1% plenty of momentum going into the end of the year. >> doc >> etp, earnings after the bell. >> do not buy the red robin gourmet. it has gone lower. >> sticking with the earnings tonight. >> see you all tomorrow. "power lunch" begins now here is what's on the menu facebook, amazon, netflix, alphabet, the big tech has been red hot for a long time. so, is something from the new york stock exchange signaling a top. if deal talks restart, how would disney fox compete in the age of n netflix? will it be in the area of big tech move over uber and lyft. could the driverless car be the future of driving. i'm in the driver's seat buckle up. "power lunch" begins right now

welcome to "power lunch. stocks are moving lower but the dow, s&p and nasdaq did manage to hit new highs in the session. first, the losers, blue apron taking nearly 20% at record lows they say the new fulfillment center in new jersey is eating away at profits. trip adviser is down by about 20% on the revenue miss. red robin, can you say indigestion. that stock is down 30% they are missing the mark and slashing their profit forecast the double digit winners, valiant pharmaceuticals earn more than 15%. weight watchers is up 17%. the company beating on the top and bottom line says it is testing a meal delivery service. oprah smiling today. she is up over 600% on her investment in wtw, wow >> if you are wearing a blue apron at red robin, you have a problem. down about 40%

i'm tyler mathisen here is what's happening after a three-month-long battle, bill ackman loses his bid for three seats on the board of adp. home prices rose 7%. 48% of the nation's top 50 housing markets are now considered overvalued. a record number of people signing up for obamacare plan on the first day of enrollment season in california, obamacare sign-ups were up 25% on the first day. michelle >> i'm michelle caruso-cabrera as melissa pointed out, stocks are managing to carve out new record highs earlier today volatility in this market has been on a downward slope check out wall street's fear index. the vix, down more than 45% in the past year. with volatility low, driving trading volumes lower.

some are looking to amp things up and they plan to do so on the back of some popular names like facebook and netflix and popular products our bob pisani joins us. >> we need a fang product. we are going to get one tomorrow intercontinental exchange, the parent of the new york stock exchange is going to launch nyse fang under the symbol ny fang. it is a quarterly futures contract and broader than the five fang stocks by the quarterly future of facebook, apple, amazon and google, the fang stocks and another five actively traded technology stocks, alibaba, b a du, nvidia, tesla and twitter. are you going to be able to buy

this they will be one of many companies offering it. why? bang is still hot stocks even after a year in a broader context, the exchanges and the whole trading community are grappling with the low volume, low volatility how do we get products that people want to trade out there this is one possible answer. the etf community is very involved in trying tofigure ou how they can get etfs with smaller group of stocks in hot sectors out there faster than the current sec rules allow. if this is successful, this is the first product which is exactly like this. you can expect other products in the future >> this is not an etf, not a future's base etf, a full-on futures contract, the way we think about. oil and copper, for example. >> that's exactly right. it will have that same decay function you are buying futures contract of these ten companies

you are wrapping it up into a singles futures contract >> what would the difference be bob? this is maybe a stupid question. i am willing to ask. what would the difference be between trading these futures between taking options positions on these stocks? >> to the extent that the options diverts from the futures, there would be a difference you could synthetically create something like this by owning the options as well. that's the whole point of course, goldman sachs can and does synthetically create this kind of trade all day long >> would this be easier and cheaper? >> you would think you wouldn't have to do ten >> for the average person, certainly, it would be easier and cheaper. >> yes >> hey, bob pisani, have you ever seen the new york stock exchange create any product around a company that has a negative pe of 148 and burns through $1 billion in a quarter. >> if you are referring to

tesla, no. this is an i.c.e. product, not the new york stock exchange. they are not making a judgment on whether the valuations are right or not all the exchanges care about is can we get products that people care about trading really, that's what the game is right now. you saw what's going on. you are talking about that low volume and low volatility. we are still seeing attrition on the street the streets are still seeing lay-offs because there is not enough trading activity going on that's what the game is. >> thank you very much from these new fang futures to the whipsaw moves we have been seeing in names like blue apron, red robin. what does it all mean? what does it mean for the health of the bull market the fairness of the market for the little guy let's bring in jack bolder let me go way, way, out on a limb and guess that you probably don't think the world of fang futures. >> well, i think, the answer,

tyler, is, if you want to do such a crazy thing, it certainly makes it easy to do. whether that's an asset or a liability. i have no doubt it is a liability. you are jumping on the band. i think the odds are very bad. it appeals to the trading instincts. wall street is looking for new vehicles to get investors to trade. traders trading is a loser's game trading is short-term speculation. if we could get investors in the mode of thinking of long-term investment and realizing, to give you an interesting number, tyler, if you are 25 years old today, you are going to be incompetent vesting for the next 75 years you will be 100 and still investing. that's what the mortality is you should be looking not at the there tomorrow, which is, as i said, perfect in this context, at the stock market, daily moves and individual stock

it is like a tale told by an idiot, full of sadness and fury, signifying nothing >> jack, if you look at the web page dedicated to this new product, they say it is a low cost way to get tech exposure and helpful if you want a hedge position you already have. >> i won't get into hedging. i think hedging is beyond the ability or capacity or even the interest of the typical man on the street investor. anything that gets investors into trading is a negative trading costs the track from the return of the markets. this is the classic mathematics of indecking if y if you buy and don't trade, you will get 99.96 points out of the market that's got to be the winning strategy if you like games and ups and downs and gambling and casinos, these things are really, really

good but i don't think most investors should stay a long way away from that or if they are so tempted by the mood of the day, do it with your funny money account. do it with 5% of your assets, no more than that see how it works i am going to guess that they are going to say, man, i wish i would have done for less >> i had a feeling you were going to come down on this side of this. it was just a spidey sense >> it's nice to be predictable, tyler. >> let me turn you, though, to a story that came out a couple of weeks ago. that was a big piece in "the wall street journal" about the predictive ability predictive quality, let me say, the predictive qualities of the morning star star ratings that look at past performance, adjust them for risk and then tag the

