does and i said this is a short this is a fundamental short because their Business Model can be duplicated to a large extent. All right more on chipotle well talk a little queso coming up still Texas Instruments are out. Leslie picker has the numbers. Reporter an all together solid quarter for Texas Instruments. Were looking at a 1. 03 on the earnings side on the eps side. That compares with estimates of 96 cents, so a beat on the earnings side as well as the revenue side they posted 3. 69 billion on revenue comparing to 3. 75 billion, thats what the analysts expected. And on the revenue side they were up about 13 from this quarter a year ago, and the ceo, rich templeton, attributes that largely to their Automotive Market and said that the industrials market also continued to strengthen. So you can see here in the stock price that investors like what they see back to you. Wow thats really interesting about the automotive in particular well see if that has any knockon effect. What about wynn resorts . Those reports are out. Seem snarks. Reporter a strong beat for wynn resorts on earnings and revenue. 1. 53 billion on the top line versus the analyst estimate of 1. 45 billion that was the estimate. But macaw, the worlds top markets, those are the metrics revenues were 627 million for the Second Quarter of 2017, a 6. 8 increase from the same period of 2016 keep in mind though table games turnover and vip operations, high rollers out there, a 35 jump for the Second Quarter of 2016 one other thing to consider is room revenues decreasing for the Second Quarter, perhaps a little bit stock and thats why the stock is down. We should point out that this is a stock that has had a tremendous runup over 40 so far this year and up just 17 over the past three months wall street has been very bull push on the stock. As weve been seeing this turnaround in macaw and and also a stronger chinese story thats helping the stock as well so far. Taking and paerg soring somee gains. When you basically have the bar set very high. Texas instruments seems very steady, like the rest of the semiconductor group. Its cooled off a bit. Basically red hot up until a couple months ago and i wonder if the market is going to say now youve gotten another chance to get in here i would also just turn back to chipotle for a second and say its going to continue to be this tugofwar stock but its down 150 in two months and a week or something. Yeah. Basically been in free fall, so youre going to have reason, even with these results that are not really that dazzling and the comps didnt come up to snuff to have somebody say thats enough for now, at least a bounce. And rob looking back and wynn and Texas Instruments. Anything you would add there as we continue to sift through the results. Taking stock of a lot of these results as they come in rapid fire, and every time i come on the show, recently, im sort of heartened by seeing the resiliency of american earnings. I mean, okay some of them, are you know, wynn so much to do with mt. Macaw, of course, but it feels like in a moment when watching the political news and watching whats going on in the senate and even an inspirational speech like john mccains, you know its coming out of a pretty difficult moment, its amazing to see how how the how the business of america is getting on with it, and and i guess thats the only thing. I actually feel like better talking to you guys about this stuff. Its like therapy. Welcome to come back any time cant always say its like thing. Weve talked about how the rally into the Earnings Report has set such a high bar. People really get punished when they miss and you have to put up really good numbers like mcdonalds like caterpillarthi morning. Interesting paradox cal and you have every individual stock price for specific expectations but in aggregate what were seeing is earnings are coming in as good or better than expected and basically thats been the prerequisite for where were trading. Earnings better be coming in at a double digit rate if were going to justify s p 2500 and one more percent. We were talking about the earnings number, 2017, 2018, big increase from the 118 level we were stuck at for a couple of years. Express scripps better not spoil the party. Reporter earnings per share on the adjusted basis coming in at 1. 237 versus estimate of 1. 73 and revenue of 25. 35 billion compared with an average estimate 24. 6 billion the company is increasing its adjusted eps guidance for 2017 by five cents on the bottom end to 695 to 705, thats acent higher on the to the stock is one 1. 2 afterhours probably because of the key metric retention rate for 2018. They are logue that slightly to 94 to 96 as the projection from previously giving 95 to 98 the company also reiterating here in its press release that it does expect anthem, its biggest customer to move on. We knew that no finality with that. Express scripps down 1. 