in america is theo epstein. the guy who ended the curse when he built boston red sox about a decade ago. >> thanks for watching "power lunch". >> "closing bell" starts right now. welcome to "closing bell." i'm kelly evans at the new york stock exchange. >> and i'm michael santoli in for bill griffith. kind of a quiet day. a little bit of anxiety after several days of losses. facebook taking a hit after weak guidance. we have -- >> and investigating wells fargo sales practices and the bank is -- we have more on the developments coming up.

>> just five days until the election. we look at new investigations regarding the clinton foundation and how to prepare portfolio for a potential republican sweep. i think everyone is looking at all sides apparently. >> after the bell we have big earnings. starbucks, cvs, go pro and more. we bring you those numbers as soon as they are released. let's begin with facebook taking a hit after warning the ad growth would taper. joining us with thoughts on the results. all the way in from minnesota. great to have you guys here. when the earnings first came across shares were down a little bit. they recovered and on that call how things changed. were you as surprised by the developments? >> i wasn't because some stuff they said was the same thing they said, the law of large numbers catching up to them. the emphasis that they put

behind that calling out ad load growth will slow. i think that emphasis on top of the theme they said before really shook investors. this is a growth story and i think some have been shaken on the growth. we are optimistic because we think there are several levers to optimize. >> you have had a relatively kind of sober price target on facebook about $127 a share. what does this tell you about the market's reaction to the step down in growth expectations and where does it leave you with regard to the stock which has had an amazing three year run almost uninterrupted? >> actually, i agree with gene it has been a growth story for a long time. based on what they said and what we have been saying the last couple of quarters there is a limit in terms of the amount of ads, number of ads they can put on the mobile device or the desktop screen.

so there is basically a cap on the ad load. that is going to -- reaching that limit. that is going to lower the revenue growth rate. in our opinion from a valueuation standpoint we hold it at 127 which is 20 times next year's which is pretty high. >> i'm thinking through google and how they have been talking about now that when you use google on the mobile phone you see more sponsored ads or just the ads and so you more likely to click on them. that has helped google. is it possible for facebook even if ad load is less going forward that mobile users are somehow more likely to click on them? >> it would. i'm in a different perspective as far as ad load topic. facebook did say that ad load will slow but there is still room for them to grow on instagram, what's app and

messenger. three of the four still have room to grow. i think they can make the mads more relevant and can increase ad load on other properties. >> just exactly how fast do you think facebook is going to have to prove it can grow on a sustainable basis to justify where the stock trades right now? >> in our model we have basically a five-year of around 30% top line growth or revenue growth which is still pretty impressive for a company. i think the reaction indicates just how different that is if it turns out to be correct just how different that is from how they have been growing the last three years which has been on average of 52% a year. >> and same question real quick before we go which is the issue about the ads showing people going forward whether on the facebook platform or others, how critical of an inflection point do you think this is? >> we think it is pretty

critical because one advantage that facebook has had given effectiveness of ads is that it has been able to charge a higher price for the ads. that is indicated by the average revenue per user that we have seen. if they continue to increase ad loads on other of their products basically overall within the entire ecosystem then it could drive the prices of the ads a little bit lower. so they could be going towards more volume and lower prices. >> we leave it there. shares are down about 6.5%. >> let's get to our "closing bell" exchange. we have ken mahoney and we have jonathan corpina and rick santelli from the cme in title town i guess we can call chicago now. i know the main numbers that matter to you are 8-7 in game

seven but we got a big number coming tomorrow. how much is that going to matter to the fixed income complex which has been pretty steady? >> i think the markets are more than prepared but not necessarily comfortable with what's coming. what is coming is much less from the central banks. i believe the united states central bank is going to be the leader in trying to come up with a more normal landscape from the respect of monetary policy. i think it is going to be bumpy. there is no way around it. tomorrow's number i think will give the fed ground cover to do it so they can hint they are still data dependent. i think tomorrow will be a big number. i don't mean it in a conspiratorial way. i think it works out. if tomorrow's number is 300,000 everything works out good. the political landscape, the incumbent president leaves with a smile and the federal reserve

has ground cover for tightening in december. we wait until 8:30 eastern tomorrow to see. i will be there and joe kernan will probably see it the way i do. >> are you saying it is rigged? >> i'm not saying it is rigged. i'm just saying that whatever power that be is up there will give us a strong number tomorrow. >> it's rigged in a cause mological pr kind of way splmpt dw what do you think about the markets? i think if the s&p closes down for eighth straight day it will be the first time we have seen that since 2008. >> it's like a little bit at a time. concern about the election and so forth. we think this sets up for a nice rally here. we are oversold. we get a relief bounce, short rally around the election. i don't think we take out july's high by any means but we are seeing nervousness. we want to buy this dip. we want to rally next week after a clinton victory is what we believe. >> what do you make of kind of

the odd rhythms within the market here. you have pretty much flat major indexes. the transports are up. then you have the volatility index, the vix. surged above 21 right now. seems like heavy demand for down side hedges. is that all we are looking at here? >> if you look at everything that we have on our plate in front of us, elections, interest rates, earnings season, into the fourth quarter, people are looking fordward to 2017. i think that causes this confusion here. i do think that there is a little more room to the down side in this market. when we cut rates the market was very choppy december, january, february. those come to buying opportunities. i don't think investors should fear the market but will be very patient. >> i guess there are two ways we can read this of this potential eight-day losing streak. one is to say that is what

happened when we were heading into the worse. the other is the fundamentals are completely different. this might have political overtones so it is a great buying opportunity. >> this is unchartered waters. you can compare this to 2008. the economy was different. the world was different. the markets were completely different. so heading into this election i think investors are still really trying to get a better feel of who is going to get into office and what those first 100 days will look like. >> just specifically where would you be emphasizing right now. you saw questioning about the trade in favor of cyclical stocks. transports up today. what looks like it might be attractive here. >> we think growth will be the leader despite getting defanged with facebook. we like xlk by a basket of fangs and apple. we think value will be hit hard next year with a clinton administration. really hard with pharmaceutical

companies. you see the value funds not looking so strong because those companies are not going to get the margin. we think we will see rotation from value and to growth. it's not where the puck is but where the puck is going. we want to go where growth is. >> already looking past next tuesday. thank you all for being here. the justice department reportedly on the verge of bringing charges against generic drug makers. big moves in the stocks. >> this news coming at a time when things couldn't be worse in terms of sentiment for the drug industry. this report really hitting the stocks a lot of these generic companies saying that collusion charges could be brought against these companies as soon as before the end of the year. charges that the companies work together talked with each other behind the scenes to raise prices of generic drugs in particular antibiotic discussed.

