tv Power Lunch CNBC May 5, 2017 1:00pm-3:01pm EDT
>> we talked about the xle this week a. huge reversal in oil. we didn't get to it on the show today but be careful creating a nar it tiff around commodity prices because they change quickly. >> some rumors around the stock, i'll be long next week. >> i agree with jimmy. it's the short. >> have a great weekend. erin, thanks for being here. and here is what is on our menu, scott. bailing on big blue, ibm shares taking a big hit. we'll go back live to berkshire hathaway's annual meeting. more problems at uber. it is now facing a criminal investigation from the justice department. what this means for the company, the future of the ceo. and a sign of the times on the west coast. we all know that home prices are through the roof in many parts of california, but you're going to be shocked how much this little tiny rundown shack went for. i'm brian sullivan and the
always undervalued "power lunch" begins right now. ♪ welcome to "power lunch." i'm melissa lee. ibm is certainly the big drag on the dow shaving off about 25 to 30 points. check out wall street. the fear index, not much fear there. the vix around ten-year lows. it was below ten earlier in the session. still, a bunch of movers out there. herbalife of note up 10% right now. now to michelle. i'm michelle caruso-cabrera live in paris, france, because the big presidential election is on sunday. the polls suggest there is no existential threat to the euro, that marine le pen has no chance. but both she and her opponent emmanu
emmanuel macron say not so fast. >> oh, boy, it looks lovely there, michelle. we'll be back with you shortly. welcome, everybody. i'm tyler mathisen. we begin today with ibm. shares of big blue getting black and blue today. bruised on the news warren buffett has sold off a third of his stake in the company and what makes the story even more intriguing is how his affection for jeff be bezos played into his decision. becky? >> reporter: tyler, it's great to see you. things are just opening up here. the meeting doesn't official ly start until tomorrow. you are starting to see people coming in. i don't know if you can turn around but you can see the lines out the door and around the corner. people want to come in and get first dibs on these things happening here. of course the real news is what you were just talking about, tyler. we're going to stand here in
berkyville as we do this. warren buffett talking about how he has sold a major portion of shares in ibm. he sold about a third of his stake. he owned 81 million shares before, the largest shareholder in ibm. but over the first and second quarter he tells us he went ahead and sold about a third of that. it's about 25 million shares. he still owns more than 50 million shares but the reason he did it he said when he looks at the company now versus where he was expecting things to be five or six years ago when he started buying in, it's not really what he had anticipated. take a listen to what he had to say about that. >> it's based on a lot of different types of businesses, but the earnings have been obviously disappointing. five or six years ago i think they were earning $20 billion plus pretax and maybe it's $13 billion now and i don't think the quality of growth. it's been a period when i'm sure it's been tougher than they
thought and tougher than i thought. >> reporter: it's been tougher than they thought and tougher than he thought in large part because of the competition. he talked about how the competition has been really tough. one of the companies he talked about with us being a tough competitor is amazon. he mentioned jeff bezos, that he's somebody he keeps an eye on. he pushed amazon into amazon web services. the cloud computing section. and that's made things tough for a lot of the companies. ibm has struggled with trying to go up against this area that jeff bezos created and that others seem to be doing well, too. but it hasn't escaped warren buffett's notice. he had some kind words to say again last night. >> jeff bezos i do think is the most remarkable business person of our age. i've said that before to you. to succeed in two different big
businesses in a huge way is really -- i can't think of another example like it. and he talked on charlie rose three or four months ago, which was really good, he talked about how in the cloud he thought at best he would get a two year or a seven year. he's a tough competitor. you have some very smart people competing in that field. >> reporter: now all of these questions will be things that -- additional questions will be asked to both mr. buffett and charlie munger when they take the stage tomorrow. 6 1/2 hours of questions. in the meantime, this tends to be more of a carnival or party type of atmosphere. it's very different from any other annual shareholders meeting. if you take a look around people are coming in funneling people through these doors directly behind us. this it booth we're standing in now is the candy booth and i don't know if you want to take a look at the mounds and mounds of candy that are back here.
everything here will sell out. it does every year. buffett has already told us that based on what he's seen in terms of sales this week where your badge gets you a big discount, based on what he's seen he's saying he wouldn't be surprised if this is a record year or within spitting distance. so, again, we are just starting to see the people come in, the beginning of things we're watching. much more to come. tyler, back to you. >> i would probably choose the candy booth above the burlington northern santa fe booth. >> you forgot coca-cola and d e dairy queen. >> well, that's getting close with the dairy queen. >> combine them all. >> all the dough -- i've forgotten, becky, he began to
sell when it hit $180 a share, what did he pay for most of his shares? wasn't it around there? i can't remember. >> closer to $169 or $170 a share. he made money on this. i asked him last night about it. so when he takes a look at this he counts this as a mistake. >> that's roughly what i remember. he just doesn't love it long term. we'll check back with you later today and we'll have much more, of course, with mr. buffett on monday. when he sits down on squawk box. his first live interview after addressing the shareholders. that's at 6:00 a.m. monday
eastern time here on cnbc. >> deeper now on ibm and amazon. following big blue and benchmark watches amazon. we begin with tony. $150 a share. you roughly agree. a late start to the game. >> hindsight is always 20/20 but it's a bit of both. off premise or cloud computing is significant and they have a legacy platform and high-end servers. all the software account for more than 50% plus of the
company's profits and those are declining. you have a combination of both, the move to off premise plus legacies. acquiring, pivoting and investing five, six, seven years ago. >> is it too late for ibm at this point? what would you want to get it to a buy rating again? >> we need to see the stock so we think fair value is about $150 and would want to see it closer to $130 or $135. the existing transformation is taking hold and they have a number of growth businesses that are doing well. and so when we just look at the
total growth rate, taking out currency, it's been about minus 2% or 3% per year the last four years. and we need to start to see that team inch up that the positive businesses can outweigh the drag from legacy businesses. the jury is still out. we need to see a lower price to feel that they might be able to pull this off. >> is she safe in her job? >> it's for the board to decide. she has been there about five years. again, i think the roots of this predicament were sown more than five years ago.
they've made very good moves. i think the question will always be were they big enough and soon enough. >> tony bernstein. >> from ibm to amazon. daniel kernos joins us now. you raised your target. it's one of your top long-term names. what are some of the risks? is it an online sales tax? what's the risk to your thesis? >> interesting, brian. i think that's he possible. when the stock hasn't performed well it's come around the investment in india and other geographies if some don't come to fruition. last time i was on you asked me is bezos getting scatter brained with his other ventures.