5 . Back for you. And as youre looking at these results come in, whats running through your mind today . Well, i definitely agree that it makes me feelbetter, but it also validates for me why i think the markets are going to continue to move higher because the numbers are coming in on a very positive note for the most part and just validating why we have traded up to these levels i also think, you know, a little bit of dollar weakness Going Forward will also help in some of these cases and so thats another underpinning as well, and so overall im glad you brought that up. Cassandra, i was going to ask about exactly that were seeing these results come in before weve seen the latest leg lower in the dollar. What is it, 40 of the corporate profits come from overseas to the s p 500 now. Do you think thats fully baked in now to the outlook here how much could that help oh, i think it could help, you know, not im not saying the market is going to move another, you know, 5 higher overall on Something Like this, but it certainly validates, you know, why some of these companies are probably guiding higher or more comfortable just reaffirming guidance for the rest of the year. All right. Which is a very positive thing. Were not hearing a lot of companies talk down their numbers. They are validating and talking up, and thats a good sign we like looking towards the future, not just at the earnings up today. For sure. Hibbett sport beat. International companies way outperforming domestics. Its not a secret that the dollar has become a bit of a help. U. S. Steel has to join the party and fit on that earnings board. The numbers are out. Jackie, looks like a pretty sizable beat what do you have thats right. On the top and bottom line lets walk through the numbers here in terms of the revenue, we were looking for just shy of 3 billion. Actually they topped that, just a little bit more than 3 billion and in terms of the eps we were looking for 34 cents they came in at 1. 70 and whats even more astounding about the release is the guidance, looking for the fullyear 2017 earnings of 1. 70 per share. Thats higher than the 90 cents that everybody was expecting in their statement they say they were seeing a more bullish sentiment for the rest of the year in the markets and as prices have been increasing in overall demand has been stable remember, when we talk about a company like u. S. Steel in some ways its a little bit of a bellwether for whats going on out there. They make steel for things like all theos, appliances, industrial, machinery, construction, infrastructure they make stuff for the oil and gas industry, so this gives you a sense of what is actually happening throughout the country a little bit remember, this was in focus because President Trump pledged to or vowed to support a lot of these industries and build out a lot of the infrastructure, so thats potentially whats happening here, that they are seeing that actually in practice meantime the Conference Call for the company, tomorrow 8 30 a. M. Eastern so well know more they be back to you. Shares up nearly 10 now, and this is before they might get some help from the trump administration. Yeah. All right quick last word to you, rob. What are you going to be listening for as we move throughout the evening actually curious about the u. S. Steel one wondering why we need tariffs. If these guys are forecasting such a robust year, its quite interesting, because as you know they are the highest cost producer and they use blast furnaces they have the most to gain from tariffs on imported steel, although larger economy will not benefit. Quite interested to read up on this one actually. I can see a view on this one. Up 10 to 27. I will point out at the peak of the trump trade in february it was a 42 stock. Its a jumpy streaky stock. I think its going to go back to 42. All right well leave it right there guys, thanks very much for going through all the earnings this moment from capitol hill last hour, senator john mccain addressing the senate for the First Time Since being diagnosed about brain cancer and voted yes to move forward on moving forward on the Health Reform bill kayla touchy has details. Reporter a memorable moment, 15 minutes long when the arizona senator strode on to the floor to a standing ovation and cast a yes vote for the motion to proceed. He urged his colleagues to produce a product that will be imperfect and full of compromises but one that would hopefully make life better for americans currently in the Health Care System he urged cooperation he urged an open and thorough process, throwing some barbs at Senate Leadership the way they have run the process thus far and though he alluded to a potential bipartisan deal, he said thats likely unlikely at this point, but he said that in that case republicans should take the high road listen the administration and Congressional Democrats shouldnt have forced through Congress Without any opposition support of social and economic change as massive as obamacare, and we shouldnt do the same with ours. Why dont we try the old way of legislating in the senate . The way our rules and customs encourage us to act. If this process ends in failure, which seems likely, then lets return to regular order. Reporter of course, the is not is not two weeks out from a surgery that resulted in a brain cancer diagnosis and that scar above his left eye that you saw in that clip right there, critics of his say his actions would have spoken larger than his words if he would have