tons of toys is all about, you know, we do the free wrap, hold free delivery for local people. so we go and beyond for the service. and i think that there's a really strong push and there's a grassroots movement for shop small, and when it's picked up by an organization like am exit becomes, you know, just ma much stronger. definitely people are getting behind it. >> you said it, david. $16 billion spent last year by more than 95 million customers across the country so, small retailers like this one hoping for big numbers again this year. back over the you. >> thank you, kate. that does it for us on "squawk on the street." let's send it over the "squawk alley." >> thank you, david. good morning. it is 8:00 a.m. at amazon headquarters in seattle, washington, 11:00 a.m. here on wall street, and "squawk alley" is live. ♪

welcome to "squawk alley." i'm jon fortt. with me, sara eisen and melissa lee. karla and kayla have the morning off. welcome. to our top story this black friday, the trump rally rolling on this morning, the dow, s&p 500, and small cap russell 2000 hitting highs, the averages set for their third straight week of gains. just up fractionally, but we're in record territory so they continue to push higher. not all sectors have joined equally in the rally, but still impressive. and perhaps a good sign that as the shopping season kicks off they're continuing to at least make new highs. >> within today's market action, it's interesting that the utilities are doing very well in today's session, and it's really

the standout in terms of leadership. you have to wonder, well, why is that, why are people feeling the need to go for safety the day before this weekend. granted it's light volume. we're also seeing interestingly in germany, the two-year yield on the bund is at its record low. minus 0.76%. so also a bid for safety overseas. >> it's an interesting timing for that because it's happening when our treasury yields are going the other way. we're seeing this highest ten-year yield back in 2015. we saw that on wednesday. even higher for the two-year and the five-year going up to multiyear highs. a lot has changed since the election. if you add it all up, we're looking at our third straight week of gains for the averages, the dow up more than a percent. the russell 2000, the small caps, is where the strength is right now, more than 2% for the week. it is interesting to see some of the losing sectors gain steam today. not a huge gain but perhaps maybe some turnaround on the

trades that we have been seeing, the financials are at the bottom of the list. they've been the leader in this rally. >> we're about ten days away from that crucial vote in italy. any ripples that you're seeing ahead of that or are we all focused on black friday? >> it's interesting that the economist magazine came out and told the italians to vote no in research referendum, which was considered a big risk factor for the markets and for the economy. there's a lot still that needs to be understand about what that would mean, would the prime minister step down and he's threatened to do. we're watching that. wednesday a there's a big opec meeting where there's continuing discussion about whether they'll cut production. we have an ecb meeting november 13th and 14th where there's a certainty they'll raise rates according to the market. >> not just the markets, retail has been on fire in recent days leading up to today, black friday, and while some stores may have opened last night, a lot of big box retailers are expecting the bulk of shopper traffic today. let's head out to dayton, ohio

weather our courtney reagan who has the latest. courtney? >> hi. good morning to you, john. well, while thanksgiving day is really a precursor, now these days to black friday it's actually still an an tier to what we see today. in fact, deloitte expects nearly 8 in 10 americans to shop at some point today either on store, in line, or a combination of the two. traffic is mix sod far. analysts say it's light aert the mall, but mall managers say it's on par or stronger than last year in many parts of the country. traffic is one piece of the equation and sales, of course, are something else. the shoppers that we talk to are trying pretty hard to stick to their budgets. >> for my personal kids, it will be like $7 to $1,000 each. and then family about $50 each. >> i have four children so my budget's a little different, but you have to budget it. if you plan ahead, you don't have to put anything on a charge. we are frugal. >> no charging. >> no charging.

>> no charging. >> now in most cases retailers are offering identical deals in store and online, and so far all the online metrics are very bullish. thanksgiving day was target.com's best day ever. walmart says it's one of the best days of the year for its website. amson says items ordered today have already eclipsed last year and adobe expects online sales to hit $3 billion today. that will be the first time that we've seen those levels for black friday. now, budget conscious shoppers are going to be finding the best deals on tablets, tvs, pet care, and toys. in fact, the deals on tablets are about twice as good as what we saw last year with a 25% discount on average. adobe says the top-selling products online so far is the hp inspiron computer, nerf guns and drones. those are just some of them. we're seeing traffic begin to pick up at the mall. i think the big box stores got hit last night. everybody we talked to said they

