thank you for watching. "closing bell" is coming up next. welcome to "the closing bell." i'm kelly evans at new york stock exchange. >> i'm bill griffith. we will have more on the oil story and midterm elections and how they intersect. gasoline prices below $3 a gallon in parts of the country. unemployment nationally below 6%. the economy growing at a respectable pace and democrats expected to lose power in the senate tonight. why the economic diskent in this election? >> we do have several special guests coming up for this election day, including afl-cio head and two key congressmen. tom price and kiss van hollen. that's all coming up. >> investors continue to vote yes on alibaba.

that stock soaring today after meeting expectations on earnings. this company now has a higher multiple, higher market capitalization than wall administrator. >> probably higher multiple, too. >> yeah. i'm sure it does, as a matter of fact. but is it justified? we'll talk about that coming up, as well. >> here's the markets right now. final hour of trade on this mid ferm tuesday and the dow slightly higher after spending the morning in the red. higher by 22 points or so. the s&p though is negative off by about 5 and the nasdaq off by about 14 and talking about what's off today, bill, may have something to do with the midterms and a question to explore. the price of oil as you mentioned. >> four-year low for wti which we'll get to here and the "closing bell exchange." mark spellman joining us here at the new york stock exchange. amy wu is with us. john manly. kenny pulcari and our own rick

santelli. why isn't the low on oil putting more downward pressure on the stock market hand it has? >> i'm on the opposite side of the fence and thinking that lower energy prices is better for the u.s. and global economy and why aren't we seeing that disconnect? last week at 80 and ready to break, everyone was so nervous the market would break and the market hasn't broken at all. i think there's a conscious disconnect. the broader economy, in fact, may be a boom for not only the u.s. economy but for the global economy. >> amy, what do you see in the markets especially that you cover indicating about the direction of the energy space, commodity space? are people thinking prices are generally heading lower or seeing bottom fishing here? >> it's funny, guys. you would historically see the seasonal part of the market low implied volatility but looking

at options right now, people are buying energy call options. january and december, two major catalysts. iran talks on the 24th and then the 27th the opec meeting. the options market would tell you that people are generally bullish into this with capturing both catalysts. >> bottom fishing there. let's bring in rick at this point because, you know, a lot of people are watching the dollar and of course that's a big factor in the price of oil, as well. are you guys over there thinking that the dollar's going to get much stronger from here? >> well, i tell you what. against the yen, the answer is absolutely yes. right now the yen at the lowest level since the end of '07. many traders believe we're going to see 120. with regard to the euro, i know that there's many that think the euro testing 120 but i don't know. i guess in my opinion you're going to see more but not a lot but zoo the answer is i think the dollar is firm and not give back much ground and impacting commodities and mostly felt as

it turned the tide of speculation and with regard to oil, everybody's fascinated with saudi arabia and the cost of production. boone pickens and michelle and much cheaper and missing a big point. a good deal of their society is based on the revenues so it isn't only about production and the money coming from oil, too. they're between a rock and a hard place and don't underestimate yankee ingenuity on the new technologies working at lower prices and midterm i think the thing that changes is exports! we need to export some of the bonanza. >> rick, i'm glad you bring this up. here's the interesting thing. more and more people this afternoon saying, well, maybe the midterms, keystone pipeline with the green light and driving the price of oil down here and reverse should be happening. that should put upward price on the u.s. price shouldn't it? >> no, i don't think so. i really think that when we look back at this period of time, yes, part of the demand story.

but i think the big story is we're starting to price in the u.s. energy revolution. and i think there's a lot of chapters of this book left. and it's so much bigger than just keystone. >> sure. >> speaking of keystone, i can't wait to see it on the president's desk takes a lot to sign a veto on that one. >> john manley, focus on the earnings reports. they have been pretty good. you know? alibaba just one example here but do you see that trend continuing and something to power the stock market higher even from these levels? >> it's a strong force and will continue. the numbers down for next year. 2015 s&p bottoms up number came down and part of the fact is october, november, that's seasonal. i think american corporations doing more with less and more efficient and the u.s. economy is getting better and should be a plus going forward. >> mark spellman, just to get back at one of the other stories

all day that's been weighing on the markets and europe and mario draghi's frack house isness and maybe coming to a head next week. reuters reporting on this, et cete cetera. what happens here for investors? how much do they need to be focused on the situation in europe and the extent to which of a u.s. style quantitative easing. >> it will haunt the u.s. if europe is weak for a long period of time. however, staying concentrated, investors staying kons tated in the u.s.-based stocks or the majority of that will continue to be important for a little while and sooner or later, europe will come back and i think the weakness in europe is giving the fed leeway of raising rates. >> what are you buying right now, mark? >> we're -- not energy. when i look at the energy world, i mean, you look at bad news in the energy world and the stocks down 5%, 6%, 7%. that's not the sign of a bottom in my book. >> but there are plenty of parts 0 of that space that you know

down 40% from this summer. >> yeah. that doesn't mean they can't go down another 40%, frankly. just looking at a chart, or the fact that they're down doesn't make them good investments and i don't see a lot of on the fundamental side reasons to pick it and i think guess work at this point. >> kenny, you point out the benefit of lower energy costs on certain parts of the economy. transportation has done well. transport average at all-time highs here. does that mean you want to buy them at these levels? >> yeah. there's a couple names we like and going to be a tail wind and the dynamic -- federal express. a good christmas season. done great on the cost side. lower energy will help them and utx. aero space cycle is longer if energy stays low this long. you know? they just reported 5% organic growth and the numbers next year look good. >> what do you think, kenny? >> listen. so listen. i think if we see any stability,

any stabilization of price of oil i think some of those energy stocks down 30% and 40% will be screaming buys at least for the trader type mentally. you might have to look longer term and stocks down 30% or 40% not broken, right, they're down off the back of the price of oil and some are great opportunities. >> i think the estimates for next year could be 20% to 30% too high. if that's the case you will have an earnings revision massive earnings revision in the fourth quarter. if the stocks don't go down on that news, i agree 100%. however, watch out for the first step. >> amy, bigger picture in the options market, when's the bad? is the volatility done for a while? >> no. i think talking about energy, one of the corollaries you want to look at is retailer volatility. we talk about lower gas prices and consumers, historically with seasonal declines and retailers tends to spike this time of year. >> and amy, by the way, we

should talk about the sea sweep volatility and the retail space, as well. clearly a shift under way. i guess the question becomes how are investors playing this? do you think there's pessimism in this space and we could get surprises in the holiday season helped by oil or forget about it? too dangerous and too soon to sno know? >> just outright stock replacement with call options, the bet here is, look, already starting to see in some of the company's numbers benefiting consumers. people are spending more because they have less to pay to drive and seeing it in the stocks and you have the typical black friday christmas holiday season and all these things will contribute to what is otherwise a seasonally lower volatility market. >> amy, we have a challenge for you knowing you have a newborn at home. if you can explain puts and calls to the newborn we would like to be able to share wit the viewers. >> in 15 seconds. >> right. i'll let you know when she can figure that out.