voted no on the motion to proceed, really criticizing the process has been run and returning the senate to regular order, but this process, kelly, is under way at this point. Senate majority leader mcconnell has issued a substitute amendment for the house bill that they voted on now it is a a full repeal, the 2015 repeal. Thats the substitute text two hours to debate, that and then theres many other amendments after that. Majority leader mcconnell said its entirely possible to know what the final bill will look like based on the amendmentspu forward. Well look forward to following that into tomorrow and the rest of the week kayla, thank you Kayla Tausche at the capitol. Todays chipotle results do not include last weeks impact of the health worries. What does chipotle need to do to rebound from that . Ahead well see in bne ars nobles has the right moves when we come back you know that thinkorswim seamlessly syncs across all your devices, right . Oh, so my custom studies will go with me . Anywhere you want to go the markets hot sync your platform on any device with thinkorswim. Only at Td Ameritrade at where instead of payinging a befor middlemen,em. We work directly with family farms to deliver Higher Quality ingredients for less than you pay at the store. Get 30 off at blueapron. Com cook not include last weeks impact welcome back its been a busy earnings avenue already, results from chipotle, at t, amgen, wynn resorts and others another beat at amd they are beating estimates two cents on an adjusted basis for earnings per share that. Compares to zero cents were the estimates. Their revenues also Beat Estimates of 1. 22 billion compared with 1. 16 billion thats up 19 year over year, but i want to draw your attention obviously to the stock jump here and after market high involvement over 8 million shares trading hands i think a large part that have has to do with the guide arranges the outlook that amd provided in its latest release saying that for the Third Quarter of 2017 they expect revenue to increase about 23 kwengsly thats plus or minus 3 , they say, and the midpoint that have guidance would be a 15 year over year. Kelly . Wow thats a pretty sizable move for a company. How much are they up in the last couple of years . 480 about 17 months ago so you need the fundamental momentum to at all justify its always been a boom bust stock but this has been a really extended rise. It has its own reddit forum chipotle just put its earnings out as we mentioned. One of the stocks moving higher. Joining usis Steve Anderson an a member of web bush stewarts. Welcome to you both. Steve, have you a buy rating 470 price target, another their 100 from where we are. The samestore sales did miss on the quarter. Are you worried at all about that not worried at all because the key point of the guidance that we saw just now was that they maintain high singledigit comp guidance for the full year. You know, its been a week or so since the norovirus incident in virginia, and i think even with that, it seems to us that norovirus is not as serious as is ecli outbreak we do think if they can maintain full margin sales, they can go from here. Nick, our last guest both out chipotle having lost its moat, if you want to call it that, that this was a healthy fresh burrito chain. Going around lower manhattan, a lot of copy cats and you have a neutral rating on the stock, too. Is that one of the reasons why certainly the competitive environment is one reason. It does seem like, you know, they have lost that and if you look at the fact that we havent necessarily seen the recovery in transactions, if you look at data certainly have not seen the recovery and i think this quarter kind of proves it out. The whisper numbers were in the 7. 9 range which is why Something Like an 8 got the stock to move up a little bit but question is what exactly is going on in july how many more of these, you know, negative press events are we going to, you know, see in front of us . To what extent is there going to be pricing in this context, and so so i thinkthat that question has already been answered the fact that there isnt a transaction recovery mode already answers the fact that they have lost their moat. The question now is will we get any incremental visibility on the 2017 numbers youre defending the idea that wawa may actually offer a competitive im actually just highlighting the fact that people in the greater philadelphia region, the midatlantic, think that wawa can do no wrong so, therefore, if they decide to make burritos, its a genuine threat. Certainly on board with the idea that the uniqueness that chipotle once had is no longer there, but i still think its a different customer and a different experience than going to wawa which for those who dont know is essentially like a 7 sglefn a 7eleven who said that wawa does the same thing as chipotle what will world is she living . Chipotle differentiates itself well steve, do you agree . To think the company has been a pioneer in bringing all natural or antibioticfree proteins and other menu ingredients, the key for them to continue to succeed is to continue to stress the ingredients that others dont offer. Lets talk a little bit about queso, steve