bought the stock today. >> i believe you can stay long target. i think the stock has better days ahead of it. >> stock up 7% today. >> i think coca-cola is on the upside. there is buying in december. i think it will test soon. >> halliburton. i think it is overdone. >> that does it for us. power starts now. >> "halftime" is over. "power lunch" and the second half of the trading day start right now. there is no other way to say it. the united states is very deep right now in an air bag safety crisis. massive recall by one of the biggest air bag makers in the world. executives of that company, takata prepares to defend themselves in front of congress. there is big news on immigration policy at this hour. john harwood will be live with us from washington. this is no telenovela.

mexico's first lady under fire for taking houses from companies doing direct business with her husband, the president of mexico. now, for the first time she is speaking and michelle caruso-cabrera will tell us what she says. first to sue at the nasdaq where she will talk to the ceo of a company that just went public. >> that's a great story and we will get to it in just a bit. we begin with mounting fears about the safety of cars on american roads. regulators calling for a national recall of millions of cars with air bags made by japanese auto parts supplier takata. phil lebeau joins us live from the l.a. auto show where air bags are stealing the show at this point. phil to you. >> reporter: a lot of attention regarding the takata air bag recalls. a lot of people saying i'm not sure what is going on. last night the national safety highway administration held a conference call saying there

should be a nationwide recall of millions of takata air bags. prior to this it was regional recalls. they are focused on models coming from six auto makers including models 2008 and older from ford, chrysler, bmw, mazda, honda. takata told the national highway traffic safety administration they would not issue a recall. last night they issued a statement explaining why saying if they were to issue a recall they would be concerned a national recall under these circumstances could potentially divert replacement air bags from where they are needed putting lives at risk. over the last year shares have been cut in half. a lot of questions regarding two things. first of all, does takata have its arms wrapped around the problem? probably not because they are still looking for the root cause of the problem with these air bags. secondly, at what point do the recalls have an impact on

people's confidence in the vehicles they are driving? we are talking about driver's side air bags that are faulty here. tomorrow a lot of these questions will be answered in washington when takata executives or at least one executive as well as executives from auto makers and the highway national traffic safety administration will be testifying on capitol hill about what is happening with these takata air bags. >> how easy a fix is it on these air bags or do you know? >> reporter: it's not an easy fix from this standpoint. it's the air bag inflater that is the problem. they are not sure why the air bag inflater is not working. if you don't know the root cause of a problem it is hard to do a recall. they need to ramp up manufacturing of the inflaters. let's say you recall 13 million vehicles you are not going to come up with 13 million inflaters overnight. therefore you have in the case of toyota telling people who have passenger side air bags

don't let anybody ride on that side of the vehicle in the front seat. that's part of the issue here. they don't know the root cause and have the get the inflaters manufactured as quickly as possible. >> that is the level this goes to. phil, thank you and thanks for following this. >> that is a decision by toyota. >> we are going to move to washington. developing story down there. president obama preparing to unveil his immigration plans probably tomorrow or friday. washington correspondent john harwood has broken the details on the story all day. >> we have all been wondering whether this executive action is really going to happen given the warnings from republicans, the complaints from conservatives that maybe it is unconstitutional or impeachable offense. the president is going to go ahead with this and discuss it on friday in las vegas.

nevada is a state with a lot of latin latinos. h harry reid may want to run for reelection. this is happening. no turning back from the administration point of view. we will see how republicans respond. is there a government shutdown, a drive for impeachment? are there more targeted actions? simply a judicial pushback in addition to the republican attempt to roll back through the courts what obama is going to do. we are going to find out very, very soon. >> john, thank you very much. you hit on the topics that i was going to ask whether this could lead to an impeachment action out of the house of representatives and you certainly suggest that that is one of the avenues that might be pursued here. >> one of the things that is relevant is that public opinion is very split on this. we have a new poll today which shows that although the public broadly shares the president's

goals, it you ask people should we have a path to citizenship for americans eventually you get nearly six in ten saying yes we should. but on the other hand if you ask them should the president take executive action you get a plurality of people opposed to that. whites are opposed. latinos are split on this. not the overwhelming favor for this action that you might expect. african-americans do support the president but the president is into risky political territory here and we will see how he weathers it. he is determined not to spend the last two years as a lame duck not advancing priorities. this is a way he has chosen to advance them. >> you laid out a variety of scenarios here including it could lead potentially to a government shutdown which i think especially people in the