>> okay. very good. >> john, what are you buying here? at these levels, where do you see opportunities? >> buying tech. i think that's driven the earnings. buying industrials. they benefit of low oil prices. i don't know if it goes lower if it helps and actually i'm buying energy on the notion of buying stocks so you don't get tempted when they're back up. you don't know when it bottoms. you have the ease into these things. >> john, can you get specific here? you just heard what mark said. it's treacherous space right now. >> well, two areas, number one, big oil service stocks still making money in a few years and the old rockefeller companies i guess the best way of putting it. integrated. they're not that crude sensitive. at least the earnings aren't. they tend not to get the multiples of refining as other things an refining should be good and downstream, as well. i think the companies, high

quality dividend-paying companies may see a hit to the cash flow and dividends flow through. >> right. but you have to understand when you're investing like that long term, you take the opportunity. you don't blow it all at once. right? you ease into it. so if there's further weakness, take advantage of further weakness. >> i started downstream. i agree with john 100%. chevron came out with good numbers downstream and then the refiners the look. phillip 66, marathon mpc. >> it just occurred to me, john, rockefeller oil, interesting that the rockefeller foundation -- >> not buying. >> sold out of their holdings in the rockefeller oil companies. h thank you all. >> john d. would have been proud. >> exactly. see you later. >> speaking of chevron, an underperformers again today. a tough day and other oil majors. today under pressure

contributing the dow being up only about 17 points and even it holding up better than s&p off 6 and nasdaq off 15. decision day 10 2014. hope you get out and vote. a potential shift in the balance of power in the senate. our john harwood has a special report on that coming up. house budget committee vice chair tom price and democrat chris van hollen is speaking with us straight ahead. and then alibaba hitting a new all-time high after beating street estimates since coming public. now a higher market cap than walmart as we said. is that justified? so go right now and vote. your thoughts on that question. go to cnbc.com/vote. and we'll get to your answers shortly here on "closing bell." stay tuned.

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welcome back. >> oh, i'm sorry. that's right. we're not doing this now. >> just so everybody knows, the dow's up 15. it's a mixed session on wall street. >> on election day.

yes it is. >> dominic chu is covering the movers for us. >> holding pattern, kelly. i'll tear up the script here, as well. oil prices hit the lowest level in four years. a tough day, also, for michael kors hit hard after disappointing sales guidance. the casino stocks a focus for investors falling after sales and revenues in october dropped a record 23%. it was a fifth straight month of revenue declines and then amgen said the experimental ovarian cancer drug failed. alibaba posting better than expected quarterly sales in the first report as a public company. as a result you can see the shares up nearly 3%. $105. worth more than walmart. back over to you. >> thanks very much. let's talk about alibaba. the executive vice chair was on earlier today and had to say about the company's business model. >> we're not like amazon.

the fundamental difference in business model. amazon's margin hampered by the fact of take on inventory and they have a large cost of good sold item and starting with a low number somewhere, you know, in the low teens. and in our case, we operate on marketplace model where the revenue we generate, you know, coming from commissions and also online marketing services have inherently very high margins. >> maybe for that reason, alibaba is now worth more than walmart. incredible but true. the question is, is it justified? we want the know what you think. go to cnbc.com/vote right now. joining us to discuss the big run for alibaba is gill loria and david garrity. gill, what is your view on alibaba shares here? >> mr. tsai didn't bring up the

other difference offal bah bah and amazon. alibaba is growing much more than 50% and more than amazon and growing more than 50%, more than 50% profitability. that's a unique combination that investors are hungry for. >> david, what do you think? i mean, we have seen this movie before. google after it came public, lots of questions of the valuation there. facebook after it came public and the whole debacle there. both of them doing just fine. are we overobsessing on the valuations early on for alibaba, as well? >> the question for alibaba is one looking at obviously they're the dominant player in e-commerce developing in china. think tier anointed national champion in that regard and the question of valuation is how much of that growth of china factored into the stock? if you want the look at the leg up for the stock you have to be looking at other geographies outside of china and talking about new areas such as online streaming content. are these businesses that the

company knows that well? that said, we think china provides a good runway for growth of two years and the stock is a good hold. >> it is also, gill, a competitive space, online streaming piece of this, e-commerce general ri speaking. what is your view on the margin pressure they're seeing and how sustainable you would like it to be? >> well, the margin pressure's coming from the acquisitions making, investments in mobile. that's not unique. the big companies are investing in these things and the big difference is alibaba still after spending all that money on these acquisitions still has more than 50% margins. that's very sustainable and to me it seems like they can continue to grow in china longer. the penetration of consumer spending in china is half of that the u.s. and the west and so just the growth in china can continue for years. and the investments in media are about increasing e-commerce. they feel like if they can own the set top box in a chinese

home they can drive commerce through that set top box so they're not trying to compete in media. they're trying to compete on multiple screens. >> david, none of this is lost on our viewers. we see the vote as it's happening, unscientific though it may be, 56% or thereabouts feel that the justification -- that the valuations of alibaba over walmart are justified at this point. let's ask you this. what could be the black swan? what could go wrong for alibaba? what are we missing here? >> this is a situation right now where the u.s. dollar is strengthening and one of the things near term of alibaba is with respect to november 11th, singles day. more importantly, 2015 trying to bring more non-chinese vendors on the platform. if the dollar strengthens and continue to do so, this is less and less favorable terms of a consumer and seeing inflation imported in china as a result of that. >> does that mean -- i mean, the

chinese currency typically moving with the u.s. dollar so are you saying here that you expect depreciation that the chinese currency doesn't follow suit? >> we are in a standpoint and the euro is clawing down to lows. so from that standpoint, i would say there's a risk of a chinese devaluation that grows greater to the extent that the euro depreciates and from that standpoint i would say obviously a stronger dollar pushing up costs potentially for alibaba could put margin pressure on the company. >> we just closed the poll and actually it was closer than it was early on but 52% of our viewers still feel alibaba is worth -- should be worth more than walmart right now. >> david, gil, thank you both so much this afternoon. >> thank you. >> heading toward the close. 40 minutes left in the session with the dow up 20 points. highlight today, though, again,

is crude oil as it hits at four-year low. >> sliding today. we'll go live to the nymex for a check of the latest jump next. and the pros will be weighing in on the saudi price cut and whether or not they think it was really aimed at whacking the booming shale industry here in the united states. stay tuned for that. tdd# 1-800-345-2550 [ male announcer ] your love for trading never stops,

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tdd# 1-800-345-2550 ♪ here we go again. crude oil plunging today. jackie deangelis has more.

what's going on? >> good afternoon to you, bill. wild swings in between intraday, as well. the final numbers. settled at $77.19. that was down $1.59 on the day. lowest settle since october of 2011 but we did hate intraday low of $75.84. a couple of things happening here. we have the saudi arabia price cut trigger some of this but then technical selling pile on and created a little bit of a cascade effect and traders expecting it to continue especially as the dollar continues to strengthen. the other suggestion that they're making is to watch the keystone pipeline debate as you mentioned and also it brings up the debate about oil exports in this country. clearly there's an issue with supply right now and if we start to export that could ease some of the tensions so a lot of, you know, areas to keep potential eyes on and not just the marketplace but the political landscape, too. >> thank you. >> what is at stake here?

