we're an hour and a half into trading. with us as always john fort and kayla on this friday after an eventful week. of course, all around the globe. we're going to start with the latest today in mali. at least three are dead after gunmen took 170 people hostage at a holtz in mali's capital. there are reports coming in now that there are no more hostages at that hotel. michelle caruso cabrera is live with the latest. michelle, what do we know? >> six americans were evacuated from that hotel as well, and the u.s. embassy has sent out a statement urging all americans in mali to shelter in place at this point. a gunman initially took 170 hostages when the siege began. there was about nine hours ago. it's unclear just how many gunmen there were. the associated press, as you said, is now reporting that at least three of those hostages are dead. there have been french troops in mali since 2013 because france went in to help them rout islamic extremists who had taken over the northern part of the

country, and that is why what is going on in mali is such big news here in paris and in france. here back in paris the french prime minister is announced that the death toll has risen to 130 from 129 in friday's deadly attacks. this morning paris police met with members of parliament to discuss security issues and one member of parliament told us the list of topics they talked about. >> the whole list of very difficult issues ranging from the protection of schools to public transportation, protection of water systems.

there's great concern for what they call soft targets. let's bring in from the financial times, the paris bureau chief. good to have you here. the attack in mali today. how is this seen as being connected to friday night's attacks here in paris? >> there's a sense that it's connected because it's only one week after the attacks here in paris but also because france has had such an active role in chasing after the terrorists. as you said, it's one of the first big military operations that francois hollande has engaged from back in 2013. he was really keen to be active and really eradicate the islamists.

>> there's a sense that yes, france has been targeted. >> there's a lot of discussion here in the states today about the french reaction to all of this. i'll quote an op ed in the washington post today that argues that islamic state wants to spread their holy war beyond the middle east, and they say it's vital that france not take the bait, referencing the debate obviously between hollande and lapen. how do you think this is going to affect the regional elections and later on the national elections? >> it's really hard to say. you know, if you really move every direction, i have talked to a lot of political analysts and they really don't know whether that's going to benefit francois holland e or la pen or

neither of them. the attack against charlie hebdo back in january, the political spectrum hadn't really moved after that. there were divisional elections, and -- it's really early to say. >> i'm wondering if these attacks and the response to them sort of the global situation we're looking at is changing the attitude the street about compulsery military service, about how active france ought to be on the global stage -- what are you hearing about that? >> it's true that there's a sense that in france we need to be more active on the military

front. that said, francois hollande has been active. he is one of the most active french presidents. he has many military operations going on in mali. he was also active in the bombings in iraq and syria. we've seen here that, you know, a lot of -- there's a lot of enthusiasm for the military. for example, people who want to enroll -- i think there's a sense that people need to be active and more, you know -- and also accept tougher security measures. as you know, we are in a state of emergency with pretty tough, tough measures at the moment. >> do you expect any point of blowback against some of the increased power of the police that will have as a result of the state of emergency. i've interviewed several lawmakers in the last couple of

days. is there any worry that you're going to impinge on civil liberties in some way, and they've got zero concerns about it, and we haven't heard much from the population. we saw theel use in the united states, and eventually there was blowback. people have died on the street, and so there's a good acceptance, but some of the measures -- you could be placed under house arrest for suspicious behavior. >> that startles americans. i think that is really beyond our comprehension that you can just for a dangerous attitude we don't think that would happen in the united states. >> this is happening here in france. the law has been backed massively in international yesterday, and it's probably going to pass, you know, today at the senate. this is the live, you know that, we're going to be -- this is the environment that we're going to be in for quite some time. this three months, if not more.