funds with 1-5 stars i'm sure you have thought about this i am sure you read that article. what is your take on the predictive qualities of those ran rankings >> as physical, if you can p guess, it was not a surprise to me i have been following the morning star system. i don't think it is bad. they have never heavily said it is predictive of the future. it can only measure the past that's all we can do all that journal article, i guess it was 2.5 pages or something, is showing what everybody must know or should know about the financial markets and individual and money managers they revert to the meme. the first shall be last and the last shall be first as the good book tells us. that does not surprise me. even morning star has conceded in the past and not reluctantly conceded but agreed that if you buy funds based primarily on their cost, their expense

ratios, you will have a better chance of future success than if you buy them based on the morning star system. they haven't been backward or hiding anything. i think there is an implication that among many people that five stars is somehow better. i was amused by this tall picture of a tall investment adviser somewhere in the story he said, i will sell nothing but five-star funds. i hope you read the article. it just doesn't make any sense >> if you buy the notion that there are trillions on the sidelines still waiting to be deployed even with valuations, close to historic highs. >> i love this question. let me say i think the generally accepted number is about 300 billion. i have heard that number if that $300 billion gets

invested today, how much will be in the sidelines at the close of business $300 billion it won't change, because the people that are on the sideline that buy stocks will be all set but the people off the sidelines that sell them to them it is a complete failure to recognize that money on the sideline is is pretty much durable. >> people who are selling are going to keep that money in cash and not redeploy that into other stocks. >> if they redeploy it, there will be sellers of the stocks to them and they will have cash people should understand the market is kind of this closed circle it is what it is in totality any time you can do a little bit better here or there, there is somebody on the other side doing worse. these are all index arguments. you could say they were threadbare arguments they have proved highly accurate over as long as i have been there with my first study when i

presented the idea of the index funds to the directors in 1975 i took the previous 30 years, 1945-1975. the index won over the typical large cap equity fund then of about 1.5% a year. i redid the study last year and for the 30 previous years, it was 1.5% this is mathematics. it won't always be exactly that number that's the number that turns up 1.3%, 1.7% advantage forpassiv investing. there is really no way around it >> is there another number that is a little concerning when you started this, you had no idea that vanguard would grow to nearly $5 trillion and almost 2000 etfs actively traded, about 30% of all market volume by dollar share, is etfs. do you worry at all -- i'm sure all of us here on this desk, get one or two p.r. pitches a week

for a new etf product. is there a market risk to this, because people, "a," misunderstand them or, bfrnlt"b they sell the whole market, they are going to be effectively flushing everything. >> the question is, do i worry >> you are dam right i worry how could i not? you open up monday's journal and there are three or four new equity etfs. one is for distiller's stocks like booze and one is for gop policies one in fairness is for democratic policies and one is for the future of gdp or something like that. i can't remember the fourth one. people jump in here to create opportunities to sell a product. that's not something that does the investor any good. the investor should stick with owning the market and holding it forever and not be tempted by all these siren songs.

they come and go we see them come and go. the etfs are starting to go out of business a little bit they are still drawing a very, very large amount of cash flow the performance of etfs, i just did a little study on this the other day. the last ten years, the average traditional index fund, mostly s&p, has done 8% a year over the last decade, 7.5 the average etf has done 4.5%. sdwlooirks abo think about that compounded over the decade people don't look at the reality of the etf, a trading vehicle with people following their instincts and market trends. it doesn't work in the long-run. did i make myself clear, tyler >> i got you, man. clear as always. jack bogle, great to see you again. >> i don't think i have ever heard him curse in 20 years. >> etfs will do that to you.

>> to dom chu. what is happening with industry group overall. furniture side of things if you look at shares of wayfair, online furnishings and furnishings retailer and williamson any willia sonoma, they have been trending lower all day and taken a leg lower the past few minutes a lot of this is being attributed to saying amazon is getting into two of its own proprietary lines of home furniture products that is helping to contribute to some of the weakness we are seeing across this industry group. something to keep an eye on as we talk about the amazon effect in this case here on the furniture side of things >> i've never thought about amazon furniture thank you very much, dom congress is making the sausage. elon muey is at the factory.

>> reporter: senator orrin hatch has confirmed the finance committee will be releasing its version of the tax bill on thursday several republican senators have called for that tax bill to include a repeal of the individual mandate, we counted at least five, who support this. any say it could unleash billions of dollars this could be used for tax reform of course, the republicans do not have a very good track record on health care. we will see whether or not this effort is included in the tax bill and should find out on thursday >> thank you very much we have a news alert in the bond market rick santelli tracking the action at the cne. how hungry are investors to lend money to the u.s. government >> three-year notes, two-year notes, these are not exciting instruments in a day of mostly snugging up. that was reflected in this auction, michelle. 1.75 is the yield at the dutch auction. pretty much spot on with the

last trade everything about this auction is a hook, a "c." 2.76 bid to cover a little light. 53.5 indirects, a little light directs at 9%, a little heavy. 37.5% go to primary dealers. the rest of the 62 billion in supplies, when you move to 10s and 30s, that's where the excitement is going to be. >> we are waiting for that excitement the main reason disney and fox are talking about potentially teaming up where the competition is coming from a missile shot out of the sky in saudi arabia. much more on missile defense system what they could me fanor the big defense contractors? that's all ahead on "power lunch.

i can't wait for her to have that college experience that i had. the classes, the friends, the independence. and since we planned for it, that student debt is the one experience, i'm glad she'll miss when you have the right financial advisor, life can be brilliant. ameriprise

a new wrinkle in the walt disney/twenty-first century fox deal both companies need to get stronger to compete with netflix, among others. julia boorstin joins us live from l.a >> reporter: hey, tyler, fox's premium content and ott investments would boeingster a number of different parts of disney's digital strategy. first, there is disney direct to consumer app set to launch in 2019 in addition to their library of films and tv shows, some of

which is pulling from netflix, fox would contribute "avatar" and x-men and "national geographic" and shows that don't fit with the disney brand such as fx's edgier premium content like the marpamericans could go hulu with fox's stake, disney would own 60% of hulu and control its direction allowing it to grow. beyond the 15 million subscribers it has in the u.s. and japan to better compete with netflix with 109 subscribers worldwide and amazon they have an estimated 90 million global subscribers it is worth noting that fox's sky has an o.t.t. service called now and in germany, sky ticket offers digital day, week, or monthly passes city said in a note that this deal would allow disney to achieve the scale that's necessary to convince consumers