you are seeing all down big on this. teva more than 10%. that is a shockingly large amount for a very big company. folks are telling me they think the moves are probably overreactions. they are signs that the sentiment and the space is just awful especially heading into the election. any sort of nervousness around pricing is especially bad. this idea of collusion is particularly onerous for the government not just companies buying drugs and raising prices but working together to raise prices weighing. >> it is interesting how much variation we are seeing. is there anything to glean from that? >> i have been trying to dig into that what would indicate why it is falling so much. there has been negative sentiment around specialty pharmaceutical companies in general. it could just be that sentiment

is particularly bad. one person noted that the stock has come back a little bit from where it had gone although not completely showing that people are sort of reading through the headlines and figuring out how bad this would be and maybe that the market sort of overreacted. >> it is not as if the stocks have been flying high and people didn't think there was policy risk in them. it seems as if the generic drug sector used to say we were part of the solution and not part of the problem. this seems to change that psychology a little bit. >> that's right. mylan made the argument around the talk about the epipen rising in price. saved the system lots of money. generic drugs have been focussed on a lot in the whole debate because it was generic drugs that were acquired and prices raised so much. and so bernie sanders who has been making quite a lot of headlines with tweets on more innovative companies has been

looking into generic drugs makers and how those costs have been rising overtime. we have seen so much consolidation. allergan sold their business to teva. people getting worried about how much that means prices are rising. >> how much she talked about it being the system and not just us. thanks for joining us. >> thank you. >> we have about 45 minutes to go. dow is down 6 points. ritzer not the size of the decline but the fact that they are continuing to fall. nasdaq is down 37. >> coming up, we get the latest developments on the fbi's probe into the clinton foundation. >> starbucks, cbs and go pro expecting results. you are watching cnbc, first in business world wide.

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checking on a couple of moovs. whole foods is up about a

quarter a percent. shares slightly higher and the elimination of co-ceo structure. co-founder is resuming job as sole ceo. whole foods is facing stiff competition from the likes of kroger and wal-mart and payoff from increasing diskouts and new 365 chain remains to be seen. rob says the board thought it was time for a more stream lined structure. target says its grocery chief will leave the company on november 18. she was hired in april of last year to breathe new life into the grocery business which produces about $18.5 billion in annual sales at target. target's chief merchandising officer is resuming duties. target shares down 2%. >> it's a tough space. whole foods was up above $30 a share earlier. there was enthusiasm but seems the fundamentals of grocery are

pulling everybody back down to urg. >> sprouts trading lower. deflationary category right now. >> there is no escaping it. >> a lot of investors like to see the co-ceo structure get away at whole foods but probably wants to see more operational changes. wells fargo disclosing securities and exchange commission investigation new ceo tim sloane speaks at a banking conference. put it all in context for us. >> wells revealed in a filing that the sec is also investigating the company relating to the sales practice issues adding to list of existing investigators and admitting that it is something they have thus far escaped. the company increased provisions from $1 billion to $1.7 billion. analyst saying this implies

wells thinks worst case scenario is much higher but doesn't mean it will incur another $6 million in charges. the filing said negative publicitity can impact the ability to keep and attract customers. the company disclosed that customer initiated consumer checking account closures rose in september but said they are prepared for things to get worse before they improve since september doesn't include a full month since the news of the scandal broke. they will provide monthly updates. ceo tim sloane confirmed the company is reviewing sales practices across the entire company but emphasized it is not abandoning in full just that employer awards tilted towards customer experience. the new head of the community bank gave her first public appearance which was composed

yet unremarkable. shares today up around about half. >> it seems like the take away is the scrutiny is not going to go away. wells fargo in raising litigation concerns you have to think there are tactics involved in how much they are willing to raise those. >> i think it's a sort of chicken and egg thing. they want to get ahead of it but don't want to encourage the authorities to go after it. in terms of the new management taking over, have they made improvements? i like the increased transparency. have they used this factor of new management to go way beyond and draw a line? >> when are they going back to the hill? >> we don't have a date yet. we think they are enjoying a political lull at the moment. most lawmakers aren't up there on the hill. on that note we did get another letter from senator warren today. it was a bit of niche layer.

it just highlights the political pressures are ongoing just not facing it fully at the moment. >> will tim sloane be appearing when they go to the hill? >> they haven't made a request yet. >> that will be interesting to see how he is able to handle that after what happened. >> the questions will be very similar in his ability to try to change the argument will be difficult. >> thanks, will. >> appreciate it. >> meanwhile with under 40 minutes left before the bell indexes sitting on modest losses. nasdaq under performing again today. facebook weighing on it. >> we will tell you what analysts are looking for from strb and cbs earnings. >> with just five days to go before the election we will get the latest developments into the probe into clinton foundation. . i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan.

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we're back. take a look at fit bit. that stock tumbling. the firms downgrading the stock to neutral and cutting the price target to $10 a share, $10 above where it is trading. the wearable fitness tracking device maker -- >> such a brutal session there for fit bit. with reports of the fbi probing the clinton foundation eamon javers has been looking into the enormous political pressure on the fbi just days before the election. what have you learned?

>> an astonishing moment for the fbi. exactly the spot that they diplomat want to be in a few days before a national election. it gives you a sense of the enormous pressure that the fbi is under and the fact that a lot of people now are talking in public about things that normally would never be talked in public about. the "new york times" had a headline saying investigating donald trump, fbi sees no clear link to russia. wall street journal saying secret recordings fuelled an fbi feud internally in the clinton probe. fox reporting last night based on their own sourcing that a probe of clinton foundation is likely to yield inindictments. we don't have reporting to necessarily back up or substaniate any of that. i mention that to show that apparently people are talking in a way that fbi agents and officials typically don't talk in public and that's a symptom

of the political pressure they are under. i talked to eric o'neil, a legendary former fbi operative who is essential in bringing down the russian spy robert hanson. he said there can always be squabaled inside the family but the dirtily laundry is rarely outside the fbi. that is why this is so unusual. you talk to people and they look for historical parallel to what is happening now to the fbi they go back to the nixon era. that was another era when you saw leaks being used at a presidential level to try to influence events. that is the kind of level of tension that people are describing right now. >> thank you. eamon javers from washington with only a few days left until voters head to the polls we want to know how the revelations will impact the election and the markets. >> joining us now is managing director and head of political analysis. thanks for being with us.