this is -- i agree, this is going to be something that we're going to watch very closely here because -- >> it means that religion is something private. this is the tradition of the enlightenment and, you know, it's -- and it's really in the culture, and that's true that religion is like, you know, like islam, which probably is more visible because you want to wear

a head scarf is & so on. it's had some backlash, especially when you think about the feminist that fought here in france to wear miniskirts and so on and it has created some sort of backlash, a reaction, you know, from society. clearly the sense that, you know, religion is a private matter and when you get out of your house, you don't have to -- you don't have to show your religious opinion. it's for you to -- for you in your head, in your home. you completely are free to practice, to go to church, and the mosque and so on, but that's why i think there's a sentiment now that it's difficult, but it's also very french, and i think people -- their entire society is really struggling with that at the moment. >> yeah, it's ob where yous that there's a tension there. thank you so much. paris bureau chief, the ft, here

on this day, guys, marking one week since the attacks here in paris. we now know today 130 people are dead. they have raised the death toll by one person. back to you. >> all right. michelle caruso cabrera in paris. michelle, thanks. meanwhile, here on wall street, the markets are continuing their resilience. the dow up 133 points. joining the s&p 500 and the nasdaq in positive territory for the year. the dow is actually having its best week in about four years. the s&p have been its best week in one year. part of that is retail. part of that is health care. where retail is concerned, we're seeing shares of nike rallying after increasing its dividend by 14%. it also declared a two for one stock split and denounced a $12 billion buyback program. you can see what that does for nike. shares up 4.5%. currently the biggest gainer on the dow. >> when we come back this morning, square add about 3% a day after their debut on the nyse. we're going to take a closer look at conveyor and the ipo market with cara swisher in just

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welcome back to "quack squawk alley." re/code's kara swisher joins us again. good morning to you. >> hi. how are you doing? >> got a lot to talk about. square, of course, in the green on the second day of trading. we talked to jack here at post

nine yesterday. specifically about his dual roles at both square and twitter. here's what he said. >> it's definitely -- it's definitely hard. it's definitely something that i approach with a lot of self-awareness and have been very thoughtful about, but i benefit massively from our leadership team. you can't do anything alone. you know, that continues to prove out every single -- every single industry and every single role, and i just have the best teams on the planet. >> so, kara, he takes two multibillion dollar companies public in two years. has he put to rest any discussion about whether he can do this both jobs? >> well, not yet. i mean, we haven't seen the results, right? he has been there five minutes, so, no, no, he will in 18 months we'll know how that worked out, i think, or whether -- it was an issue whether the two jobs was an issue or not. it might be other more different issues, but we'll know -- you can't know right when he started, so we'll see. it was -- the ipo went off pretty well.

it was a pretty bold move to cut the price. that was an interesting move on his part, and probably the right one. we asked him if he felt like he was taking one for the time. being one of the first unicorns to go public at a distinctly lower valuation. he said no, not in the least. there has to be some sense out west that this is setting the tone. >> well, it's the reality. it's not the tone. they couldn't sell it. they had to go at a lower price. it's a mold move. if he hadn't done that, you would be talking about how the price dropped. in this case, you know, they weren't getting the kind of investors they wanted. they weren't getting the right mix of things. they faced reality, and that's a bold thing to do in this day and age. not pretend it was anything different. it probably was a smart move, and now it's seeing a pop. they didn't get as much money. it came at a price, for sure. match group is up 8%. also the day after its ipo. they priced at the low end of the range, but didn't price

below the range. what does that signal? is it the same thing? i mean, a different reality, you know, on the ground, but low end of the range, but still an even better pop today than square is getting. they have very different -- the investors communicated clearly to square they didn't want the prices that were in that low end of the range, and so they just bit the bullet and got the price they could get it at with the best group of investors. they're different companies. they're completely different companies, and so, you know, match has a little -- has a -- it's a commerce company, commerce kind of thing. square is a service business. they're different. i don't think can you compare them particularly well, but i think they did the right thing. it's tough, but they did it. >> there's an idea of a disconnect between what the private company thinks it's worth and what the public