i don't think that's the case. those are kind of the long er team risks. >> what about the macro economy? we talk about the federal reserve and gdp and interest rates. >> it will be a detriment to the entire consumer environment. i don't want to be the spokesperson to tell you they're not the bellwether for the economy. the fact they've done such a good job driving uptake in prime which is really the golden handcuffs. i think that insulates them from a lot of the downturns you might see for other retailers in kind of a macroeconomic pullback but, yeah, obviously that would be a contributing factor to any weakness. >> we don't know if he's done it. we doubt he will. but warren buffett, if he were to buy in to amazon.com, you heard him making these comments how much praising jech bezos,
what would that mean? do you think there would be any kind of a buffett bounce if he were to buy in? >> i would imagine so though it's hard to believe with all the amount of funds indexed into amazon that there would be a huge uplift. i think most consumers already believe in the story. it's really not warren's value, amazon trading where it does. certainly long term i think it doesn't hurt the long term story at all, brian. >> dan, we'll leave it there. have a good weekend. thank you. we have a news alert. weekly rig count time. we've been up 15 weeks coming into this week. what do we do? >> now it's 16 weeks. six oil rigs added. we're at 703 now. this is up from last year so more than double. and that's one of the reasons we've seen oil prices come back under $50. u.s. production is up.
rig counts keep climbing and people are concerned about that supply/demand rebalance. at $9.3 million. back to you. >> jackie, thanks very much. more problems for uber, the company in the cross hairs of the justice department. that story coming up. first back to michelle. tyler, after the break we'll tell you where things stand for this sunday's presidential election here in france, an election that has had investors worried for a very long time. live from france right after this.
welcome back to "power lunch live" from paris, france. i'm michelle caruso-cabrera. we're here because of this sunday's election where marine le pen faces off against emmanuel macron. if you look at the polls it's already over. macron is so far ahead by more than 20 points. she had to fend off questions about whether or not it's over. do you still have a chance? >> inside the headquarters we were there earlier today spe speaking with one of her policy advisers asking him similar questions and also whether or not her anti-euro position hurt her during this election. he says it's not over yet. the polls aren't looking good. are you optimistic about monday or is it over?
>> i'm still optimistic. >> you think it's still possible? >> of course. >> her position on the yeuro, hs it helped her or hurt her? >> it's ready to be right. it did harm the election. we've been much clearer. it has been much easier for the french public to understand what we want to do. >> joining us right now is lex paulson, a supporter of emmanuel macron and has been our guest in paris. good to have you here. you heard marine le pen's advisers saying it's not over. your candidate say iing it's no over yet either almost in a panic saying we don't think people should be looking at this like it's a done deal. >> complacency is our biggest enemy now. it's a long weekend in france. france allows what's called a
proxy vote but in order to have someone vote by proxy you have to set that up ahead of time. there's a real chance people will be going out of town for the holiday weekend, will have forgotten they needed to get someone to help them vote. our voter turnout of our elected tro electorate will be lower than expected. >> barack obama came out yesterday and endorsed him trying to say this was so important he felt he had to weigh in. supported stay iing in the european union when it came to the brexit vote. did we miss it? was there a negative sponsor just disappeared? >> look, i think the response to president obama's endorsement of our candidate has been positive for the simple reason france and america have been fighting for the same values that barack obama and emmanuel macron stand for, of self-invention, openness in the world.
they know the stakes in this election are abnormally important and i think president obama's message was well received here in france. >> the markets are convinced this is a done deal. is it a done deal? >> we are not taking a single thing for granted. as we speak there are 15,000 members of our movement going door-to-door because there are still one in five voters who have not made up their mind. that is the best chance we have at bringing this thing over the top. >> lex paulson, thank you so much. political science professor here in paris, france. he's joined us throughout much of the election. guys, back to you. >> michelle, thank you very much. transitioning now to uber, another headache. the company now facing a criminal investigation. we will have the latest and what it could mean for the future of uber. that's next.
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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 market's hot! sync your platform on any device with thinkorswim. only at td ameritrade the hits for uber keep coming. a criminal probe. >> reporter: you're right, that's just the latest. reports of a criminal probe from the department of justice. "the new york times" first blew the lid off uber's so-called gray ball practice in march. this is the tool uber has used. a few days after that report but problems have only gotten worse
from there. a federal inquiry was revealed and a portland transportation audit and now the latest reports that that inquiry was a criminal investigation. we reached out to the doj and they designed to comment. how big a deal is this? the short answer is that we don't know yet. charges may not necessarily be filed in this investigation. like its legal battle that could crush itself driving car ambitions and of course the holder investigation, the results of which have been delayed to the end of may. it would be the cherry on top of a very ugly year for uber which seems to be getting uglier by the day, by the week. >> the big question now is what does this do -- what do all these hits do to uber's valuation? any sort of scuttle in silicon valley over that?
>> reporter: there was a report that came out that quoted sources as much as $10 billion could be knocked off uber which is officially almost $70 billion making it the most valuable in the entire world. you've had and its rival in china is expanding abroad now. it doesn't look good for uber. it could be starting to affect its valuation. >> deirdre bosa in san francisco. well, from jobs to president trump's big week and what it means for the economy and your money going forward we'll break it down. plus, take a look at this house. this house on a tiny lot. how much would you pay for that house? it's sold. head over to our twitter page.
hi, everybody. i'm sue herera. here is your cnbc news update. a u.s. service member has been killed, the first u.s. combat death in that country in more than 20 years as the u.s. steps up its fight against the al qaeda-linked organization. a military judge has set it for the desertion case of bowe bergdahl. el chapo is back in a courtroom. his lawyers are asking the judge to ease jail restrictions on him. and turning arabic speech into sign language is the aim of a
new app developed in saush. if you speak into a smartphone or tablet an avatar will translate it into gestures deaf people can under. that's the news update this hour. back to you, melissa. thank you very much, sue herera. the economy added a better than expected 211,000 jobs last month. more on these numbers. hey, steve. >> reporter: melissa, before i get to the numbers i'm here at the annual monetary policy conference and kevin warsh is thought of as an appointee had some choice words for fed members. really critical of the current plan to reduce the balance sheet. here is what he said. >> i must say i'm confused by the normalization strategy.