to pay a monthly subscription fee for that new service certainly, something interest to watch. >> back over to you. >> julia boorstin, you have been and will remain busy thank you, as always how would a merged fox/disney compete in the age of netflix and amazon and maybe facebook joining us now, steven battaglio, and andy hargreaves steven, this first reported by the way by david faber, our own david faber. we have to give him credit pretty much everybody went off his reporting yesterday. really excellent job do you believe that if this deal gets reinvigorated and it might, given the stock reactions of the two yesterday, the executives to go how the market wants this, sdwlooir that this would be some kind of a mission of failure, it is too strong, but admission of transformation by the murdoch boys >> it would certainly be transformative and admission how difficult the content business

has become if rupert murdoch is finding it so difficult that they are talking about giving up, it must be really difficult. would that be the right term >> we learned that disney approached fox and it wasn't lochlin and james murdoch. >> you have to take the meeting but the fact that they would entertain giving up these crown jewels says that netflix is coming, google is coming and amazon is coming and the price of entry is going to go up for years, we have been heared john langraph, the president of fx, talking about how the price of cast and producers and writers has gone up, because he is bidding against netflix and losing a lot the challenges are stronger. >> how different are the murdoch boys compared to rupert, himself, in terms of drive and willingness to risk? >> i think rupert was a swashbuckler, the original disrupter, creating a fourth

network, doing things that nobody thought could be done. >> what do you take from this meeting? is it because the murdoch boys are here that this can actually be considered? >> i think so, yes >> the interesting thing in terms of gauging what the reaction of the landscape was yesterday was that everybody's stock rose on the back of this deal one could think, they are going to put a price out for multiples on the fox assets and that could inflate the multiples of the other stocks out there and also underscore the notion that you need ta scahat scale to compete the entertainment business i was surprised the likes of a viacom didn't compete lower? what is your take? >> it is a fair comment that the competitive set has changed and the amount of scale that you need to compete with guys that have frictionless global distribution it is something that the media industry hasn't had to date. i think it is a fair reflection of that and disney is sort of uniquely positioned to try to execute it against it if they

have the right set of assets >> do you see these assets as the crown jewels of 21st century fox even know fox news and the other properties create more cash flow, the stuff that would be included, including the studio, fx, sky and star, really the crown jewels >> i don't maybe because i'm a myopic financial analyst. i look at what creates the most profit that's the crown jewels for me there are assets that disney could clearly leverage, though >> steve said on the air, these assets are now for sale, for sure they are going to somebody >> absolutely. >> content, in terms of them being the crown jewels, everyone says to me, content is king. cvs has made a great business by transforming themselves into being an advertiser-driven business and being a big content seller they are succeeding. >> you just said content is not king cost is king >> cbs doesn't produce a lot of

their content. they sell their tv shows around the world. that's been a tremendous growth driver >> didn't you say cost is king >> cost is becoming a bigger obstacle and scaring people down the road, because you are going up against competitors who seem to have unlimited resources president trump asking for $4 billion for missile defense because of the north korea threat which companies will benefit from increased spending. morgan brannan is live from huntsville, alabama, morgan. >> missile defense demand is skyrocketing more production, more sales for mpieli this. we have got more after the break.

stay with me, mr. parker. when a critical patient is far from the hospital, the hospital must come to the patient. stay with me, mr. parker. the at&t network is helping first responders connect with medical teams in near real time... stay with me, mr. parker. ...saving time when it matters most. stay with me, mrs. parker. that's the power of and.

amid everything else that went on in saudi arabia, there was this, the country ace missile defense system shooting down a missile from yemen. bringing further attention to missile defense. we sent morgan brennan to huntsville, alabama, to learn more >> reporter: take a look at this this is a model of the newest version of the standard missile 3. this is the interceptor that starting next year will sit on u.s. and japanese warships in the pacific to help defend against a potential north korean ballistic missile attack these missiles are part of lockheed martin's egis system. it is one of four u.s. defense

systems that are currently in use. the other three, patriot, thad and miss-course defense that protects the homeland from an intercontinental ballistic attac attack the demand for all of these, skyrocketing. president trump asked for more money for this type of security. america's missile defense takes a layered approach there are three phases of flight, boost, when it launches, mid-course, as it moves through space and terminal, when it re-enters the atmosphere nothing exists to target boost but the homeland and egis work to intercept threats in mid-course and as the need and demand increases, that means production is in full swing for companies like ratheon they are building three new

facilities at the missile systems complex in tucson and here in rocket city, they are currently producing about 20 of these standard missile variants per month and starting next year, it is going to be producing and beginning to deliver some newer variations of the standard missile 3 as well guys, i will leave it with this. you showed that patriot system in saudi arabia working. a couple hours ago, sweden became the latest company to announce its intention to also buy that patriot system. back over to you morgan brennan in huntsville they announced they are going after uber and lyft with a ride sharing system that doesn't need drivers phil lebeau joining us with more this is a significant move by wamo. they have been working on self-driving vehicles for some time they plan to use that as part of a ride share program waymo will offer driverless ride

sharing. nobody in the front seat for its self-driving waymo mini-vans in the phoenix area they haven't announced a start date they expect it to be sometime in the next couple of months. here is the question is the public ready for this >> a lot of these studies if you put them all together, the basic number is about 50% of folks, it seems, are ready to experience a true driverless ride we think that's a great show of confidence in the technology we think getting people in our cars is going to help increase ta lev that level of confidence >> what does this mean for uber and lyft here is the latest evidence in what people use in terms of ride sharing. uber, for 1 out of every 4 other programs make up the remaining 5% waymo is already a partner with lyft and john kraftcheck told me we plan to continue working with lyft

they are pursuing other partnerships what's interesting, guys, is we will see more of these self-driving vans with nobody in the front seat, not just in phoenix but spreading out over the country. >> would you have one, phil? >> yes i have been in the waymo one and out at the r&d facility about a week ago very comfortable in them i have done enough with self-driving vehicles, i'm pretty confident in the technology >> would you drive it in downtown chicago >> yes, yes, i wouldn't have a problem with it. >> nbc news confirms the senate gop tax bill will be released thursday larry kudlow just wrapped up a big meeting with senate republicans on the hill and he tells us what they told him. that's next.