>> thanks for having me. >> the market has obviously in the last couple of days become very susceptible to perceived change in what the election outcome is going to be after a while it was considering it a foregone conclusion. has anything that happened this week changed your general view of the probability for the general election? >> certainly mrs. clinton's chances have gone down but we have her as a strong favorite to win the election. the advantages for a democratic candidate are many. we have mrs. clinton generally has run a good campaign and she has a lot of advantages over mr. trump not only with perceptions among the electorate but also in what she was hammering over the last month which was presidential qualifications and temperament. we see her as very likely to win. >> that said, there is more speculation about how much further investigations there will have to be, the indictment word has been mentioned

obviously. is any of this something you can boil down for investors? >> one is that investors are worried about the potentials for trump presidency and what that might mean. i frankly think a lot of that is overblown because mr. trump should he become president will end up having to work with a republican congress to achieve anything. what you are doing is empowering speaker ryan. the investigations have the potential to throw a spanner in the works on what ought to be bipartisan cooperation to inject new life into the economy and fix the affordable care act. but if the investigations actually yield something all that may be off. so there is a lot of concern. thirdly, you have a situation where the possibility of a democratic majority senate means

that senate progressives led by senator sanders and warren will be picking a lot of clinton regulators which will have incremental negatives across many different sectors. >> it seems i'm sure you get talking to clients that there are questions on what it might mean for monetary policy and what does it mean for infrastructure spending. maybe it has come in a little bit. what are you saying is the baseline assumption for monetary and fiscal policy? >> i think it is far too early to assess the effect of a trump presidency on the federal reserve. you've got chair yellen will be there until 2018 and president trump would have to consult closely with congress on nominations. the senate gets to confirm these folks.

just as chair yellen's candidacy was supported by senator warren and senate progressives, a trump nomination of a governor or a chair eventually would have to be supported by congress. so congress really has the whip hand on that. on infrastructure we have long thought infrastructure spending would increase. in order to accomplish that you will have to get a package that includes corporate tax reductions and also includes repatriotuation and that would be used to fund some of that infrastructure. without that infrastructure spends will be harder and that is the kind of thing that is in peril by the potential for the investigations turning into something real. >> real quick before you go. the other analysts raised the idea of a gop sweep which means what we are seeing already plus a trump victory. the dynamics you discussed between him and congress and the

tension between him and a paul ryan suggest this would be a very different kind of outcome than, for example, when president obama in 2008 had his democratic majority in terms of pushing major initiatives. is that right? >> generally, yes. we have always thought that a trump presidency leads to larger republican gains in congress. so what that does really is empowers speaker ryan and majority leader mcconnell to co-create the agenda, if you will. a lot of the same things happen, i think. we have tax reduction down in the 20% range which is ryan's plan. we have increased infrastructure spend i think. a lot of those things would happen in a trump presidency. >> thank you very much as we get into the home stretch. >> and tune into cnbc for special election night coverage tuesday and going as long as it needs to go. this year will be leveraging the massive news gathering foot print of cnbc and vast resources

of nbc family. we have close to 100 sources of live news and reporters stationed across the country in battleground states. >> as long as it needs to go. >> how long did it go? >> around midnight. ten innings. let's send it to sue herera with a news update. >> here is what is happening. fierce fighting between iraqi forces and isis militants in villages in northern iraq. that fighting centered around mosul. takata is preparing for possible bankruptcy protection filing in the u.s. the japanese news agency service reporting that earlier today. the move could help the company find a financial backer to ensure parts supplying operations remain ongoing. seminole county sheriff's deputies were training on a driving track when they noticed

that single engine airplane flying pretty low. instructors cleared the track for an emergency landing which you just saw. the plane landed. the plane did sustain significant damage but luckily nobody was hurt including the pilot who walked away. russian president vladimir putin awarding citizenship to steven segal. that is the news update at this hour. back to you guys. >> there's a home for everybody. >> apparently so. see you next hour. less than a half hour to go before the bell. we have the dow, s&p and nasdaq on slight losses. deepening a little bit below the 2090 mark that people are watching. when we come back a leading trader will tell us what he is watching. >> we are gearing up with the

storm. facebook, cbs, go pro. we have las vegas sands on deck. we'll tell you what analysts are expecting and analyze results as soon as they hit the tape. stay with us. it's your grandpappy's hammer and he would have wanted you to have it. it meant a lot to him... yes, ge makes powerful machines. but i'll be writing the code that will allow those machines to share information with each other. i'll be changing the way the world works. (interrupting) you can't pick it up, can you? go ahead. he can't lift the hammer. it's okay though! you're going to change the world. now that fedex has helped us we could focus on bigger issues, like our passive aggressive environment. we're not passive aggressive. hey, hey, hey, there are no bad suggestions here... no matter how lame they are. well said, ann. i've always admired how you just say what's in your head, without thinking. very brave. good point ted. you're living proof that looks aren't everything. thank you. welcome. so, fedex helped simplify our e-commerce business and this is not a passive aggressive environment.

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less than a half hour to go. major averages down to session lows sagging once again. another weak afternoon. eighth day in a row working on down days in the s&p 500. do you think -- is it aggressive selling? is it people stepping back? >> people getting out of position at the end of the day. you can get into position in the morning. you don't want to hold anything going home at night. we are seeing all across. the oil is down. i would have felt the market would have been lower. gold rallied to its resistance level. some of those are signs that the market will be weak. i expect it to be weaker. >> the volatility index, the vix. that reflects demand. put options and stuff like vix futures are in play. that is really showing an upside move. what is your interpretation of why that is so anxious?

>> i think people are nervous. if the gop takes control of all seats or all sessions of government i think we could see a bigger move lower. that is a huge surprise. no one likes uncertainty. that is what the vix is showing us by being up 53%. that is a monster move. >> everybody looking for oversold extremes. we'll see if it gets there. thanks a lot. >> thank you guys. 20 minutes to go here, keeping a close eye on the sell off especially the street. s&p down ten points. first since 2008. nasdaq down 45 also heading for similar stretch. the dow is down 35. and baseball season is now over after the chicago cubs world series win last night. it doesn't matter much to the majority of l.a. dodgers fans who have been unable to watch their own team on tv. the justice department says the blackout may be because of collusion led by directv. that story is next.

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to keep the los angeles dodgers cable channel off paid tv. time warner has been on the hook since it paid more than $8 billion back in 2013. >> claims directv before it was acquired by at&t colluded with at&t, cox and charter to unite in opposition against the deal with time warner cable to carry that channel. for more on what this could mean for the merger if anything let's bring in former adviser who worked in the at&t media one merger. so thanks for being here. a lot of players involved. kind of relationships we have to sort out here. what is your initial take on this lawsuit and what it might mean for the industry if anything? >> thanks for having me on today. this lawsuit really points out some long standing problems we have seen with carriage agreements. these agreements are fiercely

negotiated. they're often the source of great lawsuits. rarely does the department of justice jump into these kinds of disputes. several small independent carriers have come forth in the past to point out problems with these provisions in these agreements that they point out are unfair. we saw that during the charter time warner cable merger. the lead lawyer of the fcc at that time. he has seen these things come down before. if there was concerted effort or action on the part asologed the justice department does have a way to cure it. they can compel. there is a declaratory judgment that is under review. at the end of the day this is all about the high cost of sports network programming and whether this will be passed on to either consumers or whether

they absorb that on their own. >> here is the quote from the company. they say the reason why no other major tv provider wanted to -- for a channel devoted to l.a. dodgers baseball. >> i grew up in los angeles. i feel for the fans there in los angeles but the fact of the matter is that it is a small minority of viewers who are willing to pay for this content and yet the vast majority of cable subscribers have to pay. it's a give and take. i think here is the problem i have with this is that this should be the subject of private negotiation, private litigation. i'm very troubled by the fact that the justice department has chosen to weigh in on this. we have seen these disputes come back before. we have seen the yankees situation and a number of others resolved in blackouts. if the justice department is going to jump into this kind of dispute it sets a very dangerous

precedent. i would rather see the parties figure it out in private litigation and take it from there as opposed to having governmental intervention. i think it bodes ominously for the future in terms of governmental intervention and regulation and these kinds of private disputes. >> how does it bode if at all for the pending at&t time warner deal. it doesn't really explain at&t's distribution but if you have this posture of the justice department feeling as if they want to impose themselves in this world does it mean the hurdles are higher for this deal to get done? >> good question. this action is independent of the justice department's review of the merger but keep in mind you have the same group of lawyers in the justice department who brought this litigation who will be reviewing essentially reviewing the at&t proposed merger. so it's not related.