many say that the shale industry cannot survive with shale. our team is calling out to shale oil executives all day. not one agreed to come on the air today for some reason. but we have two people who did agree to. neil dingman and, look, michelle carusa-cabrera, as well. michelle, let's start with you. on the motivation by the saudis to lower or by opec to lower the price of their oil here in the united states. what was going on, do you think? >> i think right the first time. it's the saudis and why are they willing to tolerate prices at a lower level? there's two kind of dom rant theories. one is geopolitical and economic. geopolitical is relationship with them right now is at near multi-decade lows with the situation with the potential agreement with iran on a nuclear deal. and so, therefore, they have no

incentive to bolster up the shale production in the united states. the other one is purely economic in that why would they want to see more and more supply coming online in the united states? there's a third theory out there which just says, you know what? they have tried to cut production in the past before. to no avail. why should they bother? instead they should defend market shares the thinking is, as well. >> neil, do you think there's a saudi conspiracy here? >> i do agree with michelle, especially on that third point. i think that they're trying to gain market share, you know, when you look at that and, you know, again, as you mentioned with the shale plays, most having a $70 threshold i think the saudis can do that certainly in the near term especially given the cash they're sitting on. >> well, but, neil, what do you think the shale industry will do eventually? let's assume that the price continues lower. we had a chart a little while

ago showing the break-even point for a lot of companies and it is right around these levels at $80, $75, $70. below that level, what happens to these companies that are starting to emerge in this industry? >> absolutely. we haven't heard it much yet, bill, but i think given especially some of the hotter shales and the breakeven is closer to 85 or 90 i think some of the players in those shales will be the first to cut or as if you're in the utica and eagle you can hold out a bit longer. >> neil, we'll hear from a lot of companies reporting earnings next couple of days and possible the news flow picks up and forced to address the issue? >> i think so. near term, a lot of them still have hedges that haven't rolled off yet so, you know, call it for a month. maybe for the rest of the year but certainly into 2015 things start to get dicier as the hedges roll off. >> and, michelle, one of the

options traders was telling us how they're pointing toward the meetings in iran and the opec meeting later in november. any expectation -- they could cut production, couldn't they? >> they could. they haven't done so yet. opec is saudi arabia. they're the accordion with capacity to increase production and do that and they have reserves. if they haven't done it yet and not getting the indication at this point, it doesn't seem to be that there's agreement an you have to consider what the other players are in here. venezuela. iran. ecuador. all of them desperately like higher prices and they don't have the influence within opec to make that happen. >> finally, neil, what are you modeling for next year? goldman says they think the wti benchmark can be 70 bucks in the second quarter. >> right. we set ours beginning of each

quarter. certainly we'll continue to look at that. our gas price obviously is about $4 where the prices are right now at that level. >> all right. see what happens. thank you both. good to see you, neil and michelle. by the way, periodically getting tweets from folks showing, boasting what they're paying for gasoline. this is out of hitchcock, texas. anybody beat $2.42 right now? >> without incentives. plain old price at the pump. >> we don't want to hear from costco customers. we know you're paying lower prices. what about various states around the country? cnbc closing bell on twitter. >> 30 minutes to go into the close. can the dow stay positive as the other indexes under pressure. and the dow's up by about 9 and certainly names like chevron weighing on it. talking midterm elections.

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welcome back. midterm election is finally here and john harwood at the senate is the big ticket item, isn't it? >> it is control of the house not in doubt. there are big governor's races throughout and everybody's watching to see if republicans can overcome the democrats' 55-45 edge in the senate. let's take a look at the map. key races to watch. nine states from alaska all the way up to new hampshire. seven of those are now held by democrats. six carried by mitt romney in the 2012 election. now, let's go to races where democrats have got the upper hand so far. we are looking at three races, all close. new hampshire, shaheen trying to defend off brown. hagan in north carolina, she is holding a steady lead but tillis is coming on late and in kansas where orman is an independent and hasn't decided who to caucus with and democrats hope he'll

knock off incumbent pat roberts there for three terms and now the other six races and republicans are doing well. alaska, begich, legacy politician facing a tough challenge of dan sullivan. in arkansas, cotton, rising star against pryor and whose father was a senator and governor of arkansas and colorado where udall is hanging on trying to use attacks that mobilized single women especially against gardner and a skilled republican challenger. and then you finally go to the last group of people in iowa you've got bruce braley saying that ernst is. in louisiana, landrieu and in georgia, michelle nun, very popular, has a slight deficit against david per due, a

businessman and very tight and may not know tonight, guys, because alaska's returns will come in late and louisiana and georgia both could go to runoffs that aren't finally settled the two of them until january. >> well, we hope it doesn't get drawn out that long. maybe you do. john, thank you for now. the senate race in georgia is drawing national attention. tom price did not run in the race and sought re-election for his seat. >> joining us in a first on cnbc interview, we welcome congressman price live for us from atlanta. thank you for joining us today. >> thank you. wonderful to be with you. >> what for you is the overriding issue to bring people to the polls today? >> i think what they see as dysfunction in washington right now. they see an administration overreaching and doing things without the concept of congress. a senate that's blocking everything that comes from the house. you know, the 387 pieces of legislation that the house has passed and sit now on harry

reid's desk. it's not that he has another idea but he doesn't want anything done an refuses to bring it up. american people are frustrated with this and making a clear statement they want to turn the nath in republican hands so article i branch speaks with one voice. >> and congressman, we also know it's the power of the purse. to quote mitch mcconnell, quote, we own the budget. if the gop takes congress. so, what is your party going to do with the sfwhugt. >> well, what we have done for four years in the house is put forward a budget that gets to balance within a ten-year period of time, makes it so that we can revitalize the economy, outline tax reform proposals to get the economy rolling again and addresses the energy issues that you have been talking about to make sure that the united states can be energy independent and changes the economic equation in a big, by way and we believe that health care, obamacare

oppressive to large and small businesses trying to create more jobs, trying to expand their businesses and we believe it's important to put health care decisions back where they ought to be with patients and families and doctors and not washington, d.c. >> i mean, with all due respect, congressman, the oil industry is doing pretty well. the shale, up in the northern plains, it's booming right now. we are seeing the impact that's having on the price of oil these days. >> sure. >> do you think that the keystone pipeline will get the green light if the republicans take the senate this time around? >> it would get the green light through the united states congress. whether or not the president signs it. >> that's my point. do you think that having a republicans control both parts of congress would put enough pressure on the administration to finally get the okay for that? >> i sure hope so. we ought to be rejoicing in more energy production in the united states. what we need to do is allow for exploration not just on private

land which is where this is coming from but public land,ing a as well. that's what harry reid blocked and the president. that's what the american people want. energy independence for the united states of america. >> congressman, to quote the next guest, he says if the gop moves forward with the ryan budget plan, there will be a, quote, huge public backlash with regard to the cuts that will be made and quote/unquote, go for it. are you going to go for it? >> the fact of the matter is that there haven't been cuts. what there is is a saving and a strengthening and a securing of medicare and medicaid and social security. but all three of those programs are destined to go bankrupt under the democrats current proposal, under the current law and embrace and it is irresponsible and reckless for congress not to address the programs and need to put in place the reforms to allow for greater choices within medicare, greater choices in social security, greater choices within

the medicaid program so that states have greater flexibility and the programs survive and serve the individuals they're intended to serve. >> congressman price, good to see you. thank you for joining us today, sir. >> thanks so much. >> tom price in atlanta. let's get the democratic point of view right now. also here on cnbc, maryland congressman chris van hollen who's the ranking member of the house budget committee who's also, of course, up for re-election today and joins us from capitol hill. thank you for being with us. >> thank you. >> the prevailing wisdom seems to be at this point that the republicans will take control of the senate. by whatever margin. why do you think that is when you consider the condition of the economy right now? unemployment below 6%. gasoline prices in many parts of the country below $3 a gallon. and the gdp doing pretty well around 3% right now. but yet, you know, it looks like the democrats will lose the majority in the senate. why do you think that is? >> bill, i don't know if that's

the case as you said. we'll find out soon enough what the outcome in the senate here but here's what's going on. most of the senate seats up this year are seats that the president lost even when he was very popular. talking about seats like louisiana. you're talking about seats like arkansas. so it's an uphill battle geographically to start with and then you simply have more senate democratic seat that is are up than democratic and that's one. second, i agree with tom. the voters are very upset about the dysfunction in washington. i disagree of why. speaking as a house member and didn't vote on lots of important measures that the president put forward and are popular in the country and not having had a chance to vote on it, what's happened is that the blame for that dysfunction in congress has ricocheted and hit the president. and so, i think that's a lot of