markets actually believe, and when i look at match's trade the day after the ipo, that level of disconnect doesn't appear to be there. to me that says something. i don't want to read too much into tshg but we talk about the disconnect. >> all these hedge funds, which are backing off now, wanted to pile in to get a special arrangement. they thought everything was going to go to the moon, and, you know, it isn't. it's like real estate or anything else, and they had to bring it down. i don't think it's terrifically complex. i just think it wasn't the -- there's a lot of hedge funds piling into these sectors. a lot of people are a lot of money. i was talking to vc last night, and he was like when they come in at $50 million, $60 million, $70 million investments they can't keep up so, the prices go up, and they were too high. it's a pretty basic situation there. >> meanwhile, cara, we got google news tapping vm ware co-founder diane green to run the loud business. she'll be running a big new

unit, that includes google for work. going to remain on the board. how important is this? i like diane. she's a terrific entrepreneur, and such an interesting person. besides -- she's such an intense techie, and she's a true techie. absolute in terms of -- full geek, essentially. it's interesting she stayed on the board so she's working for the person she's boss of kind of. it's quite a few an interesting situation. i have nothing but admiration for her. she's so smart, and obviously google needs to double down in this area. they've been sort of lagging badly and haven't committed themselves to it, and they hadn't been able to catch up. they bought her company that was in stealth mode, i guess, and she's a really hard charging executive so they've picked someone that will try to compete hard, and we'll see if they are xlitd to this. they're committed to a lot of things, but she's definitely a top level executive to bring in. >> the weird part of this for me is she remains on the alphabet

board even though it's been called the google board on a blog post. also, ruth porat is not on the alphabet board, from what i can see. near is sindar. at this level in a way she's got a certain kind of board access and, yet, she is going to be asking asking sindar and ruth for resources. does this show that this alphabet structure still is not worked out yet? >> no. i just think it's google. whatever. it's google. i think it is an unusual situation to keep her on the board, but she might be a valuable board member. maybe larry -- larry page does what he wants, and he has great regard for her. he was complimentary of her, and correctly so, and so it probably was just why not? google always says why not when people say why? >> it's a different kind of business. if i'm potentially enterprise customer of google and i want assurances about how that business is going to run and diane green gives me those asureses, does she check with

larry page -- who does she check with? everybody? who is in charge? >> you know, it's sort of like susan. i think sundar is a smart executive, and he knows to get out of the way of really competent executives. i think there's not going to be a lot of clashing with an executive like him. you know, susan is ceo of youtube, and she's under sundar, but at the same time i think she gets to run the show the way she wants to. i doubt there's a lot of clashes. he has plenty to do over at the other stuff. each of these executives could be a ceo. diane has been one. so they're just decided they're going to put strong executives in there, and it's very google-like to do that. >> kara, as the alphabet, google structure gets refined, are there any holes left in the org chart? what is left to hire for? >> they've got google fiber has gotten -- is going to be getting

a lot of attention. i'm fascinate bid google fiber. they have great executives in there. i think they've already staffed up there and really interesting way. they've moved very smart people over there. we'll see what happens with google x and astro teller, what they're going to be doing, and where that leads. they're covering -- i think they cover -- knee got pretty much executives at all levels of importance there and moved around current executives. you know, perhaps they'll bring someone more people into the mobile area. i don't know. >> it's good to see you. we'll see you next week. kara swisher, re/code joining us from out west. >> let's take another look at today's movers. the s&p on track as we mentioned for its best week of the year. the dow on track for its best week in four years. health care and tech are the day's leading sect orz. energy and telecom, the biggest laggards. bob pasani has more. >> essentially at the highs of the day. i want positive point out, remember, we were down 3% last

week for the s&p 500. let's take a look at how the global indexes are doing right now. the russell is lag, although it's doing better. over in europe, swrerm anne is doing even better than we are, and even france is up 2.1%. china has had a decent week to pass the shanghai index up 11.4%. the reason the dow is doing a lot better than the other indexes today is because of nike, which is sitting near an historic tie ahead of excellent commentary this morning. excellent report. i topt point out how aggressive nikery has been in returning cash to their shareholders. they've increased the dividend by 14%. it's the buyback that matters. the market capital of nike is about $110 billion. we're talling about almost 10% buyback that's going to be announced over several years. there have been very aggressive in the buyback.