another day of work. why do you do it? it's not just a pay check, you actually like what you do. even love it. and today, you can do things you never could before. ♪ ♪ you're developing ai applications on the cloud. finding insights hidden in decades of medical documents. and securing millions of iot sensors. so get back to it. and do the best work of your life. ♪ ♪

allow you to take advantage of growth opportunities. and do the best work of your life. with a level of protection in down markets. so you can head into retirement with confidence. brighthouse financial established by metlife. without pg&e's assistance, without their training our collaboration with pg&e is centered around publ safety. we could not do our mission to keep our community safe. anytime we are responding to a structure fire, one of the first calls you make is for pg&e for gas and electric safety. it's my job to make sure that they have the training that they need to make the scene safe for themselves and for the public. it's hands-on training actually turning valves, turning systems off, looking at different wire systems all that training is crucial to keeping our community safe and our firefighters safe. together, we're building a better california.

hi, everybody. i'm sue herera here is your cnbc news update. at his weekly news briefing, house speaker, paul ryan, says it is the responsibility of congress to find out why the air

force did not flag the texas church shooter's criminal history to law enforcement >> how about enforcing the laws we have on the books this man should not have gotten a gun? because he was a domestic abuser we have laws on the books that say if you are a domestic abuser, you are not supposed to own a gun. that's why we have all these questions with the air force right now. connecticut police releasing dramatic surveillance video of a woman being dragged by a person who stole her carat a gas station. she was inside the gas station store when a suspect entered her vehicle. she ran out, confronted the suspect, only to be dragged about 15 feet. the suspect and the vehicle got awhich jc penney says it will open at 2:00 p.m. on thanksgiving, one hour earlier than years past it is encouraging its shoppers to post photos on their receipts on social media to flaunt their savings. that's the news update this hour i'll send it back to you guys. >> thank you, sue. >> you got it. the house ways and means

committee putting the final touches on the tax reform bill before moving it out of committee. meanwhile, nbc news confirming the senate gop tax bill expected to be released thursday. joining us fresh from his meeting with republican senators, cnbc contributor, larry kudlow how are they going to reconcile these two? >> by the way, in report that they are going to have a senate bill or a chairman's mark on thursday, i would give that a maybe. a somewhat skeptical maybe is how i would put it >> why too hard >> i am not in the finance committee meetings i'm not hearing that they are ready yet. i could be wrong i departmeidn't hear that in the meetings what i heard was that republicans are totally committed to this and the growth aspects, which is on the business side, the rate reduction and repatriation and equipment expensing, totally committed to that. they are thinking about the right way to message this to

people understand corporate tax cuts, more investment will help the workers, the wage earners, the middle class wage earners. they are working through that. they are counting votes, no question about it. they are looking at some glitches stuff that's been in the paper, the bubble rate, the top rate on the income tax movement. >> can we explain that people who hit $1 million, in order to make up for the low rate they got on the early part of the income, they have a temporary hike of almost 45% to make up for the benefits they got early on before they returned to the 39%. >> it is essentially a surtax. they are trying to claw back the 12% rate that wealthy people will take. they have to pass through 12%. they didn't want to claw back the 25%. whatever i think it is really dumb. republicans are not supposed to engage in class warfare and punish the successful. the top-end are very valuable

players. think i the senate is going to look at that again and i think they are also going to look at the pass through-throughs. no one is happy with how they came out the rules look too tight it is very complicated >> na tis that the first 70% is ordinaryincome but the next 30 can be labeled as a pass-through >> even that is a maybe, michelle they are actually picking winners and losers the way this thing is stacking up is regarding the break on the last 30%, even that. they like it for manufacturing companies, for example but they don't like it for a lot of service companies. there is going to be knocking of heads and lobbyists and whatnot. it is all complicated. there are formulas involved. it is not what the small business community wants and it is not what they expected. the senate folks are going to take a very careful look at

that >> maybe we should coin the phrase, back door. talk to us more about this surprise there is this excise tax they are call teeiing it in the gop proposal i'll call it a border adjustment in disguise. it taxes offshore affiliates big companies are probably out of the minds about this. supposed to generate $154 million over a decade. do you think this back door stays in >> good point, well taken. they are looking at that hereto, the complexity of those that might qualify for this is enormous as you point out, it is essentially an excise tax on a lot of imports there is a foreign version of this are you wear of that foreign companies that operate in the u.s. taking our tax advantages but shipping the profits overseas while they are exporting goods. very complicated

that's quite troublesome there is talk of an excise on that of up to 50%. the first one you described for u.s. companies up to 20% this stuff has got to be worked through. it is very controversial >> is that the quiet beginning of a trade war >> well, let's hope not. i will say this. there is a lot of discussion in this meeting we have a lot of senators there. people were speaking freely they are very worried about trade protection and they are particularly worried about nafta. they are hoping president trump doesn't make any final decisions regarding that, before the tax bill is completed. they are really hopeful that trade will be a separate piece much later on. they want to get the tax cuts done this year that was very clear to me. i am not going to name names that was the overall sentiment in that room there were a lot of high-ranking

republicans in that room they want to get it done they want a tex cax cut economi narrative for the 2018 elections and the economy. the deadline and timing in the senate may be a week or two behind >> thank you, larry. thanks for that intel and insight. much appreciated >> as netflix and amazon provide more and better entertainment options at home, how do movie theaters keep people coming in, making movies people want to see? the ceo of imax will weigh in next

welcome back to "power lunch. "the god of thunder" raking up $12.3 million.

will this be enough to turn around ticket sales? joining us, rich galfond, the ceo of imax. in terms of a trend at the box office, it has not been a good one. are you dependant on that trend? what is behind that? is there a secular change in what people want to see and how they see it? >> i definitely don't think there is a secular change. if you looked earlier, there weren't that many good movies. the fact that there weren't good movies, people are looking for explanations if you look over time, the box office has been quite i consistent it goes through bad periods. you are talking about the domestic box office. imax is in 76 countries. around 75% of our revenues come from outside the u.s so while the u.s. went through a down period, places like europe and some of the asian countries did pretty well. so these are complicated questions. cinema has been around for 100 years.