what you're seeing around the country right now. so let's see what happens in the next 24 hours. but the reality is that as you know politically and geographically and mathematically it's an uphill battle. the fact we are having big races in arkansas and louisiana and kentucky, frankly srks a sign that our democratic colleagues haven't made the case to the american people either in this election. >> okay. >> yeah. an enon that note, i'm wondering, as well, if it shifts to the gop-controlled congress and the point made by colleague tom price, 300-plus pieces of legislation on harry reid's desk that the american people want the see moved forward. will we start to see a big rush of proving the bills like keystone pipeline? what's to stop it? >> oh, i don't know. look. what happens in the senate going forward is something we'll see in the coming days. i think it's important that, you know, tom left out the whole

other half of this argument. right? number one, a lot of the bills in the senate were blocked by republican senators filibuster, number one. number two, in the house, we never even got a chance to vote on things like comprehensive immigration reform which passed the senate on a bipartisan basis. right? more than a year ago. >> expected to happen after the election, isn't it? >> what's that? >> the immigration reform bill. >> oh, if speaker boehner wants to bring up the bipartisan bill that passed the senate he would be doing the country a huge favor. frankly, the national republican party a great favor but i see no sign that speaker boehner will allow a vote on that reform bill. >> and what about on taxes? what do you think the likely outcome is post the elections? >> well, on taxes, there's always been the possibility of moving forward on corporate tax reform. i think there's a consensus that we should look to reducing the

rate and broadening the base coming to corporate taxes. frankly, house republicans have said they don't want to do corporate tax reform unless you do individual tax reform at the same time. that engages a whole other set of issues that, frankly, complicates the question. i mean, i'm happy to do -- >> representative, just a last question. sounds like this is two years that bears very little fruit. >> well, i don't -- i don't -- that doesn't have to be the case. it really doesn't. i think it's going to depend on what attitude both the house and the senate take in terms of dealing with the president. and everybody's got to be willing to meet the other halfway. what i fear is that you have too many members of congress who are running on a platform of no compromise and if you run on a platform of no compromise then you come to washington to deliver no compromise. and this is a time where we need people who are willing to compromise and meet each other

halfway. >> that includes the white house pen, congressman? >> that includes everybody. >> all right. just making it clear. thank you so much for being here this afternoon, as well. >> thank you. >> that's democratic congressman chris van hollen of maryland. we have heard of both sides of the aisle. do you feel like there's a lot to look forward for a next couple of years? >> well, i don't know how much is going to change because of the gridlock that's still exists in congress. >> exactly. >> right now. >> feels like it's more of the same. >> go out and vote anyway. >> did you vote? >> i'm going to tonight. >> i did but i didn't get the sticker. >> then complain all you want but you have to vote first. >> that's true. 15 minutes to go here. nasdaq is off about 16. >> we'll go live to the nasdaq next. closer look to the day's winners and losers over there. >> richard trumka will weigh in on the midterm elections and what it could mean for american businesses and workers. stay tuned. we needed 30 new hires for our call center.

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discover how pnc wealth management can help you achieve. visit pnc.com/wealthsolutions to find out more. it's in this spirit that ingu u.s. is becoming a new kind of company. ing u.s. is now voya. changing the way you think of retirement. we have a news alert on general motors. phil, tell us. >> bill, this regards to general motors trying to get 700,000 recalled vehicles in to finally be fixed because they have faulty ignition switches. general motors remember earlier

this year recalling 2.6 million vehicles and now sending the people of those vehicles notices directly offering them $25 gift cards to one of 7 retailers, retail earls like red robin or amc theaters basically saying bring the vehicle in, get it fixed and send you a $25 gift card. again, this is the latest effort by general motors to fix the remaining 1.1 million vehicles of the 2.63 million that have faulty switches. back the you. >> all right. thank you for now. over to the nasdaq bagging the major amplgs and kate rogers covering the action in midtown. hi. >> hey, kelly. we are slightly in the red here. the nasdaq losing about 16 points but it has risen 11 times in past 13 sessions and up close to 11% for the year. leading the major averages. now, the biggest movers here today are expediters international up around 4% thanks to earnings that beat

expectations. also ch robinson, adp and facebook all up near 2% today and on the downside, the biggest loser on the nasdaq today, priceline. that stock down over 8.5% after slower than expected growth p projecti projections. expedia and wynn resorts down, as well. >> thanks very much. ten minutes to go here. home stretch. the dow still positive. the other averages under pressure as mentioned. i got nothing. >> i got earnings. activision, twenty-first century fox and tripadviser tonight. we'll have the number that is are sure to move these stocks so do not touch that remote. it says here.

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about seven minutes left here with the market. the dow's up 15 points. kind of a quiet day. although the transports e s we just noticing strong again. joining me winny sun, welcome to the new york stock exchange.

>> thank you, bill. >> federal, state, and locally get to see you here in person. earnings pretty good. do they get even bet we are the lower oil prices necessarily? >> oh, i sure hope so. earnings are the big message right now. so many s&p companies reported positively and we don't feel that the trend changes any time soon. we like the lower prices. >> does that make a transportation company that much more attractive? what do you like at these levels here? >> i do. i think transportation companies look attractive. we have seen the airline industry has done really well the last couple of days and i think this is something this has to be played out a little bit more. >> some of the traders here on the floor think it's time to look at them as a trade. what about as an investment especially if oil continues lower? >> with clients, long-term time horiz horizon, weak cincinnati attractive for us. however, that being said, we

heard today saudis can go down even more and might be premature to add too much to that position and something that we should follow closely and if there's more weakness, go ahead and add some more. >> what sector haven't we talked about that you like here? >> you know, i think there isn't one quite clear honey pot so that all of the bees fleeing to right now so in addition to oil you talked about, i think international is attractive. we have seen weakness there and a long-term time horizon, investing for a child's education, might not be a bad idea to add. >> you need the long-term time horizon. >> you do. exactly. >> thank you. >> thank you. >> winnie sun joining us here. we'll be back for the closing countdown of the election day with the dow up 15 and why the disconnect of the recovering economy and voter dissatisfaction with the democrats especially in the senate coming up. ♪ music

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it's in this spirit that ingu u.s. is becoming a new kind of company. ing u.s. is now voya. changing the way you think of retirement. all right. 90 seconds left. here's the dow. what happened today, selling in the morning. european selling i guess once the european markets closed. we started a comeback of sorts. we are finishing with a gain of 15 points. not very big. a lot of action again in the energy sector. crude oil hitting a four-year low to. $75.84 i think the -- no.

now look. $77 and come back here. $75.84 the low before noon eastern time. earnings coming out tonight. we have twenty-first century fox and tripadviser and trading lower today. >> you know what i want to hear, eog, exploration company, reporting tonight and i want to see what they have to say about their production in 2015. that's going to be a major issue. energy is 12% of the s&p 500. that's -- we're having a problem. simple math. recalculate. if people think they make less in 2015, they're bringing the numbers down. simple mechanics impacting the s&p. we see that every single day. i think you will start to see differentiati differentiation. like eop. they start doing a little bit better and damaged so badly. many down 20% or more. as for everything else, earnings are coming in, bill, ending the earnings. we'll be up 10%. again, i know the revenues respect there and disappointed and up 10% again.