kind of hit those first, some took a break, some have been out all night, and now the train is running down here with all the kids. >> we're hoping it doesn't turn into a blood sport at the malls. with more on the retail winners and losers this black friday, brian nagle with oppenheimer and oliver chen, retail analyst with fallon and company. welcome to both of you. brian, i'll start with you. i wonder how much does black friday matter anymore? i mean, it used to be that black friday was the day when the shopping season really started, then it kind of crept into thanksgiving. now all week, especially online, we've been seeing these tedeals get rolled out. how does it look to you? >> great question. i've been watching your programming all day. i have my team out looking at stores in various parts of the country. the easy answer is black friday is not what it used to be. stores are operating in different hours. we have online commerce, so consumers can shop online whenever they want.

a lot of these traditional black friday deals have been offered far long time. you know, the retailers put these out as early as three weeks ago. what i'm hearing about these reports of maybe some weak traffic in stores, that really doesn't mean much to me because, again, this black friday holiday has been spread out dramatically. >> oliver, what are the major factors you're watching to see how this season is going to shape up? is it cold weather? cold weather tends to be good for people getting into stores? sit something else? >> that's definitely a factor. weather is helpful. we really want cold weather just to get that snap for apparel. but we did call black friday couch friday just because we believe store traffic could be down as much as 3% to 4%. this is down on top of down negative 9% last year. the story here is online growing at 20%. store traffic slightly down. but don't forget, this is still a big american event. black friday's a social experience. and we notice lots of shoppers at victoria's secret, pink,

american eagle, target and walmart. these deals are fun, too, so shoppers are using their mobile phones but people are still out in the mauls, and it is a majority of revenues, physical stores. >> oliver, at what cost are these sales coming? look at walmart, for instance, a lot of other stores are going to a more third party seller model. walmart was offering $18,000 cartier watches and prada pumps in order to get people to their site. how many sales are they actually ringing up for themselves versus for third-party sellers? >> yeah. i think as the consumer brought-ins and as walmart really executes on the e-commerce and online and using third party, third party is a high margin way for them to do business, but the consumer's really leading the direction. we can't forget about amazon. amazon will be the number one apparel seller in 2017 so, retailers are really having to think hard about how to address the consumer and how to gain share. i think the bottom line is consumers are really looking for values so the offprice channel

as well as these door busters and promotions are key events. promotions are lightly higher than last year, and sara, apparel is a risk factor. just because it hasn't been cold. so we did this morning notice plenty of outer wear on sale as well. >> brian, i wanted ask you about walmart specifically, and its e-commerce strategy. the narrative is there. it sent $3.3 billion on jet.com, it's been aggressively trying to move on prices and bulk up the warehouses. are the results going to be there for walmart this holiday season? it is sort of outperforming on the dow right now. >> i don't follow walmart specifically. a follow a number of retailers, so i'll answer the question this way -- i look at retailers like a best buy, among others, that have done i think a great job of bringing online commerce into their traditional models and created what we now call the om omni channel business model. i'll highlight best buy, we're seeing companies that are traditional retailers doing a

much better job online. while amazon is still a very powerful force, like what oliver was saying, other retailers are doing a better job fighting back. >> we are recommending walmart. >> i meant it for you, oliver, because i was reading your note and i mistakenly put it to brian. yes, i know you like walmart and partly for this reason. go ahead, oliver. >> yeah. i think they're doing a great job in store. the clean, fast, and friendly model. we noticed really good service. they did a great job restocking times as well with less inventory as well, and we thought the electronics execution this morning as we observed it was a little bit sharper than target. at target we did like the toys, but we're recommending walmart's stock on the basis of inventory management on service, on the jet.com deal. don't forget we have a relatively good consumer situation with low unemployment and spending trends running favorably. so those are reasons why we like walmart and a great showing during this black friday season too. >> all right.

this is just the beginning of a very important season for this sector. brian oliver, thanks for joining us. >> thank you. >> thanks for having us. >> when we come back, new reports, the incoming trump administration is moving closer to a deal with carrier to keep manufacturing jobs at indiana that were slated for mexico. could bit a sign of more to come? the details are next. then crowdsourcing and your weekend travel plans. how one company is changing the way you plan a road trip. and later, hear what target ceo has to say about the company's push into e-commerce. ♪ there's a lot of places you never want to see "$7.95." [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be.