it's preferred sequencing of rate increases and balance sheet reductions differ markedly from agreed in qe to start with. >> reporter: and he went on for quite some time. let me get to the jobs numbers here. the unemployment rate falling to a ten-year low and suggesting the economy is back on track after concerns that weak first quarter. 211 was the number. more than expected than the 180 that was the consensus. revision is just minor here. labor force down. wages okay but revising down the prior month. just 2.5% year over year. one good sign of what's happening, take a look here at part time for economic reasons, those who could not find full-time work has fallen by 1.1 million in the past year so people are finding full-time work who want full-time work. and where are they finding it? take a look at this
leisure/hospitality. maybe they're going for experiences. health care, perennial 20,000 government. 17,000 manufacturing. construction, okay. up 5,000 and 6,000 respectively. the probability of that june rate hike around 80% now, guys. >> steve, i'm going to put you on the spot. i noticed that every sector, as you said, had job growth and we saw oil and retail. i went back months and months, as long as i could. it just took forever. i gave up. i think this is the first time in many years where every sector grew jobs. >> reporter: there is actually a figure, an index that does measure the percent. and i didn't look at it today but, yeah, you could just look down the line and see very, very few if any industries lost jobs.
you don't want to see one sector adding all the jobs. we had this rebound in the mining, in oil and gas. it's been enough to put people back to work. >> steve, thank you very much. from jobs to the other big headlines still rippling through washington right now, the house's vote to repeal and replace health care. tom price spoke about it this morning on "squawk box." >> what we're trying to do now and would love to have the democrats assist, you have insurance companies that are vacating the market, leaving 94 of 95 counties, aetna saying they're going to pull out of virginia.
that's what we're trying to fix. that doesn't mean the media treats it differently. that's the challenge we have. >> the former mayor of new orleans. joe watkins is a former h.w. bush white house aide. welcome to both of you. joe, let's start with jobs, why don't we. we'll work our way back to the health care thing. something like 84 consecutive months of job growth. this economy may not be gangbusters but it's doing quite nicely, isn't it? >> i agree. i think it gets two thumbs up. we're moving in the right direction. i'd like to see wages stronger. wages are still sluggish. i would love to see the labor force participation rate move a little bit in a better direction. it's sluggish still at 62.9%. but i think we're moving in the right direction when you consider the number of americans that are working part time for economic reasons. you're seeing that number
decline by a million people in the last year is great news. it means we're moving in the right direction. >> and labor force participation, mayor, has stayed where it is for a long time. it may be that is where it's going to be. >> and, you know, the labor force participation rates reflect the aging of the workforce. >> yes. >> the baby boomers getting beyond full-time employment. so there may be demographic factors in that. >> it's 62, 63, which is roughly my age. right there. young man. now let's talk about health care here. secretary price points out that a lot of insurers have been pulling out. you look at a graphic and you can see there's an immense number of counties in parts of states where there are zero or one, maybe two providers. was obamacare truly failing and collapsing? >> i don't think it was failing but obamacare was never designed to if fix all the ills.
premiums were rising before obamacare. there were challenges before. obamacare was designed to expand the coverage rate. obamacare was designed to create more quality insurance plans, if you will. i think where we are today is that the u.s. senate is going to basically start from scratch. they have a 12 person working group on the republican side and i think it's going to be interesting to see what they're going to devise. my concerns are whether the replacement or the fix is fair to all americans. this plan, we don't have all the details of what the house did. is it filet mignon, bologna -- >> i'd love to have a longer conversation about whether the free market is actually capable of solving the coverage questions here. but let me ask you the pointed
question mayor morial is driving at. will this house plan address the coverage needs of the poor and the lower income people as adequately as obamacare did because of the cuts in medicaid and that tax credits don't equal cash subsidies. >> it's not going to. people who are poor will be disproportionately affected. a victory event it at the white house. senate republicans have to deal with medicaid expansion. look at all the governors in over 30 states who bought into medicaid expansion. they can't leave that off the table and leave poor people out in the cold.
they will have to deal with it in the senate. the senate version will look different. >> then it has to come back to the house, mayor morial. what do you end up with. we need the cbl scoring. we need to understand from an independent neutral party what the effect is in terms of the number of people who will lose insurance. i'm also interested in the impact on jobs and the impact not only on poor americans but working class americans and younger americans we need to buy coverage in order to have a stable insurance market. lots of questions out there but they did this without the cbo score. many of us, i think, are in the dark as to the real ramifications and specifics of this bill. i haven't read it. i don't know if everyone who voted for it read it. >> 19,000 words. we talked about it yesterday, the word tax or taxable or taxpayer is mentioned. >> you did a good word search.
>> google it and bing it. >> so there are lots of questions remaining and i think it's important. obamacare was never meant to be a perfect fix. there were problems that existed beforehand. i know on our own plan insurance premiums were skyrocketing over a whole series of years. so it remains to be seen. the u.s. senate will have a strong hand in this and i think they're going to be very responsive to those governors joe talked about who have expanded medicaid. >> joe, why don't we ever talk about the other kind of insurance expansion, tort reform. malpractice costs are driving many doctors and ob/gyns out. nobody is talking about this. is it because the legal lobby is so powerful in washington that you dare not mention it? >> well, if you're a candidate running for congress or re-election to the house or the
senate, you really do have to consider the folks who have the money to fund you, those political action committees, those powerful lobbies that have the money to fund you. that has everything to do with what people put front and center and whether or not they choose to take on a it particular lobby. that really doesn't matter. in this case senators have to consider because they have to be voted on by their whole state, really have to consider all the people in the state. they can't have the luxury -- they don't have the luxury these republican members of congress have especially in the really conservative districts. >> that's why we go through the battery of tests. they want the cya to cover their you know whats and that's why costs are so high. you have to go through a million tests for nothing. >> i want to make one point. it's a state issue not a federal issue. i don't think the federal government should intervene in and take over the tort law system of the united states. it's -- >> the federal government has
never had a problem telling states what to do. obamacare they're saying let's let states opt out. you have to be consistent. either you leave it to the states or you want federal intervention. leave this issue to the states. >> let me come back to you, joe, and ask whether there is a high probability, a mid level probability that once a bill comes back from the senate that the fractious house, where there were no democrats who voted for it and a lot of republicans went along kind of grudgingly, i guess that when that bill comes back from the house it'll be something that they can agree n on. and get to the president's desk. >> that remains to be seen. that's one of the reasons they took a victory lap yesterday. they at least have to celebrate that victory. it's going to be hard work, a very, very hard for the house members to reconcile with the
senate on the senate's version of the health care bill. i don't know the president has enough leverage to get enough members of the house to sign on to get this thing through. he wants a win. he's not concerned about all the particulars of the bill. something that becomes law. >> joe, thanks very much. great to see you. >> you got your wade ers on. >> earth, wind and fire. >> there's sewage raining down from the ceiling at penn station. >> if you want to go to the jazz fest great music. >> take the mayor out of new orleans. live back to paris where michelle takes the pulse as the battle for the presidency enters the final round. the four calls you need to know
about. "street talk" is next. today's "bond report." rick? >> reporter: thanks, melissa lee. we hover unchanged on the day. up seven on the week. the release of the big jobs report. that's where we sit hardly moving. let's look at the last time bunds were at the level they closed at. march 23 of '17. let's keep the date. look at u.s. from that date. same pattern but we're not nearly up as high as they are. let's look at the french tens. they're at 2.17. that's the point but don't touch that remote. power lunch will return in two minutes.