i think it changes it reacts. i think hollywood has to react and make better movies "auth "thor" is a great examle ple of that >> they were well above historic trends your psas, purse screen averages have been depressed and remain depressed for 2017 what can you tell us about the outlook for 2018 >> i mean, predicting movie box offices is a little bit like farmers predicting the weather it is a little bit of a fool's game as i say, you can look over a long period of time and it will vary over short periods of time. one reason box office psas were depressed is because we are opening so many more theaters so rapidly. there is a seasoning period. it usually takes 18 to 24 months for them to hit their potential. also, there is international you can't measure everything by

domestic standards in china, the break-even point and the profitable point is much lower than the u.s. and europe so our business is looking very strong, like you said. in the third quarter, we had our highest box office globally that we have ever had you have to get through these periods of bad film. >> so people seem to like your prod duck, the box office numbers say that why doesn't the stock market like your product as much as the customers seem to? >> you know, the stock market, sometimes it gets ahead of itself sometimes it is late to the party. our second quarter, because of profit, was disappointing. the third quarter beat the fourth quarter the product is certainly very good after "thor." we had "blade runner." and coming up is "justice league." all we can do is run our company and let the stock market react

as it sees fit >> the question that a lot of investors might have and you may be able to speak to this how much longer can you continue to reduce costs to offset a decline installing new theaters that's a fundamental question zu keep on doing that >> not entirely. the fact that we have 500 theaters in backlog and 1300 so 14% of our network is locked in in terms of growth going forward. i would not concede the fact that box office is not going to be what it was this year to a challenge this year. one of the other factors facing the industry is the fear of streaming and what that'll do to the movie business in terms of eye f im imax, you are not able to stream from what you see in theaters.

back to your question of the systematic issue in the movie business this weekend shows there are not. there are good movies and it is going to be a lot more good movies >> are you doing these blade runners where you can get wet and smell the smells and everything else? >> sounds awful. >> michelle, i agree with you. no, we are not doing that. >> you are not >> i was very curious. >> what about demand base pricing? do you expect more theaters including your own is going to charge more for either popular films or times that are more in demand and lower charges or times that are less of a demand? >> dynamic pricing is an interesting experiment regal announced they'll do it next year in china where we have a big presence i know in some studios who are favor of it and others are not i think it is an interesting concept. why not lower the ticket price in the morning for the front

half of the theater rather than a crowded saturday night and why not charge more for "star wars" for some other movies. i am looking for those results >> rich gelfond, ceo of imax. what this can all say, stay true to the consumers, coming up, morealk ll tcas that you need to hear about, "street talk" is next hmark. flexshares etfs are built around the way investors think. with objectives like building capital for the future, managing portfolio risk and liquidity and generating income. that's real etf innovation. flexshares. built by investors, for investors. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing

this information. read it carefully. on the only bed that adjusts on both sides to your ideal comfort, your sleep number setting. does your bed do that? right now our queen c4 mattress is only $1499. save $300. ends soon. visit sleepnumber.com for a store near you. ray's always been different. last year, he said he was going to dig a hole to china. at&t is working with farmers to improve irrigation techniques. remote moisture sensors use a reliable network to tell them when and where to water. so that farmers like ray can compete in big ways. china. oh ... he got there. that's the power of and.

time for "street talk kbt," kickoff with lowe's, the analysts believe that lowe's is well positioning from fallen volatilely earlier this year >> you think stocks will out po perform ex pepectations -- capi

should be back to shareholders i know, 72, only 6% or 7% return >> third stock, under armour, from a neutral to a negative the bar has been set low enough for the company to hit the reset button the price on the stock is $15. >> final stock, crc. they upgraded. strategic leverage of seeing the stock can be the largest delarging story of tripling its equity value in three gears. that's assuming of 65 a barrel >> that's not too far from where we are >> the price target on crc is 21 on about 30% return.

>> tyler >> it is not just disney and fox, talking about a tie up. qualcomm and broadcom, are these mergers a good sign? shares of snap losing a third of its value, today triggers a snap back that's ahead of "power." i think it's terrific. your kids go to college and you start trading. >>yeah, 5 years already. 5 years, hmm. you ever call your broker for help? >>once, when volatility spiked... and? >>by the time they got me an answer, it was too late. td ameritrade's elite service team can handle your toughest questions right away- with volatility, it's all about your risk distribution. good to know.

>>thanks, mike. we got your back kate. >>does he do that all the time? oh yeah, sometimes he pops out of the couch. help from real traders. only with td ameritrade. your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty stands with you™ liberty mutual insurance.

welcome to the second hour of "power lunch," i am melissa lee. >> online travel stock is getting crushed. air bnb is weighing in on booking. the founder of price line will join us. it could be a rough trip for investors. snapping back. the stock is now up almost 14% in past three months alone we'll tell you what to expect and you should buy right now "power lunch" starts right now all right, thanks, mel, lets get a check on your money at this hour earlier today, before pulling

back just a bit, check this out, if the dow comes back today and end the day higher, it would be a 50th straight close next year. the index is down 100th of a % va and your disaster of the day, the red robin, a bad quarter had investors losing 30% of their money on rrgb right now and big cap financials are weaker and more retail stock is continuing to struggle. actions is starting to heat up

in the senate. nbc confirm tg senate's finance committee expected to release its own tax bill on thursday lets go live to capitol hill where we find david purdue of georgia, he joins us welcome to power lunch >> we are hoping it will be out this week. the vice president was with us at lunch and we talked about it in great details the house got the process started and they have done

dom chu is joining us now. as it turns out many headlines

of these massive company getting together are trying to buy together also, there were only 17 of last year and 22 of the years before that we have been trailing off in terms of megamergers out there as we talk about some of big names out there. qualcomm and broadcom of $127 million $31 billion for rockwell collins and again, what's happening with cr bar, $26 billion. those are the three biggest announcements. it could be according to peterson of the idea of lower cost and financing and debt is cheap and stocks are high.