if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be. about tempur-pedic mattresses... is that they contour to your body. you just have to lay back in my tempur-pedic, and it just kind of forms to my body. it comes up to you, like hey, there you are... hey, there you are... ...i'm going to put you to sleep now. it keeps us comfortable and asleep at night. can i take a nap now. it's our biggest event of the year ...and a great time to buy a tempur-pedic, with our best prices on all tempur-pedic mattresses. save up to $600, now thru november 29th. get your tempur-pedic. the most highly recommended bed in america.

welcome back to "squawk alley." new developments in president-elect donald trump's efforts to keep ac manufacture rer carrier from shipping jobs south of the border. we're also watching new developments on potential cabinet picks and timing. our eamon javers is covering all of it for us this morning. >> we are told not to expect any major cabinet picks today. those will wait until at least monday, the trump team tells us. they're also saying they might have two staff level appointments today. those would be the lower level folks, not necessarily the big headline grabbers. one staff position that everyone is watching to see who's going to be behind the podium in the white house briefing room for donald trump, the speculation

has centered on sean spicer from the republican national committee but donald trump is certainly capable of making a surprise pick there. we're also told that mr. trump will be meeting with paul atkins on monday. that's one to watch as we sort of manage the future of dodd/frank in the financial industry. take a look at some background on paul atkins. we know he is meeting with trump on monday. he lead a transition team on financial regulation. he's a potential pick to lead the s.e.c. himself given that he is a former s.e.c. commissioner. he's expected deep skepticism over the year of large dollar fines for corporate wrongdoing. he's said in the past that those large fines simply punish the shareholders and they don't necessarily go after the people who actually did the wrongdoing. and paul atkins is somebody who is very skeptical about the value of financial regulations. so watch that meeting to see if atkins is the pick now that mary jo white is stepping down over at the s.e.c. to lead the s.e.c. or if atkins is there so simply give input on who he thinks

should get that position as well, sara. >> the meetings continue. thank you. we also want to bring your attention to a headline out of the financial times this morning related to trump's potential policies. apple in the line of fire, a trade war start is the title of the column. trump's decision to scrap tp pashgs lost opportunity for tech from the column, apple fulfills an important domestic need for china's leaders, maintaining high employment. bringing the factories that assemble the iphone and its components to a halt not a step that beijing would take lightly. of course we don't know exactly whether donald trump will follow through on some of his threats of tariffs on china or labeling it a currency manipulator. we know in the first day of office he'll withdraw from tpp which puts apple potentially in the crosshairs. >> apple is in an interesting position, though. unlike a lot of tech companies it's not just sort of farming out labor and manufacturing in china.

it also has 37 retail stores in china, which not only create jobs there on the ground but also have this kind of cultural presence. apple has invested in architecture in major locations in china. so it's not just a situation like i think it is with many other u.s. tech companies where china can sort of smack them down and not have so much of an on the street impact. apple has really invested there. interesting, too, because apple has come out recently or there have been reports that apple is exploring opening up a plant in the united states to sort of circumvent or preempt any sort of impact it could feel from any sort of shutdown of tpp. the impact on open internet through the tpp, because there are principles of open internet embedded, and that could have a broader implication for the tech industry, especially as the likes of a facebook look to expand in asia. the idea of having to store data within a country's borders is very, very different and contrary to open internet. >> it is, indeed. apple already does make the mac

pro computer in the u.s., was doing that long before the president-elect brought up these manufacturing issues and is looking at doing more but on a limited basis. >> if they can repatriate some of that cash, what does it have, more an $200 billion invested overseas, everybody would be happy. >> how one company is using crowdsourcing for your holiday travel plans. another record-setting day on this holiday-shortened session. the dow and the russell 2000 higher as well.

