reportedly seen just a short time ago. >> yeah, we'll be watching the twitter feed for any sort of development. and of course checking in with phil lebeau. here are the headlines, ceos of boeing and lock heeled martin meeting with donald trump right now. thank you for watching "power lunch." >> yeah, "closing bell" starts right now. >> he, everybody. welcome into the "closing bell." >> i'm bill griffeth. we have dusted off -- the doubt is still within a striking distance of that key 20,000 mark. nike and boeing it's pfizer, merck and goldman sachs that are the lag guards among today's trade. we've see if the dow with hit that round number. we'll look at whether this is

the time to sell your winners before year end. >> nike was leading the way yesterday, so it looks family. investors having pours money into straight -- will join us with the own etf picks and whether those are still a good idea. >> plus luxury watching, cokay, prostitutes, no, not an episode of mad men. s we have all lower details. let's bosch bob pa sani is tracking down for the big board. bertha coombs is at the nasdaq where it's trying to get to a record high. a leading nike analyst hose a buy rating. bock pisani, though, let's start with you.

>> vogue is drops, that's normal, but it's a little problem, and we're a little trendless. that sort of stop, look, they're doing exactly nothing, remember, industrials had a very good time of it recently. come on over here. boeing is up fractionally here, not too much, helping us a little, but other -- which also had a nice move up. it's down right now. so there's a few up, a few down, and here's the biggest problems. financials have been the biggest contributor to the dow rally. goldman sachs, almost 25% of the 1600-point rally in the dow since the election, it's been down, hasn't been doing anything for several days. same thing for jpmorgan. no financials moves too much the

dow industrials, we're up 6 percent since the election. 9% if you throw everything in, and 14% for the year. very normal for the market to pause, big issue, though, because we're still on the dow 20,000 watch. >> we also had one at the nasdaq. that's where bertha coombs is. how are we doing today? >> we're also treading water here with the nasdaq 100. part of the reason why is that apple has been positive all day, kind of a contrarian indicator. it's on pace for the best monthly gain in two months after investors dumped -- ande're starting to see some lufz for the sectors, but one of the big f.a.n.g. thanks is a standout. netflix, the twitter account may have been hacked by security

activists, but just about less than $10 away from the all-time high, chinese online gaming firm is up today at a buy at jeffries on valuation. we're also seeing a bit of follow-on gains on some analyst actions. with the $33 price top, and new highs for xilinx it seems like the analysts may have to revisit that. finally a look at some of the big cap -- the big drag coming from the big-tech biotech. they were huge gainers last month, and now they have given back those gains and some in december. back to you. >> nike reported earnings last night that beat estimates, still off the highs of the session.

s there it is, up nearly 1%, for some more thoughts, guggenheim managing director and retail analyst robert ddurbil welcomes up. >> hi, how are you? >> talk to us a bit about nikes. there was some progression in the inventory mag new tide side, and china continues to power ahead. when we look at the overall outlook, we think it remains very much on track towards the $50 billion revenue targets and the earnings are better than expected. we were pretty enkyrgyzed by what we saw. >> you worried about the strong dollar for this company? >> you know, one of the things

about nike -- the answer is yes, i'm mindful of the currency exchange and the exposure. but they actively manage and hedge -- it doesn't eliminate the risk, but from you're perspective, it puts them in a pretty good position from a profitability over the longer term to manage this triskt global portfolio. >> another colleague who follows the stock says this morning they thought under armour had taken a beat on nike this morning, because they have the stef curry basketball shoes. how important is it for nike to win at basketball? and are they winning? >> i think one of the big comments was basketball is back. nike dominates the basketball arena. but, when you look at the estate base, the endorsements, the

players, they dominate with the jordan and the nike brand. they've had? challenges within the last year on a couple of shoes, they seem very optimistic. i think as basketball improves for this company, i think the outlook for nike gets stronger and stronger. robert, good to see you. thanks for joining us today. >> thanks, bill. to object close bell exchange. jonathan is also here, he's at post 9, and rick san tellest is at the cme. is it a pause to refresh? >> i think it is a pause. this market has trernded higher. there's no conviction on this market. people are starting to go away on vacation, there's no correlation between stocks, so right now the market is

gravitating and floating on its own. we saw some pretty negative headlines earlier this week. a lot of economic data came out this morning, the market didn't move. i think what we're seeing the past few trading sessions is what we will see through the week. >> how do you think investors should be positioned? >> i think you need to be balancing with the pause from what you're trying to do from a long-term perspective. with jensen we look at a longer-term perspective than the end of the year or dow 20,000. it doesn't mean that those things won't be emotional important to she investors, but for us we think that and that gives investors that long-term perspective

is this just a short-term pause? what do you think is going on? >> believe me i've been wrong. i thought we would crack 20,000. i have no doubt we'll good et there technically we got there, what, within 13 points? but i think the issue is more like eric said. we've had a lot of headlines many don't consider this market normal. they think it's too frost and i somewhat disagree. i would think if those are the conditions much the marketplace, various headlines would have much more of an able to destabilize. granted it seems to have run out of gas, but it hasn't come down everybody. consider this, we talked about

this at various points at other spots today. the "wall street journal" put this out, and everybody is considering it. more money has left the eurozone financial markets this year than any time in the bloc's history. capital is going to be flowing in the united states from points outside u.s., whether it's europe or japan, and i think that one of the reasons, and i'm going to give them a big thumbs up. i think the fed waited too long, but the fact is even though it's like molasses, they are raising and normalizing rates. look at china. what happens when you have capital outflowing? you need to find a way to stop it. the easiest way is to quit all these programs and let rates rise a bit in europe, but i think mario draghi will be stub born. i think capital inflows is a wild card positive for the markets. >> eric, how much of your

optimism next year is donald trump delivering on various tax reform obamacare repeals and fiscal -- >> i think there will be volatility on that. policies are still unclear exactly what he will be able to do. there's a lot of speculation, which has led to frothy markets. i think the key to the way we're going to look at is is what kind of companies will continue to do well. but more importantly, as they have solid foundations to allow them to continue to produce top-line revenue growth regardless of what he does, and hopefully get it as a boost, but not something that needs to be necessary for them to do well. >> we're showing some of the stocks you like, and we're noting accenture, which happens to be the worst-performing stock

inside the s&p 500 today. lucky you. does that make it more attractive? what's the story that you like here? >> it's just creating i think a better buy point for someone like us, and others that have a long-term perspective. what they do with the technology outsourcing, their expertise in terms of product activity enhancements that will not change once we get into ought presidency. those will continue to be important issues. and we're going to need companies like accenture to do well. >> that's what they warned about next year was the strong dollar, so the cap flows, the strong economy, all that sounds like more of a persistent factor? >> yeah, but current did i comes and goes, really. a strong dollar will benefit in some places and hurt in others.