market share and growth and they want to grow profits in that transport of way all kinds of reasons why, an interesting point here, peterson note four of the last five periods were total mma volume fallen the year after s & p were positive on that. >> dom, thank you very much. for more on this and mma signals about the market lets bring in david marcus and brian belski david, do you see any sign of a top u.s. market and the second question, whether do you agree with that or not, why are you so heavily now out of u.s. stocks and into european stocks >> one, two. >> i don't think it is a top i don't like to make market calls. it is not what we do you are seeing monster mma and

not just here in the u.s. but you are seeing in the u.s. as well we are more there and here, there is always opportunities in the u.s. market for every large merger that you see happens, there is the other side. that's what we get excited about. the break ups. you are seeing here you have dow and due punch merged they are creating global champion and breaking up elevators and escalators but it is also a steel company. they're going to merge it to steel from india you will be left with a really good growing company >> why are you as low in u.s. stocks as you have ever been >> because there is more

opportunities based on evaluations outside the u.s. it is so cheap in europe and they're crashing the service of the things we love tu there is so much values there and it is starting to bubble up. here we are playing out a little more i don't think we are at any sorts of top rating about that >> brian, we take a look at the sectors that's out performing this year, it is largely on expectations that mma is going to take hold in that connecter and biotechand healthcare more broadly is another area. will it be when we see that space of deals where everybody is expecting >> well, i don't know if everyone is expecting. some of the companies that we see business combinations are because fundamentally they have been struggling. if you think of the rumor of a combination of the two big media companies. think about this meeting is at a tough year

and marriott and mcdonald's and everyone else have been suffering. i think it would be too early to say that megamergers at this level csignifies market tops. the major difference between right now and 2,000. i remember back of 2,000 of these companies, the majority of the deals are being done of stocks the majority of deals that we see of the last three to five years have been cash and fundamentally, it has been very good >> striking of the bid, $60 was in cash and $10 was in stock the mix shows you what the environment would be you don't take a look at this and say, this means anything for the market at this point is this a good thing for the market >> one of things that we hear a lot and you talk about it on your show.

if you have more and more company goes away, the scarcity of u.s. stock goes away. we are still looking at stocks that give you reasonable value and other places in the world as well i don't think it is an in all and be all data point. you should not make an investment basement based on mma peeking. if it is peeking and when you have a lot of stuff, when you see a goofy deal, like we saw at bsdl at the top of the market. >> way back when. >> think of what's equivalent now and amazon buying netflix or chevron buying exxon we are nowhere near anything that's happening like that >> folks, david, brian, appreciate it. steve liesman is standing by with news alert. hey steve.

>> reporter: randy ambassad rans he made his first remark as a member of the fed governor every aspect of it and a fresh look at everything stress test and supervision and living will and some of the searches at capitol that are out there. here is what he said about stress tests and transparencies. >> with respect to all of the regulatory standards, stress testings and other capital standards that we can be simpler and simpler in the overall capital and regulatory framework so as we take that fresh look at where we stand, those are, you know, those principles and simp.

>> this is relatively good news for the banks in the idea that you have a guy in charge of bank supervision on the feds and a bit more similar thet i thiympac we can talk about some serious reforming of the dodd frank rule in favors of the bank. >> steve liesman, we got first comment from randy quarles >> still ahead, other travels and stocks are getting crushed plus, new details on the saudi shake up taking another scary turn reporting earnings after the bell what to expect and all that and much more, all that is coming up

welcome back to "power un h lunch. >> we got new alert on weinstein saga >> colony was in talks with the weinstein company to provide a casual fusion after the disgrace of the cofounder harvey weinstein, after that, the two sides could not return >> manhattan da is presenting a

case against weinstein >> guys, back over to you, julia, thank you despite a good u.s. company, online airlines are struggling lets bring in jaywalker, and michael jeffery. >> michael, i want to begin on the stock side it was the single best s & p stocks for years after the financial crisis it rose more than 3,000 % in nine years >> they can still make money in price line, if you look at the online travel space, there is still a long way to go until we get to a point of saturation or closer to saturation, if you look in general the u.s. and

europe, only about 50% of travels booked online. if you look at the combination of two big travel agents, price line and ex paipedia, it is abot 10%. there is a lot to grow >> this is not a price line story and what we heard from trip adviser and trivago and price line, they all took down their forecast >> is there a shift that's happening within travel? >> well, there are shifts happening in travel. for example, the shift to mobile is giant in travel most travels in incumbecumbent e grown up on the desktop. it is really changed and especially in leisure travel which is a multi trillion dollar

business when you move from a transactional platform on a desktop. >> you are saying that's why they are playing catch up at this point the marriott of the world, they maybe have the upper hand in this and have the content in this price line and expedial, they're sort of the distributors of that >> that's true if you haare a vertical supplie, you got to spend all your money. yes, it is true that the distribution guys are catching up but they were so far behind that they're catching up to the year 2010 and not 2020 >> to use a real world example, michael. i was looking at one of these

priceline.com thing, the hotel price is less than aggregator. if you don't have the pricing power, what do you have? >> what's your benefit in the marketplace? >> well, i think the benefit, as jay mentioned is scale if you think of booking a destination or going to a certain city available properties on hilton.com or marriott.com or a specific hotel website, there is going to be a far more limited, as a result of that, the online travel agents can spend more on those markets because they are more inventory available and more so to speak to book. >> you got a situation where price line and expedia and

amazon >> ten resorts for families. >> if you are leisure traveler, you are shopping around. you are looking at who's giving me five dollars off or $10 off you are looking at people making your life faster and cheaper >> michael, what's going on in the fourth quarter for these stocks and why is guidance have been pulled down >> a lot of it is change in market strategy. they talk about shifting how they're acquiring their customers away from third party channels like trip adviser and trivago and trying to do direct booking and trying to get people from tv advertising and returning investment on the marking term it can create some disruption on the near term. that has atrickle down effect

on trip adviser, because then they're getting less spent on their advertising partners >> michael ollisson, thank you r much >> i do not deserve the credit >> all executives in connecticut. you have who jets? >> don't answer that >> as your attorney, i advise you not do answer that >> good one. >> backup to the backup. do not miss thursday's show. >> look at this. we got cnbc's exclusive with mark okerstrom >> we'll tell you what clip the stocks wrecked when "power lunch" returns in a minute with full service brokerage firms... again. and online equity trades are only $4.95... i mean you can't have low cost

and be full service. it's impossible. it's like having your cake and eating it too. ask your broker if they offer award-winning full service and low costs. how am i going to explain this? if you don't like their answer, ask again at schwab. schwab, a modern approach to wealth management.

