Dow on track for the worst month since january. Icahn the latest the step down as an adviser to the president and now looks like there maybe communications with all of that and another shot fired in adps ackman battle. Well break down what that means. Four week losing streak for the nasdaq and given sort of these levels here. Not surprising that the dow is on track for the first month since january. I have been watching and reading and theres people that feel that a 2 correction was warranted. Thats not a correction. I mean, we had a meandering. Things have been good. Theres things like foot locker that are devastating things like estee lauder its just hanging in there oil tried to put a bottom in on friday news camp was good for oil but that was the most noteworthy thing that i saw obviously the bannon news was okay cohen in and banno out. The failed socalled bannon rally bother you. Not at all. Were at a moment where theres more people taking vacation than usual. These things i know theyre supposed to be slow but, you know, it doesnt mean you have to close we ought to go back and say okay listen 2 00 we are going to knock it off. When you couple the geopolitics, whats going on in washington, the seasonality, augustseptember some argued the standing right now is maybe the most tenuous its been for the year. August is bad its always been bad we have been together where it takes your breath away, august also the first four weeks of september are just skittish times and what i sympathy amazing is there havent been that many earnings disappointments so typically we had them we went through retail and the ones that have been hammered are, lets just say deserve it i heard a lot of discussion about home depot home depot is a test for me. They reported a great quarter and thats been unusual. Most of the commentary for most of the companies that had great quarters was saying the stocks are up one of the themes in the last few earnings quarters and theres see ttoo many retailers its all going to tail wind. That matters tremendously. I think for some of the Largest Tech Companies so i dont know i dont want to say im senquin. I left here on thursday night saying wow i can get hit and then i saw bannon is out well be talking a fair amount of Politics Today the president is due to deliver his primetime address to the nation tonight. The president will speak to the country from arlington, virginia comes after a turbulent week for the white house including the disbanding of the two business panels following the remarks on charlottesville and resignation of steve bannon. Trump and the ceos a soured partnership. Big full page piece. How tenuous its been for months some of these councils were talking about disbanding back in june they were upset about the paris accord and the transgender military issue charlottesville was just the final straw. I think thats true but these people are such universal stake holders that dont want to revisit a lot of these issues. I think chuck robins was emotio emblematic i think they thought they could be integral in the move for lower taxes but that got bogged down by repeal and replace there wasnt anything for them to do. But there was a momentum and i think that those policy groups might have been very valuable or if theyre talked about infrastructure but theres nothing to talk about. Not too late though. Heres what i sympathy going to happen. Hate them or like them the guy. Im not being glib. I think hes going to take it on a smaller scale. I think hes going to take it say golfing. Getting ceos together that he likes the things that obama used to i think hes going to get rid of the big show i think he still wants the input. I dont think theres executives that are going to say no to a golf game. Im not being fetitious and i think what im seeing is going to be small scale. When you go back over by the way frazier started i think the president brought together a lot of groups that dont bring democrats together and you thought it was the spirit of bipartisanship in this case looking at Regulatory Reform i thought that maybe it would surprise me. He plays with an open hand he has an interest in it and people have an interest in drilling and they meet with department of epa. To your point he doesnt need a special title. Designated special adviser its all going to be too from here its not going to be these giant gatherings because people are too angry at this president. The charitable and then again its like okay were not going to identify with this guy. And then people forget i think if he takes, he goes back to exhibition but then it come backs to what happens in c congress september 29th, deadline, debt ceiling, thats the most important thing and for september were going to be in these situations where were going to come in and youre going to ask me does it have a chance to pass and im going to say i dont know thats how dysfunctional it is. Goldman put a 50 number on friday so its regarded as positive for the stock market i think its negative for the woerk but thats not been a factor in this administration. Rekbarding the debt limit. Thats what is going to be the focus. Thats too few days. Plus september 11th is the day after the redskins lose to the eagles. Home opener. Theres nine days because boy thats going to be a set back. The sports business daily says goodell is close to renewing his contract for five years. I think they changed so positively i dont know look, i happen to think they addressed a lot of issue including a suspension of the number one running back for 8 weeks of the season. Theres no more they have a zero tolerance which is what he needed. When we come back this morning, warren buffet getting out bid for that player in the Power Industry well take a look at the premarket here stocks coming off their first two week loss since may and the s p right around levels that was at the end of june were back in a minute this is not a cloud. This is a tomato tracked from farm to table on a blockchain, helping keep shoppers safe. This is a financial Transaction Secure from hacks and threats others cant see. This is a skyscraper whose elevators use iot data and ai to help thousands get to work safely and efficiently. This is not