the reality is it's a bit of a headwind, but the underlying big remains quite health even with that impact it looks like a positive report. >> what do you think happens here the rest of the week? clearly the trading will get more quiet, do you think we do it finally? >> i do think we hit it. i don't think we'll stay above it. not enough volume or participate to add conviction to it. if you look at how this market continues, just to gravitate higher in the next few days, we will get there. >> we'll see what happens. >> thank you, guys. is that seattle there? a beautiful shot. >> or a lovely mural of mt. fuji or something. i don't know. it's lovely there. another familiar face. 'emmen jafrs has details. >> we're getting news now from mar alago, the trump transition,

a new office and person to head that office. the trump transition says they are creating what they call the white house national trade council, something we haven't seen before, and dr. peter navarro will head that council, the president-elect's office saying he'll serve as assistant to the president. they say the formation of the national trade council further demonstrates the president-elect's determination to make american manufacturing great again and provide every american an opportunity to work in a decent job at a decent wage. they call navarro a visionary economist. he will be family to viewers of cnbc and folks on wall street. navarro a china hawk, really on trade. also has written an op-said at one point where he said a pact should in the be used as a it foreign policy tool.

trade pakts have been cried as carrots and sticks business washington. donald trump has signaled what he wants is something that puts america first, and now we're seeing him roll out this trade council and a northwestern person to head it. >> 'emmen, if i may, they've already talked about wilbur ross, and now -- does that mean there will not be a trade rep? >> that does not mean that necessarily. it's unclear who would be the trade rep. when you talk about a counsel, you're traditionally talking about a group of outside advisers. to fulfill the president's vision of peace and prosperity

through military and economic strength. so clearly another council being added to the orbit of the presidency. >> and now -- this is all about under the white house's direction. that's the whole point we had that discussion. his point was the need for position is to work with congress. it seems trade policies will be run through the white house. >> i think what wall street should understand about this incoming administration, this is not necessarily a typical administration full of traditional button-down wall street and washington republicans. they view it as reinventing things i spoke with a person

today who said washington might be getting it wrong when they look at exactly what's going on with the transition. this administration may be more hostile to trade deals, but what they're calling chronny capitalists, not afraid to target ceos of company that is have traditionally been very powerful in washington, like boeing, like we saw earlier with phil's report. so there's nuance that wall street needs to look at. it could be very different from what we've seen before. >> that's for sure. about 40 minutes ago, dew almost turned positive about an hour ago. now it's down 16. so again we're down about a tenth of a percent across the major averages. >> a very narrowly traded today, narrowest in about three years. fedex earnings missed. that's dragging the dow. transports into red as well today. why this pullback could be a buying opportunity. we'll have that story coming up.

also still ahead, kevin o'leary on the role that they have played. first in business worldwide.

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welcome back, president-elect trump meeting with the ceos of two companies he's been quite critical of. >> we're talking about boeing and lockheed marting, they're meeting with donald trump at mar alago, comie ining after two stg tweets. and then this following tweet.

january 20th the day of his inauguration. no indication of how long they've been meeting. guys, my sense, from talking with marillyn hewson and -- both of pragmatic ceos but there's also the issue of how important these companies are, and in particular boeing. remember, boeing's largest market in terms of where it ships commercial airplanes -- china. that's a huge concern for boeing and beau egg executives. not clear if that will come up

between president-elect trump and dennis mullen burg, but certainly a topic will be discussed. depending on what happens with the trump administration's stand when it comes to trade policy. >> what we were just talking about here, the trade team that mr. trump is putting tote right now, rather unusual structure, and now, you think about it, these two ceos are used to negotiating contracts with the government that's usually somebody from the pentagon. now they're talking to somebody in the executive branch. it doesn't get any higher than the person they're talking to. >> right you. know ultimately if this is what i want address that's filtered down to the d.o.d., they'll have to meet toss terms. somebody pointed out to me when i was talking about the air force one project, they said essentially look, we can bring down the costs of air force one, or boeing can bring it down, but that means you'll have to change the requirements, and the

requirement, they're set by the kretz service, and they're service by the white house security. so do they want to alter those requirements when you're talking about an airplane flown from 2023 through 2043? 2048? it's not just going to impact the next president. phil, thank you for joining us. shares of fedex falling today, missing on its earnings forecast. >> let's bring in a couple people interested n. donald hats a buy rating, and tripp miller is a shareholder in the stock. don, what did you make of the earnings? >> earnings we are ten cents shy, but the long-term outlook for the fiscal year, which they're halfway through, they raised the guidance range by ten

cents. as i look across the large-cap landscaped, i'm luking for growth, people capable of selling more things, doing more things, being paid more to do each of those things fedex is a bell ringer. >> tripp, do you have any concerns about being such a beneficiary that their costs are going way up? >> no, i don't. i think fedex is positioned correctly, to benefit on both sides. fedex is a great long-term plan, we feel that management is doing a wonderful things with buybacks at low prices. we feel there's a lot of growth. >> don, we've talked a lot about

the impact amazon has had on e-commerce, on shopping, and now they want to get into doing their own shippings. they have leased a fleet of jets, they have leased the trucks. they're talking about drones and the whole thing. they've been the app they want to put together. how much will this fact not just fedex, but u.p.s. as well. >> amazon is doing what large retailers do. they're one fifth the size of walmart. walmart has over 30,000 trailers, dozens and dozens of distribution centers. large retaileders build out the last mile of their delivery. that's what they do, that said, fedex's infrastructure cannot be replaced by amazon, because when you have all the other things that feddics delivers, it lowers the cost of the things it does deliver for amazon and other e-tailers, and frankly that's the equation. amazon has made a pledge to

lease up to 40 planes, but it's just beginning to take delivery of those. as it does, it's going to become very familiar with what the cost of those planes are, and it's going to become a much more rational customer for u.p.s. and fedex in the future. >> that would put additional pressure on them. thank you both for joining us, don and trip. heading to the last half hour of trade this wednesday -- i don't know. down 17 right now on the industrial average. we started the day 25 points away, so i don't know if we'll make it to 20,000 or not. >> and the vix was melting down there. >> it would a 10 handle there briefly, yes. the alleged pay for play scheme with the new york city pension fund. wait until you hear the details