they have reduced the share count an average of 2% annually over the last ten years. that's one of the reasons nike has been an outstanding performer. in addition to being able to grow their sales, cut shares outstanding, and grow your sales. there's a recipe for moving a stock up and nike has been one of the winners. elsewhere it's been very interesting week in retail. we started off with the disappointment of the department stores, and now weave been getting other ones, including discounters like raw storage, like tjx, had a good report as well. even abercrombie. abercrombie, of all things, surprised on the up side. they had swishlt sales growth. footlocker did better. the bottom line, the message is retailers outside of department stores are doing a bit better than people had anticipated, and, remember something, kayla, they sold the whole group off indiscriminately two weeks ago when the department stores -- it looks like they have to be a little more differentiated in their choices of retail. back to you. >> yeah.

quite an impressive performance from those today. thanks, bob. >> and up next, the impact of square and match on the ipo market as a whole. an early square investor is going to join us with more economic.

>> skwa making its debut yesterday. the payment provider's ipo largely viewed as the leading indicator of other tech unicorns that may be seeking to go public. swear's ceo swrak dorsey downplayed concerns about valuation and about cash burn when he joined us yesterday. >> we raised money so we can accelerate our business and serve our customers better, and that's what matters. >> ramifications for unicorn? you'll admit you're a test, yes? >> i'm not an economist. we have an economist on our board, larry sommers. you should ask him. >> well, since we don't have larry summers this morning, we'll talk to ggb capital managing partner jeff richard who's participated in this cne

rounds to fund square. jeff, it's great to see you this morning. >> thanks for having me. >> so what are the ramifications in your mind for the rest of the line? >> i love jack's quote. one of the others quotes i had when he was on with you, he said i'm looking forward to getting back to work. i think the ipo with square, other companies like pure storage, match, and -- it's important for silicon valley because it represents liquidity for great companies, but as swrak alluded to, it's not a huge deal in the long-term run of the company. you know, one of the analogies we use is when you write the story about the super bull, you don't spend a lot of time on the kickoff, and really an ipo is just another fundraising activity in the long life of a company, and most investors like us, other venture capitalists and folks investing in the companies, even at the later stages, really are focused on where these companies trade two to three years down the road. not so much where the ipo. >> are you seeing some of the companies, though, get religion about the price at which they can actually sell these shares when, in fact, they do go public? >> well, i think, you know,

pricing private companies is more art than science, and you see that in the way that these things play out and have played out with other companies like box, and we're going to see that for the foreseeable future. you'll look back at the facebook ipo, and it went public in the high 30s and traded down to 2020. shareholders in facebook are pretty happy. i think, again, going back to my point, most investors coming into these companies early stages, later stages are way more focused on where these companies trade two, three years down the road than where they are in the pricing ipo. really what's important is get the company out, get it financed, and then move on to growing the business. and creating value for shareholders. >> it seems to me there is some significance in the initial public market acceptance of the companies, particularly when it comes to the supply of money that's trying to come into these later stage deals. you know, i am hearing that there's been such a big supply of money that entrepreneurs have been getting terms that are better than they have historically been. has there been a bit more

sobriety or shift in that balance over the past few weeks and months as valuations have come in as we have had some of these ipo's price either below the range or at the low end? >> definitely. i would say in the last three to six months we've seen a shift both here in the u.s. as well as in markets like china where we've seen a little more of a pullback in private capital availability. we're seeing entrepreneurs get focus odd the business growing, maybe even looking towards profitability, which i know for many on wall street may come as a shock, but there are entrepreneurs in silicon valley that are very focused on operational execution, gross margins, and even net margins, and i think you'll see some of those companies coming public next year, and in the following years with great profitability profiles. >> hey, jeff, i think we can agree that square could have delayed this if they wanted torque but they made it happen. they worked to make it happen. a year from now do you think they'll be seen as savvy that they went ahead at this time? >> well, we have a philosophy