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welcome back to "power lunch." when emmanuel macron faces off against marine le pen. investors have made a lot of their different positions on the euro. she wants to quit the euro. he wants to embrace it and embrace europe even more. however, for voters here on the ground another key issue is unemployment. it's 9.9% here in france in the fourth quarter of 2016. that's according to the oecd. in germany only 3.9%. economists say that's because france's labor laws are too rigid. you become too hesitant to hire. these are issues that all businesses here deal with. fashion is the national pastime of france. >> the production of the
collection -- >> and in a small suburb south of paris this woman is giving it a go. there is government involvement in every layer of her business. her design studio is subsidized by the local town. >> this is a really beautiful place and i just have to pay a very little rent. >> the national government provides subsidies to help her with fashion shows and exports, but there are tradeoffs. employment regulation in france is notorious especially when it comes to the country's 35-hour workweek. >> you really have to abide by this period of time. you cannot go over the 35 hours. >> and a layoff can take months. >> you have to be very cautious to hire people because if you do a mistake it is more difficult to change. >> she says she appreciates the worker protections in france,
but she also says she needs more flexibility to be competitive. and they also make employees very costly. they add a lot of extra taxes on employment here. marine le pen wants tougher and more restrictive labor laws, a tax, whereas emmanuel macron is more vague but wants france to be more xcompetitive and less rigid labor laws. that's another reason we hear business people favoring him over marine le pen regardless of their position on the euro. back to you, melissa. >> thank you very much, michelle. see you soon. time for street talk. recommendations on the stocks you need to know about. stock number one. credit suisse upgraded continental resources to outperform $57 price target. shares have fallen. operational progress it has been making. inventory has improved. also to reduce leverage.
>> average price target 58. upgrades it to a buy from a hold. they boost their target. they missed it because it blew through their previous target. 10% more upsigh. they say investor sentiment around a drug is very strong, a drug for severe atopic d dermatitis. this should take away negative attention from drug estimates. >> the third stock downgraded to a neutral to $55 from $60 after a disappoint iing start this we. lack of visibility with download activity weakening and media revenue deteriorating. also, margins have been falling. >> all right. and your final stock, your smallish cap is $13 billion.
vrsk is your ticker. macquarie upgrades it. there is, quote, greater conviction of a higher return of cash because head winds in the insurance business are wins in the insurance business are i want vaiding in the healthcare company after investing in the healthcare side of the business. goes from 95 to 90 so 20% upside to vr s q. >> tyler over to you. take a look at this house, location is everything. how much would you be willing to pay for it? if it was in almaya new york or scranton it wouldn't be worth quite as much. the answer next. mc throughout the show weave
congratulation stocks and golf you were close, it was $2.55 million. originally listed at 1.9. multiple bids, sold for $623,000 above asking. let's bring in the woman who soldism, dawn thomas from golden gait southern national realty. we're leaving on the coast but we are shocked by that. are you? >> yes, quite frankly. and thank you for having me today. the word around my particular office is that golden gate was that maybe it might sell for 2.3, the very outside. what was interesting is a property just on the street next to 280 stanford closed that morning for 2.3. and when we were talking -- finally enough we were taking offers that very same day and
sieved 17 of them, it was as astounding it actually went for, you know, $250,000 over comparable on the next street over that had larmger square footage. >> i assume the buyer will be tearing it don? >> well kernel it's been getting quite a lot of attention and currently they're putting some money into it. what i hear is about $100,000 they're going to live in it while they go through the plans with the toy of alto. eventually, my understanding they'll tear it down and build some custom home. >> i'm curios dawn, if the sellers put in money to update that terrible looking kitchen in the back would they have gotten more money than 2.55? >> that's a good question. again that's what i think was a surprise to everybody. there's a lot of conditions that are happening in our local pal alto parking lot to have this happen. could they have put in a little money and gotten more, maybe,
but they were pretty pleased with the outcome. >> cash? >> yes. >> on most of deals you're doing at that price point cash today? >> several different price points can value but that particular property garnered 57% offers were all cash. >> you were even surprised at the selling price, do you think there's a bubble? are we at a peak here in terms of prices out there? >> so, i really refrain from using the word bubble, i know that's you know what the consumer coins at you know, top of the markets. last fall we were seeing a bit of a slow down, never a decline usually in the fall in the silicone valley, but we were seeing a slow down, especially before the election, a lot of uncertainty there. and a lot of people are guesstimating that this is the top of the market but we're not seeing a slow down right now. and predictions are again, not
to use pre-dicks we're not going to see that through 2017. >> well, dawn thomas you're getting a good payday for that sell as well. buy yourself a solid gold mercedes that's good financial advice. dawn thank you very much. >> thank you. >> appreciate it. 5.5. >> 2.5 million. >> what do you build on a 2.5 acre lot? that's a high house. >> you may not be able to do that. >> mad money's jim cramer says you need drugs to understand tesla's business. we'll talk about that comment. plus the first commercial airplane made by a chinese manufacturer takes flight in china. should boeing and air bust be looking over their shoulder? second our of power starts at 2:00. and, when we're not in those rooms, we want our shows to go with us.