. seema moddy has a market flash. >> the s&p real estate sector that's overtaking health care as the worst-performing sector here. real state down more than 1%, near session lows, neighbors column mid america apartment. sl green realty, all down around 2% or low, these losses sending this sector down year to date, and know the second worst performing just after health

care. >> welcome to the world, real estate sector. thank you, seema. time for our news update with sue. >> here's what's happening this hour, everybody. vice president elect mike pence helping to distribute meals to people in indianapolis, telling records later it's important to help those less fortunate at this or any time this year. >> i felt it was important to continue a tradition i've had throughout my life of stopping by and giving encouragement to ministries. it's christmas week, we're all hurrying around, but it's a great time to remember that this giving we certificate. mexican authorities combing through a fireworkssh market, parts of the market have reduced to charred debris and wrecked

metal. in six months since pokemon, players have collectively walked a.4 bill onmiles, according to the company behind the game. in terrestrial terms, that's more than 200,000 trips around the earth. there you go. >> is that still around? >> that's still a fact toyed. >> maybe that's what killed the fitbit. why put a thing to watch 10,000 steps when you chase a pokemon around. >> just look up before you get to the end of the curb. >> look both ways. >> thank you, sue. sure. 28 minutes left, moving just a bit lower, moving ever further away from 20,000. coming up kevin o'leary of "shark tank" fame gives us his take on the it is exchange traded fund craze and it's role.

as a supervisor at pg&e, it's my job to protect public safety, keeping the power lines clear, while also protecting the environment. the natural world is a beautiful thing, the work that we do helps us protect it. public education is definitely a big part of our job, to teach our customers about the best type of trees to plant around the power lines. we want to keep the power on for our customers. we want to keep our community safe. this is our community, this is where we live. we need to make sure that we have a beautiful place for our children to live.

together, we're building a better california. 25 minutes to go here. with the dow down 29 points, i think that's the lowe of the session. what's the population of italy?

>> okay. so what's the mind-set here? what's going on? we couldn't -- they're talking around the round number. you haval go riisms triggered around it. figure it's a great place to sell stocks. it's proven that for now, but eventually that's correct going to crack. we're not seeing that today. >> ear not seeing it today, but remember, you have financials basically take the day on, day off. when you're saying you're not seeing it you sort of are. >> gould man sax is will lag guards.

nikes 1%, 1.8%, on a waiting basis, that's not enough to get it over -- if you have to shoot against 20,000, you sell goldman. >> art? >> and that we do it in a way -- >> to mar-a-lago we go. >> his business headset around that is excellent. it was a terrific conversation, a lot of respect for him. he's a good man and is doing the right thing. >> did you discuss -- >> we discussed a range of topics. we did talk about air force one, the main focus here on best capability, making sure that the president is secure and we protect national security, and that we do it affordably. >> reporter: the estimate accurate? or would you -- >> we're going to get it done for less than that, and we're committed to working together to make sure that happens.

i was ability to give the president-elect my personal commitment on behalf of the boeing company. this is a business that's important to us. we work on air force one, because it's important to our country. we're going to make sure he gets the best capability and it's done artably. >> reporter: what's the delivery time? you. >> we with work on that together. we're eager to get started to the program. we haven't actually started the build of the airport yet. once we president set on the requirements we have a hot production line and we're ready to go. >> thank you. >> mark mullenburg there after meeting with president-elect trump, the ceo of lockheed martin was also there. ae aerospace, very important. what do you think it does in the new administration? >> the first knee-jerk reaction would have been to buy these names, about you when you see

donald trump, president-elect donald trump start to haggle over pricing, it's become a big focal point. i actually own boeing for years now. i sold it. >> really? >> at this point i think you're going to run into headwinds, a lot of tailwinds. if there's going to be tweets about price, margins are going to be compressed, and i don't think these stocks can run further with margin compress. >> thanks, steve. see you later. >> thanks. kelly? >> prostitutes, drugs and broadway tickets. that's what prosecutors say were involved in a pay for play in the new york state pension fun. >> the his u.s. taern laid on the the details of the scammerier. here is the case that he presented. a former new york retirement fund official took bribes is and

ultimately $2 billion in trades were steered to two different brokerage firms in exchange for those bribes. also saying that and debra kellie is also charged, and gregg schornmuchhornly secretly pleaded guilty last week. it was an exchange of value between the trades and the bribes. the bribes themselves were a laundry list that was laid out in the press conference btoday. sportsing events, concerts, expensive meals, strip clubs, prostitutes, drugs, luxury watches, and of course cold hard cash. >> we have a statement from kang's attorney saying he denies

the charges against him. he is not guilty, and he looks forward to his day in court. >> preet bharara mentioned an we also, that everyone in this story is innocent until proven guilty. the session down 19 points. etf investors might be wonders what dow 20,000 would be for them? kevin o'leary, he's going to weigh in, next.

well come back, according to trim taps, etfs saul a record $97.6 billion from election day until september 15th. >> let's talk about what it means, more about the etf space. joining us is kevin o'leary, he's up in toronto, and our own robert pisani sits here with us. $97 billion over this time, what a buying bing, discuss that suggest we're near the end of this kind of trend?

these are call the multifactor or rule-based some people call them smart beta etfs, take the best of active management and puts them into an etf structure where you better better transparency, lower fees and much better tax treatment. that's why you get such an incriminal run. there's billion flowing into these. you can't do it if you have an etf. they're almost in most cases 50 percent less expensive. that's why the money is running in this direction. i would agree with kevin. we're probably in the fourth or fifth inning of this run. etfs have not cracked the 401(k) market, which is the real to pinchal goal mine.