another day and another big earnings missed in the big dining red error brobin gourmet. casual dining is not doing quite as well as someone would like. >> sticking with food, another stock is getting crushed, blue

apron. weighing in on profits, the company is experiencing unexpected costs and getting the facility up and running. the stock is up 68% and it is hitting a record low a lot of these food stocks and the preparation food space is struggling as they try to retain customers and keeping their costs. >> it is not as fulfilling >> okay. >> dozens of saudi royals are still in jail. including one of the world's richest men there. saudi arabia says iran have committed war in the mdlide war. what does it mean for sustainability and tstability there and the price of oil, coming up next on "power lunch."

meet grant. his family. his steinway, which met a burst pipe. so grant met his insurance: you are caller number 12. which didn't quite cover the steinway. but what if he'd met pure insurance? owned by members. he'd have met: lisa, your member advocate. who'd introduce him to gustav, a temporary address, and help him get tickets to the mozart festival. excuse me, grant likes beethoven! uh, the beethoven festival. pure. love your insurance.

hello, everyone, i am sue herrera. the head of nato says the alliance plans to send about 3,000 more troops to afghanistan. half of them from the u.s. the added troops will not have a combat role but will train to fight the talibans >> there will be more troops and the current level is around

13,000 and the new level will be around 16,000. the manhattan new york district attorney is expected to present its case of weinstein to a grand jury as early as next week detectives are gathering evidence of rape arrest of weinstein. five argentina men killed in the bike path attack in new york city last week mourners following the per session containing victims as they were taken into the cemetery >> thank you, sue. >> right now, in the red, ever so slightly for all three of

those indexes. the dow is at 18 points. >> and the nasdaq is 24 points 67 >> media stock is on the move. discovery communication is higher there by about 2% cbs up about half a percent and walt disney involved in the talk of potentially buying some asset f s from 21st century fox. it is higher by 1% as well all right, the oil market is closing for the day. lets go to dom chu, i apologize for that >> that's all right. >> anyway, lets talk about oil prices because that's what i am focused on right now you can see they're off about a quarter of a perfect from west texas. on the hills of the big report

of what's happening with regards to saudi arabia, the middle east tensions surrounding seafoaudi arabia, as well as tensions between saudi arabia and iran as well we are sitting the highsgoing all the way back to 2018 a lot attention is turning towards the opec meeting we are looking to extend its production cuts beyond of 2018 michelle, we heard reports from the saudis and everybody else in opec and officials there are looking to wrap in more members of non opec countries and we'll see if it plays out in november 30th >> we'll be watching for that event. >> as dom is talking about arrests, dozens members of the saudi family is raising concerns o f investments in the kingdom is it a corruption or consolidation in power, jogood

have you here. >> it is not just the corralling of all of these individuals. there is the shooting down and the missile that came in and the shooting down of the helicopter and the prime minister of lebanon and the saudi prince saying iran is committing an act of war something very, very big is happening in saudi arabia, are you nervous about the stability of that country? >> well, i think of anything, we ought to be comfortable of this stability there. it feels like theguy that's been in charge is splolidifying his power and after this round of excitement, that's probably an under statement for it then things ought to settle down and he should should be pushing his agenda in the last year. >> what i have been reading the paper that yemen is just

beginning that this guy may be wanting to go to war in other places what does it mean for the price of oil >> we'll whine up with a conflict of not a war of words but an actual war between saudi arabia and iran. it will have significant impact for both the price of oil and the fear around what that means. so you know -- >> how significant >> oils trading at 57 wti today. if you take iran's production out of the market, oils trade at 75 over night and tries to go back to 100. we don't have that compare capacity and all the spare capacity is sitting in the middle east. >> oils' up a little bit and lt say it goes higher does that push all domestic mid size players to drill more rigs.

are they going to look at 65 buck of oil, been here before and don't do it to the upside. >> thequestion is how do we ge to $65 >> if we get there by tighter demands like a war in the middle east then i think that the higher the price goes, the more the to drill, and as much as the industry likes to say it is disciplined and price and cash flow and the urge to grow will pick up. >> dan, i love the industry but it is the least disciplined industry out there >> since banking >> the cure for higher oil prices, do you fear we'll see the second leg of all the duck drills and of hundreds out there and coming back online and sending production up and prices down again >> the real issue is the under investments that's happening outside the u.s. is beginning to

be felt. we are whining up of pulling opec back in 2018, they're cutting and they'll be pulled back demand is good and supply outside the u.s. is likely to decline. u.s. and opec is winners of the downturn of the last two or three years. so i expect the u.s. to step back in and the ability of the u.s. to provide incremental supply and keeping them going too much higher to 60s and 70s >> dan, thank you. >> we are just 47 days away from christmas since we inch closer to the big day, the battle is heating up particularly between walmart and target this year's shares of walmart is down 20% lets bring in oliver chan out with a new note today of the growing digital war, oliver, it is great to have you with us

i want to address the overall downdraft in the retail sector today before we get deep on your note here. what's your interpretation declines in macy's and kohl's and foot locker. >> we are getting people of the stores and tremendous transformation as well as promotional atmosphere in terms of products. clothing apparel has been an issue and the trend recognition and speed, those all have been key factors. what consumers are looking for now is value low price and they like the off price sectors and they want discount retails at large is facing many problems apparel is a tough category, you can get great looking apparel at walmart and not pay a lot. >> lets switch now to the note that you have out today. target verses walmart. a lot of people like to hit them against each other

what's your preference here, there is a lot of a different point of the trajectory. walmart being sort of the height that implies some sort of peek but ahead of target of this story, where do you see the value. >> i agree with you. we have an out performing rating at walmart and target and zooming out. there is a three-way boxing match going on there is a huge fight for market share and each of these players are using unique assets. walmart has 4800 stores of 9 90% -- that's the new oil of digital economy and our preference here is walmart although we ak nocknowledge in note that target is doing a good job with new brands. the evaluations there being 13

times pe verses walmart 18 times, that's a positive for target as well >> how much is jet helping walmart? >> jet brought new capability to walmart. it enables you to really get a lower price if you don't return the item and other features so that's smart car technology can be ported over to walmart.com. it is a real people and talent story as well as jet and jet's launches its own brand as well that's a nice positive >> oliver chen, thank you. >> lets head back to julia boorstin in la for a news alert. a prepreview disney film, this follows investigative reports in disney business

dealings the new york times saying "they'"new york times will not attend preview screenings of disney films until access is restored to los angeles times t ." disney responded to the "la times. quote, the la times showed a complete disregard basic jour l journalist standards diets our sharing numerous in disputable facts with the reporter, several editors and the publisher over many months." this is becoming a bigger dispute between those two parties. >> julia, thank you very much.