it's not directly linked. you have the same set of reviewers looking at that. i would hope that in the course of the review that the department of justice would look at perhaps curing some of the intrinsic problems with carriage agreements rather than seeking to compel some kind of specific performance. if we have to look at it look at it from an industry wide perspective rather than specific issue with at&t who just inherited issues from directv. >> time warner stock continues to trade well below that deal. thank you very much for your thoughts. >> thank you. >> and we have about 14 minutes into the close. markets continue to move lower. dow down 40 points. the s&p is down 11. the dow is masking what we are seeing because it is about a quarter percent decline but more than half percent. the nasdaq is down nearly 1% shedding 48 points to 5057.

a look at what to expect from starbucks and cbs after the bell when the earnings are released. i just wanted to thank your support team for walking me through my first options trade. we only do it for everyone gary. well, i feel pretty smart. well, we're all about educating people on options strategies. well, don't worry, i won't let this accomplishment go to my head. i'm still the same old gary. wait, you forgot your french dictionary. oh, mucho gracias. get help on options trading with thinkorswim, only at td ameritrade.

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art cashin said there are factors into the tradeoff. >> trading heavy into the close. >> saw it yesterday, too. speaking of earnings we have a reporter standing by. we have lots of action coming up. susan lee is covering starbucks earnings. julia boorstin. >> green unity cups aside starbucks is looking to end two straight quarters of misses. the stock needs it right now as it trades at another 52-week low today. we are looking at comparable sales to come in at 4.9%. china is also going to be very important given that starbucks is making a big push into the market opening one starbucks every day for the next five years. the loyalty program tied to mobile ordering and payments. rewarding you for dollars you spend and not for the number of drinks that you buy. back to you. >> thanks.

and set us up for cbs. what are we looking for there? >> the most important thing to learn from cbs won't come from numbers but earnings call which would be insight into possible combination with via com. strong momentum for the second half of the year analysts project 3% revenue growth and 11% earnings growth to 98 cents per share while also looking for commentary from ceo on the impact of the election as well as nfl ratings. over to you. >> that's for sure. josh, what about go pro? >> kelly, investors are not expecting much from go pro. a loss of 35 cents on revenue of 319 million. that would be a drop of 20% on the top line. over the past month go pro down some 30% over worries that launch of new products aren't

going well. in october said google searches for go pro which he is using as a proxy for shipments were down 20% versus october 2014. the last time go pro had big product launch ahead of holidays. >> thanks very much. we'll be watching. in the last ten minutes starting to fall slowly. market trading at lows. we have brian nick down here to tell us how you are reading things roith now. what is this down trend about in. >> you have to look at the election as one of the main drivers. you look at the pattern of how things are trading and sectors. seems to indicate that the market is pricing in a bit more uncertainty around the election result. the mexican peso my favorite bell weather for what is happening up today. that uncertainty with the idea

that the polls are tightening. >> do you think this is a buying opportunity? why do you like the cyclicles here? >> the earnings season told us we kind of survived the big swoon in oil prices and the rise of the dollar. where is the growth going to come from? technology continues to be liked a lot. if we see interest rates resume upward rise financials will look good. it will be hit or miss in terms of volatility. volatility is not high. if we don't see big market moves solely due to u.s. election. >> we have jobs number tomorrow. is it just going to be overlooked this time? >> i think it will be watched as final confirmation for what the fed has planned. as long as you are in that

120,000 to $200,000 range it would be a green light for the fed. >> you think people should stay away from high dividend players? >> those are defensive place to hide when you are concerned about the market and concerned about what will happen with the economy. they benefitted a bit from risk off. i think long term you think rates will go up that will go away. if anything we would be in the lower dividend seconders. >> thanks so much. we have the closing count down when we come back. >> and reaction from our all-star panel. you watching cnbc, first in business world wide.

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and it keeps my investments fully mobile... even when i'm on the move. sign up at etrade.com and get up to six hundred dollars. three minutes until the bell. we are working on the eighth straight down day for the s&p 500. last time that happened was october 2008. bob pisani, it's not been tremendous magnitude of down side. it has been just a persistence of selling. >> and we are actually only 5% off historic highs. it was about 5% since the highs back in august. seems like a long time ago. i want to point out a couple of things. health care again today generic bombshell. we are not talking about

companies that are very specific drug producers. we are talking about generics, a potential investigation that just tanked the s&p 500. the whole sector just kind of dropped in the middle of the day. i want to put up the health care sector. and that was a real negative influence on the overall markets. it's sort of creating negative impression of what is going on. there is the health care one. you can see where it dropped to the down side. the other thing kw want to point out is retail which has been acting like death. october was terrible for these guys. the last five or six days we have seen retailers moving to the down side. we had decent numbers from coach. kate spade fair, steve madden guiding lower. there is the retail sector. >> the thesis that people are staying home and hunkered down. >> it's amazing how you can measure this. we don't know how to measure this. it is amazing how many analysts

now are saying the election is causing people to stay home. >> howard schultz did tell us that. they have earnings after the bell. >> a sense of what exactly is going on. these two groups health care and retail are a problem. the other one is oil. oil strangely seems to have decoupled from the markets a bit. we have oil down more than 10% in the last five or six trading sessions. yet the rest of the market is not down -- >> magnitude doesn't fit. >> there is something slightly off now. i think the election is causing tremendous amount of distraction on people's parts. i think we would have been down a lot more had we not had the election. >> the vix surging above 21 today is catching a lot of people's eye. >> and remember we have been 15 to 20 for a long time. the vix has been going up because the fed is causing

volatility. it is not just the election. >> bob pisani, thank you very much. appreciate it. as we head to the bell we have the big board. orb con ringing the bell. it's over to kelly. [ applause ] thank you. welcome to "closing bell." i'm kelly evans pretty significant day here on wall street. let's begin with closing levels. dow dropping 26 points today the best performer of the major three averages. 17,932 is the closing level. how about the s&p 500? dropping 9 points. as you can see this is now an eight-day losing streak. it is the first such since october of 2008 right as we were heading into the depths of the 2008 financial crisis.