gop don't want to go down that path again. >> the leadership does not want to go down that path. mitch mcconnell said we are not going to have anymore debt crisis or government shutdowns. it is one thing for a leader to say that and another thing for him to be able to prevent his members from pursuing that course. john boehner couldn't always do that in the house in the last congress. we will see if these leaders can do it in this congress knowing that might be politically disadvantageous for them. >> we have just gotten word from our control room that the white house has confirmed the president will speak to the nation tomorrow night at 8 p.m. obviously this will be the topic of conversation, an issue with great human importance and importance to businesses, as well. thank you. apple, one of many companies locking horns with the government over encrypted data. the tech companies want to keep the government out and the government says it is a matter

of national security. so you can join the conversation. should tech companies give the government code access? you can go to cnbc.com/vote to weigh in. another company is now saying no to the feds. >> reporter: i have been talking to the fbi within the past hour or so. i can tell you that this announcement that we saw yesterday is exactly what the fbi had feared, what they are worried about is losing the ability to get access to communications as companies provide encryption. what we saw yesterday is a company called open whisper systems announcing it is partnering with what's app and provide end to end encryption for text messages which makes it difficult for law enforcement to get access to the contents of the message on the devices of people they are targeting even if they have a warrant and legal court order to do so. they call it going dark. the fbi director last month gave

a speech here in washington where he said tech companies need to bear in mind the legal and antiterror consequences of these actions but the tech companies saying they are simply responding here to customer demand in the wake of the edward snoeden revelations. the customers want devices that are impregnable to government snooping. >> i will take it back because we are going to lock in the vote. should tech companies give the government code access? it was 50/50 a while ago but now it is 93% no and 9% or about 10% yes. to morgan brennan for a "market flash." >> check out quaalcomm. the stock moving lower after the mobile chip maker gave a conservative five-year outlook as it faces an anti-trust probe in china and more consumers buying lower priced smart phones. the stock trading down about

1.6%. quaalcomm ceo steve mollenkopf will be live on "closing bell." target shares moving up at this hour. the retailer reporting a surprise rise in third quarter profit beating estimates. right now the stock up a big 4.62 a share. that is almost 7%. it has been nearly a year since a compromise in a massive data breach. how is the retail giant doing since then? courtney reagan joins us from minneapolis. >> reporter: that's right. it's a big day for target and a big day for ceo brian cornell. today marks his 99th day as ceo. the company is earn itting in a very strong third quarter earnings report beating earns and topping revenues. not everything was as good as target had hoped.

target canada remains an issue that ceo is watching closely particularly this holiday season. take a listen to what he had to say when we spoke to him less than an hour ago. >> the next six weeks are critically important to see how the guest connects with our brand. i'm going to analyze and assess every single store in canada but every store has to improve. we are seeing performance improvement but we are way behind where we should be. this is a critical holiday season for target in canada. >> and third quarter comps coming in above expectations for the entire company. cfo john mulligan saying on the conference call that so far november is trending ahead of plan but brian cornell doesn't want to get too far ahead of things because the bulk of the holiday quarter is still to come. here is what he has to say. >> we are optimistic. i think we have great mur

merchandising plans. we are going to make sure we create a great instore experience. our team is fired up about the holidays. it is still really early. >> today does mark the 11th month anniversary of the data broach that you mentioned at the top. target has really ramped up all of its systems. it's a priority of cornell's every day. he thinks they are where they need to be but it is something that will remain in focus going forward. they spent about $158 million so far working on the effort. can you tell the difference between this and this? it is a subtle difference but it may have cost wal-mart over $300 for each play station four consol after a loop hole was found in wal-mart's new price matching initiative. people would find third party accounts on amazon that listed a low price like $90 for a new

play station 4. they would print out the listing. if the wal-mart manager wasn't paying sharp attention they would get a new play station. the loop hole was tweeted about yesterday by youtube personality norman caruso. pretty soon consumers were taking to twitter to show off their loot. will this cause wal-mart to cancel their holiday price matching plans? we will talk more about whether the websites were legit. record breaking snowfall in buffalo last night. 76 inches of snow reported in some parts of the city. that's more than six feet. that's 6'4". hundreds of commuters on the new york thru way were stranded in their cars. six lives have been claimed by this amazing weather system.