i mean, and were not were not overemphasizing this, right . You think this is a gamechanger for chipotle i wouldnt call it a gamechanger i do think its an incremental sales and margin opportunity for 2018, but, first, lets build on maintaining margins for 2017 gaining the other full margin sales that they missed last year i think the Digital Opportunity for them is there. I think queso is being tested in lower manhattan. I do think thats an opportunity to gain top line as well as margin in 2018. You think that queso alone will add as much as two Percentage Points to their same restaurant sales next year with an increase in traffic and margins, too, steve . We believe that weve seen that in the test locations getting very good acceptance certainly an alternative to the to the to the quacamoles being offered right now, but also theres a call for greater margin visibility and the volatility that you typically see with of a vado prices dairy is much more stable and we do think it will give them more visibility. Thanks both chipotle shares still up a little more than 2 after hours. President trump making comments on apple. Our josh lipton has all those details for us josh some surprising comments here coming from President Trump regarding apple. President trump telling the wall street journal that apple ceo tim cook has committed to Building Three big manufacturing plants here in the u. S President Trump saying i spoke to mr. Cook. Hes promised plea three big plants, big, big, big. I said, you know, tim, numbers you Start Building your plants in this country i wont consider my administration an economic success. He called me and he said they are Going Forward. I did check in with apple. They are not at this Time Offering a comment, kelly, on these headlines. Of course, the president has made the revival of a manufacturing in this country a key central policy certainly while he was on the campaign trail. Criticized ale for assembling some of its products overseas, specifically in china. Youll recall back in may tim cook did tell our own jim cramer that the company is going to start this 1 billion fund to promote advanced manufacturing jobs here this would appear though to be separate from that its also separate from the headlines weve been seeing that fox con, an apple partner, is going to build plant, reportedly thinking about placing that in wisconsin. Kelly, back to you. Well wait for word on that and whether its interesting to trigger further events, including apple with its own plants josh, for now, thank you josh lipton out in san francisco. Time for a cnbc news update with sue herera hi, sue. Hello, kelly. Jared kushner is departing after meeting with House Intelligence Committee members for more than three hours. Ignored questions from reporters, including whether he would be back on capitol hill for more testimony he testified today under oath. The mother of terminally ill baby charlie gard was back in Court Speaking permission to bring her son home from the hospital to die but the hospital says it must take the babys best interests no account and wants to keep the child at the hospital a judge says that hell make a decision on that tomorrow. The top muslim cleric in jerusalem says muslims will continue to pray outside the alaqsa mosque despite the removal of israeli metal detectors in replace of security cameras. They want security to return to the way it was claiming israel is using it as an excuse to expand its control over that holy site. Back here at home, taco bell and lyft are offering a new service that will allow users of the lyft ridesharing app to add a taco bell stop with the click of a button called taco mode and it will first be available in orange county, california, and then expanded to additional markets by the end year that is right up dominic chus ally hes a taco bell fish naldo. He is. Im do you think i have so many questions, and michael, what do you think . I mean, if you want to talk about my favorite, you know, calories per dollar ratio. I think taco bell might win. Thats so cheap. Dom says its cheap and good. Whatever change you have in the console, youre fine. Now i want some taco bell sue, thanks very much. You got it, it kelly. Its the battle of the tech titans, its las elon musk and Facebooks Mark Zuckerberg squaring off what sparked their war of words and yesterday if you misses our nn aussion on the controversial faiend freddie well come back with some more firedup opinions on the two troubled mortgage lenders when we come back and administrative paperwork. Your days of drowning people are numbered. Same goes for you, budget overruns. And rising costs, wipe that smile off your face. Were coming for you, too. For those who wont rest until the world is healthier, neither will we. Optum. How well gets done. Welcome back we have a news alert on blue apron here leslie picker, whats happening . Reporter blue apron announced some changes to its executive leadership team. Most notically that mat now wadiak, one of the companys cofounders is stepping down from his role as chief executive officer. He will transition to serve of as Senior Adviser to the company. Now the release doesnt provide much of an explanation for why