the nasdaq dropping 47 points today a little shy of 1% drop. 5,058 well below recent highs. the dow returned to a huge set of earnings. susan lee is standing by to cover starbucks results. josh lipton getting ready for go pro. those are just some of the many reports we are expecting. thank you. we will see you in just a moment as the reports start to cross. back with us for the hour is michael santoli. also paul nicky. fast money trader steve grasso will join us here shortly once he is off the floor. mike, doesn't bode well to have a streak like this. >> it has been pretty oppressive. at first it seemed like just a little bit of nervousness, buyers stepping back. now people decide to hedge. this is not people saying get me out of the market. it is we don't know what is

going to come. then you have things like facebook. i think it scares people out of the big shocks. it's like why am i going to step in when it seems like it is such an extreme scenario? a lot of people have been looking for some opportunity to get these conditions to some kind of oversold extreme which could say we are due to a strong balance attempt. >> with lowest close since july 5 you can look at it as a chance to go back several months. >> you can say that. to what mike was saying we have been seeing news on earnings. average stock is down over half a percent. the beat rate is better than prior quarters. people are just selling. when you look at it there is this concern over the election but keep in mind, too, economic data has been showing slower momentum. we saw weak data in august. you saw improvement in

september. the october reports we have gotten show declining momentum. we have seen improvement in manufacturing. ism services, chicago pmi, adp employment, jobless claims and auto sales all showing declining momentum. there has been some concerns on that front. >> it is interesting because it goes back to fundamentals and raises the key question which is political election. are we supposed to take this like we usually do which is what is happening with the economy and all of that or is it simply people are a little freaked out because the election is starting to turn. >> the election started to seem a lot less predictable in the last couple of weeks. i also think there is muscle memory of what happened with brexit. they don't know if they should trust the probabilities. people bit up protection. we have the initial overconfident run in the market

the day of the vote and then the down side shock. it's very unlikely that we follow anything like the same path but it is right there in people's minds. i think that is keeping buyers on the sideline. >> welcome, steve. big sell orders on the bell. that contributed. why the melt down here in the afternoon? >> i heard what mike just said. i think you are going to have a lot -- paul, i heard what you said, as well. i think you have a lot of people shooting first and asking questions later. economic data you can rifle off a bunch of negative declining trend. everyone points to jobs and wants to point to positive about jobs. everyone will fight you on why jobs aren't so positive. >> when you look at the market you have the opec meeting. already lost the luster going into it. energy is fading off of that. fomc. everyone is sort of -- if you --

they are supposed to provide clarity. they provided nothing but and then be as clear as possible in doing so. i don't knock them but the truth is people lighting up. year end rally, why is there any reason to rally the market when you have fomc and elections staring you in the face? >> we have las vegas sands. >> a beat on the revenue. the revenue is coming in at 2.97 billion beating the estimates of 2.81 billion. the eps is 72 cents a share beating estimates by 12 cents. also some good news coming from the pr market is that they beat estimates and was in line with estimates on the sands. and the numbers are interesting

and important because the region saw an uptick in gambling revenues after being in the red for two years. analysts were watching that. at a result of the positive numbers a lot of analysts did expect sands to put up strong numbers and those earnings come one day after wynn resorts miss. good news for las vegas sands. the stock is up in line with all of that news about 3% and will get it back to you and wait for the conference call to start. >> thank you. three percentage jump after what we saw yesterday. so it's had a little turn here. >> initial reaction and we have seen this time and time again in this earnings season is companies pop early and sell off. let's just try and see what happens going on if it can withstand the strength. china's economy showing better numbers. it's justified but let's see what happens.

>> you chart, they all have the same identical charts. if you look at mgm that is this. they are more dependent on vegas. so you have las vegas up roughly 26 to 30%. you have mgm up 13%. >> i just want to draw everybody's attention to starbucks shares. just headline numbers. looks like a 56 cents bottom line number. it's also -- the key question are the comps. susan lee, what can you tell us? >> let's talk about starbucks. we are trying to confirm some same store sales. when it comes to earnings let's get toeps first adjusted at 56 cents a piece looking for 55 cents. revenue is coming in ahead of

estimates at 5.71 billion is what we got. 5.6 billion is what the market is looking for. we have guidance going forward and this might actually be a disappointment here. looks like nongap. they are putting in a range of 212 to 214. the market is looking for 216. that is below estimates. when it comes to global comps same store sales and we were discussing this looks like we are confirming that it looks like global comps at 4%. that is less than what the market was looking for. back to you. >> susan, thank you. starbucks shares up about 4.75%. starbucks president will be on tomorrow on squawk on the street. make sure you tune in for that. the global comps 4%. the america's comps was a miss relative to 4.9%. it was 5% related to 4.9.

6% in china better than expected. a lot of questions about the strength and weaknesses of the business. >> and i do think initial stock reaction says everything about how the stock has been. this traded in august of 2015. i think this has been a really terrible stock all year and we have relief that it was roughly on target. >> the whole street was waiting to hear. we spoke to the ceo about it. if you are looking for the global number it was four so that was a miss. the american number was a five. that was a little better than expected. the shares are still up nearly 5%. let's get to earnings from cbs which is just showing off. >> that's right. cbs reporting adjusted earnings per share of $1.15 versus estimates of 98 cents. it is up from 88 cents in the year ago period. revenue beating estimates coming in at 3.4 billion versus

expectations of 3.34 billion. ceo saying in the release that they are seeing advertising remain strong and accelerating as the new up front pricing kicks in and political spending is ramping up nicely. they say they have seen 32% in the quarter and growth of their all access and show time which are direct to consumer apps. be listening closer to see any guidance for the next year and whether they see recombination with via com. >> that is the big question talking about cbs and how it is doing it is also a matter of what happens if it were to do this. put it back together. >> and i do think investors have kind of slowly warmed to this idea got beaten down so much that it seemed like a less risky

proposition. many details in terms of structure, terms. i do think that is going to be the big news from the call. not bad to have good results. >> what do you think? >> if you look at a cycle where ad revenues should grow you would think this is the stellar moment for them. so i would think that the numbers should reflect a more positive view but as you guys started off the segment this is about putting humpty dumpty back together again. it is what the parts are going to be and what linear television and what ratings look like and what it looks like. >> and the political was coming from way worse until recently. maybe momentum there. i want to show what is happening with go pro which halted pending news. could be more we are going to hear from the company. it is halted right now. we will let you know when it starts moving again.