for the most part they have kept them out. you'll remember 2008, which is the last time we were talking about 10,000, 20,000, etps were a $22 billion business in 1999, and we had, what, 35, 40 etfs? today $2.5 trillion business. ringing the bell today, there's a whiskey etf, wsky, you can invest in all the bourbon makers. >> is this an etf bubble now? there an etf for everything? >> they're very vertical and exciting. you can do restaurants, marijuana, whiskey, but the point is no long-term core strategies, there's many other structures that are far more conservative. what i'm finding is at the end of the day, what people want is, particularly now when people suggest the market is getting

fully valued. we're bumping up the whole issue of where do we go next? maybist less risky stocks. >> let me be the resident skeptic. we know since '09 the market has gone nowhere but under the circumstances, with just a couple 10% corrections. eventually the market is going down. because -- >> the answer is, yes, but i think that's an actual overall part of the market. what we have seen is during times of very high stress, the etf business has held up. there were some concerns that prapts because of some of stocks are not as liquid and traded as easily that the i want tf might

have problem. they bond etfs have traded perfectly fine. i have no doubt that sometime eat get a correction. i think it's a normal part of the market. and i think the business can handle it. >> they see a he warning about zombie etfs. what happens when you need to wind it down? >> we don't cover this, but there are hundreds of etfs that close, and a lot of me too ones that go in the business. >> thank you, guys. if you we don't see you later, have a merry christmas. >> thank you. i'm told you have it market a close orders, 200 million to sell. a bit there. we'll see if that has an impact on the markets. we're still seeing red arrows across the board, and we're

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all right. let's look at the tom storms, nike led the way after posting

strong earnings, goldman sachs which had been the leaders had been pulling back. boston the s&p here today. joining us on the floor. david marcus and peter anderson check checks in as well. david, what do you make of this market? clearly we have stalled a bit here. are you inclined to take a step back? >> we're generally buyers, but actually not here in the u.s. the u.s. has been so strong and europe has not. do the gap is getting wider and. this is a wonderful time -- it's a global fund. the fact is theirs so peter,

would you be buying europe here as well? >> you know, compared to -- there's a lot of unanswered questions. we see there's going to be two major elections in france and germany so the whole eurozone, so the whole question mike up for grabs, whereas in the u.s., the fundamental underpinnings are extremely strong, then you have the potential for a tailwind of trump's policies, if any of them are actual ly implemented. >> we do. >> where specifically do you have something? >> we like came out of bankruptcy, and people are flocking to financials. the stock is up about 50% this year.

we have a couple dries volt companies, head quartered in different parts of the world, but the fact is everybody is buying here. i'm trying to go where everybody is not buying. you're like the salmon, swimming against the -- >> biggest salmon company in the world. cheap, huge dividend, you can bike it here through the adr, but the fact is it's ump 40% and it's undervalued. >> what are you buying? conoco phillips, selling off saekts. it's going to increase in different and buy back about $3 billion worth of stock. all within an operating environments. i think that is a fantastic

story for such a large-cap company related to energy. on top of it, if the trump administration gets more muscular, as we think it will, it might even by favorable for policy changes in reg la story matters which will boost revenues even further, or will reduce expenses, with a higher operating margin. we will take a quick break here. it doesn't look like it's going to happen. >> how long do we have? just three, four minutes. after the bell, netflix's twitter account. the latest high-profile hack. 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

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with e*trade. i'm in vests and as a vested investor in vests i invest with e*trade, where investors can investigate and invest in vests... or not in vests. sign up at etrade.com and get up to six hundred dollars. he head toward the close, to use a football term, the dow started the day in the red zone. about 25 points away, to put us in the end zone. hasn't happened. it's been a very narrow day, as a matter of fact, narrowest trading days. you look at the s&p talk about

tight trading ranges. for much of the day we've had the tightest trading range since 1992. for much of this day it was a very tight day. leaders lately were lag guards today. goldman sachs, which we've already established has been carrying this market on its back since the election was a lag guard today. up to 103 for a time, today we pull back at 102.97 right now. the ten-year yield has been going up lately, as they sold bonds to buy stocks. yield went down today, and there's the vix, which hit a 16-point low today for a brief period. >> pretty remarkable, remember, though, in the holidays, less trading days, but the market is in great shape. low volume, a lot of people heading out of town, so not a

lot of movement, and no attempt to sell the market of at all. just off historic highs, and the market is looking great right now. maybe tomorrow. yes, they are bringing in the wsky etf we have earns to get to on the second hour of "closing bell" with kelly evans and company. see you tomorrow, kell. thank you, bill. well come to "closing bell." let's see in the close whether we can do it today. stocks drifting lower, the dow dropping 30 pounds, 1,943, so retreating by about 56, 57 points. s&p 500 dropping a quarter of a percent today. same for the nasdaq, which also hit the record high yesterday, also with the dow. the small caps, the russell 2000, which has been on such a

tear, pulling back by two thirds of 1%, and with the dow 20,000 just a couple points ago, two top stock pickers will tell you -- and another adviser says wait until january to add more stock to your portfolio. joining mess today michael san tolli. "fast money" trader guy adami checks in from up at the nasdaq, and gregg peters so here, from the pror prudential total return bond fund. mike, what are your thoughts on this market? >> obviously winded. while it seems like it's just a cursory move to get the dow to that to,000 market, you also have it deals with the all-time high level. i don't see a lot of cause to

see there something uglier, but i understand why people would be hesitant. and you see some sentiment measures sea people are too comfortable, so you have the fear of buy iing. >> guy, what about you? >> i think the trading action to me is encouraging. i know a lot of people will say 20,000 is not a big deal, it means nothing. i understand in terms of technicals what they are talking about, but i submit that it does mean something, because if and when we get there, evening news will run with it, you'll see it on thehood lines of newspapers. if nothing else, it will get people talking about the market again, maybe looking at that are portfolios and asking questions. if that's the only thing it accomplishes, that's a good

thing. the move in fedex disappoints me. i think people will start to talk about a potential for a double top, but to your point, as long as the russell stays above this 130 level, i think we're in pretty good shape. >> what about you, greg? you're looking at it from a duti different point of view. maybe the corporate debt and stuff like that is doing better, but do we keep moving higher when it comes to rates? >> there's so much in the price already. the moving are astounding. the print today on the vix is astounding to me. >> they're so low, yeah. >> everyone is so bullish. for me it's about execution now. so we pushed the limit here, and so many good news here in the price, so january is all about excu execution, and my suspicion is january you'll see volatility creep higher or move higher.