he owes stepping down from that c. O. O. Role but in the time the company has been public shares are down 20 , a company thats remained in the news interesting to see who takes his place as ceo c. O. O. , if anyone, you know, in the near term back to you. Leslie, thank you the shares are moving lower on this news. Down about 1 . We want to squeeze in a fast take here solets beginning with Morgan Stanley, chasing the old Wealth Management model. Ill go whether morgan should replace goldman in the dow thats a step too far, because when you have jpmorgan in the dow, have you a very broad spanning of finance kind of a stock in there, so thats okay, but Goldman Sachs is pretty much a narrowly focused company right now. Its institutional in Capital Markets and Investment Banking really the only company like that right now but i think its the pendulum swinging because in the five years before 2012 Goldman Sachs was vastly outperforming Morgan Stanley Morgan Stanley has having a near death experience and nobody thought the business was worth it and new preference is for the steadiness of Wealth Management. Its a great point and i do want is this the beginning of a lasting change in leadership, or is this just a sign of the Market Conditions right now . Next is are musk versus zuck as musk said zhu ucks understanding of ai is lacking we need to makehour she is guys dont have too much mother. That is true, though this particular faceoff has more to do with the fate of humanity ultimately eamon musk does it though . In his mind. Zuckerberg is being much more pragmatic about it saying i have an ai company. Its what were doing every day. Its software of a different name its not going to doom us all. Business reputation problem for facebook when the battle for ai talent and everything to be that next gen . Im hesitant to make that leap i really do think that this is all about musk wanting to sneak out that grown as this guardian of the species. Cassandra. For the next 1,000 years as opposed to spp who opposed to somebody who is on mi came across this housentry with water dripping from the ceiling. You never know when Something Like this will happen. So let the Geico Insurance agency help you with Homeowners Insurance and protect yourself from things like fire, theft, or in this case, water damage. Cannonball now if i had to guess, id say somewhere upstairs theres a broken pipe. Let the Geico Insurance agency help you with Homeowners Insurance. Call today to see how much you could save. Welcome back another recordsetting day on wall street. Today it was the s p i believe the nasdaq and the russell all doing that the dow set this one out had a half percent gain today on some big moves higher in caterpillar and mcdonalds, among others, but weve had a lot more earnings movers after hours. Lets check out the dow component at t which is higher by 2. 5 and chipotle up 3. 5 and meantime amgen and wynn and express scripps are down 2 to 3 and some of the Earnings Calls are under way, including chipotle and at t and wynn were monitoring the calls and well bring you highlights as we get them now back to leslie picker for another Earnings Report, this time on irobot. Shares of irobert skyrocketing today on an earnings beat, a revenue beat, an increase in guidance and an acquisition. Well drill down the numbers here irobots earnings in the quarter were 27 cents. That was compared to an estimate of a loss of 28 cents. And their revenues also, of course, beat 183 million versus 174 million that was the estimate. They also announced that they would be acquiring their largest European Distributor known as robopol 0 s. That deal is for 141 million in cash and, of course, their guidance, 2017 guidance. They see eps for the year being 1. 8 to 2 per share in adjusted eps. Thats versus the 1. 67 cent estimate kelly, back over to you . Leslie, thank you a 28 pop in the shares which know we had some Short Interest and, by the way, he picked up wins last year ptc and gentek. This is not necessarily tacking on fresh upside. Is that a cat and a shark oh, my lord. Is that a duck . Now its obviously reclaimed pretty much all of it. At 112 after hours on irobot. Thinks thesis was theres a lot of competition and havent maintained a competitive advantage going beyond the little guy that you see there. Maybe its enough for a while. Sit back. Obviously maybe you want to take a closer look at this acquisition of the distributor who knows whats behind that also seems like had a much bigger earnings beat than the magnitude of the revenue beat would imply, all that leverage but who knows. Surprise earnings beat raising guidance for the year as well big possible for irobot after hours. Dont have fun cats for that one but do have a market alert from Jackie Deangelis. Another 1. 5 rise in oil prices after the close here. We finished at 47. 8, straight through the 48 mark because of the api numbers setting us up for the doe numbers tomorrow the api saying we got a drop in crude oil, 10. 2 Million Barrels for the week ended july 21st gasoline was a build of 1. 