trilio earnings are out. >> it beat expectations for second quarter in a row. this is one of the hottest tech ipos. the numbers loss of 4 cents better than what was expected. they were expecting to lose ten cents a share. revenue higher than expected. $71.5 million versus $67.2 million. want to note to the q 4 revenue forecast is above what analysts were expecting. company says it will be between 72 and 74 million. i want to break out specific sector because twilio reports numbers based on two revenue there is variable and base revenue. base revenue is important because it is more of a reliable indicator. these are accounts that are basically subscriptions. they have contracts up to $64.1 million up from 56 million in

the second quarter. also want to mention active accounts. it rose to 34,457 accounts up from just under 31,000 as of the end of last quarter. it is a cloud based platform that connects apps to users phone numbers. we are seeing the stock lower by about 2% in the after hours more than that. it is important to keep in mind that this company has attracted a lot of short sellers ever since it hit that all-time high of nearly $70. it is trading down around $32 so the short sellers are still circling but it was another set of good earnings from twilio. we will continue to big into the numbers and will be on the conference call. >> and the ceo will break down results tomorrow. twilio has been shoved around in this market. >> i don't this can the stock is trading much on fundamentals

right now. it is all supply and demand especially the ones with big run ups. you saw the same thing with go pro. they run up and when the supply comes on the market they get crushed. >> this is not the time for twilio. if you cut out the middle months the stock is up 110% basically. >> take out the peak. >> if you add in the peak it is 380%. the short interest in this name is i think above 60%. >> that can be a good thing. it's just -- >> that's the point. all they have to do is maybe the time changes a little bit. there is lack of expiration. once that clears with a 65% short interest this thing could pop on very little good news. >> do you think it is the signal for more firms to keep putting themselves out there in. >> it is not a disaster story if you look at it through whatever prism. there are a lot of people who

bought these deals who do not want to be holding these deals. >> i don't think any ceo who is inclined not to go public like they prefer not to looks at that stock and says i'm in for that. if you don't want to do it just because you don't want to be slave to wall street short term expectations maybe you don't but i do think in specific industries that the market really loves like this one was of course they will come. >> it has been a rougher stretch of the market. thanks for joining us. be sure to catch much more coming up wat fast money crew. david stockman with his boldest call yet saying sell everything. he'll explain why he is so bearish at 5:00. coming up here starbucks and cbs shares are surging after reporting earnings. we will break down the results and find out whether you should be buying these stocks. could house speaker paul ryan's

job be in jeopardy if republicans hold on to house of representatives. we will hear later on "closing bell." you are watching cnbc, first in business world wide. surprise!!!!! we heard you got a job as a developer! its official, i work for ge!! what? wow... yeah! okay... guys, i'll be writing a new language for machines so planes, trains, even hospitals can work better. oh! sorry, i was trying to put it away... got it on the cake. so you're going to work on a train?

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for go pro. earnings are out. josh lipton has the numbers. >> go pro stock has been halted but the results are in. let's get those to you. loss of 60 cents. street was looking for loss of 35 cents. revenue 241 million. the expectation 319 million. it looks like nongap gross margins 40.6%. guidance 625 million plus or minus 25 million. the street was at 666 million. q 4 eps go pro says look for 30 cents. the street was at 44 cents. and trimming full year guidance trim that to 1.25 to 1.3 billion. spending into 2017 go pro saying expect to be profitable on adjusted basis. street looking for loss of 28 cents. a lot of questions for go pro on

this conference call. analysts want a lot more color about that all-important holiday quarter about the new product. remember go pro did halt shipments of that camera to amazon.com. it was a pricing dispute between the companies. you will hear questions about that and the drone where it seems to be limited availability issues, a lot of questions for ceo. that call starts at 5:00 p.m. eastern. we will be on it. >> thank you. just to reiterate those go pro shares are halted so i don't know if we should just expect they had this coming out or if it is just the magnitude of the miss that was the factor here. >> the company's discretion. you can say put a trading halt in on my stock. they wanted the news to be processed and were probably wary of volatility. it gets lumped in with fit bit in terms of business dynamics. >> it will reopen at 4:45. given the way it missed do you

see a similar thing happen? >> that would take it down to where it traded five or six months ago. >> and ambarella is moving lower by only 2 1/3%. >> seems like people are trying to sell go pro by proxy. it sentiment wise moves with it. >> i think with go pro they enter new models every two years but people aren't going to upgrade a camera like that as a cell phone. it is the same as with fit bit. people are more apt to do so because they use it every day. >> they can sort out supply issues if it is a problem for the holiday season. we'll keep an eye on those in the next half an hour. starbucks issuing a dividend

hike. >> here is why the shares are moving in after hours. we had an earnings beat. they are going to give back. approving 25% increase in dichbds so gaining 25 cents per share. i want to break it up for you. as you know it is integral to the starbucks quarter. we saw a beat. the likes of yum and mcdonald's reported problems in china with their sales. there is a boycott against multination multinationals. naut case for starbucks. >> 3.5% gain for the moment. joining us for more reaction what do you think of the numbers? >> i think this is a relief rally. i'm not that impressed. i think that if you look at last

quarter this is four consecutive quarters where they missed disappointed. and the dividend doesn't do much for me sitting a little under 2%. i think that they did not hit the key metric which was same store sales in the u.s. which they needed to hit 5% and howard schultz pretty much made that a priority. to see that even 4% which was disappointing was driven almost entirely by pricing rather than traffic not very concerning but i do not see much support i think going into tomorrow. >> after the year that the stock has had so far and as you mention kind of multiple disappointments out there, what are we going to start to infer about the business and what the cause is? is it about a macro story? are they hit ag wall in terms of

what they can do in regard to comps? >> i think that is a good question. i think it is a balance between comps and earnings. and right now it's looking like they are turning into a more mature company and they -- to set the expectations so that really they lend us the credibility, that trust that they would hit 5% in the u.s. they didn't hit that. it is a macro bet. it is about china. i don't know if those china numbers were as strong as they need to be in order to actually contribute. i think they are hitting a penetration point. it doesn't seem to be that convincing. the multiple has contracted from like 35 times to 23 times. >> let me just ask you because we have to go. the comps that you are talking about, the headline numbers i saw were 5% comp sales in the americas, 4% in the u.s.

that 4% is what you are saying is the key issue. thanks for joining us. >> thank you. >> we want to get to seema mody for an earnings alert. what is moving? >> we have our eye on shares of fireeye moving sharply higher after the company reported better than expected earnings. wall street was looking for a lauz of 31 cents. revenue topping expectations helped by stronger demand for its cloud-based products. shares up higher by around 15%. keep in mind this stock has been under tremendous pressure down about 50% in 2016 as it experienced heightened competition. the stock lost about 17% after reporting disappointing earnings in the last quarter. this is a welcome surprise for the bulls. back to you. >> thank you.

do we call it a comeback? >> it's the start of one, i guess. that magnitude people leaning against it hard for sure. >> 15% move on a lesser than expected loss. cbs shares higher after reporting earnings. we will speak to an analyst with a buy rating on the stock. nfl television ratings plunged this year. why aren't many fans tuning in. curt menefee gives us his thoughts coming up on "closing bell." sage for americans eligible for medicare. the annual enrollment period is now open. now is the time to find the coverage that's right for you ... at the right price. the way to do that is to explore your options. you can spend hours doing that yourself ... or you can call healthmarkets ... and let us do the legwork for you - with no cost or obligation. we'll search a variety of plans from nationally recognized companies to find the coverage that's the best fit for you ... at a price that fits your budget. and we'll do it at no charge to you.