>> you would think that lower oil prices this quarter are helping them. >> particularly energy dependent. >> thank you, bob. see you later. >> going without a quiet gain today. those are that are positive. it's election day. get out there and vote. more earnings in the second hour of "the closing bell" with kelly evans. i'll see you tomorrow. thank you, bill. welcome to "the closing bell" on this midterm tuesday. i'm kelly evans. a mixed session for the most part. the dow is slightly holding on to a positive territory there into the finish. up about 15 points. s&p giving up about 5 and the nasdaq off 15. priceline in particular weighing down that din ex. let's bring in the panel. we have a few more imminent here and twenty-fix century box and carol roth, larry kudlow, as well. welcome and very own kay kelly with trader brian kelly.

a lot of kellys in the house on this one. carol, we are learning anything about the midterms yet here? >> i think it's a little bit early but stay tuned, kelly. thi i think it's an interesting one. everybody's focused on the senate race. i'm focusing on the governor race. i'm hoping that bruce rounder will pull that out. >> new york a close second. by the way, very close second. actually, connecticut is a close third. there's a big race up there. >> yeah. i voted this morning. >> last anytime the connecticut they stole it from the republican in bridgeport. this year i think they're planning -- >> president obama turning out there? >> no. >> right before -- >> oh no. voter fraud. le leaving the polls open for two hours and this year the rumor is it will be harder. >> you cannot spread rumors. >> in illinois we have had a lot of instances of the machines and early voting flipping the votes

from gop vote to a democratic vote. >> wait. i have to say this. i love carol. look. they've been voting the dead in chicago for decades. this is not new. >> vote early and often and somebody said go out to cemeteries and rustle up the bases. right? >> if you're saying that the dead have paper ballots, that is a new wrinkle. >> the dead are actually using technology. they moved along. >> plus 53. >> i cry tears for the democracy. >> plus 53. >> for the gop? you heard joe biden. plus 52 for the dems. >> biden thinks 52 for the dems? it's not going to happen. >> implications, national, state and local specific? >> everyone is saying we will have two more years of inactivity basically. in fact, may be worse than the status quo we're used to. the market is predicting a big republican victory and seeing

the dynamic at play today. you know? may be an interesting two months, especially if we see a big republican victory. >> can i -- >> what? >> look. i adore you. i just want to challenge -- look. you're always right. on the banks. but not on this. >> banks he says. >> she is. she is the best in the business. >> absolutely. >> i just want to say, though, i'm a contrary view and i wrote this up for the website. i think that actually this is a very important election. because you're going to see a barrelful of votes passed in the house and senate. common sense votes. corporate tax reform. energy reform. some of the obamacare reform. and they will be placed on the president's desk. >> are you sure, though, larry? is this really, really going to happen? frankly, even just to move the pieces like corporate tax reform with sacred cows that's not clear are ready to be sacrificed. >> paul ryan is ready. talked to him last week. they're ready with legislation.

>> you saw chris van hollen said for the ryan budget, go for it. more or less, i dare you. see what happens. >> we won't have a budget fight. i'm talking corporate tax reform where there's a consensus. and i think it's going to be 20% by the way. and stop the double tax on -- >> hold that thought for a second. hang on, hang on. we'll come back to this century. twenty-first century fox is hitting the tape. >> we have an earnings beat on the top line and revenue beat. revenue at 7.89 billion. that's a lot more than the 6.25 billion expected. earnings per share at 39 cents. that's 3 cents better than expected. it's also up from 36 cents in the year ago period. i'm sorry. from 33 cents year ago. beating the top and bottom line and digging through the numbers and what's driving that big surprise in revenue in particular. >> yeah.

julia, exactly. revenue beat more than more than a billion dollars. shares up nicely after hours and under pressure today off like 3.5% and making up lost ground. brian kelly is here. what do you make of the results? >> well, listen. if you're looking at the reaction in the market, down 3%, clearly a lot of people betting that these weren't coming in great and now you have a bit of a short squeeze. but to just quickly go back to what larry was talking about earlier, this is an important election and the market may have priced this in. i think part of the big rally is because the market is betting that we're going to get a republican controlled senate. >> that's a very interesting point, bk. very interesting point. all i'll say is to finish the other point. >> please. >> the first bill, everyone tells me this. senate guys, house guys. i'm talking members. keystone. a keystone pipeline authorization bill that will include opening federal lands to

drilling and will end restrictions -- >> here's the irony. >> wait. >> right now, i mean, look, the gas market according to oil guys is pricing for less because the prices fallen so much. >> listen to me. they're burning the gas off. instead of exporting it to europe. this is -- you might rename this the end of vladimir putin authorization act. okay? >> fair point. >> very, very point. >> has to be economical. >> above and beyond what happens today, larry, you are always right, as well, i'm wondering is energy reform driven by prices? right? we have seen a crude route to continue. i assume we'll talk more about that, kelly. >> absolutely tie question is, when's it uneconomic for people to drill. natural gas rallying. >> $50. >> much better opportunity than coal. >> listen to me. $50. for fracking. technology at the speed of light. $50, $50. >> bk, you agree? >> what is the wager, though?

>> bk, i want to repeelt my view. we did this on the radio. this drop in oil and energy prices, i'm going to repeat this, is unambiguously good for the united states and the rest of the world economy. >> larry -- >> do you disagree, brian? >> no, yes. i disagree with the unambiguous part of it. talk to the people that just $8 billion in junk bonds that are tied to oil and fracking. those people aren't -- it's not unambiguously good for them. good for the consumer? absolutely. there's a double-edged sword. we are a major oil producer at this point in time so you have to take that into account. >> energy -- >> hang on, hang on, everybody. one more second here and the corporate earnings second. activision blizzard is out. yu julia? >> also beating expectations. earnings per share at 23 cents,

10 cents better than wall street expected and earnings reporting $1.17 billion in quarterly revenues and expecting $1.01 billion. the company saying that the upside surprise due to the destiny game saying that destiny more than 9.5 million registered users to date. this is big because, of course, a new game they're trying to build. kelly? >> thank you. those shares weaker. let's take a quick look at when's happening with twenty-first century fox. rallied nicely after hours. they indicate a 15% network in cable network programming and 17% growth at the filmed entertainment segment on higher revenues. shares now up about 2% and there was a nice spike after hours there, kate. >> hollywood is suffering and a multi-year slow down in dvd sales and a huge boost for so

long and disappointing summer and we know well here if you have high quality content the people want to see it will shine through. >> this is about content and repurposing it over and over again, activision blizzard or disney continuing to do well because their continue tent is king. >> my wife and i go to a lot of movies. "gone girl" was fabulous. >> i've only seen three films ever. >> was that twenty-first cent fox? >> no. >> in terms of driving global fox office success. >> for fox? >> yes. twenty-first century fox. >> i didn't down quite that low. >> oh my word. >> "the fault in our stars" right up your alley. bk, some junk bond traders lost a couple of bucks in oil after what they have made in five years, keep it. unambiguously good. >> larry, larry --

>> i want to jump in here on the energy front. when about the piece of this, though, due to a perhaps a slowdown in china and demand this china? what that means for potentially the global economy. does it look like we potentially could have that hard landing that everybody's been worried about? >> look at -- >> that could potentially -- >> 77 bucks. >> getting the yoits. >> this is a positive supply shock. and it is going to continue. and america, canada and mexico nafta is now the pre-eminent power play in energy world politics are changing. and the economy changes for the better. >> guess what. >> in china, lower gasoline prices are extremely helpful for the economy. >> helpful for the rebalancing, as well. "gone girl" is twenty-first century fox. >> i checked that too! >> nothing to do with that. >> a wind in your sail. >> i wouldn't have known that. good to hear it. >> brian?