9 Million Barrels, but let me put the 10 billion in context this would not only be a very large drawdown but also the largest this summer if it were mirrored initially by the eia tomorrow. Weve seen a little bit of a strange pattern here sometimes it sets us up nicely and sometimes the numbers tend to diverge as well, but, again, youll see Oil Prices Move up higher or at least remain supported if we get that kind of a drawdown in crude tomorrow morning at 10 30 back for you. A big move here looking at brent, trying to look at that 50 level. Trying to catch a lot of attention. Rafferty capitals dick bove an josh rasner taking on newly released documents of fannie and freddie. This is the largest Financial Crime in the history of the United States. The American Government has stolen from the shareholders of these two companies their shares and has stolen. I hear you. What is now getting over 200 billion. This is not something that should be glossed over up next, bove returns to take a deeper dive into what they call one of the rglaest Financial Crimes in american history. Youre watching cnbc, first in business worldwide hey. Hi. Hi. You guys going to the Company Picnic this weekend . Picnics are delightful. Oh, wish we could. But were stuck here catching up on claims. But we just compared historical claims to coverages. But we have those new audits. My natural language api can help us score those by noon. Great. See you guys there. We would not miss it. Watson, you gotta learn how to take a hint. I love to learn. Dont put off checking out your Medicare Options until 65. Watson, you gotta learn how to take a hint. Now is a good time to get the ball rolling. Medicare only covers about eighty percent of part b medical costs. The rest is up to you. Thats where aarp Medicare Supplement insurance plans insured by Unitedhealthcare Insurance Company come in. Like all standardized Medicare Supplement insurance plans, they could help save you in outofpocket medical costs. Taking informed steps really makes a difference later. Thats what it means to go long™. Call now and request this free decision guide and explore the range of aarp Medicare Supplement plans. All plans like these let you choose any doctor or hospital that accepts medicare patients. These are the only Medicare Supplement insurance plans endorsed by aarp. Call now and request your free decision guide. And start gathering the information you need to help you go long™. Welcome back some newly unsealed documents made public, revealing how the u. S. Government changed the terms of the bailouts provided to fannie and freddie back in 2012, causing outrage on the show yesterday remember the discovery documents, which are now being put out, related to the Fannie Freddie lawsuits are showing that the United States government lied, lied to the American Public. We have documents that came out today of the single largest Financial Crime in americas history. Joining us once again are dick bove from rafferty capital, along with josh rosner, back with us here on set from Graham Fisher and company so as this comes out yesterday, confirms to you that, what that treasury was saying to itself, hey, we have a gold mine here, so we want to profit from fannie and freddie very simply, i would lay it out as, the government knew what their legal or i should say, treasury and the regulator and conservati conservator of the gscs knew what their responsibilities were under the law, willfully and intentionally violated those, because they saw a honey pot have now stolen 270 billion from the gses, and have covered it up now for since 2008, but certainly since 2012 the whole idea michael, back then, correct, was that these companies had to be rescued, because theyre effectively bankrupt, right . Which came out in the documents, as well there was an analysis presented in 2008 by black rock to treasury and to freddie that said in 2008, even under our most stressed snare, we dont see either of these companies insolvent. Well, i mean, in the moment in the moment thats absolutely right lehman into receivership and left it out there. You take really profitable company. Thats absolutely right thats where the issue really stems. Lets not go back to 2008 and the crisis, you make decisions that may or may not ultimately be proved out. But in 2012 when the government changed the terms of the agreement, going from a payment of a dividend, 10 , to sweeping all future profits, the government said, well, were doing this because the companies are at risk of having to draw again, even just to make the dividend payment, and what we found out yesterday was the government knew very well that the companies were on the verge of sustained and massive profitability, and they wanted to take all of the money, even though, in court, they said, explicitly, they wouldnt make anymore money by doing this than they would have had they stayed with the 10 dividend. So fannie and freddie, to catch people up, have sent tremendous profits to the treasury is that right . And that has made it much more difficult to deal with how to resolve them, correct . This remains an open question. You have investors who bought shares of these institutions thinking they would get that profit stream diverted back to them that has not happened. They continue to fluctuate on every report that it may or may not happen Going Forward