more than 48 million people are expected to hit the road and take to the skies this thanksgiving weekend, the most in nine years. but one company is using technology to make some of road trips a little easier. phil has all the details. hi, phil. >> hi, melissa. we're along the tristate in chicago and it's very light relative to what we see on a friday, not surprising given the

fact many people are not working or taking a slower day to maybe do some shopping later on today. waze, the navigation app owned by google, they've been crunching the number in the last couple years. they have about 65 million monthly active users. here's what they expect when it comes to people using waze and destinations they're putting in. an interesting look how americans are using these destination apps in terms of what stores they might go to. you see the overall increase in destinations for walmart. this is the number-one destination that's being put in, up 85%. there you see costco, bed, bath, and beyond, the top restaurant destination that people are looking for, mcdonald's. sunday is the day i think people are looking forward in terms of perhaps dreading not looking forward to, how bad will it be on the roads. in terms of traffic jam alerts, waze expects a 240% increase and 100% increase in terms of accident alerts spop just a little bit of a peek into what's

happening not only for black friday but throughout this weekend in terms of traffic and, again, it's pretty light on the tristate, not surprising for a friday, but it will pick up later this afternoon and then into the weekend. guys, back to you. >> all right. thank you, phil. when we come back, hear what target ceo bringian cornell has to say about the company's push into mobile and e-commerce. plus, how it's trying to get a leg up on amazon when it comes to same-day shipping. then why some investors and retailers are worrying that black friday is not the blockbuster shopping day many consumers think it is. more "squawk alley" in just a moment.

i'm connecting our brains so we can share our amazing trading knowledge. why don't you just go to thinkorswim's chat rooms, where you can share strategies with thousands of other traders? mmm, blueberry? tap into the knowledge of other traders on thinkorswim. only at td ameritrade.

i'm seema mody. authorities investigating a deadly shooting in a mall parking lot, police saying a man was killed and his brother injured around 1:00 a.m. at a mall about 15 miles from atlantic city. they were both in their 20s. no word on what sparked the shooting or if there are any suspects. the mall, which was closed when the shooting happened, reopened at 6:00 a.m. for black friday shoppers. accused white supremacist dylan roof has been found mentally competent to stand trial. he's being tried for last year's shooting deaths of nine black parishioners at a south carolina church. a transition aide saying president-elect trump will meet with eight individuals on monday as he concentrating on forming his cabinet.

trump planning to talk to former s.e.c. commissioner paul atkins, the ceo of shopping mall reet general growth properties and the texas public policy foundation's kathleen white. the official white house christmas tree arriving at the white house today. it's a 19-foot douglas fir donated by a tree farm in pennsylvania. that's your cnbc news update for this hour. back to "squawk alley." hi, sara. >> hi, seema. thank you. markets about to close in the uk and across europe, stocks making modest moves in today's session, really a mixed picture on the continent based on a day in which official figures confirm that uk's economy rose about half a percent in the third quarter. that came despite results of the eu referendum. the euro stock 600 finishing with a third consecutive weekly gain, something u.s. stocks are doing as well. health care there today's top sector and the gainer is acte

lion surging, on a report that johnson & johnson is looking to acquire the swiss biotech firm. lufthansa off its lows of the session. a german pilots union called on the airlines to strike tomorrow, extending the walkout to a fourth day. it's affected hundreds of thousands of passengers and that stock closed lower by about 0.3%. the euro is rising for a change lately against the u.s. dlashgser up about 0.4%, recovering from midweek losses that took the euro guys down to low 105s. a lot of wall street firms are predicting we will see parity. one euro to one dollar could come as early as next year on this dollar surge. more consumers are shifting toward e-commerce and many retailers are trying to play catch-up. one is still making big bets on thanksgiving and indoor black friday sales shopping. our morgan brennan is live in garden city, new york, taking the pulse of penny shoppers. morg morgan.

>> hey, melissa. since we are on a tech show right now i figured i'd wear my high-tech holiday gear for you at this jcpenney in long island. that being said, e-commerce, this has been a big part of the turnaround strategy at jcpenney as they make mighty efforts to build out those online capabilities and play catch-up on that front. in terms of its online sales, the company saying in the third quarter that 60% of those sales were derived from its brick-and-mortar locations as it rolls out a channel strategy, not different than other retailers in recent years. 40% of those sales were picked up by customers in store. all that being said, though, here on black friday today it is still all about the until-store shopping experience. so this long island location opened up as the other jcpenney ones, 1,100 other jcpenney locations has been open since 3:00 p.m. on thanksgiving. now, this long island location has had lines since that opening

and has been remaining busy with merchandise ransacked on the floor, many store shelves picked clean. but another area to focus on with jcpenney is sephora. they're also betting on sephora as part of that turnaround strategy. as you can see, the one behind me, it's been a bright spot in jcpenney's recent earnings. it's the reason it's rolling out more of these doors within its department stores. this sephora has been very busy today. we've seen a lot of long lines and over the intercom throughout the morning a lot of flash sales announced. as i mentioned it's been busy throughout the store, we've seen long lines here and on the lower level where we have the appliance section. guys? >> oh, dear, is right, morgan. get jon one of these sweaters. >> does that apply to ugly sweater? i'm not saying it looks bad -- >> are you shot sure about that, jon? are you not sure that that is an ugly sweater? >> i'm not sure.