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shares of cbs up higher by 2%. the company reporting results better than expected thmpt conference call is just about underway. joining us is james dix. >> certainly cbs has roughly half revenue from advertisinadv you want to hear from them about the health of the ad market. the tv station level, the tv all the way up to the tv network level and the digital level. certainly we want to hear a little bit about all the deals happening in the media space potentially between them and via com. >> do you think the shares are discounting a merger or if that were news do you think they would fall? >> no. i think there is plenty of merger synergies they can get from doing a deal so i think in particular depending on how they structure that type of deal in

terms of the exchange ratio assuming was a stock deal that should be a positive catalyst. >> what about tv advertising? some big events this year and what happens especially with the way that ratings are going? >> yes, i mean cbs has won the season 13 of the past 14 years among broadcast networks. they should be in a pretty good position based on how they sold advertising in the up front. we heard a little bit of color from fox about how nfl ratings in particular on the sunday games are holding up, maybe more than what people might think from reading the press. cbs has the other sunday package. >> we'll let you get to it. thanks for joining us. >> james dix. let's get more on go pro whose shares are halted for another 15 minutes still. >> another go pro metric here for q 3. go pro saying units shift clock in at about 1 million units just

shy of estimates. at least the numbers i was seeing also looking for q 3 shipments at about 1.1 million units. just missing on that met rrk. go pro halted should begin trading in about 15 minutes. >> this just adds to the trifecta of weak news out of the company this afternoon. >> i think even from day one there was suspicion that this was going to be really just a fad product or a niche product. it got pricing with something more. i think the big question is sustainability as an independent company. >> it is going to break into markets. paul is trying to do that with drones and different things. if they are having supply issues and a spat with amazon and they resolve that does the picture brighten? >> it is a one product company. after you have one are you going to keep buying the new one every time it comes out? how many people need the drone? >> i remember when tvo came public as a separate company and

i think the bears said tivo the verb will outlive the company. i wonder the same with go pro. >> you don't hear much about that anymore. that was investment thesis that it would become a media company. >> dvr got adopted quickly. let's get to sue herera. >> here is what is happening. the department of education hitting penn state with a record $2.4 million fine for violating the cleary act. that is a law that requires colleges to report campus crimes it was a result of a five-year investigation into how penn state handled complaints about jerry sandusky before he was charged with child molestation. donald trump continuing to campaign in florida. he promised voters in jacksonville that supporting him means real change. president obama campaigning for hillary clinton in miami. he managed to congratulate the

chicago cubs for winning the world series for the first time since 1908. >> the last time the cubs had won thomas edison was alive and they hadn't invented sliced bread yet. so you know the expression the greatest thing since sliced bread, this is actually for cubs fans the greatest thing since sliced bread. i want to congratulate the chicago cubs for an amazing season. >> that puts it in context. that is the cnbc news update this hour. back to you, kelly. >> been a long time. >> the drought is over. >> thank you, sue. go pro is set to reopen in just a couple of minutes. we have it all covered coming up. speaker paul ryan's job could be in jeopardy even if republicans retain control of the house. we hear on whether the speakership will be challenged. every great start-up begins with a simple idea.

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welcome back. a look at how we finish on wall street which is part of a worrisome picture playing out. the s&p is on the top because it dropped nine points making a losing streak since the first

time since 2008. the dow down 28. the nasdaq down 47 and the nasdaq is also on an eight-day skid. let's get a check on movers after hours. we have earnings reports and reactions to that with starbucks, las vegas sands. fireeye up 13% and twilio down about 3.5%. and we have more earnings yet. let's send it to seema mody. >> another one to add to the list. weight watchers moving higher after reporting earnings that beat expectations by 8 cents. top line numbers slightly missed expectations. the company is raising the 2016 earnings guidance to $1.05. in the third quarter subscribers up 10%. the company saying we have seen a great response to our fall campaign and in the third quarter achieved our highest year over year percentage growth in recruitment so far this year.

shares are up about 3% but still down year to date. if we switch focus to fossil the company beating on earnings but missing on revenue. comps down 3%. revenue coming in at $738 million slightly missing expectations. weak earnings guidance seems to be getting a lot of attention. looking at shares of fossil down about 8%. it will be interesting to see what fossil has to say about the wearables market given its shift into wearables and focus on the traditional watch market as well given the disappointing results from fit bit and the challenges that apple faced with its watch, as well. >> thank you, seema. fossil down 8%. the house freedom caucus is meeting this week and the future of house speaker paul ryan was reportedly one of the top issues. john harwood just sat down. he was focussed on other things. >> he was. look, if you take a look at prediction markets you will see

that hillary clinton's favored to win the presidency. and republicans are favored to keep control of the house but there is still uncertainty about the fate even if they do keep control if paul ryan is the speaker of the house. donald trump called paul ryan weak and ineffective after ryan kept his distance. mike pence told national review he would not commit to another term for paul ryan in the speakership. when i sat down here in ohio with jim jordan to ask him as chair of the freedom caucus whether ryan should remain speaker -- >> i'm just saying paul ryan is a good man. he is a friend. we are focussed on getting donald trump elected and being the next president of the united states. there is time to deal with who is in leadership, what the rules are, what we are going to focus

on in the lame duck. >> many in business are looking to the lame duck session and hoping the trans pacific partnership. >> i think it was a bad structure for how we deal with tpp. we better not bring up tpp in the lame duck session after what we have been through. >> paul ryan was for it. >> i voted against it. >> you are with trump on that, not ryan and you think it you will fight paul ryan if he tries to bring up the tpp. >> he says he is not going to bring it up. >> i think they said they are not going to bring it up. >> you would fight it if they do? >> heck, yeah. >> a lot of uncertainty. we have to see what the outcome of all three major elections is

and what the margin of victory or defeat is for either side but tpp is something that is hanging by a thread and certainly the freedom caucus will do everything they can to stop it. >> interesting you are not using that expression yet for paul ryan's ability to maintain house speakership if we assume that republicans have the option. so it was interesting to hear that all being walked back after rumors earlier this week. >> well, i don't think it was walked back. i think what we are seeing is that they are not willing to take a stand until they see what happens in the house elections. republicans right now have 247 seats. they will have fewer than that for sure after november 8. don't know how many fewer. paul ryan needs 218 on the house floor to be the speaker. the freedom caucus has the power to prevent him from getting 218

if they choose to. then the question will be does paul ryan want to try and push them and make whatever compromises he would have to make to do that or does he want to say this is too difficult to deal with and i might want to run for president myself in 2020. >> looking ahead to that one. thanks, john. john harwood joining us. be sure to tune in for our special election night coverage betwe . close to 100 sources of live news that night and reporters stationed all across the country in battle ground states. it begins at 7:00 p.m. on election night. the chicago cubs clinching the world series championship title last night. what about the cleveland indians? curt menefee joins us with the impact greatest moments had on the losing team. you are watching cnbc. first in business worldwide. .