>> another not going out there on the limb, by the way, because it's so low. >> yeah. >> they're thinking do i want to be in bonds right now? the fed says it could raise three times next year, the economy maybe it does better, but maybe i just have to wait and see? do you feel like -- how do you manage through that? >> the valuation scheme has changed pretty dramatically, so ten-year yields have moved pretty dramatically. so i feel like now is a decent time to reallocate. the demographics are still behind you, i'm still not convinced this is a game changer from an economic perspective inflation is much more muddy, but to me, the yields are myoattractive and we're actually pretty constructive on the bond

side. >> stay right there. we have a couple earnings, micron's earnings are out. josh lipton has those numbers. >> micron reporting eps of 22%. first expectations of 28 cents. $3.98 billion, just looking through the release, it looks like the company is seeing 18% increase in d-ram sales volume. d-ram chips a key component in pcs, 20% in nan-sales volumes. of course this stock has been a monster. it was about up 70% in the past six months. in terms of what the streets wanted to hear in this call. she wants to hear more about d-ram pricing, and certainly any more color and commentary we can gandy about the end markets. that call starts at 5:30 eastern. booic to you, kelly.

>> do you have a view on micron? >> unfortunately i'm sequestered up here by charles van doren. i know you don't know who but josh just said it. that stock has been on a tear. to me you wonder how much is baked in, and to the extent they can talk about that pricing, i think that's important. i'm not going to talk to folks about what i think about these levels, i need to reed through, about you if you've enjoyed the run, there's nothing wrong with taking some money off. i think it means he's on the isolation room on a game show, but not that he's a cheater. outperforming the s&p, so clearly a favored name in the group. you have to wait and see. >> this one a little more

anticipated. seema moddy has the details. >> michelle buck has been appointed president and ceo of the hershey company. buck is currently the company's executive vice president and chief operating officer. she will succeed john billbray, this comes at a time when hershey is going through what some call changing times. but again michelle buck appointed president and ceo. seema, thank you. we're waiting on earnings. did you see natural gas, by the way? one of the best performers in the s&p 500, was southwestern as a result. i know we've been watching oil prices. that's what the market ha largely been keying off of. >> have you noticed it's been cold? >> wait a minute, because it's cold suddenly you get the pop? >> it's the fundamentals. >> there has been a lot of deal talk, even the hershey store

remind me of it. so, you know, that feels like it's a 2017 story. >> there's a sense of game on i think with m & a. where bakley within deal kicks into the next one. i do think it's going to be a constant sort of subtheme of the market. high enough stock prices, and, you know, you're at the point this the economic sector where you might have to buy some growth. >> by the way, greg, when you get tactical on bonds -- i know it's all macro and kind of big picture. is there a way you can position for this environment? we've heard people talk about a shortened duration. is she more longer-term debt? all that kind of thing. >> so i think a balanced

portfolio works and i think a global portfolio works, so we're really focused on what's happening in u.s. trades, but there's lots happening outside the u.s. so a -- but from my perspective, what continues to work are the spread markets. the high-yield bond market has done really well. the big difference this type versus the taper tap trim, this time hef tightened and almost absorbed the entire yield move, so they have done quite well. so what i think spread markets will continue to do well. it feeds off the economic, and i you know, there's a real place for bonds in any portfolio. >> still some talk about potential for a couple inflation scares. is that something that you think will be a theme in the market for a while? >> the policies right now are so fluid, we don't know what that

means. if the u.s. economy becomes a closed economy, then all others become equal, that stokes inflation, but the truth is we don't know. if you look at what's goings on in like the break-even markets and other markets, that has been trending down. so there's been a peak -- the market is telling you there's a make. >> it's coming off. we'll see if there's a real trend. >> we have to -- micron now this time in terms of guideians, josh what is happening? it is now pops on that guidance, 58 to 68 cents. the street was at 39 cents. revenue also better than sxeblting q2 revenue guide here. 4.35, to 4.7 billion.

analysts forecast revenue of around 3.9 billion. better there, and you can see the stock reacting in the after-hour. >> josh, thank you. plenty donald trump meeting with the cheek executives of boeing and i think lockheed martin as we speak today. he joins us with details, phil? >> this is becoming a well-known script when it comes to donald trump and companies. remember what we had can carrier where he blasted the company, ultimately worked out a deal. well, two weeks ago he went after boeing and he said, look, air force one is out of control. the cost of $4 billion is too much, cancel the contract if need be. two weeks later, dennis mullenburg went to mar alag spent time with president-elect trump, and the question of whether or not they can build the new air force ones for less than $4 billion came up after the meeting. here's what the ceo had to say. >> we're going to get it done for less than that and we're

committed to making it work together. i was able to give the president-elect my personal commitment on behalf 6 the boeing company. this is a business that's important to us. we work on air force one, because it's important to our country. we're going to make sure he gets the best capability and that it's done affordably. >> that message cake through loud and clear. he also said donald trump has his arms wrapped around the economics of air force once, we can work with him. he's a sharp guy. this comes two weeks after he called for potentially cancelling air force one. the dod has said aside 3.2 billion over the next two years for air force one. let's see how much that number changes now that dennis mullenburg has committed to building those two for less than $4 billion. remember, this is a set of planes that will not actually be delivered to the white house until 2022, or 2023. that was the first meeting today down at mar-a-lago. after dennis mullenburg met with

president-elect trump, marillyn hewson met with donald trump. it's our understanding that she's still in there talking with him. remember lockheed martin just a week ago, it was blasted by donald trump for the cost of the f-35 joint strike fighter program. he said similar to what he said about air force one, the costs are out of control. marillyn hewson and what she has to say after she comes out of her meeting with donald trump. >> thank you, phil lebeau. there's more news off trump administration -- transition team, i should say. it's on carl icahn. what's happening there, 'emmen? >> so much speculation about whether or not carl icahn would take a role in the upcoming administration. now dow jones is reporting that the billionaire investor is going to be a special adviser on regulatory overhaul to the trump team, dow jones also reporting

that icahn has advised on the epa nominee process and also playing a role in the next s.e.c. chairman. so fascinating to watch icahn a legendary figure on wall street go from activist investor now to perhaps an activist role inside the trump administration, or at least at somebody with donald trump's ear, as trump goes about re-foforming the fedl government. we'll wait for more details from the trump administration for exactly what role he's going to plap, but a big name, familiar on all of the folks on wall street, as a special divorce to donald trump. >> epa rollback probably? guy adami, what do you think? do you think there would be a s.w.a.t. team put together when it comes to just getting in there and trying to throw bodies at this thing and try to roll back regulations wherever they can? >> it certainty appears the game