>> i would just be careful going into the rest of this week. remember, we had a basically a k k -- we'll talk more about that in 5:00. >> really, really important story. thank you for mentioning it and being here, bk. "fast money" at 5:00 p.m. today talking airlines soaring through the roof as crude oil hits a four-year low today. don't miss that jix you'd think low gas prices, low unemployment, the democrats at the polls americans turning away from president obama and his party threatening to give republicans control of both halves of congress. up next, behind the economic election disconnect. and later, richard trumka giving us his take on the election. and if there is really a rift between labor and the president. you're watching cnbc, first in business worldwide. i bundled home and auto with state farm, saved 760 bucks. love this guy. so sorry. okay, does it bother anybody else

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welcome back. the nation heading to the voting booth today and you'd think the stats help the democrats incumbent. gas, unemployment below 6%, the economy growing at a decent clip. and yet, most polls site major dissatisfaction with the state

of the economy and the job of the president. for more, joining us now, contributor sarah fagen, and jared bernstein. welcome to you both. jared, what do you think is ailing the dems here? >> look, there's a ongoing recovery like the numbers you cited but people tell you it's not reaching them. i was talking to a top democratic pollster recently and he told me if you go outside the beltway and talk about recovery a lot of people don't know what you're talking about because they just haven't seen it in their paychecks. we know that year over year the average hourly wage is growing at about 2%. that's just about the rate of inflation. now, with gas prices coming down, you will probably see real wage growth going forward but i do think you mentioned disconnect. that's the right word and i think it taps into the inequality problem around far while. >> i wonder, sarah, if this

cycle will change that. if it just a matter of if this election happened two years later, it's a different story and takes soolg to kick in or abandoned the hope that that actually will fall into place? >> great question. it certainly, you know, when you see rising consumer confidence which is up 15 points since april, that typically bodes very well for the incumbent party. we are not seeing that partly because of what jared said. poverty at 15%. three years in a row. we haven't seen that since the '60s. middle class workers working more hours than since 1979. middle america doesn't feel it and will punish the incumbent party. >> i agree with jared completely. the trouble is, jared, you hit at paychecks. i call it take-home pay. we haven't had the strength in this recovery from the deep crash. we should have grown at 5%, 6%, 7%. incomes are falling for many people in the middle class and

the lower incomes. >> will that change? >> particularly minorities. i don't think it's going to change overnight. jared knows more about this than i do. >> do you see signs that's falling into place or not? >> a bit, yes. if you actually look at the high frequency mshls of median household income, there's a group that does this, they've actually been starting to grow a little bit. there's still about 3% below where they were when this recovery got started back in the second half of june 2009 but they have picked up a percent or two. so with more employment, more hours of work, even a steady hourly wage with add to the paycheck and then does come down to the wage issue. >> when you look at the board and some of the macro statistics, of course, it looks better but the nuances of it, not so much. unemployment at 5.9%, that's great. how many people gotten

discouraged, stopped searching and are not being accounted for? >> broader unemployment rate is close to 12%. if you look at the charts, this is not a recovery of part time worker very high' a lot of that is voluntary. >> i don't believe it. >> the world is changing. >> i don't think it changes any time soon. >> i don't think there are enough pro-growth policies and enough focus on the small business owners to create the jobs in america. i think what we have having seeing here is you're going to see artificially inflated wages of things like the minimum wage and going to hurt people, create less jobs and seeing it in places. >> that's just plain wrong. okay. listen to this. >> it's correct. >> it's inconsistent with research. there's four red states today that are probably going to implement a minimum wage

increase. alaska, arkansas, nebraska an south dakota. that actually surprised me. >> that's a bad thing in terms of wage growth and in terms of creating jobs and small business owners of this country and one of the issues -- >> one at a time. >> okay. that's just a talking point. if you look -- >> it's not. if i'm a small business advocate and talking to owners all the time so it's not a talking point. i'm not a political person. >> let's have another -- let's have another segment, let's have a whole segment on minimum wage findings to bring to you the correct view on this. >> jared -- >> tweet it. >> you're a labor expert. >> sure. >> you do have historically a very large volume of part-time workers and you also have lower hours worked than is normal. and i think that affects take-home pay back to the original point and some of the achilles heels of the middle class and the minority groups in this recovery. >> i think that's fair and i

think if you talk to janet ye yellen she'll tell you there's slack in the job market and continues to work on it. i will say that the president has tried to do more in that space but, of course, he's been blocked. we can argue about whether his ideas would have helped but infrastructure, something that larry and i agreed on the other night in a debate, you know, where's that? that would help pick up the slack. >> everybody agrees on infrastructure. >> we cannot forget the importance of obamacare in that. what happened in this election cycle which is about six weeks ago most states started rolling out increases in health care premiums. insurance companies announcing that. it was all over the press and americans saw that as one of the final things that they're thinking about who to vote for. >> an interesting question and love the see the numbers as it shakes out and especially for people working part time, not getting the benefits. wouldn't bit a net plus for that population perhaps overcoming

the discomfort? >> too many people experiencing too many cost increases in the health care an affecting the real economy. >> you can't grow an economy where people are not working. >> i'm talking about individual psychology. why wouldn't somebody go to the poll and say -- >> i know. this is the democratic response. i don't buy it. hours worked are extremely important. hours worked do you good. welfare does not. you'd rather work for the wage. >> i agree with that. but let me just say -- >> jared, last word. >> kelly has a point but larry does, as well. kelly has a point. the number of uninsured because of the affordable care act is down 25% so that's a big deal, a positive thing. but there's no question that it's not as popular as it in my view as it ought to be. >> no question to keep this going. we have to jump. we have to jump. >> a paycheck. >> of course it does. >> the businessman date and i think nullified that comes out of your paycheck. >> i'm just trying to get inside

the mind of the voter out there. thank you for your time, sarah and jared. happy midterm tuesday and now a quick earnings alert. >> what we have right now is fire eye. the cyber security firm taking a real hit. you can see there down by 21 prsz. the company reported a loss of 51 cents a share in the third quarter. that's four cents better than what the street was expecting. revenues in slightly worse than expectations. it's the fourth quarter sales guidance, though, that they lowered slightly, the low end of the prior guidance so in heavy trading, the shares down 21 pst and zulily, as well. its fourth quarter revenue guidance lighter than some traders and analysts expecting here. as a result, those shares down 15% in trading and two of the downside standouts in the after hours trade so far. back over to you. >> a big gaps lower there. thank you. >> a former ubs executive