a family kicked off a flight and threatened with jail. we've got to video and you'll want to see it. and a soon to be nba rookie who just got snugged by the sneaker makers. got splashed on his open with a expensive air of kicks. "power lunch" starts right now. and let's take a check on where we stand in the markets at 2:00 p.m., eastern time. the dow is higher 8 points. s&p up 3.5. tight trading range. session certainly a big on the dow after warren buffet says he'll selling the stock. in the s&p 500 today as oil takes a small around around after hitting a 6-month low in the yesterday's session. >> more than 2,000 jobs are created in april under employment in two years. war reason buffet says we'll
stuck with an -- economy. was he negativeky becky on the economy? >> no not negative. we got the chance to talk to him about a lot of things. all day long we've about taun being ibm. we had an tnt to speak with him about a lot of different areas. we always look to warren buffet to see what he thinks about the economy. he owns all kinds of companies, shares in companies like bank of america, wells fargo, american express, coca-cola, craft, apple and yes, ibm after the sell of all those shares. and there are the roughly 80 companies they've joaned outright. this is from the of a loom and this is a bunch of people piling here to buy things. and of course act me brick. you got the bricks hanging out with us and yes, they already
heard, you're a brake houick ho. permanent that's not unique when i asked them that a few minutes ago. so i asked him if this feels like a 07% copy. and he said no not such much. listen in. >> i'm a broken record on the subject but since the fall of 2009, literally, it's been about 2% a year. i don't think the figures are necessary that accurate when you get to tenths and all that. i'm sure it's sped up a bit, it's been 2% a year now for 7.5 years and i don't think we've seen anything like that. it was a great recession but the recovery's been very steady, you know, all are falling off a little while but housing is good and most of our businesses are doing a bit better.
but, i don't see it being lot more than that or a lot less. i wouldn't be surprised when it's revised it comes in a little higher than that. and it's not perfect reporting. what i see isn't perfect either obviously but i don't see anything but kind of a steady vibe. >> okay so a very steady rise. you might wonder whack which i think. things people have pointed to is washington in things that have changed. however some legislation haven't been able to get approved years and years. yesterday we were catching up with many buffet we were hearing the news the budget bill has been passed by the senate after it had bumper passed by the house early in the week. that is progress that was news but t not news that impressed mr. buffet. >> i would say if they had passed the budge that would be news. that whole thing is -- it's
archaic. they ought to figure out a better system in terms of the death and then going through these theatrics. it's kind of unbecoming almost, i mean the country's been around a long time. we don't have to go through this all the time. >> now back to the economy guys. again he says this feels like a 2% economy. if you were standing here in the convention center where thousands of people are piling in and spend and buy everything they can from the from the of the loom underwear and t-shirts to the bars you see people eating in line. ice cream, fancy cheesecake things out here, coca-cola, and i'm just told that these are the underwear that you can buy and it's got charley munger and warren buffet on it. if you were here seeing it ffls like more than a 2% economy here. tyler back to you. >> bring me back a pack of those please. thatch.
v >> what size? >> we'll have more with warren buffet monday when he sit down with becky at squawk box starting at 6:00 p.m. charley munger and bill gates will also be there. monday 6:00 a.m. eastern right here on cnbc. president trump and house republicans celebrating after muss lg the healthcare act through the house. what does this mean for the rest of the trump agenda? specifically taxes trade. bringing in matt rue bell and a member of the advisory committee for trade policy and negotiations with the office of the u.s. trade representative. matt welcome good to have you with us. >> thanks. great to be here. >> the head of one of the congress biggest company jeff e medical gave a speech yesterday down at georgetown where he said that protectionism is not the answer. i think we have a quote from his
speech we can put up on the screen if you don't, but just take my word for it that's what he said. at the same time he said, the principles of free trade need to be rethought. the system of free trade have not worked for enough workers. protection. is not the answer it makes us look weak and not strong. statement matt, he said that the world of government is to level the playing field and that government, the u.s. government has not engaged either biliterally or globally to make sure markets are open. so in that sense he applauds what many trump is doing. that's what you're trying to do right? >> well i mean i think if you get right to what jeff said i think it's about going from multilateral to bilateral. i think you'll have much impact by going to a biliteral nation country by country. why there are many good things in m s tr and the advisory economy tried to get across, and
things like t.p.p. the bilateral deal will extract things more directly country by country, category by category and i think that might be what jeff's referring to. it's a sharper way of looking at thing. >> he does say exactly that as you clearly know, that we're going to an era where multi lateral agreements are going to be the thing of the past. and when we get better results because of that, will markets in china and elsewhere be more open to american manufactured goods and services than they have been? >> the answer to that is a little more complex. so, i would say yes, you should end up with something better with china. however, some of the multilateral agreements which enabled goods to move across borders so that taxization and import tariffs wouldn't happen
between countries when manufacturing was happening, the ultimate goal of that would enable companies that were outsourcing manufacturing to do it more effectively and negotiate against chooen. so this changes things on a country by country basis and so it's more direct, it's not necessarily over the long term more effective by in the short-term it should be more effective. >> matt is china a currency may in my opinion later? >> that's not something for me to answer. they manage the way in which they're able to move goods in and out and manufacturing very effectively so under that thesis one would say that they do manager their haven't they're. >> how about this, would you as a former retail ceo who bought a lot of stuff like to see a higher -- >> love to but a strong dollar
is also healthy on many other levels. so we see in businesses which are trend related consumer products and brand globaling. if we import them from overseas we benefit from a strong dollar. a strong dollar generates a strong concernsy and is a very very positive thing. our able to buy things is very good. things like that, the border adjustment tax that came out of congress not the trump administration, which are things that the administration are helping to eliminate all the chatter around that because that is not a productive tax. >> you led me to my next question. because that was another part of mr. ml's speech. he because he does a lot of exporting of u.s. manufacturers he said we needs to have a serious conversation about a border ayum tax. he cites the case of germany which is done in a lot of
countries that have it. your background is in retail, i sense you think it's a very bad idea. did you doesn't he have a point? shouldn't we look at territorial yalt taxization or whether that is something we should asker? >> there's a certain am of money -- if consumers haven't had growth over a number of time and then you move to border adjustment tax as its articulated by congress it'll only move thing out of range where people can buy them causing more disruption in the marketplace, that's already happening as the retail mark place is going through shifts in how they buy merchandise. adding that to the current environment would lead to more unemployment and a tremendous disruption. he and i part on that one because we're in the good -- and actually the consumer portion of the economy is still the biggest portion of the economy so it will have the greatest negative
impact on the toel. >> we'd love to have you back and talk with e rail. we appreciate your time matt. >> great to be here thank you. >> back to michelle in paris. >> hey there tyler. business owners here in france complain freerktly there's too much state intervention, government intervention to their business. you don't hear the people on the campaign trail or candidates talking about that because it's a political loser. let's find out why from jack roz lin he's a long-time media executive here in france, former owner of la monday and now he's the director of a french school in journalism. good to have you hear. >> thank you. y >> you tell me french people love the state is that true? >> yes. state is a very important part of french political culture and you cannot be he or she style to the state easily when you're a
politician here. >> we had two candidates, emmanuel macron and -- who talked about scrapping the 35 hour workweek and then they stopped talking about it because they realized it was going to her them. ws cell, they stopped talking about it for the campaign and after the election and now macron probably will do a lot to the legislation work legislation, changes a lot. because phil was more of thatcher like politician so he wasn't really to change things regarding work hours and also retirements age and macron will probably do, doing what's important is not what he says before the election was the 35 hours is what is going to happen, after his election if he will probably be elected, is he will start telling companies, all companies can negotiate
separately without the state. all companies can start negotiating separately they're work laws inside the company, which is a tremendous difference between having the state saying that's the law, and then after the companies have to apply. it's going to be the reverse with macron it's going to be the reverse with companies having the right to discuss inside the company what kind of laws. >> you run businesses here? >> yeah. >> what would that do for employment? >> well, that's very convertible. when the 35 hours in france was applied in the '90s, a lot of exam was created. >> you needed more employees because they were each worker fewer hours. >> yes. and also because a lot of big companies had tax compensatory damages when they applied the 35 hour agreement from the state they had tax exemptions.