plan. one of the reasons specifically you've seen the financials trade the way they have traded. i have not been some raging bull on financials, i'm not pretending what i have been, but what i will say is i think the markets were looking at where were these banks in 2007, and mike san tolli answered the question goldman sachs trading 2 1/2 times book. right now goldman is about 1.3, 1.4 times tangible book. you get is somewhere in the middle and you're talking about a stock that's $305, the point being they are creating s.w.a.t. teams. people don't want to wait for these teams to finish, they want to get healed of them. in the financials they're getting ahead of all of this potential for deregulation. >> it's not out of the question. i do think the world has changed. i don't know if you'll have people giving goldman as much credit as back then, but it's

more about energy and heavy industry, and thank you, guy. greg, thanks for joining us here as well. stick around. catch more of guy adami at 5:00, they'll be speaking with tom lee, and he's revealing one group of stocks you must own next year. up next, two stock pickers telling us whether they're changing their tune, but democrats in the senate urging them to work with them on drug price reform. whether that could spell trouble for the drug pharma industry, more of it, industry. you're watching cnbc, first in business worldwide. ♪

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welcome back. seema moddy has the earns alert.

>> this is much worse than anticipated. we were expecting about a half percent gain when we look at guidance, forward estimates, looking at the low end of the previous ranges, so that's where we expect it to go from here. a lot of analysts were speaking about the newest membership program how it would rival amazon, if that would boost foot traffic. that will likely be a topic on the conference call. right now we are looking at shares down about 5% on heavy volume, i might add here in extended trade. >> seema, thank you. >> absolutely. maybe both. the stock clearly has not been a great performer, but it bounced love the lows below 40 the last month or so. they did get a lift on the idea that general volumes will catch their own shares of it. it's still very cheap, asally

these things look cheap, and the industry despises it. that in itself will probably not be enough. the shares are down nearly 5%, just over the $43 mark. the dow still oh so close, and we've got two portfolio managers, sara coaterer joins us from causeway capital management, along with chris ressler. back in january qualcomm was a pick you were bullish on. qualcomm, you mentioned earnings disappointing, but here as a business so well situationed 4% different yield, net cash on the balance sheet, so how about income? we're in a low interest rail environment, you're going to get that year after year, plus increases. not to mention the whole increase in mobile usage. half the world has a mobile

subscription. that's going to go up by a billion, probably in the next ten years. >> qualcomm has had a great run this year. it's clearly not the main factor here. sarah, you still like the stock? >> we still like it. the company has made a savvy acquisition, but importantly they settled with the chinese, the licensing fees are now being paid again and they have improved their margins and chip sets, so they're very well positioned for the next several years for all those reasons i mentioned back in january, technological well situated. >> and a few other picks here as well. royal dutch shell, barclays, but give us one of yours here, i see gilead and a coming others. >> we like technology and health care, so capital equipment into the -- so one company called

viko, looks like it's going to get some bit orders, another one, this is an internet of things, is a play on the increased use the storage in the next gen hybrid storage, and that company as name is pure storage. >> sara, i know you look stock by stock for value globally. i'm just wondering if you're seeming to find more opportunities these days outside the u.s. that have not perhaps had as much of a run as our equity market has. >> that's true, the foreign markets are definitely less expensive. they do need to see some improvement in profitable and return on capital, but look what's happened? the dollar has so strong, up 25% over the last three years versus the trade-weighted basket. that gives foreign companies, many of them, an edge in terms of being ability to boost profitable, so definitely look abroad. we are at causeway. >> meanwhile, going back to

gilead, are you among those and think is pushing that they do a transformative deal here? >> gilead is a cheap health care stock. it's been in the headlines for about a year and a half. we think going forward that the health care space, they could create a grand bargain where you give andrebatery deregulation is something you could get. if you can get that negotiated deal, i think health care will be great long term. >> sara, just big picture for a sect, are they companies you think should do well no matter the environment? in other words, whether there's overall he epps pa or not, whether there's an infrastructure plan or not? are they poised to do well, do matter what? >> for royal dutch shell, we do need to see a stable and rising oil and gas prices, so if they were to fall, if we were

suddenly to have some sort of supply surplus or unexpected drop in demand, that stock would not do well, but at least it has an increasingly improving balance sheet. south korea telco works very well situated. as for barclays, the situation with them is they have about 30% of their revenues, so they're benefiting from the stronger dollar. meanwhile, rapidly restructuring. that should bode them well, almost regardless of what happens in the next couple years. >> sarah and chris, thank you both for joining us with a couple pick foss this environment. the biotech index heart underperforming the broad are market. coming up, we will look at whether the industry coot in more trouble. plus the percentage of young people living with their parents

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. well come back. fimp president-elect trump told "time" that he wants to bring down drug prices, and meg tirrell has a look at how they could perform. >> any hope that investors had

that donald trump wouldn't focus on drug prices as much, this week heavy on the drug pricing news as ever. yesterday a group of 19 mostly democratic senators asked the president to work with congress to bring prices down. of course, thinking that trump will embrace this populist issue after he told "time" magazine -- i'm going to bring down drug prices. and today a bipartisan report from senators susan collins and claire mccaskill, those focused on companies like -- as very well as valiant, now in this more than 100-page report, they're pitting together a set of six policy actions, including enacting what will be the

increasing competition, encouraging generic competition, considering targeted drug re-importation from other countries where they're cheaper, which is something that donald trump has talked about, preventing the misuse of co-pay that companies provide, and improving health care transparency. meg, thank you. time for a cnbc news update. sue? >> here's what's happening this hour, german police have released the picture of the 24 years old tunisian man suspected of being the driver of that truck that killed 12 people at the berlin christmas marketplace. authorities are offering a reward for his capture. german commandos raided two aparlts in berlin, but he was not there. an apparent gas leak led to an explosion and fire at a building in columbus, ohio,

crews drilling underground around a domino's pizza striking a gas line. authorities believe the ovens ig needed the gas. officials do believe that everyone evacuated after they smelled the gas, they got right out of building. walt disney world's pass holders are bypassing lines by using special turn stiles. and quinn tiplets have been born. they're currently in the nursing intensive care unit after being born earlier this month at 32 weeks. and they have their christmas caps on. that looks like santa's hand there >> i hope they're all healthy, and growing. >> absolutely. a great way to start a new year. >> thanks, kelly. bond yields have soared since the election, and bonds

have been plunging. is it safe to move into stocks at these record highs. two financial advisers will weigh in. and president-elect trump meeting with the lockheed ceo at his resort in florida. we'll bring you the latest coming up.