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welcome back. justice department losing a major tax evasion case. hi there. >> hi, kelly. really surprising because the justice department typically wins a lot more of these cases than they lose. raoul wile was indicted by the united states back in 2008 and wasn't until last fall when he made the mistake of going on vacation to italy. he was arrested on an outstanding u.s. warrant and brought to the united states to face trial and over the past three weeks he's been in trial in florida in ft. lauderdale in a federal court and the lawyers said he knew nothing about tax evasion at the swiss bank happening far below his level of supervision. the government said that he was at the top of a pyramid in terms of swiss bank tax evasion helping american clients hide as much as $20 billion in assets offshore. yesterday in a surprise move the defense said they weren't going

to call any witnesses at all. they rested their case. the jury took the case and within about 75 minutes they came back with a not guilty verdict for raoul weil. the justice department have been spent years to get him. the jury said he is not guilty. >> and seeing raised eyebrows. defense attorney in the case that you just heard about. thank you for being here. listen. it sounds like there almost didn't need to be a defense. it is incredible. i mean, what was it that made this such an obvious instance in which the guy just didn't seem to be guilty? >> well, we thought that the evidence didn't support the indictment in the first place and tried to make that point for six years to the government but it was not interested in revisiting the decision of 2008. so the jury saw the evidence in the case. the jury saw that there was no

evidence that meaningfully linked to conduct of lower level bankers and didn't take them very long to decide even though they'd been there for three weeks of evidence and came back in an hour. they sent a strong message i think. >> there's a whistle-blower in the case, as well. >> i know. i'm just curious. i mean, i would imagine from your perspective even as confident as you were in your case, you don't know what the jury is thinking. that's one of the great mysteries of litigation. to have the confidence to roll the dice and decide not to present any other evidence, how did you come up with that in the moment? >> well, we did have a lot of evidence lined up and quite a number of witnesses willing to testify for mr. weil. they were going to testify about the dealings that they had had with him and with one of the major -- main cooperators the government put on and not linking the witnesses they

called, all of made deals to avoid going to prison, we decided to make the case through them. and we demonstrated i think pretty effectively that those witnesses could not be believed, that they were all just trading their testimony for a chance to stay out of prison. and we decided that we were ready to go right to the jury without having to put on a case. just seemed like the right thing to do. >> it's larry kudlow. i want to ask aaron. i'm an old tax reformer going way back. i read these articles and i read this with great care. it seems to me tax complexity plays a big role. nobody knows what the hell the tax laws mean. this is a sentence from another news service. weil told by lawyers the existence of u.s. cross border business including that portion that allowed taxpayers to not declare accounts was agreed to by the irs and permitted by u.s. tax law. so the fact is it was okay in

the first place and if they want to change the tax laws or even better yet just reform the whole bloody system, do it. why should innocent people be prosecuted like this? >> aemon -- >> i'm larry. >> i'm sorry, larry. that statement by the lawyers was not controversial. 100% accurate. confirmed by the irs and the government just didn't want to get the message that it was proper for -- >> sorry, aaron. here's the thing about this, though. we know and the u.s. government has had to crack down using tax law on a lot of practices so this is yet and i think it's the second blow of trying to prosecute the individuals in a week and shows how difficult it is to do. >> well, you need to pick your shots and the government should have been very critical of its own evidence before deciding to ruin this man's life. they gave deals to the people that did commit the wrongdoing, people who really did help americans cheat on the taxes.

they gave all of them deals. ten people testified, all of them with deals to avoid prison and willing to lie about the boss knew and told them to do. we were able to prove it wasn't the case. >> aaron, it is aemon in washington here. you have said just now and the government has said and ubs said over the years there was, in fact, tax wrongdoing at ubs in terms of hiding american cash overseas in switzerland but you have also said that raoul weil so high in the management that we didn't know the details of it. what did he think was going on at ubs to recruit the clients? weren't there banks here in the united states to go to for legitimate banking services? >> part of the business that was involved this case was less than 1% of the wealth management business that he ran. he ran a $2 trillion wealth management business based all

over the world. this is less than 1%. he had lots of people running it, people supposed to be running it honestly and they weren't. it was nothing wrong with going to the united states and meeting clients and trying to maintain relationships with clients who had accounts in switzerland. there were millions of people around the world who had such accounts but only 20,000 americans. so it's not like they were blan ketding the united states with sales people. this was a very, very small business. it could have been run lawfully and the greed of some of the people at the lower level persuaded them to go for it and notwithstanding rules and they knew they were violating them. >> carol? >> it seems to me with time and resources that are spent on prosecuting these cases that could be reallocating to reforming the tax code and preventing the need for the money to go offshore. >> how do you get to the heart of the wrongdoing if you can't go after the banks or the individuals? >> solving the problem and the reason why is this happening and

it's happening because we're creating a system that's forcing people to look to do that. you take that risk/reward profile out of the equation and then it's not an issue. >> this is a miniaturized individual -- >> corporate offshoring. >> of the corporate inversions and the moving of corporate money offshore. look. the united states for a small business, wealthy individuals and large corporations, our tax rates are too darn high and the complexity is mind boggling. >> understood. >> and let me just -- the irs is the originator of government overreach. justice department -- >> we have to hop. kate, a quick -- >> just to make a -- >> the worst example. >> just a word in about sort of a world beyond tax reform here, quickly, i wonder if the justice department will face a crisis of confidence at all in the wake of this. we're waiting any day for a major decision by the 2nd circuit court in new york

regarding the insider trading cases and if it goes against the government prosecution, three insider trading convicted individuals could be let off the hook. >> would have been then begin to start the discussion, as well, about that confidence you bring up. >> absolutely. >> thank you. great reporting. and aaron marku, thank you for being here this afternoon. dominic chu now. >> earnings keep on coming on. tripadviser taking a big hit in the after hours after missing earnings forecast for the third quarter. it earned 48 cents a share. as a result, the stock is currently down about 9% to 10% in the after hours trade. back over to you. >> thank you. we have a hand up in the classroom. >> dominic? dominic? last time i looked s&p earnings -- >> putting music on you. >> 9.5%. that is double what the estimates were at the beginning of the season. profits are the mother's milk of stocks and doing rather well.

>> i remember very well, larry. absolutely. >> we'll let you go. thank you so much. on the verge of a major power shift in washington. richard trumka is here with how labor may be limited and report that is he and the white house are not seeing eye to eyes these days and tinder through a ceo soap opera. the co-founder is ousted as ceo and why it happened and how it happened that's raising eyebrows. we'll be right back.

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welcome back. it's midterm election day. we're looking at the labor movement and president obama and the referendum to see here at the polls. joining me now for his take on the midterms is afl-cio president richard trumka. good to see you again, welcome. >> thank you, kelly. thank you for having me on. >> did you generally speaking see support amongst your members for democrats running nationally

and in local races here or was it a routing in the way it's indicating? >> i have been on the road for six weeks and i've been in state after state from alaska to maine and most of the states in between, there's tremendous support for candidates that will stand up and talk about the economy and what they're going to do to help working people, help them increase wages, help them have a better standard of living, secure the pensions. the more that the candidate is able to make that not just a campaign slogan was an agenda the better off they'll be. let he give you three examples. franken in minnesota, lee in oregon and peters in michigan. they ran a real strong economic agenda. those races aren't very close at all because the support came out for them. >> what's interesting, as well, about your comments is how much of a referendum these individuals and you in the middle are caught up with here on the policies of the obama

white house. i mean, how deep does the discomfort run? >> well, first of all, some of the people are trying to run against the president but the president's not on the ballot. those candidates don't have a really record to run on like mitch mcconnell in kentucky. he ran against the president rather than what he stands for and not affecting the midterms. our members are pretty enthusiastic. they understand what's at stake here because the economy is decided by the people that we elect. and they either make good or bad rules, they want people to make rules to help the middle class out. >> but let's put it this way. is it true you said you wouldn't support hillary clinton in 2016 keeping president obama's economic team? >> we never said any such sort. what we said is that we're going to talk to did candidates and find out their economic team. if you have the same economic teams in place, you're going to end up with the same economic result.