so a lot of the companies took the forward in recruiting people for these tax exceptions. >> well, we'll see sunday afternoon what will happen. >> sunday evening what will happen is probably mr. macroan will be elected. >> don't jings it i know he's your candidate. jack roz lin. bryan back to you. >> all right michelle thank you very much. here's what's coming up on "power lunch" another airline story. a family kicked off after delta flight and threatened with jail. plus the one spot in the world that may old the key to kwirging out where the price of oil is headed. jim cramer says you got to be under drugs to understand this stock. why? coming up.
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c-919. it has 570 orders for it but the delivery of the first one it's unclear. this meant has a long ways to go before we see it in service in china or anywhere else in the world. for boeing the question becomes when koe mac decide to deliver these planes, what's the impact on the 737? keep in mind boeing has more than 4400 737s on order. china by far is the largest area of demand. they call it asia when china and boeing put out the forecast. so as you take a look at shares of boeing, keep in mind china is still the dominant market when it comes to commercial airplanes and will be for years to come. boeing has a robust business there but no doubt the koe mac,
c-191 air flight that's something worth paying attention to. >> so is it a direct competitor to the 737 or what? >> yep. that's the size plane and that's what they're targeting. >> let's get your take on the latest incident involving a u.s. airline, a family with small children thrown off a delta flight. this one may not be as clear-cut as the video seem to suggest. tell us the story phil. >> this is video. this family by the way, interviewed on the to do's show earlier today and there was video that was edited and posted on youtube. it's drawn more than 3.4 million hits. a lot of people you were talking about it because the family was removed from a delta flight. it was a red eye from how wee to languages. the family was threatened to jail and children going to foster care if they continue to violate the order to get off the plane. here is the passenger talking with the the today's show about his take and how it went down. >> they led us an the plane
scanned our tickets but when they saw the flight was oversold and they saw there was passengers waiting for seats. they told us we had to take our son out of car seat and they were going to give our seat away. >> it was not clear there was an oversold flight. there was a pang on stand by who did take this seat that was wanted to be occupied that was used by a toddler in the family. bottom line, son had a seat he got on a different flight. the seat goes to the person who is ticketed with it. it's not like you can buy three or four seats and say we bought all of these and even though somebody didn't come we're going to put someone else in this seat. delta has offered conversation to the schear family and the schear family says it is not adequate. we'll see how this plays out.
>> i had an experience -- my wife and i had an experience on a flying 17 years old. i'd probably be a millionaire if i told somebody about it but sometime you deal with it. i'm going to defend the airline worker phil, because it's a hard thing to do. i'm not defending anybody in these videos that we've seen but overall you think we're at sort of peak airline outrage. these airline workers, gate agents mostly these fine hard working people have been taking verbal abuse for years. the stuff i've heard people say to flight attendants and gate agents, i'd punch that guy in the face if he said that to me. and they have to sit there and take it and i wonder if you get to a point where you're a human being with dignity you can't be yelled at. >> you know what i think we're going to see if this continues, and there's no shortage of people coming out of the wood work saying i had a terrible flight experience, aye going to sue this airline and i want some
compensation, i think we'll get to the point with you're going to see video cameras in stalled at all the gates when people are checked in and potentially on planes as well. to some extent the airline will say woo it's me i was wronged in this situation, let's have cameras there. -- >> both ways right. because again not defending anybody in these videos. i'm talking about the people, generally you only interact with the gate agent because you got a problem, the flight's delayed or something like this. you think the cameras need to be there, but stop treating these people so ugly. >> there was no evidence here that this has -- >> has nothing to do with the videos we've seen. >> but let me just understand this, they had bought three seats -- >> they bought four seats. >> and how many people were -- >> let me set this up tyler.
family of four bought four seats, for the mother, father, two toddlers and an 18-year-old son-in-law. 18-year-old son was put on a different flight. the parents bought a ticket put him on a different flight to go home early. they boarded the plane and they say delta approved them to still have four seats, for-mile-an-hour, father and two toddlers. one of those four seats was originally ticketed to the 18-year-old son. so what delta is saying that seat was ticketed to this 18-year-old, therefore when he's not taking this flight it is no longer their seat. that is at the constructirux of disagreement. >> i agree. they could not appropriate the seat. delta say we own the seat and we're giving it to the next stand by person who's there. >> correct. >> so did none of them fly? they all got taken off the plane? >> correct. you know how this works. they're not going to bump a child alone they're going to take the entire family.
and then delta admits that it did not handle the situation welch i don't think anybody thinks delta, the people on the plane handled it well threatening jail and foster care, nobody's defending those actions. at the crux of this it's the issue of who has the right -- when they buy these seats do you have a right to say i paid for it i can use it. >> you can see the security reasons why you don't want somebody. >> sure i can't just give you tyler my ticket if i'm not using it. it's amazing phil that after all that has happened with the united airlines flights people on the air planes who work for the airlines aren't more careful in the language they use -- >> that's the point i was trying to make. people i'm guessing have been taking abuse for so long that they're snapping. that's my point i think it's an unhealthy work enforcement. >> i understand that but you still can't threaten people. >> you said you understand and how could they do it.