the dow dropped po 2 points, closing at 19,941. the s&p 500 and the russell dropped as well. we're also -- with lockheed ceo marillyn hewson happening this hour. they have made some remarks as they emerged from that meeting. as the dow gets closer and bond sell-off is time to move money from bonds into stock let's bring in two members of the cnbc digit at financial adviser counsel and kathy curtis from curtis financial planning. welcome to you both. >> i imagine people are asking, am i supposed to be moving into stocks at record highs? >> we tell them once ever 19

days, that's nothing new. like your diet coke hills an yacht time high every year and mcdonald's does. so an all-time high is nothing to be scared about. >> one of the ways i had valued is to keep them sane during times like this, and, you know, my opinion is yes, stocks are higher. no drastic moves. >> there's a general -- retail investors have been aggressively loading up on bonds for years now at the expense of investing in equities, yet the equity market values have gone up. is there a sense out there that a lot of retail investors were looking to bonds for capital gains, for a purpose that they're not necessarily meant for in a portfolio? >> i totally agree. people look historically, bonds

have done well. if you think oar gut to make more money in bonds, you're likely wrong. that's why an investor should have money in bonds, your short-term needs can be met from bonds, but if you're looking at bonds thinking this is the winner, the math is working against you. >> you said a said ago, you're telling people don't change your asset allocation, but should they be doing that ify very often overwade in bonds? ander retirement, is it too risky for them to hold these large amounts of bonds right notice? >> it could be, but there are different types of bonds.

so i still think it's very important that people stick to their asset allocation that is equal to their risk tolerance and the time in their life, and not make drastic changes b rallo say that all bonds are going to crash.nk you both. on some of the moves to be making or not right now. donald trump says he will terminate nafta, but that could mean big problems, how it could impact agriculture. but first the percentage of millennial living with parents the highest in 75 years. what it means for housing, next. ♪

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welcome back. there's stationers stats on millennial opting to live at home. nearly 40%, 18 to 34, and opting to live with their parents, siblings or other relatives. that rate is up from po 3 po% before the last recession. what's keeping millennial at home? >> karen house, along with

jeffrey cleveland. great to have you both with us. >> hi, kelly. >> jeffrey, first to you how much of an impact is this having? >> the real question here, kelly is, are the millennial making a preference shift that other generations didn't decide to for do people want to live in a shoebox in manhattan or in downtown los angeles? or is there something else going on that's keeping them out of home ownership, or maybe delaying the move into home ownership. we think it's not a preference shift, it's something else going on. >> one second, guys. we have go to florida for a moment from marillyn hewson is leaving mar-a-lago, looking to see if either one of them would be making remark, dennis mulen berg -- it doesn't like that way. sorry to interrupt you. what do you think the impact is on the housing market here? >> so i think it's certainly

been a headwind for housing, particularly given millennial with their higher propensity, we've seen rental inflation much stronger, and just really the cyclical where they've been hit much harder, as well as just earnings growth over the past year, which has weakened their demand for housing. >> i think one of the optimistic takes is there's pent-up demand, but there is a risk that this delayed sort of life stage events like marriage, job and all the rest, could become more normalized? people basically saying it's no big deal anymore if you live at home still? >> absolutely. i think there's been a shift where there used to be a big stigma living at home, but i think following the recession, the high house prices, we've seen that stigma erot a bit. while there will be a shift

eventually, i think we will see home ownership rates rise, it probably won't get back to the same levels we have seen. we'll probably continue to see a higher level of young people living at home longer and longer. not just because of the delayed life events, but other issues like student loan debts. >> i don't want to ask anything personal, but do you know anybody who isly at home? are they people working? maybe not quite in the jobs that can port them financially yet? are they younger or older? any insights? >> i think certainty you see it more so with the younger millennial than the older ones, which we probably would put it at your over-25s, but i think you have to look at it on a market by market basis. it will be much more common like the costs, about your housing coasts are much more expensive, and those areas have also seen job but also the higher house

prices. for many recent college graduates, it is the norm in those expensive markets to maybe live at home a few extra years, save a little money before moving out. >> jeff, do you think it will be ultimately like the mouse moving through the snake here? is there a sense it's going to take a couple more years and then look normal? or is this a permanent shift? >> i don't think it's permanent. i think investors are always looking at short-determine data and inferring it's a structure change. we look at survey and still 70% of millennial say by 2020 they want to be a homeowner. they're delayed in getting there, perhaps by pursuing more school or delaying in starting a family. we think, kelly, the big problem is the shortage of new home construction. single-family home construction has been in the doldrums for the last eight years. we're not building enough,

particularly the summer shortage is more acute in areas where beef seen better job growth. so there just isn't the supply of housing there to meet the demand. i think that's the fundamental problem here from our perspective. the good news is that means more construction should be coming onlio online which will boost growth. >> if you are look at it from that point of view, great news, it's going to be a strong economy. if i'm in the housing market, i feel in fact quite positive about this, if that's not what's happening and it's a more per mission trend, obviously that's a quite different story. >> it totally is, and i think it's such a huge generation, numberswise, you don't necessarily need it to go to all past generations. inch just enough for benefit. thanks, guys. >> good to see you, kelly. >> thank you. inauguration day is just 29

days a. jane wells is in wyoming. >> reporter: well, kelly, the president-elect has yet to name an agriculture minister, but the economy is down, and it kind of smells like a cow spent. up next, what they don't want from trump ognomics, when we come back.

welcome back. you're looking at a live shot of mar-a-lago, and the plenty is expected to maybe come out to the press and speak. if he does, we'll bring it to you.