that great companies can go public in any market, good or bad, and as you guys know, the tech ipo market has been choppy for some time now. in fact, if you look at the ipo's, there's roughly 70 ipo's, tech ipo's, from 2013 and 2014. some research we did with morgan stanley says that more than half of those are actually trading below their offer price. it's been a challenging market for tech ipo's, but if you take the top 10% of those companies, they're trading at over 150% from offer. for great companies, a ton of up side in being a public company, and i think you'll see some of the top private companies or as people like to refer to them, unicorns is going public in 2017. i know a lot of folks on wall street are as well. >> give us a quick glimpse of that pipeline. is it healthy? is it still challenged? what does it look like? >> i think one of the things you have in this cycle is you have companies that are very large. a lot of the companies that are privately valued at over $1 billion are doing hundreds of millions of revenue. you saw that with square.

you have got companies approaching a billion and exceeding a billion. when those companies start to go public, you'll see investor appetite be fairly high because those are companies with good, good revenue growth. huge enormous global markets that they're going after. again, even profitability net margin level. we're talking about companies that have good size and good stability in their business, which we didn't see 15 years ago in the dot combubble. we had a lot of companies going public, sub$100 million in revenue. >> jeff, it's good to see you. i have to believe as we get more ipo's, i'll see a lot more of you too. >> thank you. >> jeff richard from gdb. >> it's going to be another mixed day for europe. simon is here to wrap up the week. simon. >> it's been a good week, carl. overall, the stock 600 is up 3.3% from last week's oversold position, and that despite working through the aftermath of the terrorist attacks. do you remember what mario draghi said he would do

everything to save the euro? today he said at a front if they think inflation is going in the wrong direction, we will do what we must to raisin flags as quickly as possible. he is trying to ebbing quo that kind of binary affect they'll have on the markets. obviously, he is talking to the markets. he is trying to influence in particular the youro, but he is also trying to influence the rest of the governing council. to that end vidman was also on that podium at that conference in frankfurt. he was saying, look, oil is more of a stimulus than it is a harbinger of deflation. the sort of argument you might hear. nonetheless, the affect on the market is you continue, for example, of the short end of the bond market. the -- you continue to see the yields move further into negative territory. you have -- here we go. you have a yield here of minus 3.8%. why would you continue to chase something that has a negative yield because the your every european central bank said, look, we won't buy anything

below the target rate of minus 0.2%. if they lower the deposit rate, then these instruments suddenly become eligible for ecb buying, and you don't worry about the yields. you're up for the price. the price could go higher still. the problem is you're creating a huge amount of expectation in the market which may or may not be met by the ecb in two week's time. presumably, they have to. that is the argument. meantime, remember the bank in the netherlands. second largest bank for the dutch. today came back on to the market from the government. they priced the ipo, if you like, or the relaunch at 17 euros, 75. you can see it's made some gains since then. we have a lot of banks coming to the market at the moment. credit suisse and so on. the real focus for many will be what's happening over in greece. two banks, all four of them, are going through the right during the course of the week. two have already passed the goal, which is alpha bank and euro bank. last night national bank of greece priced its offering at 2 euro cents effectively when it closed yesterday in the 30s.

this is limit down. this keeps coming back down to the two euro cents they're offering for the price. it's huge dilution. they won't make another money off this deal. they'll have to come back at two euro cents for $200 million for the end of the month. paraus hasn't raised its money yet and continues to fall. it's currently below. i think we're rounding that up. below 1 euro cent. we're going to find out if they've managed raise enough money to fund its gap presumably by monday. guys, back to you. >> we're back after a break. trae trader offices. ahh... steve, other than making me move stuff, what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place that lets you visualize that information