>> i understand that. people have the able to decide what they say. >> yeah, maybe. if you've been screamed at every day for search years and called all kind of names. >> at some point common sense needs to intervene in a point like this. i think ---on maybe that's what was missing here. phil thank you. >> you bet. >> coming up. >> the good, bad and ugly. stay tuned.
welcome back to "power lunch." shares in golf equipment company heading higher in friday trading. that's on the hills of a purchase expected earnings and sales report. and boosted full year forecast as well. c ceo chip brewer sells for golf balls remain optimistic about the rest of year. check out shares of accuse nick. that's the company behind brands and foot also moving up in melissa back to you. >> all right thank you. the good and bad and ugly. the company makes organic leds
for t.v.s. on to the bad here that will be flor down 4.5%. this is a construction expense. the company earned less man. and it's an ugly day for pillar buyer. the company head of regulatory affairs resigning may 15th. blaming health reasons but it's right before the fda will review the company's breast cancer drug. stock down 18%. hey sue. >> hi melissa thanks. here's what's happening at this hour. frerch candidate marine le pen is facing negative backlash in our final hours of campaigning. she was booed this morning outside the cathedral in rome where she was visiting her opponent. emmanuel macron has extended his leads in the polls. kim jong-un visited research facilities in that country,
quoted him as saying all combat positions are fully ready to go into action. a power out taj at a valero refinery causing smoke to pour from that rerefinery. and the company run by the outspoken father of lonzo ball his shoe got l $94,000. if you want to get around that money you can preorder the shoe on the website with no refund or exchanges. the shoe will ship by may 24. that's the update. brian back to you. >> my son will want those i promise you. >> $495? >> go to target. >> parents in low-income areas they already got to deal with their kids asking for stuff they can't afford.
i love ucla, i like lonzo ball, it's kind of gross to be honest with you. >> it's way too much money for kids. it is. there you go. back to you guys. let's take about oil which is rebounding today. we'll have the closing prices but first back to michelle in paris. hi michelle. >> hey there tyler. do you remember when candidate trump talked about all the factories closing across the united states? well that's happening here in france too. it's become a real battleground issue between the two candidates with this sunday's presidential election. we'll tell you about the likely effect of those out-of-work people here in france. live with "power lunch."
. welcome back to "power lunch" i'm jackie de-angeles. crude oil closing for the day. getting a bid of 46 and change after a 5% slide yesterday. hit a knew overnight, 4376. keep that in mind. concerns about china, growth and demand overall, a desire from deeper cut on opec, may 20 to make up for support coming online. this week six more rates added,
16 straight weeks of increases. goldman sax saying today while -- they do expect inventory to come out of storage. for the weak oil, 6%. almost 10% for the month. back to you brian. >> already jackie thank you very much. crude rebounding a bill today after hitting a 5% low yesterday. there's one spot in the world you may want to focus on. let's bring in roberto free lander. in your note today you highlighted something i never thought about in my life which is the number of oil tankers. why are you focused there? >> i think the markets have just been trying to factor in the count going up. and obviously like jackie mentioned we been hit by this
right hook and china's back on the table. any oil that's coming from europe and the middle east is going to transit through that or outside malaysia or up to asia. now what's happening now is there's about 35 super tankers sitting in the strait, these sturp tankers carrying about 5 million barrels a crude. they're sitting there waiting in the order on demand from china. as they sit there, this glut of tankers are going to sit in this choke point in this strait and sit there. as this product continues to build off, the order for demand and worry about overinflation plays out there's beginning to be a continue crude that continues to build in the strait. >> where do you see oil going? >> so,-on we have hit this support level called the 43 and 45 levels. we hit it three times, august of
last year, november of '15 and yesterday. the problem is not where do we go from here it's that the sealing has come down where it's been maybe 54 to 56 maybe two weeks ago. now as china concern the sealing is really 51 or 53 or so. so i think we with get backdown to the low levels. as we get towards 49 to 50 so it's going to be an every tighting range that's going to have a big play. as we get to the may 26 serena meeting it's factored in. what we really need to see and what would be a game changer factor in my opinion, if we could see a curve on exports not just production. we can lim the am of production that all the cartel and non-cartel members agree to but if they keep production at x and continue to refind products that's going to still over into
the other markets as well. >> i guess our satellite images are on the street. roberto thank you very much. appreciate it. let's go back to that massive french election in paris with michelle. >> hey there brian. yep, there's been a kuj decline of manufacturing jobs here in france. just like in the united states it's become a huge issue in this country's election. in the suburb sits an empty auto plan. how many cars were made here each day? >> 600. >> how many people lost their jobs. >> 3,000. just john pierre mers yay was head of the union. he offered each worker a check of 60,000 euros or a job at another factor. he chose the job. it was one of two job factories that closed in 2016.
in france, whirlpool factory workers are on strike, concerns they will be out of work next year when the plants are expected to move to poland. both presidential candidates visited the plants this week. emmanuel macron who sports greater involvement with europe and jostled by the workers. marine le pen was cheered. she sight t as another example of what she sees as globalization. peer metro sere says he won't vote if either of them. you're going to zero blank? >> yes. >> in those areas we just show you the extensions were much higher than an average in the country. 20% in the first round but 38% in areas like that. if marine le pen is going to overcome her negative poll numbers in any way, it's because
she had a much more animated voter mississip vote whose more likely to come after her. it's going to be a busy disparity to face what she's facing against macron. >> as you've been there michelle, i can't help to think what the remarks of campaign has been so rich. is that how you're feeling? >> every where you turn urban versus rural, establishism versus mark. it goes on and on. the media elite telling people they cannot vote for marine le pen. there was a newspaper this morning saying we must stop her. and so that is why even with the poll numbers are so wide apart, people think, wow, if there are so many similarities in the issues, is it possible we might get a similar surprise this coming sunday. >> and the voter you just spoke to who abstained and not vote
for either, i think there was a fair number of american who is did the same thing last fall. i gunshot to ask you the light is gorgeous behind you there. what time is it in paris? >> it is 8:41 still light out right. >> yeah. >> beautiful. >> that's a green screen. >> produce a -- or we know you're. have a nice evening michelle see you over the weekend. the dow and the s&p 500 on track with their eighth concession. a big move has to be coming right. "trading nation," which they never let me do is coming up next. why did jim cramer say -- -- >> today you're doing it now. >> it could be a first today tyler. >> drugs to understand musks, that's what cramer says. we're getting ready for the derby with the best way on
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stanford after the monetary policy conference where we're starting to get a bit of information about the fed's plan to reduce the balance sheet. a couple fed officials here now, one here and on the east coast giving us a sign at how much they think the balance sheet should go down here. here's what st. louis fed president jim buller said a few moments ago. >> the size of the balance sheet is larger than we'd like so that's why i've been an advocate of beginning to shrink the balance sheet by ending the reinvestment policy. i think we can go down as to the as low as $2 trillion. just john williams the froze president talking in new york he says balance sheet with a two handle only it. they're not saying how fast they'll bo it but they're doing a lot of balance sheet reduction coming from the federal reserve in the months and probably years
ahead. tyler. >> thank you very much steve. appreciate it. >> on the past eight sessions the s&p 500 has traded one of its tightest trading ranges ever. what is the lack boone the museum and what could bring volatility back. matt miller and erin of s&p global. matt to what do you describe the lack of museum in the last two days? >> you got competing sources now. and we got a fed that's telegraphing or telling us and not being vague at all that we're almost certainly doing to get a rate high in june, so that's positive. however, on the negative side it's been balanced off by concerns about stress value levels. we got the consumer spending numbers that's been seeing cracks in it recently. and finally of course the decline in oil.