looks good on you, morgan. >> whoa. >> it is. >> morgan does rock it. thanks, morgan. i don't know about jon's taste here. speaking of black friday, take a look at target. earlier this morning we spoke to brian cornell on the company's holiday outlook. they spoke about e-commerce trends, grocery and even donald trump. take a listen. >> from a digital standpoint, turned out to be the biggest day in our company history. so from an online standpoint, lots of visits to our site, great traffic, we saw double-digit increases in sales. and we expect that to translate into a really positive holiday season. so it's day one, we're off and running. but first day indicates we've hot got a really good plan in place and against our shoppers reacting to it. >> interesting you mentioned digital so quickly. of course when we talk about traffic, i mean, it's off a small base but growing quickly. up 26% in q 3. is that growth rate going to continue to increase? >> we want to continue to drive sales both online and in store.

so for us, the magic is really making sure we provide a great experience no matter how you want to shop. so whether it's in one of our stores and we've got to create a great experience there, if you're shopping online, it has to be really easy, it has to work. we want to make sure we make it easy for you to order online and come by any one of our 1,800 stores and pick up your order when you want to. so we think the combination of being able to shop our great stores, having a good online experience, but also giving all of our guests the opportunity to order online and pick up in our stores, that combination is really important to our future. >> a lot of your stores are also shipping as well. >> they are. we've got over 1,000 stores now where we work with u.p.s. or fed ex to deliver that last mile. >> traditional retailers have often fallen back on this line of reasoning saying online is growing so fast as a category but it's only 10% so, 90% is sales. whatever the number is. the bulls on amazon use the same data point.

they say, hey, online is only 10%, growing faster. these guys dominate the fast-growing section of it. can you get to a point where at target you're agnostic as to how somebody shops? >> i would tell you we're at that point today. i want to make sure our guests feel comfortable shopping any way they want. we want them in our stores. that's critically important. we want to make sure they're comfortable shopping online. more and more they're shopping online and come into our stores to pick up. we want to make sure no matter how the guest wants to shop, we make it really easy, make it a great experience, provide the right level of inspiration and value, but all three of those variables, they have to work together. it's got to be a xin napgs of in store and online because we know, i know, most of our guests start their shopping experience with a smartphone. so whether they're coming into our store or they're shopping online, mobile play is a really important role so, we have to make sure it's easy for our guests to shop target anyway they want. >> turn noug to am, the company

last year sat out the black friday shopping holiday. this year it is offer $150 gift cards on some products. what can we expect this season in tech? lauren good is a ceo at retek. i hear apple is back into the gift guard game this year after sitting out last year, and the skeptic in me says it's doing that because it has to, it has to move the products. what's your thinking with the strategy? >> when the new macbook pros were announced i think there was some sticker shock around the pricing of them and in some cases some of the features or lack thereof that came with new macbook pros so, i think this is part of a larger strategy like you said sort of moved them off the shelves but also think about the kinds of adapters that people have to buy if they're getting a new macbook pro and i think those $150 gift cards are partially supposed to help with that. >> they're trying to offset the pain of having to buy some dongles and other accessories? >> it could be that, or it could

be just getting people also to buy into other products in the apple ecosystem. some people think once i buy one maybe i'm more inclined to get the apple watch or maybe i'll get it for someone else or maybe i'll just give the gift card to somebody else. it's all part of this sort of trying to incentivize consumers to come in, look at something, or maybe give a second look to something that initially seemed a little too expensive and you think about who else might work for them. >> where are the air pods? >> we still don't know where they are. originally they were supposed to launch at the end of october. the apple spokesperson said at the time they weren't exactly ready and we don't know what that means but we think that was from a technical standpoint. and so at this point i don't know if we're actually going to see them this holiday season. i know that blue tooth headph e headphones are in general a very big category people are looking to this holiday season. considering that, you know, the iphone 7 doesn't have a