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good morning. i'm sue her air wra. an official in mali telling french tv there are no more hostages being held at the are aed son blue hotel in mali's capital. six u.s. citizens, among those that were freed. reports from the seem, though indicate somewhere between 15 and 30 are dead. the hotel search is continuing, and that number is fluid. two attackers have been killed. french president hollande expressing solidarity with mali following the attack. he said france is ready to help with all means necessary. mali is the former colony of france. the paris attacks last week have raised fears about the 2016

olympic games in brazil. diplomats say western deposits are worried about the safety of their athletes and tourists because they believe brazilian authorities are too complacent. and four months after a deadly shooting that left three people dead and nine others injured, the grand theater in lafayette, louisiana, have reopened. dozens of first responders, public officials, and theater patrons returned to the theater for the ribbon cutting ceremony. that's the news update this hour. back to "squawk alley." >> all right. thanks, sue. amazon and netflix both debuting new shows today. amazon coming out with the man in the high castle, and netflix out with jessica jones. in the meantime, both stocks still up more than 100% we're to date. our next guest is out with the new note and still bullish on netflix. let's bring in mark mahaney, lead internet analyst at rbc. mark, great to see you. france and germany. customers there saying they're very satisfied, and, yet, they

aren't committing to cancelling their netflix vipgss. what is that mean? does that mean the price hike that netflix has tried as people on the edge? is that something investors should worry about? >> north store for us on netflix is can they do $10 in earnings? if you think they can do that, then you could see a path to making material outsides and performance by owning netflix today because that's $200 plus stock. then we have to look at the global die fusion, if you will or how well it's being adopted in different markets, and with the survey showing that -- the survey showed within one year netflix has now become the number two subscription video on demand player in both of those markets, germany and france. those are large broadband markets. that's the really key bullish take-away. there's a lot of things they need to work through. they're going to have trauma turn issues like in the u.s. the last few years, but they started off strong in both of those markets, and that's the key take-away. >> you mentioned churn issues

like that's not a problem. i realize the price hike applies to new subscribers, not old subscribers. why are they having churn issues if they've grown to number two already, if the satisfaction is so high? shouldn't people be sticking with it? >> well, you know, look, this is still a relatively novel service in those markets. there's still plenty of other alternatives in the market. yeah, churn comes down over time. in the u.s. hurn for netflix was as high as 10% a month. we think it's now sub-3% a month. we think it takes a long time to work through the model. there are risks associated with the price increases. we tested that in the u.s. especially since in the last quarter we've had this incremental dollar price increase announced, and what we still see is that we have a strong delta. much larger percentage of subscribers are not bothered by the price increase than ours. like 7x is the difference. if the u.s. market shows we're really price rise increase, you know, tolerance in the u.s. ares, chances are we'll see that in international markets too, but states that's still to be

determined. >> mark, on amazon, the times this week wrote a piece about how he couldn't find anybody to take seriously the idea that someone could compete against or put amazon's business model at risk. he says some literally laugh at the question. doesn't that make you think maybe we're reach soming kind of peak sentiment here? >> yeah. i do worry about that. 12 months ago we were here when we thought we were a trough multiple on the stocks. sentiment across the group, netflix, amazon was very negative, and we clearly recovered dramatically since then. we do think, however, fundamentally the amazon story has gotten materially stronger over the last 12 months. you're seeing accelerating revenue growth, and this aws business is really caught the market. almost all investors by surprise. just in terms of how high the growth is and how high the growth is and how high the margins are. we think amazon's momentum is sustainable. this is not a one or two quarter phenomenon. this is a couple of years that will play out. that's not yet reflected in the stock price.