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welcome back. let's check on shares of go pro. updated information on shipments into the holiday season. shares down about 20% right now. it's been 25% they have been halted. we'll continue to keep an eye on this one. kind of echoing what we saw perhaps over the last 24 hours

with fit bit. >> absolutely. it should stabilize. it seems like it is not a matter of -- it is game over here but how does the fourth quarter look potentially with inventories. >> i think a name like this is just a slow bleed lower for the company. it's been -- it hasn't been a stock to own for several months and not a stock to own for several months going forward. >> it is sliding lower too down from about 2.5%. a big decline for shares of go pro. the wait is over for the chicago cubs winning the world series against the cleveland indians and breaking the 108 year drought without a championship. for every winner there is a loser. this time it is the indians who have to wait to try to break the 68-year drought. the losing side of sports is the focus of our next guest's book called losing isn't everything. it examines athletes part of infamous losses. curt menefee is author of the

book. thank you for joining us. >> thank you for having me. >> unfortunately, great timing because of what has just happened. we often ask people what is your biggest money mistake. what did you find from these people with big losses as you were reporting on them? >> i have always thought that sports is applicable to life. it's applicable to business. it teaches you about teamwork, how to try to achieve a common goal together, how to handle success and failure. every day will not go well. you just did the go pro story. there will be days like this. how do you bounce back? that is what i learned from these athletes. i dealt with people in major sporting events and how it has affected them and their family and how they try to bounce back and get the lessons out of that that could apply to all of us. there are days we all need to find a different way to go about

it. >> it's like a huge buzz phrase resiliency with child rearing you have to have the adversity to kind of strengthen yourself past that. what are the particular elements? you hear about the best athletes leave aside the result and looking at the process. >> the first thing is the process. i think pete carroll talks about losing the super bowl with seattle to new england a couple of years ago. i have a pitcher in the '86 red sox team talking about it. two guys who didn't deal with this. they buried it and said i am going to put it away and pretend it never happened. here we are 30 years later he just started going to therapy in 2013 because his wife said we are going to get a divorce because you are not the same man i married. he said he put up walls because he didn't know how to handle it mentally and emotionally.

pete carroll said in order to not have this negatively effect smie life we have to address this. we have to have a meeting and they had a meeting to discuss bit by bit, play by play why they made the decisions they made and realized sometimes you can do your best and not get the same results or the right results in your favor but if you did the process in the right way and you trust it then you continue to have success. >> did you find some people you tried to interview that just wouldn't talk to you? >> there were a couple. i don't want to name names. steve bartman was one. i reached out. could not have been nicer about it, he and his people. he just did not want to revisit it. he is a guy everybody is trying to get. probably 75% of the people i approached said yes. my approach was always not a rehash of you losing. i don't want to go back to the

game. i want to find out how it affected you. taking that approach they understood a lot of people right away there is something to this that can help other people not just why did you screw that up? >> what about the winning piece of the questions that people have too about look at the way the cubs managed to pull off what they have last night, the success of some of the management who was involved in that. is there a similar process that helps you come out on one side or the other? >> if the process is right, this is one thing pete carroll preaches and a couple of other people in the book, and i believe it, you're never going to be right all the time, you won't bat 1,000% and always win. but if you trust the process and believe in what you're doing, eventually it will come out more times than it won't. the people who had regrets, their regrets weren't about losing. their regrets were about not trusting themselves and doing what they believed in.

>> let me ask you about this in a different context that relates to your day job, which is about ratings for the nfl. we'll begin by listening to what tom brady had to say about that. >> i'm not sure. i don't know. you know, i feel like the product is great. guys are out there playing as hard as they ever played. i think maybe there's a lot of choices out there now. certainly i don't think the presidential election and all the coverage that gets probably draws some people away. we'll see. it's a long season, hopefully it keeps building. there's a lot of smart people at the nfl to figure that out. >> you're in the middle of the experience and trying to make out what to make of the figures. what's behind it all? >> it's a complex issue. secondly, you have the 18% number, that's for the monday night game. the numbers that are down are

the monday neeight, thursday night, sunday night. a lot of those have been uninteresting matchups, we'll say it that way. on sunday, when cbs and fox do the games, fox's numbers were down 1%. cbs is down single digits as well. people are still watching their hometown team. they're just not watching bad games from out of town teams. the election i think does have a lot of to do with it. if you look at the three years that the numbers have been down in the nfl this century, all three were election years. 2000, 2012, and this one. there are issues that the league has to address. the impact of the ratings, let's wait and see after the election. if it's still going on in late november, december, you'll look at the way the game is played. asks and perhaps analyzing whoever comes out on the losing end. thank you so much, curt. the book is "losing isn't

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welcome back. cbs ceo les moonves making some comments on the viacom call, leslie, what did he say? >> he addressed the possibility of recombining with viacom. >> as you know, our board has formed a special committee to work with us and explore this possibility. and we are still in the very early stages. so while the timetable and outcome are unclear, our strategy is not. if it looks right and it's structured properly, it could be

an attractive opportunity. if not, we are very excited about our prospects on our own. >> moonves also weighed in on at&t's acquisition of time warner, saying it shows just how valuable premium content is. he says cbs is must have for all the services that are out there and the ones in the works. >> thank you, julia boorstin, with the latest from the call there. we're minutes away from another slew of earnings call, we'll prep you for them, right after this.

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welcome back. we're moments away from earnings calls from starbucks and gopro. first we have to wish somebody a happy birthday. >> my birthday isn't for another 364 days. >> look, even your cats are joining the party. >> we wouldn't let them in the real party. thank you, i appreciate that. i've officially entered into a yet less favorable demographic. >> does that mean you could win more road races if you compete against your colleagues? i love that graphic, great job,

guys. some part thoughts here? >> starbucks is a good one. all these name brand stocks have had trouble, whether it's nike. i want to hear about their report. >> no one needs a good record better than hillary clinton, that will solidify her standing in the polls. >> that was a great pivot from cats and birthdays to the substance of the calls. "fast money" starts now. "fast money" starts right now. live from the nasdaq markets, overlooking new york city's times square, i'm melissa lee. tonight on "fast," that man right there, david stockman, says sell everything and sell it now. he's here with his boldest call yet. plus it's an earnings extravaganza, all on the move in the after hours session. starbucks up just slightly after its report, near its 52-week