the cloud you know. This is the ibm cloud. The ibm cloud is the cloud for enterprise. Yours. So they called the fire, yodepartment for us. Clearly, the ibm cloud is the cloud for enterprise. My first truck was on the scene within five minutes. I am grateful we all made it out safely. To protect what you love, call 1800adtcares once again i just want to mention. I want to distinguish Elliott Barton from doing a level of homework about what this thing is worth and keeping it alive and buying back a lot of debt. They are when you hear them involved with something it is about rigor. They have a fabulous team. I have at times disagreed with them and listen to their view and say this is the most considered view. When i met with and talked about this it was clearly worth more than buffet was willing to pay for because they kept it alive and its great its great because its a really, really Good Property and buffet doesnt come back he doesnt bid again. What does it say though that he was not willing to budge on this one he just makes up his price. If he gets in good and if he doesnt, hes not going to hurt his business but for somebody like sempra that needed growth, this is great. I love the property. Encore is a really, really Good Property and they can refinance. Its a very good deal for them they shouldnt be doing an equity offer. There is some other news, total got this hlf stuff today. So significant because we keep waiting to see some m a now that the prices are so low and you keep hearing these Oil Executives come on and say its cheap tore drill on wall stree than it is no, people have been shunning anything oil this property, i mean, total was downgraded by barclays today and what it tells me is that theres hope if you own some of these stocks maybe there will be a wave thats why i say the friday bid underneath wasnt just because some libyan wells were taken off. I did not expect anything good in oil was a little bit of a surprise to those that put out the routine shorts. Has it changed your view. I still dont like oil. I really, partnerships still struggling from the egiant enery transfer and is now beneath where the deal was priced. Im not looking for anything big from oil here. Not at all its very interesting. Here is a deal where they basically are sticking it to ackman and you have these rights that come with so youre still kind of in the game. This is a dutch tender so we need david, wheres david faber when we have a dutch tender but its going to squeeze the short which is is kind of what the game plan is and carl icahn is keeping his stock. If you own herbalife well done. An 8 gain. It tried to go private. It was a weird release you dont have to tell us all of that but thank you for full disclosure on that. Some noted the tone there speaking of ackman adp will not nominate three candidates for its board. None of the candidates bring any additional skills or experience to the board they have a significant stake in adp and called for its ceo to be replaced Carlos Rodriguez will be the guest tonight at 6 00 p. M. Eastern time and he already called him the spoiled brat. I got the presentation this weekend and went over it page by page theres a lot of smart stuff about adp in there a lot of points about margins and the idea that they could have extended their franchise. A lot of points about technology more than 80 executives they interviewed. Theres real issues and i think one of the reasons why the stock dropped is its like wow, maybe theyre not as good as we thought. Despite what that chart shows, despite the white glove treatment that you talked about. Right, the total shareholder return has been fabulous but what ackman says is it could have been even better. Now the reason why i dont think ackman has a chance is because it has been really good and those of us that use it are, it worked but their idea of going against the mar jins thgins ver paychecks, the growth they have which is on very often, its inferior it is inferior so it may be there. You have to go to cloud so adp, some people would just it fat and happy so lets find out. You think peltz should go on p g board and adp should listen to pershing. P g has done really well. I like the pressure that peltz has put on but i want to see the presentation when i look at what proctor has done thats been lacking if peltz has a lot of innovation it does matter when i talk to the proctor side what i come up with is its not as bad as i thought. Adp was i have to admit the presentation has gravitas is what i was saying and the other side has to be heard from. Sounds like a good one tonight. I was hoping it was all hot air. I dont mean that. I read it. I told my wife, lets call our managers its a really good website. Yeah. But it was cojent well get cramers mad dash as we countdown to the opening bell a lot heading our way over the next five sessions more squawk on the street is straight ahead mike and i are both veterans, both served in the navy. I do outrank my husband, not just being in the military, but at home. She thinks shes the boss. She only had me by one grade. We bought our first home together in 2010. His family had used another insurance product but i was like well ive had usaa for a while, why dont we call and check the rates . It was an instant savings and i shouldve changed a long time ago. Theres no point in looking elsewhere really. Were the tenneys and were usaa members for life. Usaa. Get your insurance quote today. Oh hey john, im connecting our brains so we can share our amazing trading knowledge. Thats a great idea, but why dont you just go to thinkorswims chat rooms where you can share strategies, ideas, even actual trades with market professionals and thousands of other traders . I know. Your brain told my brain before you told my face. Mmm, blueberry . Tap into the knowledge of other traders on thinkorswim. Only at td ameritrade. This is the first we heard of the jordan franchise has run its course. The steph curry franchise is not existant on the call its like a fad now. Theyre Closing Stores the read group for underarmor is terrible. You contrast that with estee lauder they were thinking about where things were going to be and china has been a big resurgence but a lot