we're not as aggressive buyers as we were at the beginning of the year, but we'll stay consistent, we'll stay true to both of these stocks, amazon and netflix. >> mark, we've heard jim cramer say to viewers of his show, don't buy facebook, amazon, netflix, google, alphabet unless can you stomach some near-term volatility. unless you want to hold these stocks for four to five years. what do you see being the near-term obstacle that is could throw these names off? >> there would be specific issues for each one. i mean, maybe there's some privacy or regulatory issues that could affect some of them. probably the name that you just mentioned that's most susceptible to regulatory risk has got to be google. there are other competitive issues, particularly for netflix, and there's a lot of international execution risk associated with netflix. 2016 is the year in which it will double its international footprint. we don't know how well they'll do in south korea or china. weave seen good progress so far, but there are companies with specific issues. there are fewer broader secular

risks that are associated with this group, and it makes the group as a bucket safer to own. >> all right. mark from rbc. have a great weekend. thanks for joining us. >> thanks, john. >> up next, the latest on that hostage situation in mali that reportedly he wanteded just moments ago. we'll get you a live update when we return.

>> devon o'leary with us today. we're going to get mr. wonderful's thoughts on the markets. the fed and why he sold out of apple recently. we're also trading nike's big

moves as well today. is the best dow stock of the year ready to run again? plus, what happens when a shark meets a union corn. find out in about 15 minutes. nbc news is reporting that the hostage situation itself is over. that the folks holding the hostages are no longer holding them, but that the operation may still be underway. there's some conflicting reports, wrovl, in a fluid situation like this about the number of people killed. one press agency reporting at least 18 others are reporting numbers into the 20s and nbc news is working to try to confirm that. one of the people killed has been confirmed. we just got a note from the belgium parliament expressing condolences about the loss of at

one point the hotel said that there were 170 hostages. about 140 of them began as guests. 30 of them were staff members, and by the time this was all over, that number had dwindled down just a bit because the apparent hostage takers in this case asked folks if they knew a certain declaration islamic pledge, if you will, and those who could recite it were allowed leave, and the others were held there. at this hour there is still an operation underway as they go door to door and looking for more victims potentially. two terrorists or alleged terrorists, we should say, have been killed in this operation as we understand, but the situation is still unfolding. >> kayla. >> ron, gets more disturbing the more we learn about it. thank you for that, ron mott, in london with the latest on the situation in mali. in the meantime, dow remains up 125. let's get to the cme group and

get the santelli exchange. rick. >> good morning, carl. i feel weird to be a segue out of that story, and, of course, all of our hearts are with the families of anybody in that situation, but to switch gears, this piece is called context and continuity. hi peter on earlier, and we were discussing the last jobs report. now why would we do that considering it was a couple of weeks ago. primarily for one reason. it really did change things whether you look at fed funds or the markets in general. is it important to rekt few what is a policy mistake? that's the debate. the fed will have to do that. the jobs report placed into that. specifically there's been so

much research. the gig economy. trying to wrap people's arms around the economy and why is it important? because one thing we did learn, and it really was accented by the big last report is peter pointed out, the big report last time on the big jobs number was maybe catch up to many months that were lackluster, but it also showcased that those that are older seem to be staying longer or a bigger part of new jobs and those that are younger are losing ground. the evidence is hard to lock down. keep it simple. context and continuity. we used to just look at a jobs report and take it at face value. there is something honest and objective about that, but if things truly have changed significantly since the credit crisis, it isn't that there is a purpose to dig into these jobs reports, but there's a need to do it. as i said, if you are somebody

older, what happened in the crisis is pretty simple. your 401k was hurt, and depending what you did afterwards, it may have remained fractured, and the notion that savings rates are low. the age of retirement, those already retired, have issues with wrajs and income that need to be rectified. this this is why we look at it. there's one other issue of context and continuity. inflation, growth, test tube, financial engineering in central bank. mario draghi has pointed out really, really trying to artificially create inflation. i don't think you could do that any more than growth. these are all-time big negatives getting close to 40 basis points. the more they talk, the more the dynamic gets this negative loop that isn't going to make growth in & pricing pressure ease wrer. it welcomes the opposite.