the weather channel's carl parker tracking the big chill. >> this is going to end up being one of the worst lake effect snow events. look at the totals talking about more than five feet of snow there in some areas. 63 inches in lancaster. not far away just four inches. a remarkable gradient. a lot of people still trapped by the snow. we are getting a bit of a break, a bit of a warmup ahead of low pressure coming down. then another area of arctic air will come through. that will mean more lake effect snow in a lot of the same areas tomorrow. that will lift out. we will see a warm up across much of the country. that could lead to flooding or adding rain to the snow. and then another big plunge of arctic air towards wednesday and thanksgiving day, as well. let's talk about the model forecast. here is the lake effect snow

band lifting up. a little light snow and then sets up in the very same areas. ongoing problems there especially south of buffalo. by the time it is all said and done we could be taubing about more than six feet of snow in some areas. back to you. >> thank you very much. new developments in the scandal engulfing mexico's president and first lady. michelle caruso-cabrera here with the details. >> the first lady of mexico released last night a seven minute video on youtube in order to defend her reputation and announce she will sell her controversial mansion in mexico city. she says mexicans deserve to know the truth. she was a soap opera star before she married the president. you can see it in the delivery during the video which aired on

her former tv network in primetime. she explained that she made a lot of money in her 25 years as a soap opera actress. $10 million in 2010 alone. it was her ability to pay was never in doubt. the bigger question still is why was the mortgage on this home you see here held by a construction firm which had won many lucrative government contracts? why didn't she get a traditional mortgage? she says she borrowed $4 million from the construction company for eight years at 9%. to americans it is going to sound high. credit in mexico is much more expensive. back in 2010 mortgage rates for the best borrowers were around 10%. right now between 11% and 15%. no acknowledgment that once you are a public servant or married to a public servant that you must conduct arms lengths transactions so you can never be accused of -- >> you have to inoculate

yourself. >> she may have done zero wrong here but to the outside world the optics are terrible. you have news on two other scandals involving brazil. >> more executives involved in this massive scheme are confessing. the lawyer says his client paid $1.5 million in bribes in order to get business from petrobras. shares have stabilized for the first time in months as morgan stanley put out a report saying in a worst case scenario the company may have to write down assets so much that net income could be 95% below expectations. not to confuse the matter in the case of a different brazilian oil company, the first video of batista in court in trial for insider trading accused of selling shares in the company before they plunged. he has the grand distinction of

losing $34 billion in one year. >> that is amazing. thank you very much. morgan brennan now, "market flash." >> check out avon trading near 20-year lows down for the fifth consecutive session. getting hit amid planned changes. the moves are understandable but maybe too little too late. that stock is currently trading down 5% for the year down a hefty 45%. back to you. well, the battle over so-called net nutrality is on. david faber has an excusive with charter commune kags ceo coming up next. ♪ for tapping into a wealth of experience... for access to one of the top

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the world's top media titans are meeting today in new york. >> we are at liberty's annual investor meeting. one of the companies is charter in which liberty owns 28%. tom rut ledge is the ceo of charter communications. after the time warner deal you will be over 9 million video subs? >> probably 10 million

subscriber relationships. >> i say after the time warner deal. perhaps i should say if there is a comcast time warner deal. earlier was speaking with the chairman of liberty. he put the chances at 80%. where do you put them? >> i have no reason to think that that is not the right number. there is no person i have talked to that has a point of view that would change my attitude about that. it doesn't really change the competitive landscape. and the deal ought to be approved. so our expectation is that it will be approved. >> and the president's comments regarding title two regulation of the high speed internet business as it relates to so-called net nutrality. do you believe that is also a significant juncture in this ongoing regulatory debate/whether or not time warner gets approved? how do you feel about those comments? i don't think it is directly related to time warner comcast enterms of whether the deal gets

approved. >> if there was no deal would we be having this debate? >> i think the forces that the president has supported in his approach have been agitating for a while and has no direct relationship to the comcast time warner deal or charter's deal. it's an interesting solution in search of a problem. i have been managing isps since they began literally was there at the beginning. i have never had anyone come to me and ask for a fast lane. i have never had anyone propose a deal like that of any type. and so it's -- we are worried about something that theoretically can happen but has never happened. >> right. >> and so there are reasonable ways to solve the problem. title ii is not a reasonable

way. it is using a sledgehammer to drive a nail. the president has suggested forebearance is a good idea. to make it work requires a convoluted legal process and whether a legal process can be handled correctly without being overturned by the courts is hard to say. it raises a level of uncertainty which is always a problem. but the fundamental issue is are we in favor of net nutrality? of course we are. >> comcast has said the same. that being said we have to see where chairman wheeler ends up on this. what are your expectations? >> i hope -- obviously his president and his party has proposed a specific solution and that's somewhat of an interference, i think in an independent agency's responsibilities. so i don't know how he will come out. and i don't know how the rest of the commissioners will come out.