headphone jack, but in reality, blue tooth headphones were sort of trending upwards even before the iphone 7 came out. they're definitely a hot gadget this year and the fact the air pods are not out yet means apple is kind of missing out. >> they do have those wireless beats headphones, i believe, in stock. also their product that will work, but lauren, i'm wondering, where is the upside? try to drill down for investors, where is the upside for am here? they've continuely said they expect to sell as many iphones as they can make, and that's where the bulk of the revenue and profit comes from. does it come down to people walking into apple stores and coming out with macs maybe they didn't expect to get or apple watches. if they're going to have a really good holiday above expectations, what product will have to outperform? >> i think it will have to be the high-end products. you mentioned the macbook pro. i think it has to be that, the higher end ipad pro. when you're talking about the devices that maybe they're not selling as many of in terms of volume or things that people

aren't upgrading as frequently as they might other products, you're really going for sort of the high margin at that point. so the premium products, the high end, the expensive macbook pro, those are the things apple will hope people are buying. but the apple watch is also not to be discounted. apple has never really sold unit sale information around apple watch but has said it is a multibillion-dollar business for the company. i think in general right now in the health and fitness track in wearables you're seeing a little built of a softening in demand in the market. the latest earnings sort or the of showed us that. the apple watch is still very important for apple but ultimately i don't think as much as iphone products. >> in terms of the dividends we could see from gift cards, can you redeem them next year in 2017? is this sort of the strategy to get people in the door, get the volumes up for the calendar fourth quarter, the all-important holiday quarter,

but also have this sort of recurring sales in 2017 in the first quarter which may be a weaker quarter for an snl. >> that's a really good question. i honestly don't know and i guess we'll have to wait and see. >> yep, we will. lauren, thanks. >> thank you. >> lauren good of recode. >> when we come back, a new fund-raising round for one highly valued start-up. we'll fill you in next. but first rick santelli, what are you watching today? >> you know, of course i'm watching the ongoing moves that we've had in interest rates both before and after the election. stocks maybe more after the election. what's driving it? can it continue? i will tell you one thing, the president-elect is going to be advocating for the united states of america. what does that mean? what does it entail? that's what we'll talk about after the break. what's the value of capital? what's critical thinking like? a basketball costs $14. what's team spirit worth?

(cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five, but now is a good time to get the ball rolling. keep in mind, medicare only covers about eighty percent of part b medical costs. the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans, they could help pay some of what medicare doesn't,

saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it means to go long™. call now and request this free decision guide. it's full of information on medicare and the range of aarp medicare supplement plans to choose from based on your needs and budget. all plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. unitedhealthcare insurance company has over thirty years experience and the commitment to roll along with you, keeping you on course. so call now and discover how an aarp medicare supplement plan could go long™ for you. these are the only medicare supplement insurance plans endorsed by aarp, an organization serving the needs of people 50 and over for generations. plus, nine out of ten plan members surveyed say they would recommend their plan to a friend.

remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ the biggest u.s. fin tech start-up just got a little bigger at least on paper. stripe, a square competitor, which helps businesses accept and track digital payments, is raising new funding that would value the company at $9.2 billion according to "the wall street journal." the round includes roughly $150 million in new cash and nearly doubles the company's $5 billion valuation from its last round which was july of last year. and while stripe has not yet reached square's payment volume, it's interesting to note the market cap for square is just above $4 billion. >> there's a big difference in

terms of what sorts of transactions, stripe processes versus square capital. square does mostly bricks and mortar, stripe does online. square is capital lending to merchants, a slightly different business from stripe in particular. >> of course paypal in this mix, too, so just in the u.s., lots more in europe. >> sort of wondering what was happening with private valuations as the stock market has heated up just over the last few weeks since the election, how long that takes to trickle into the private marks. law enforcement official follows closely behind, right? >> it does. at least stripe is doing well with it. >> rick santelli as "the santelli exchange." good morning again, rick. >> good morning and thank you, sara. you know, to many, president-elect donald trump is the new carrier. so this piece is going to be called the carrier of the new deal and not everybody is excited about the way this is progressing. even though we know there's a lot of blanks we need to fill in. nobody is right in there reporting all the things going