this result's been good for wall wl and not good for workers so what we want to do is make -- >> you blame the president and his economic team for that. that's what i'm hearing. >> no. i'm not blaming anybody for that. you have an obstructionist congress. you have mitch mcconnell making it a point to never agree to anything. he won't be do infrastructure to create jobs, won't raise the minimum wage and all kind of obstructionism. we need a congress to look at the american people and say, we're going to work for the middle class and the working class, not wall street. unfortunately, you know, the supreme court is formalized what's pretty clear. that the 1%'s making a serious attempt to buy elections. >> do you think elizabeth warren would have more support among your members than hillary clinton? >> look. i'm not going to the presidential election. we're still in the midterm election. we'll worry about that down the road. i think elizabeth warner would be a great candidate. i think hillary clinton would be a great candidate. that's later. we're focused on these midterm

elections right now. >> understood. so let's talk a little bit of the crux of this, economic policy. who's the economist in your view to best represent the voous of your members here? >> well, there are dozens of them out there that would represent the interests of working class. >> if you were putting the team together in the white house, who would you put on that team, ideally. >> i'll give you a list of 20 tomorrow. paul krugman. there would be jared bernstein would be on that list. there would be a number of people on that list so that you had a real covering, covered every section of the economy and not just the wall street segment. that's what we have seen too much in the past under bush, a bunch of presidents. >> understood. and last question here, as well, we've been having this debate as you know throughout the show, throughout the program including with jared bernstein about how wages are lagging and sentiment generally not as positive as the

overall numbers suggest. what do you think is the number one concern among your members that express dissatisfaction with the direction of the country? >> wages, stagnated for three decades, two or three decades. people willing to send jobs overseas and reward corporations with the tax code for sending those jobs overseas. that they're attacking their benefits, pensions. all of those are a concern but raising wages is at the top of their list. and any candidate that talks about ways to increase the wages of the middle class so that they can create demand and thus create jobs will be elected. >> even the gop candidate that does that? >> i haven't seen any of those but i would like to see more candidates that actually talked about the debate, talked about the policies and how we can increase wages and increase the power of working people right now because that's the problem.

corporations are too strong. workers have too little power right now. >> understood. have your own wages gone up? >> no, they haven't. >> just curious. you know. >> not for six years they haven't. >> all right. anecdotal survey. thank you for being here this afternoon, richard trumka. >> hey, kelly? >> yes, yessome. >> have yours -- >> i know it's coming. all right. no comment. we'll move right along. thank you very much for being here. college's big bucks popular today and not the cost of tuition but rather the news today that college and university endowments gained an average of 16% in 2014. that's according to data of 426 schools. we'll see up next if this college story made the grade for the hot list. and sean rad lost the corner office at the dating and relationship site and the real story is how it happened. details for you when we come back. people with type 2 diabetes

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natural gas shipping, for-profit colleges and compared the performance of solar stocks, hospitals, this type of thing and the gop stocks are outperforming by a big amount and some of the experts he talked to said it's indicative of a way victory for the gop. we'll see and find out the answer tonight and tomorrow morning. number two, another big subject on the website oil. we'll looking at the technicals in the market and actually thinks it might even go lower than what we have been seeing lately and that's interesting. but the winner for me at least, our piece on the mcrib. mcdonald's did a video showing what actually goes into the mcrib. took a high school teacher who was badmouthing it on twitter. showed him how it's made an it's pretty good. >> have you had one? >> i love mcribs. i wouldn't want to eat one every day but every once in a while, it goes down really nice. >> meanwhile, rib wars at some

of the casual dining chains. it's that time of year, i guess. good the see you. >> take care. >> you may know to allen's point about stocks predicting the election, you may know by 7:15, 7:20, new hampshire closes at 7:00. >> i hope it's not drawn out for a couple of mnts. >> if scott brown wins or ahead in the early numbers, you're talking landslide. >> we'll be right back. tinder sweeping on sean rad from the role of chief executive of the company minutes before the interview last month. the writer that broke the story brings us details. you won't want to miss it. ♪ there's confidence... then there's trusting your vehicle maintenance to ford service confidence. our expertise, technology, and high quality parts means your peace of mind. it's no wonder last year we sold over three million tires. and during the big tire event,

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welcome back. it may be the highest breakup, tinder ever, tinder's largest stake holder, the report saying a sexual harassment lawsuit by an ousted co founder. not tinder, sean rad appeared on "closing bell" just two weeks ago. i asked him about a sexist report at tinder and other similar companies. you guys have been accused in the last couple of months of

having a sexist culture. i understand you settled those lawsuits. is there a problem as see it whether it's at your company or others? >> i think there is a general imbalance in the market. i think we are going to do our part to make sure that there is ecall. i'm hoping that over time things will become more balanced. you know, we're doing our part, focusing on our environment and retaining a great culture for our employees. i think we're there. >> he, interestingly, was not there in the ceo position any longer. just minutes before that interview, steven betteroni and associated editor of forbes writing a profile of sean radim he breaks the details. welcome. >> thanks for having me. >> the question is are you still ceo of your company? what happened here? >> well, sean, they needed adult

leadership. sean wanted a coo like a karl sandberg to kind of run the business. instead of a new coo, they're getting a new ceo. he didn't want that. he not it a bit. now he's saying he's cool with it. >> he's staying at the company. >> he's going run the product and stay on the board. they will bring in someone like eric schmidt to run it. will it be eic schmidt or john sculley at apple? sometimes the founder and ceo butt heads and one goes. >> i don't have details beyond your trick story. but i have to tip my hat to say i believe in the product, i will stick it out. maybe i'll learn something from the next one that comes in. >> hundreds of millions of dollars in stock. i think this is the nice move here. sean rad phenom' nam at product. he developed a fantastic product. that's where he should be focusing. >> that is where he has fallen

off the grid. that's where you need to bring in the company. it seems logical to me. >> there are a bunch of things in your article one is i feel he got sandbagged. he got this news literally minutes before he was to step on the stage of this big dpumpbs he went and gave his riff. i mean, that tells me, he's got to have somewhere. >> sexual harassment claims as well? >> he said he had a really tough year. so they're leak best friends or families of friends. he was saying during the whole time, he wanted to speak out and defend justin he said he had a tough year. he's used to detaching on stage. he kept his cool.

>> we have to leave it there. simply out of time. it was great reporting. it's quite clear that this is just the first chapter of a tender story that is still to be written. there is much more. panel's final remarks and the election are next. we'll be right back. that's more... shh... i know that's more than 100%. but that's what winners give. now bicycle kick your old 401(k) into an ira. i know, i know. listen, just get td ameritrade's rollover consultants on the horn. they'll guide you through the whole process. it's simple. even she could do it. whatever, janet. for all the confidence you need. td ameritrade. you got this.

. >> welcome back him time new for our final thought with the panel. we have the mid-term elections today, the commodity collapse. which is more important? >> definitely the commodity collapse, elections, too. we'll hear more about that. i think the route in crude oil. how far it will go. at what point cap x starts to be deterred in the u.s. how the saudis and other providers will respond. it will be a very dynamic situation. >> i think they're all interconnected. i think there is a big disconnect in the economy of fragmentation between the person on wall street and the person on main street. i think all of these are interconnected together. >> i don't see a lot of people weeping at the gas station at $3 a gallon vs. $4. >> they are lining up. >> that's a good thing. profits are rising.

profits are rising. i think a lot of people are missing the election story him i think you will get a lot of pro growth legislation. >> we shall see. larry kudlow, kate, carol, thank you, everybody for being here. hopefully we will know. "fast money" is coming up with melissa lee. >> we will take it from here. "fast money" starts right now i'm melissa lee. dan nathan, steve grass so, a number of stocks, including cyber community fireeye which is sinking, we'll dig dopamineer into these numbers coming up first, crude is hitting a three-year low today, falling below $76 bucks a barrel. many say this is a tax break for consumers. crude oil's drop can actually be a bad sign for stocks. steve, what do you say? >> i think it's a demand