they don't have the record today to support what the president proposed. and i think you are going to see more comments. we will have to see where they go. i think title ii is not a good answer. >> i'm not surprised, of course, to hear you say that. and you do expect the deal to close and therefore charter would do the swaps that it is going to do with comcast and take the new subs, as well, i would assume, fair to say? >> look, i think from a public paulyish perspective the investment that private capital has made in broad band is enormous. it is the one part of the economy that has had continuous investment all through the financial crisis. we have ended up with very high speeds and continuous development of high speed data everywhere in the country. and so i would think that the forces that created that should be continued to be unleashed and i hope that reasonable thinking

will prevail in the regulatory process. >> a year ago to open the meeting the guys at liberty did something to make a little fun of time warner. they played the song time is on our side. this year they take a little issue with it but they had something where they took a shot at viaccom which is no longer on sudden link. i think it is another smaller. >> that's right. you guys starting to win that battle? does a content provider like via calm have something to worry about? >> it is an interesting question. people talk about over the top and its impact on the cable business. the cable business is more than just distribution. it is the ecom of content providers. anybody who sells content over the top and expects to continue to exist inside a bundle of

services sold to cable or satellite providers i think is cl diluting themselves. >> why? >> if the product is available off the top there is no reason to pay for it. anybody who pushes that envelope and sells their content to netflix is sowing their seeds of destruction. >> you believe that? >> if they have an existing business. >> via com is sowing seeds of destruction? >> maybe. if the product is substitutable. >> what about an hbo product? >> hbo is not selling to amazon. i think that's a mistake on their part if they expect to ultimately continue the business model that they have. >> if these are signs of these

companies trying to experiment and understand what they need to do to compete in this unbundled world that we know is coming how does charter figure into that world? >> well, i have a complex set of relationships with them. i want over the top because it makes my broad band service valuable. i have a really good broad band pruk product. i can make it better with relatively easy capital investment. the more people use it the more value is perceived by it. i want that. on the other hand i have a video business that is a bundled business. and my providers are raising my rates regularly to the extent that they go over the top and make my broad band service better it actually relieves pressure from me on whether i have to buy from them or not. >> to this very point you were making. >> the issue i think i can play

the market as it develops. if i were a content company i would think about whether i wanted to give up access to 100 million homes and whether i wanted to go to a direct to consumer model without advertising. i would think long and hard about that. >> when i spoke to john malone earlier he said he sees charter as gravitational force of consolidation. is that the case? >> charter doesn't need acquisitions to be successful. i think there is a natural push towards consolidation and scale because of the nature of the market place. charter can take advantage of those opportunities. i think in some ways we are natural. >> we are going to leave it there. thank you for your time.

back to you guys. let's go back up to morgan brennan for a "market flash." >> check out agios pharmaceuticals after the company reported positive phase one data for its leukemia drug. it's up some 300% year to date. jim cramer says the gains aren't over, that the drug has a very impressive response rate. race to cure blindness. we'll show you incredible new technology that gives people who are fighting blindness the gift of sight. the company behind the bionic eyes. shares are up 100% right now. got to stick around for this one. sheila! you see this ball control? you see this right? it's 80% confidence and 64% knee brace. 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

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travel, gift cards, even cash back. and my rewards points won't expire. so you can make owning a business even more rewarding. ink from chase. so you can. the los angeles auto show is all about technology and fuel efficiency and flash. phil lebeau is here with a special guest. >> reporter: steve canon who runs mercedes north america is drooling over this car. this is a gorgeous, very high end exclusive car. >> so the all new mercedes-benz we are introducing it early next year. it is the ultimate, part of a two-part strategy for us. the ultimate with the brand and

the ultimate in performance. but for us the return is a significant day for the mercedes-benz brand. >> it will probably price close to $200,000. it has a scented interior. >> it smells like entering a spa. it has a cabin that is the quietest in the industry. it has the most luxuriest and infuses a scent into the cabin so you can just relax and be pampered. that is the environment that we are trying to create for this customer. >> you're targeting that upper half of the 1%. the halff of 1%. >> there has been a lot of reporting on that top half of 1% or the 0.1 of 1% that there is a disproportionate amount of wealth. i think mercedes-benz is well positioned to meet that future

demand. we have 17 models that are up in the $100,000 plus category whether a roadster. we feel like we are positioned with a portfolio that will meet that demand. >> and are they primarily saying i want one specific car or do they look at their collection of cars and say let's see what i feel like wearing or driving today? >> this is a very exclusive buyer. what you drive is very much an expression of who you are. it is your suit for the day. whether the suit is a growling v 8 or an exclusive hand crafted individualized maybach. if we give them the option chances are they will put them in their portfolio. >> fastest you have seen sales grow? >> we are bullish on the overall luxury market. we see that growing disproportion growing to the rest of the mass market.