2017 may bring even more pain for brief producers. jane has more. >> reporter: kell agriculture is more as a rule terrible to boom and bust cycles. there's just producing, driving prices. take a look at this. the price from a year ago for feeder cattle, cattle about halfway to that i market weight, down 21%. corn down from a year ago. soybeans about break-even. but that's because of strong demand from china, okay? we're selling our soybeans to china, propping up prices. and look at wheat. what is the solution? farmers and rankers say it's not protectionism. >> free trade is always a good thing. >> reporter: rancher brett crosby says exports heavy offset sinking prices and in fact in the beef industry, exports add $200 to the value of each animal. so ag's message to trump, don't start a trade war. >> there's a lot of stuff that comes from a cow or a steer

that's butchered, that we don't eat in america. >> reporter: he's talking about tongues, brains, kidneys. we sell that stuff overseas. and it's one reason why an agriculture usually we have a trade surplus that could be threatened in a trade war, even with nafta, and, of course, kelly, the strong dollar hurting now. >> are these trump voters? >> many of them are. in fact, kelly, that's very important to them. i talked to a grain farmer, and also a ceo of an ethanol company. they said it was farmers, it was the farm country with yhich putp over the top, and one of them told me, quote, trump owes us something. >> it's interesting. all of the sort of specifically directed kind of trade crusades that trump has made have been about manufacturing. it's been about jobs that could have been here that went elsewhere. nobody really thinks that clearly about agriculture. >> because it's so small. and jane, that's what's so interesting. the sheer number of people

involved in agriculture is tiny. how do these people make their voices heard? they punch above their weight in getting certain subsidies, and it's been a big issue in some trade kbreemts in the past. are they going to be able to have influence on the outcome here? >> absolutely. they may be small in numbers, but we are talking about billions and billions and billions of dollars. and the usda covering things like food stamps and all sorts of other things. yeah, they're putting on a full-court press. the epa side, is there going to be a cutback in the corn going into ethanol. big oil doesn't like that either. a lot of people would criticize agriculture for being independent. they want to make sure the new administration remembers what they meant for trump. and also the importance of international trade. again, agriculture, one of the few industries where we have a trade surplus. >> and do they name cowley after the cows, jane? >> i'm sorry? >> cowly, wyoming.

i'm wondering if that's an accident with all of the cows behind you. >> well, you know, it sure smells like cowly, wyoming. i'll tell you that. but the folks here -- i have to tell you. it's been really cold. people with the warmest hearts. just the nicest folks. i had a steak dinner last night from a local steer, and it was awesome! >> a beautiful, beautiful landscape. glad we don't have to smell it. jane wells, out there in wyoming. twitter's stock falling after the netflix/twitter account hacked this morning. who could be next, coming right up.

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you're doing a great job. >> thank you, sir. a pleasure meeting you. >> mr. president-elect, will you tell us what you discussed? >> thank you. thank you. >> thank you, sir. >> mr. president-elect, will you tell us what you discussed at this meeting? >> trying to keep costs down. costs. primarily the f-35, we're trying to get the costs down. a program that is very, very expensive. [ inaudible question ] >> the security concessions from the lockheed martin? >> we'll see. again, it's a dance, you know? it's a little bit of a dance. but we're going to get the costs down, and we're going to get it done beautifully. and these are great people. these are amazing people. >> in in your conversations --

>> i'm very impressed with them. and good negotiators, too. [ inaudible question ] >> i think so. we had the chairman of boeing. the ceo. and i think we're looking to cut tremendous amount of money off. okay? thank you, everybody. are you comfortable? everyone okay? not bad, right? hank you, sir. >> thank you very much. >> president-elect donald trump eemerging from mar lago this afternoon. also he was meeting with high-level members of the military who you saw leaving there and shaking his hand as they departed. i wonder if the media can get a microphone up behind that platform so we can hear him better. it sounds like he was referring when asked about the meeting with the lockheed ceo to questions about the costs. he said something about trying to get the costs down, going to make it a better deal. they asked if he got any security concessions, he said we'll see. it's a dance. and he, again, talked about the

tremendous amount of money that all of these programs cost. eamon javers is standing by with washington. eamon, what did you hear? >> yeah, kelly. obviously, a big military contingent there at mara lago today. a meeting with the president-elect. transition has given us a list of some of the officials there. admirals and air force generals briefing the president today. they said it was a bit of a two-part briefing. not exactly sure what was covered there. but when you look down the list, one name stands out to me immediately. lieutenant general jack weinstein, strategic deterrents and nuclear integration. 'tis previous job at the 20th air force, commanded all of the ballistic missile wings in the fair force. when we talked during the campaign, so much conversation about getting access to the nuclear codes. these are some of the generals and admirals who would provide donald trump with access to that. so obviously, they had a lot to

talk about, strategic considerations around the world, in every region of the world, all of that will be under donald trump's purview, as of january 20th. so clearly a very important meeting. high-level group of military brass there meeting with the president-elect, kelly. >> admiral william more ran, general steven wilson. a dozen names on this list meeting with the president. and eamon, again, this issue about security concerns as well as the cost of these programs. referring to lockheed specifically, but also, of course, being the central focus of his meeting with boeing earlier today, as well. >> and you saw one of the air force officers coming down the steps at the front entrance holding what looked to me at the end of the shot there like a model of the f-35, the controversial airplane that has been so expensive. donald trump wants a better deal. and you heard trump pointing to one of the generals and saying, "and these guys are such good negotiators, too. aren't they?" he clearly wants the pentagon brass to get a better deal on this aircraft. it is a very expensive aircraft.

it's been, you know, controversial for years how much that's going to cost. trump seizing on that right now, and clearly making it known inside the pentagon, he wants them to negotiate better. but when they do, he's going to praise them and single them out for praise. >> that's a great point. i was wondering what that comment referred to. phil lebeau here with a minute left. what additional -- observations did you pick up? >> that basically, i want to echo what eamon was saying there. at the end of the day, when these contracts are negotiated between the defense companies like lockheed martin and the department of defense, part of the problem for the cost overruns has been these programs become bloated over time, different people are in charge. and i think with what essentially we're hearing from donald trump and his generals, so to speak, is we're going to set the price, you better meet it. and if you don't meet it, the cost overrun is going to be on you. not on the taxpayer. >> i wonder if the boeing shares and lockheed shares should be down more then, if that were the case, phil. >> it remains to be seen.

we haven't seen anything finalized. i would be more concerned if you're an investor in terms of pressure on shares with something like a lockheed martin relative to boeing. air force one is essentially a one-off project. but there are defense projects at boeing. so there certainly could be some concern there, as well, for other defense projects. >> mike? >> yeah. it's obviously going to be the way he does which is business so to speak. the overall defense budget is not that high, but he really wants to fix ate on. >> do you think the number changes? or is there wiggle room? the reason why people like these stocks all because they thought it would be going the other way? >> we don't know. honestly, we just don't foe if there is going to be some kind of new line. >> and before we let you go, just pivoting back to the market, mike, dow 20,000, we didn't get there today. dropped 32 points. 50, 60 points away now. >> you have an absence of momentum here and the