and i have yet to here if there is a government plan thats viable right now in terms of saying, either were going to fully nationalize these constitution institutions, or were going to privatize them we seem to be stuck in some kind of middle. Lets go back a little bit. First off, these companies were not bankrupt in 2008 they had positive cash flow. What the government did to make it appear that they were bankrupt is they forced the companies to give up their deferred tax assets and they forced them to put a ridiculously high loan loss provision, which would reduce their capital, making it appear that the companies were in trouble, when these are two noncash charges and the companies were not in trouble. And we know in hindsight that they werent even remotely close in trouble of going bankrupt, number one number two, the government clearly in the housing economic recovery act, said that these companies were supposed to be put back on their feet, and what the Treasury Department did and what these documents show is that they had no intention whatsoever of obeying the law. The Treasury Department did not want to obey the law and was not going to obey the law. Number three, youve got the whole issue of protection of private property capitalism is based around the theory that private property has predominance in terms of the laws of the nation this Treasury Department went out of its way to make sure that they would grab the private property of these shareholders without compensating them. And then the pbig one, number four, they knew, clearly, beyond a shadow of a doubt, that these two companies were about to show massive increases in profit, and they went to the American Public and said, these companies are in trouble. Theyre going to need more of a bailout. And therefore, were going to take these profits what should happen if the court system of this country had any belief in obeying the law and the sanctity of private property, the government has got to give back to the shareholders, at least 100 billion at least 100 billion. Josh, last word well, that goes back to the issue of, had these documents come out before any of the court decisions, we likely would have had very difficult outcomes. Going forward, we may well, remember remember, these are only the first three dozen documents out of what will be almost 10,000, okay the government has to hand over almost 10,000. And what we found is, the government said, were going to make a loan to you that youre never allowed to repay to me, that sounds like loan sharking, right . This is a crime. This is a serious crime. And it wasnt institutional to the government, it was specific actors abusing their authorities. Thanks for joining us once again, gentlemen thank you chipotles Earnings Call is under way. The company is commenting on the recent norovirus outbreak. Well have those details when we come right back. At fidelity, trades are now just 4. 95. We cut the price of trades to give investors even more value. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. And at 4. 95, you can trade with a clear advantage. Did you know slow internet can actually hold your business back . Say goodbye to slow downloads, slow backups, slow everything. Comcast business offers blazing fast and reliable internet thats up to 16 times faster than slow internet from the phone company. Say hello to faster downloads with internet speeds up to 250 megabits per second. Get fast internet and add phone and tv now for only 34. 90 more per month. Call today. Comcast business. Built for business. On chipotles Earnings Call, we just heard from steve ells, founder and ceo of chipotle, referring to the incident in virginia he said, we have isolated the failure that has occurred. It was a failure in just one restaurant, he says. To comply with our procedures to prevent norovirus. And we know that the procedures work, but compliance in each restaurant, he says, is essential. Acknowledging, which chipotle didnt do for a long time since the illnesses and incident that was reported at that sterling, virginia, restaurant kelly, back to you theres been still a lot of speculation of, were the employees sick should they have stayed home what was going on there . Youre looking deeply into the cause and what was really behind this . But also about how long does it take customers to sort of not remember that there has been a kind of serial a series of incidents. And focus on the case, though, instead. And focus on what you actually go there for. Its a pretty mild bounce in the stock given how extended it was to the downside. Plenty of movers its time for fast money to handle all of this now that does it for closing bell today. Have a great one fast money starts right now. Live from the Nasdaq Market site overlooking new york citys times square, im places a lee we have a lot of names moving. Conference calls are underway. Weve got full Team Coverage throughout the hour. Julia boorstin of at t, meg terrell and am tren, susan li on chipotle well check in with them in a few moments time. S p, nasdaq, russell all closing at record higs today, getting a boost from some strong Earnings Reports. Mcdonalds, caterpillar, dupont all out this morning, all