>> there crow go guys. $200,000 and you can get that fresh aroma coming into the interior of your car. >> i would love to be able to dothat. bob pisani joins us with breaking news. >> sue, the s.e.c. has voted to adopt rig sei. this is a rule that will require all of the exchanges to adopt uniform rules for testing their technology. remember in the last few years we have had problems with various glitches. the nasdaq and the problem and the new york stock exchange has had issues. these are related to technology issues and technology failures. the s.e.c. has been very concerned about that. they are now adopting uniform rules for all of the exchanges for testing and upgrading all of the technology. this has been several years in the making. it is generally very good news.

it might cost the exchanges a little bit more money but at least help ensure that the technology is working as well as it possibly could. back to you. thank you very much. appreciate it. to gold prices which are closing right now. let's see how the metals are doing given the fact that stocks keep hitting all-time highs. the gold market is down a little bit with profit taking from yesterday down about $4 on the session. to morgan brennan for a "market flash." >> bouncing off of that take on gold, gold mining stocks lower on the falling commodity prices. new mont mining, gold corp moving to the down side. to washington now and connect for more breaking news. >> the department of justice just put out the grand total here in terms of civil and criminal collections for fy 2014. the grand total amount collected is $24.7 billion.

that is a whopping figure considering that it is more than three times the $8 billion collected in fy 2013 because of massive settlements paid by jp morgan and citi group and from ups and rbs securities japan and the department of justice spot lighting major payments that they received from a couple of other companies including titanium metals corporation. a lot of corporate money going back to the department of justice. the grand total $24.7 billion. >> thank you very much. to the bond market now rick santelli tracking it all. >> normally it is the u.s. leading rates although the loan of rates has a lot to do with what is going on in europe. look at intraday of tens. we didn't have great data this morning and we are up a couple of basis points. overseas bund yields up.

yesterday 119. if you look at the euro it is hovering at best levels since the end of october. pay attention to europe. something may be changing. >> thank you very much. nothing is wrong with your tv because we are in black to demonstrate what life might look like for the blind. until now a company that just went public and started to trade minutes ago it has a device that will change the way the blind live. you are watching an animation that shows you how amazing this technology really is and how it works. it is a truly inspirational story. the ceo of the company joins us and the patient wearing the device are going to join me here. more "power lunch" in two minutes. in a world that's changing faster than ever, we believe outshining the competition tomorrow requires challenging your business inside and out today.

at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present.

second sights ipo launching here at the nasdaq today. the share is priced at $9. it is off to a very nice start up 129%. last trade is 20.68.

second sight's main product the arg s 2 has been helping the blind see again since getting fda approval in 2013. take a look at the animation. a camera built into a special pair of glasses captured video sending it to a video processing unit and the information goes to eye implant that stimulates cells to get visual information down the optic nerve to the brain. fran fulton, one of the first patients to benefit from it. welcome to both of you. it is such a pleasure to have you here. congratulations on your ipo. the street is impressed with what it sees. >> it is a pleasure to be recognize and have people appreciate the work you are doing. >> you have been working in this area for better than 20 years now. when you started i bet you didn't see this development coming. what are your hopes for this particular product? >> from the beginning our hope

was to make it so that people would no longer have to sit in the dark and to be able to regain some vision. and so we have now accomplished that with patients like fran with patients looking forward to expanding that to all forms of blindness. >> how many centers are you in? it is nationwide so around the country? >> in north america we have about ten centers and 20 centers globally. we are hoping with funds from ipo to expand that significantly. >> this must have changed your life. you lost your sight some years ago due to retinal degeneration. how has this changed your life? >> it's very hard to explain, but for the 25 years that i had very little functional sight and 15 years where i was totally blind i never quite felt like i