on. but we're all trying to put it together, especially this kind of united technologies carrier notion that maybe they're not going to leave. maybe they're not going to move plant to mexico. not everybody seems to like the way things are going. one person in particular sort of surprised me, a republican congressman from the third district of all the states, the state of michigan, think about michigan's history with job loss. his name is justin amish, and here's basically what he said regarding donald trump, president-elect, and what he's trying to do with carrier. he said not the president-elect's job. we live in a constitutional republic, not an autocracy. business-specific meddling. i don't know. at first blush, that's certainly not the way i see it. it's not the way many that have been discussing with me, we talk politics over turkey, maybe you're not supposed to. and this supposed undercover negotiations has been out there for a couple of days. but think about it. you know, to advocate is good.

for a president-elect and ultimately the president after he gets sworn in in january, how can you make america great if you can't advocate on behalf of all the things businesses should like about america and the things that will change for business on the road to making it great. of course there's a lot of asums here, i get it. but just consider the easy, low-hanging fruit of this conversation. gee, what do you think he could talk to a company about that wants to leave? why would companies want to leave? maybe high taxes, maybe labor costs. now, exactly what is it? any of you out there ever run a business? what is the biggest labor cost you have? of course it's the people. of course. that's the labor. but health care is a huge one. that's going to be changing. taxes are going to be changing. things like overtime and regulations, right? overtime was pushed down in a major change by labor secretary

tom perez. we have him on every first friday of the month. courts didn't agree. those are the things if i had to guess to fill in the blanks that president-elect trump's probably talking about the carrier. i don't see what's wrong with it. as a matter of fact, we should be screaming it in from the top of the mountain that this is the place you want to stay. you can't -- you know, when we had the inversion problem we tried to change things and use a hammer and use vinegar. maybe a better way to go is to use a little honey and the honey is we're going to make the landscape much more fertile for what you as a business are trying to accomplish. i don't know. doesn't sound crazy to me. what do you think? back to you. >> well, we'll just leave the one there. rick, thank you. still to come on the show, her blog is the man repeller, one of the most influential bloggers in fashion. we'll get her take on which public companies are on the cutting edge. as we head to break, take a look at where we stand on another record-setting day in the markets. doesn't take much, but you've got a 55-point gain on the dow,

record levels, s&p up 0.3%. the nasdaq lags but up a quarter of a percent. the market closes at 1:00 p.m. eastern.

change in the conversation around fashion and retail and e-commerce. let's get the insight from one of fashion's most influential bloggers and what we can take away for tech and retail.

le andra dean aka, the man repeller, her popular website and brand. >> thanks for having me. what a special day. >> bring your kids to work here at the new york stock exchange and black friday, a big deal for you and your readers. >> yes, it is. black friday is certainly an important day for us at man repearl to be very well aware of what is happening in the retail world. >> help investors try to fig yourt as they distinguish retail winners and losers which brands and which specialty retailers are on trend as you see it right now? >> what do you mean when you say on trend? >> what they're putting out fashion-wise is working, is resonating with customers, is appealing to len yals, which of course is the holy grail. >> this is an elaborate conversation and i always joke at the dinner table with my family, because my dad is always talking about appealing to millennials because he's in retail himself, and i'm like, you're talking about these people like you don't have four millennials sitting at your dinner table.

just ask us the question. i think it's very true that experience is becoming especially important and something that's certainly true about man repeller in that i think is leading into the retail experience is that you're hungry for emotional resonance. it's not really just about the things so much as it is about how it makes you feel, and so the whole fashion system and process and the experience of acquisition has changed a little bit in that you are looking for emotional resonance in your stuff. >> fauk u talk about marketing. one of the interesting things is that this idea that your customer isn't looking to attract someone else. >> yeah. i mean, when you think about

fashion from the perspective i feel better about myself, how can i use this seemingly superficial property to make it difficult or challenging day a little bit easier on me. the conversation completely changes. >> it doesn't feel as selfish or understanding yourself, and using the levers that you can, the most physical levers that you can to have that conversation with yourself. >> you every so you actually make money using this, and you use it very well. 131,000 of your instagram followers have more than 10,000 followers themselves. how do you think about using each of these sites and which site for you translates into the most hits, the most money,