that'll create the kind of problems we had a year and a half ago. >> erin do you think we're going so see return to a more voltal stock mark any time soon? >> i think a lot of --down, one, the low misrate that we're seeing for q-2 earning season if we keep this up right now it's 7% misses, that is very low compared to most quarters and that's what drives the volatility. if that keeps up we're going to see this churning along. the earning growth estimates have been tight for the year, they haven't changed at all. we're getting the same of what we expected from three months and very high evaluation. until there's pig chang, that plus the elections in france and it looks more like macron might be likely to win so that's
adding constable to the global picture and i don't see it coming up soon. >> around erin guns and matt mayly. expect the calm to continue. await the results if france. thank you very much. for more trading nation go to trading nation daut cn tradingnation.cnbc.com and vote in tyler mathisen as the host of trading nation. the kentucky desh preview we're not going to tell you which horse to pick but which drink to drink. tasting is next on "power lunch." she looks years younger than she should.
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story of the race is a horse named patch, lost his left eye last year because of an infection. he's a bit of a long shot at 30-1. let's take a look at shares of churchill downs, just for your money's sake. the stock trading slightly lower today, but up nearly 12% so far this year. what do you need when you watch the derby, melissa? >> booze? >> a little libation. to make the failed bets better. >> for other life events as well. >> the competitors, stocks, constellation, and they are higher this year. >> the bourbon boom is why the stocks are performing so well. here to take us inside the oaked barrel business, the president of the distillery, founded back in 1753, an american company. >> yes. >> wow, 1753. >> bourbon is the original american liquor, right? >> some say rye whiskyfuls.
it grew plentifully in the northeast, but bourbon picked up pretty quickly. >> how big is the derby for you guys? >> really big, visitors from all over the world this week. louisville, a wonderful city, is really a buzz. >> that's a good choice of word. >> exactly. >> yeah, yeah, yeah, yaes. take us through several of the batches of bourbon. it is hot. rye is hot too because -- >> red hot. >> because of the manhattan craze? >> yes. it's interesting, when i was starting to sell rye in the 1990s, nobody wanted it. you know, nowadays, it's really just a super hot whisky category. it was pioneered by bar chefs making rye cocktails. makes for terrifics manhattans, but it's a derby, so bourbon. >> is there rye in bourbon?
>> this is coffee. >> do a shot of coffee. >> why do we have coffee here? i don't want to drink coffee. >> we are tasting professionally today, and when there's money on the line, deciding what to put down, stuff to sell, we -- the way to clean your palette with bread, you clean your nose with coffee. >> yes, yes. >> okay. >> did you know that? >> start with the small batch u.s. no. 1. >> this is a small batch bourbon. the goal was to make the greatest american whisky. we have a range of products here. the retails on these range from $48 a bottle for a u.s. 1 bourbon to $5,000 for a celebration -- >> $5,000? >> yes. >> that's 91 proof. >> it's good. >> i have seen celebrations sold for 1750 a shot in certain non-- >> and -- >> the celebration, the third one, we'll try, but this is small batch. >> small batch.
this, the most, myself, we put as much care into the $48 as the $5,000. >> the 20 year straight bourbon. how do you know how much to make when you're ageing something for 20 years? you don't know what the demand will be like in 20 years from you. >> correct. the only thing i'm confident about is projections that i'll be wrong. confident about that. you know, you do the best you can to project what's going to happen. we project for the celebration whisky, short of 33 years old. >> this is celebration? >> yes. >> that is much stronger. >> yes. >> the 20 year -- >> this the 30-year-old. >> it's a blend. >> sorry, we don't have endless time, i want to spend endless time, but this one -- >> the celebration $pennsylvania,000 a bottle -- >> all right. >> oh, man. >> that's 112%. >> i'll taste in the break, joe,
thank you so much. >> thank you. >> we're going to closing bell now. show's over. >> check please is next. with e*trade you see things your way. ♪ ♪ you have access to the right information at the right moment. ♪ ♪ and when you filter out the noise, it's easy to turn your vision into action. ♪ ♪ it's your trade. e*trade. start trading today at etrade.com ray's always been different. last year, he said he was going to dig a hole to china. at&t is working with farmers to improve irrigation techniques. remote moisture sensors use a reliable network to tell them when and where to water.
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so you miss the big city? i don't miss much... definitely not the traffic. excuse me, doctor... the genomic data came in. thank you. you can do that kind of analysis? yeah, watson. i can quickly analyze millions of clinical and scientific reports to help you tailor treatment options for the patient's genomic profile. you can do that? even way out here? yes. even way out here. check please. >> reporter: this is a special french election edition of check please. you know how candidates want to be the every man every time. we saw that evidenced in france.
le pen got in a fishing boat last week, caught an octopus of all things, and macron played soccer with poor imgrant kids in his suit, no less, trying to look like one chtd peoplof the guys, happens all over the world. >> see you monday. >> where's tyler? >> i'm not coming back to the desk, are you kidding? >> thank you for watching "power lunch." >> bye! hi, everybody, welcome to the "closing bell," i'm kelly evans. >> how do you say check please in french? something something. >> as far as we got. >> somebody knows, i know. i'm bill griffeth, ibm a drag on the dow today, and