of what happened and im comparing the two because he saw a lot of things coming online these guys were just blind sided. I dont think they saw and the speed, they talk about the speed with which the consumer changed. It was they did not see anything comeing hence why this can have such a big decline and the mall, theres almost no, they have no omni channel. Well talk about the downadgred nike. People arent spending on sneakers anymore. Opening bell in just a minute i put everything into my business. And i had all these points from my chase ink card. So i bought ingredients, utensils, even made custom donut cutters. Wow all with points. Thats how i created the ripple the doughnut in a doughnut in a doughnut. Suddenly its everywhere. I mean, it really took off. What will you create with your points . Learn more about the ink business preferred card. Another person was on this morning on squawk. The euro has peaked. The euro peaked. I dont get that at all. The euro has begun a serious descent if draghi has let go but the europeans have gotten away a lot with the euro trying to keep that down. The korean versus gotten away with a lot i tuns focus on china. That was correct i do think draghi should let go. This is really expensive stuff you dont get double digit gains in italy for the most expensive cosmetics if its really doing bad. Weve been over the bannon dynamic earlier. Some argue with bannon out even if hes an outside influence this aggressiveness on trade takes a hit. I think it does its about the bannon group. Lets get to the opening bell and the s p at the bottom of your screen this morning its Mortgage Holdings unveiling a new brand name mr. Cooper over the nasdaq here. Peter thompson, president of the 71st session of the General Assembly of the United Nations speaking of which, theres still a school of investors that are wondering and be watching whether the north korea back and forth resurges. Yeah whatever you do, maneuvers, the north koreans responded to put north korea back in two weeks ago we had the extension with north korea last week we had charlottesville. I was hoping this weekend would be jackson hole which is kind of the janet yellen saying we cant really raise, we cant really lower. This is as you said its a quite week but thats exactly what we had. Someone from the fed will Say Something or someone from treasury or cohen will be like you know, ive had it. He should not have it. There was a shot at him in bright bart today. Get used to that. Yeah, bannon didnt hang in the hamptons someone saw one of the advisers to trump in the hamptons and were saying wow its a pretty liberal town what does it mean . Geez. By the way, among the leerds this morning the free tps port reminds me what you make of coppers action over the last couple of weeks. The china is strong copper is showing strength its related to the fact that the air is so bad in china i was walking with a scientist friend of mine. Copper year to date outperformed the nasdaq. Copper is huge. Theyre building it. Thats a great point especially because the nasdaq has faang. Remember faang i do. People forget about faang i have to tell you the reason why faang doesnt die is the companies have great growth. You actually have to have a thesis you cant just say faang is dead did snap suddenly take back instagram . Did they suddenly start losing to jet. Com netflix yeah talk about whether its a hail mary or not but disneys earnings are going to get a hit. Alphabet acts badly. My Charitable Trust acts badly but i dont have a reason why. Theres people, proctor pulled some ads because they were against things that people werent happy with and i think alphabet is doing its best to clear that up. Starbucks got the cover of barrens and said things about mobile that you said for months. I know, my Charitable Trust owns it and i said well maybe its not as bad. I bumped into, well lets just put it this way, there are i bumped into him and they really solved probably and they did it by saying lets go sit in a store in massachusetts and solve this lets watch and when they did they were like blown away by how bad it was so they had to do this multiyear roll out where they solved it and also my panera, which i love, that was the best acting by far, best really good program. Starbucks Affinity Program has slowed down growth and they have not solved mobile pay that i can think of i got it with skim im not one of those people thats a defector. But im just saying what people were saying. It could grow 20 or so over 12 months. Well that will be a god send. Despite the weakness in retail today jim and its foot locker, nike, ultra at the bottom of the list today. I thought that was very interesting. I think that lulu is having a good quarter the work ive done on it says it was good it moved from 49 to 70 and theyre talking about 5 comps i have to tell you after foot locker i am gun shy but theyre doing a good job there the issue here is that things are changing so fast like johnson on the foot locker call he did not see anything coming because there was no reason to its like this is the best, worst idea its the worst, best, whatever holy cow. 19. 44. And i think when you listen to him on the estee lauder call he talks about the brick and mortar mall is the weakest part of the world the whole world. Spain has better malls and italy and theyre talking about u. K. Doing great but the u. S. Mall is just awful the starbucks in the mall were never really that consequential but when you read these Conference Calls last week all you can say is remember when you used to go to the mall and now you just go on amazon and amazon is a constant theme. Follow the dark star. The dark star. And mr. Blake came up with that, its like on the board at Procter Gamble its one of the reasons that its like not a give me. Hes the lead director hes the man that put boeing on a course that im sure he would say listen i didnt just i was born on third base a little bit. Hes fabulous but wow, looks like he gave him a pretty good hand so proctor, a lot of ways to win Procter Gamble now. Overall, indices largely unchanged. Nike is going to be your lagered this morning. That nike call. How about underarmour. They paid 12 million for step