john fort, back to you. >> all right. thanks, rick. have a great weekend. >> up next, legal issues cause aing big headache for daily fantasy companies, draft kings and fan duel. it could end up being a big deal for yahoo too. we'll explain in just a moment. . oh i got a job too, at zazzies. (friends gasp) the app where you put fruit hats on animals? i love that! guys, i'll be writing code that helps machines communicate. (interrupting) i just zazzied you. (phone vibrates) look at it! (friends giggle) i can do dogs, hamsters, guinea pigs... you name it. i'm going to transform the way the world works. (proudly) i programmed that hat. and i can do casaba melons. i'll be helping turbines power cities. i put a turbine on a cat. (friends ooh and ahh) i can make hospitals run more efficiently... this isn't a competition!

announcer: if you'd give thanks for a bette[barks]'s sleep... sleep train has just the ticket. [train horn blares] during sleep train's "thanksgifting" sale save up to $300 on beautyrest, posturepedic, serta, even tempur-pedic! get up to three years interest-free financing! plus, choose a free gift with selected mattress sets! but hurry, sleep train's "thanksgifting" sale won't last! ♪ sleep train [train horn] ♪ your ticket to a better night's sleep ♪ it doesn't come up a lot, but yahoo is the number three player in daily fantasy after draft kings and fanduel. that means recent legal action could bring headaches for that tech company.

eric is here with that story. daily fantasy relatively new. they said that revenue and engagement had outpaced their expectations. i guess the punch bowl might be getting full, at least in some places. >> they've only been in daily fantasy since july, to that's very small. in that time they've gotten to number three, but number three is very distant. that's only 5% of the market. if you look at how much fan fan duel and draft kings gets, it's like $25 million per piece. they're way behind, but at the same time they can take a different approach. they shut down their florida operation because they launched a grand jury investigation there. fan duel and draft kings, they're still in florida. >> how much do you think their

aggressive marketing, the television advertising drew attention by regulators to them? >> i think that's the majority of what drew attention to people. what drew attention to the whole world and that these people are watching tv like anyone else, drew attention to them, but yahoo has been putting their own commercials out too. they haven't done it as much, so it's something to look at the difference. >> do you see any opportunity for that as pretty much cut off?

>>. >> yeah. i mean, given how yahoo is being valued right now, that would be most of their business. >> thanks so much. >> when we come back this morning, if you want adel's new album, you'll have to find it the old-fashioned way. we'll talk about that in a moment.

>> adel's new album -- you'll have to buy it if you want to listen. she won't release any on any streaming services at all. we've asked spotif wr. we lot of and represent adele, as do they are 24 million fans on spotify. we hope she will give those fans the opportunity to enjoy 25 on spotify alongside 19 and 21 very soon." billboard projected 2.5 million sales in the first week, which would be the biggest in about 15 years. we had the same conversation about taylor swift not too long ago. there aren't that many artists who can make this skaul. who can afford it make it call. >> if they love and respect her so much, they can pony up. we got "hello" kind of for free. i'm stream it on amazon music on my way in on the train. that's nice. hey, when are you this big, you can afford to window. that's what we're seeing. it's good. >> also, don't try going to the music section of target. target is going to carry the exclusive with three extra songs for adele's "25."

they started advertising for it, and have i to imagine there's going to be a stampede for that. >> it's always fun when one artist can create ripple efforts. it's interesting to watch the power she has. good weekend, guys. see you next week. for now let's get back to headquarters. scott and the half. >> let's meet our starting line-up for today. josh brown is here along with john, kate moore. she is the chief investment strategist at jp morgan private bank. sharks and unicorns. what mr. wonderful has to say about those sky-high valuations out in the valley and why the waters could get a lot more choppy.