what's the most profitable. >> the instagram following is 1.6 million. obviously just diverse ways. we treat every property really, really importantly, but the conversations are really happening on-line. that's happening from mobile. it's happening on web. >> it's interesting. you got a journal ricism degree right? you got out of school at a time when smartphones were first becoming a thing. you are talking about a website, not a mobile app. how do you approach your

communication with your reader with your shopper? what's the primary medium for you? >> i think it's really easy to get caught up in what works for other people. and to see someone else's success as a -- as man repellant it's really about gut. it's about wanting to put out the kind of content that you need, that you would want to read, wanting to have the conversations that you are having in house already. it's not as mechanical as -- this is what the trend is. this is what we're going to talk about, so much as it is this is how we're feeling. how do we leverage these feelings to connect with other people? >> you were talking about how fashion brands that understand that it's about the experience or the ones that are working. do you see the department stores as understanding this right now? >> yeah. i think you're seeing a bit of a shift. there are tons of events that are occurring all the time. it's unique that the sales are starting so much earlier. i mean, black friday is really like white monday, right? i feel like things have been on sale for two weeks at this

point. people have no choice but to change. it's an interesting time to be in fashion, and if you are cynical, you can say what's happening to the industry. it's explode. >> we're sort of in the middle of a revolution. this is really special, important, and unique time. >> what's the must have item this holiday season? >> the must have -- just by good family time. it's really not about stuff. stuff enhances the experience, but -- i'm so sorry. maybe a piece of jewelry that you can hand down to your child or something. you make your own mernlz on it. you turn it into an heirloom piece. charm bracelet. there you go. >> thank you. >> good speaking to you. >> thank you.

>> man repellant. >> why the black friday of the future is already here. stay tuned. cdw brought i.t. orchestration to printing, dramatically increasing print security with enterprise printers by hp. which is great, unless you're a corporate spy. unsecured printing makes your network vulnerable. enterprise printers by hp help prevent costly security breaches that can compromise your network and reputation. so i'm stuck spying the old fashioned way. hey. i'm not spying. secure printing by hp. i.t. orchestration by cdw.

>> the black friday of the

future may already be here. as more consumers shop on-line, some big box retailers are doing everything they can to keep up. . >> hi there. that's right. we are here at a toys "r" us store with the iconic jeffrgoff behind us. the lines here haven't been too bad. you can see there are crowds here, and that's because toys "r" us has been open from thanksgiving day for a marathon 30 hour sales event. this is one of the ways the company is trying to compete with on-line retailers, and that competition is formidable. you bring in $2 billion in on-line revenue for the first time. the store manager here at toys "r" us tells us, well, they had 100 people in line yesterday when they opened, but the black friday lines have shrunk over the years in part because of the thanksgiving oemg. it's also part due to that fears

from on-line retailers. it's battling by beefing up the cyber strategy offering the option of buy on-line andic approximate up in store. the company is also focused on making the pick up as easy as possible. >> it's an opportunity to come in here and skip through the lines, right, because we have easy stations you can go to pick up your item. all you do is scan your bar code. a team member comes out. you get your product. >> that customer experience is the heart of their strategy in competing with on-line giants like amazon and ebay. trying to stage the store to make black friday as much of a fun experience as it is a shopping expedition. back to you, guys. >> all right. thank you. hadidi. that, i believe, is it for "squawk alley." we'll hang out for just a few more seconds. >> it's worth noting that we're seeing new highs, new all-time intraday highs for the s&p, the dow, the midcaps, which we

haven't talked a lot about, but you're starting to see outperformance from the small and midcaps focused domestically. >> all the sectors are higher today except for energy out of the opec meeting. zbloog interestingly, not a lot of tech stocks, consumer tech stocks performing well today. go pro doing a little bit better than some others. that's it for squawk alley. just an hour left of trading. we're going to toss it over to kelly and bill on the floor for closing bell. ♪ you better shop around ♪ yeah ♪ you better shop around >> thank you, john. welcome to the closing bell, everybody. i'm kelly evans at the new york stock exchange. >> that's right. do not adjust your television set. it is a shortened trading day on wall street, so this now is the last hour of stragd. this becomes the most important hour of the trading day. z >> this is also the most fun day. >> family day at the new york stock exchange. meanwhile, millions of americans go shopping this