was on the inside. i always felt like i was on the outside. i work full time but i would go to a business meeting and everybody is talking around me. now i can actually see the people. i feel like i'm more a part of the conversation, a part of what is going on. i'm no longer on the outside looking in. >> tell me what you see when you look at me. you were very excited when we brought you into the studio because i was a little worried that maybe the lights might bother you a little bit, but no. how do you see me? >> i see you as, i guess i should explain, also, that i have been blind since digital age came on the forefront. i didn't know what digital meant. i had no idea what a pixel is but i do now because what i see are little blinking lights, electrodes blinking. my brain is trying to interpret

what they are. as i look at you i know that is your head and a minute or two ago you moved your hand and i was able to see your hand move. it is very, very exciting. >> it also must make you feel safer because you know you are in a big city like new york city. you can see where the curb is. you can see people coming towards you. you know when somebody is in the room. so i would imagine it has been life changing from a safety standpoint for you, as well. >> i am a very skilled cane user. and i still use my cane. the sight that i see is actually crude. it's not 20/20 vision. it's a supplement to my skill set. when i cross a street i'm very excited. i can now see the white lines, the digital signals as i cross the street. but my ears also tune into that traffic. they work interdependently now.

it's an actual addition to my world. and it's an excellent addition. >> obviously. >> i do, i feel much better. >> last question to you. where do you see this technology going next? >> certainly one of the things we are looking to do on the research and development front is improve quality of vision and add color. today the system is black and white. there is a lot of future software upgrades that we have in the works. >> congratulations to both of you. appreciate you coming on and we will be following the progress. we will have you back. >> thank you very much. we are going to take a quick break. we continue in two minutes on "power lunch." we get you up to date on the markets and much, much more. ameriprise asked people a simple question: in retirement, will you have enough money to live life on your terms?

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more fallout from the allegations of sexual assault ininvolving bill cosby. confirming a sitcom project is no longer in development. this follows news earlier that netflix postponed a november 27 launch of a bill cosby standup comedy special. we will have more "power lunch" after the break.

welcome back. luke ellis is president of the world's biggest publically traded hedgefund company. they took in 1.2 billion of new money. "power lunch" exclusive now with luke ellis now live from london. i want to get to man versus machine in a minute. i was very interested by your citing as a probable opportunity distressed debt in energy companies taken on by your estimation some $600 billion debt recently. they will have a time of it with oil at $70 or below.

>> yeah. i think it's a matter of time until it becomes a big opportunity. with oil down here there is a set of balance sheets which don't add up. people were producing business plans which had the case of oil going to 140. a lot of the down side cases were $80 and up a barrel. down here they have fixed cash flows that they have to pay out. and the only way of meeting those cash flows is to try to pump more oil. that pushes the price down further. so i think you will see a number of people squeezed out. >> we are not talking about exxon and shell. we are talking about smaller companies, drillers and so forth, right? >> exactly. and a lot of the companies involved in the shale gas revolution. it's a great thing but they have assumed pretty high assumptions on oil prices. when you have one input. the amount they sell and the

price they sell it out. that price has dropped by nearly 50% that makes a big difference to your budget. >> you say that machines have been outperforming people this year in investment picking. why do you think that is and do you see anything that will change that? >> i think that if you remember back to the beginning of the year everybody expected the environment to change this year. people were calling for 4% bond yields and calling for a big change in the market environment and talking big rotations. the reality is while central banks are printing we have more of the same. yes the feds stopped printing but bank of japan picked up rain rains reins on the same day. computers are much better at putting up more of the same. humans want to call a change in the markets. whether it is in the macrospace

or stock picking world i think it has been a good environment for that. as long as we don't see the very high correlations it should continue all of next year. >> thank you very much. we appreciate your being with us. sorry we had to truncate it just a bit. >> check out dish network spiking bids in the ongoing spectrum auction exceed expectations. analysts say the result could push value higher making the company more attractive. this as a show down between the satellite tv provider and cbs heats up on content fees. that will do it for "power lunch." >> let's see what is coming up next. >> we are going to be coming to you a little early because we have the release of the fed minutes. markets are on the back foot ahead of them. how market moving will the minutes be? we have a special interview with the ceo of qvc.

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release from the federal reserve. >> hello. the ten year note is yielding 2.35% ahead of the fed. as we can see the markets are ever so slightly on the back foot. let's get to steve liesman. >> the federal reserve discusses the path of rate hikes. it did debate rate hike communications. on the specific questions of what went into the statement some wanted to eliminate the considerable time language because they felt it gave the language of a specific time period and saw labor slack diminishing. you saw that change in the language. many believe the feds should watch carefully for decline in inflation expectation. there was some concern that inflation would stay below the 2% fed target for quite some ti.