>> snap chat is ready to report, the stock is down. >> just coming over a widespread service outage what investors need to know about snap it can detect a threat using ai, and respond 60 times faster. it lets you know where your data lives, down to the very server. it keeps your insights from prying eyes, so they're used by no one else but you. it. is. the cloud. the ibm cloud. the cloud that's designed for your data. ai ready. secure to the core. the ibm cloud is the cloud for business. yours. stay with me, mr. parker.

when a critical patient is far from the hospital, the hospital must come to the patient. stay with me, mr. parker. the at&t network is helping first responders connect with medical teams in near real time... stay with me, mr. parker. ...saving time when it matters most. stay with me, mrs. parker. that's the power of and. not rebalancing your portfolio. focused on what you love, not how your money will last through retirement. we make it easier to plan for retirement with day one target date funds from prudential. look forward to your 401k plan.

traders are looking to boost volatility launching traders trading in so called "fang" stocks >> for audience just joining us, the ten text dot facebook and you all know the name. is this like a good idea three years two late, jim? >> ill say two years too late. it is fascinating to me that they're both obviously satisfying demand. demand is feverish it goes in the category of things that may mean top is in >> you can buy the index or the future, i think of a three or four months contract on that

index. stock exchanges are like super market in the way. they're going to stock it. it makes me nervous and you feel in general there is too much attention in place of these 10 or 15 stocks >> when they thought of launching the stock of the future contracts, my guess is they wanted the five fang stocks because they share the most similarities my belief is there is a regulatory thing, it makes it a different category for regulating that's what i have been told my first question is, a stock like tesla which is a future concept stock, it does not belong in the same grouping like a stock like apple >> exactly >> my problem with the contract is that it has some flaws in it. if i can trade apple, amazon and

google's facebook and whatever the other a is, apple, i would love that even more. >> the other a, jimmy, thank you very much. that acronym needs to die, i ran an acronym list and i came up with banana tan for those names. [ laughter ] >> lets look into a different stock. >> this is after a wide chat, snap chat is on deck >> people are focusing how it is mo monitorer users. >> can they monitorer 200 million users. as issue right now is can you start to see advertising growth

continue to go up. if you look at the daily average user, we think calling it 9 millions is about what the street is happy with that's starting low and i think right now, they need to step forward in terms of monotizing you want to keep people on the platform of some of their ar s r filters or screens, or i don't know what you call it really and art installations of various pictures that you snap all over the city, is that working? the reviews are mixed on that. >> that works. that sort of the big potential growth catalyst growing 2018 right now you are talking about five or six initiatives out there. are they going to be a twitter that needs in terms of user growth add growths have been the issues right now.

can they start to monotize these platforms and communications with the streets have been a big issue and there is some hopes that at least there could be some better adjustments there. >> put yourself in the shoes of an ad sale person at snap. what's your pitch? what company are you going after and what is your pitch that this platform is going to be a place where there is money to spend and people that want to spend it >> it is a great point it comes down there. a typical user of 45 or 50 minutes a day on snap. you are trying to get in front of the eye balls in terms of demographics that are changing there and it comes down to the augment of reality and some of the analogy on snap, it is a leader it is convincing advertisers that's sort of the issue

advertising from our service here gb from 70% have not gone on snap they need to get advertising on here you look at facebook and twitter and google on the board. it is strong secular growth that they are not seeing. >> what's the problem? is it the interphase when we heard advertising on twitter verses facebook when you want to target who it is or they do not believe the under line clientele of collaboration >> you have to convince advertising. that's been a big issue. >> they don't like millennials or don't have the money or kids are too young? >> that's a major selling point. it is amazing how things have changed, right >> that's why right now it is been a huge sort of situation. there was all this sort of positions, this is a maker/break quarter but it is an important

quarter for them for the bulls to hang their hats on. >> dan ives. >> thank you >> square reporting earnings omis week, is there more upside fr here? more on square straight ahead here on "power lunch. throughout my career, i've been fortunate enough to travel to many interesting places. i've always wanted to create those experiences for others. with my advisor's help along the way, it's finally my turn to be the host. when you have the right financial advisor, life can be brilliant. ameriprise

firstthen you put yourselfareer. through school. got the degree. you've given it your all, to reach the goals you've set. don't let student debt hold you back. refinancing student loans with sofi can save thousands. so you can get where you've always been headed... sooner. see how much you can save with sofi. the leader in student loan refinancing. i am a first responder tor and i'emergencies 24 hours a day, everyday of the year. my children and my family are on my mind when i'm working all the time. my neighbors are here, my friends and family live here, so it's important for me to respond as quickly as possible and get the power back on. it's an amazing feeling turning those lights back on. be informed about outages in your area. sign up for outage alerts at pge.com/outagealerts. together, we're building a better california.

jack dorsey's other company, square, set to release their report tomorrow after the bell shares up 170 pock% this year. let's trade. mike, kim forrest. mike, obviously the market responded but something like 80 times forward earnings is square still worth our audience's hard-earned dollars >> yes, square is in the financial payment sector of the market in our portfolios we own visa and paypal there we prefer their, you know, profitability and their more mature business models but they've all been great stocks this year if i own square, there's a lot of momentum left in the space, i wouldn't sell it, but i wouldn't buy it as a new position into the earnings i think it's way too expense if. 80 times earnings. 11 times next year's revenue if they talk about reinvesting

in the business, investors aren't going to like that. they want to see continued margin expansion and don't forget that square's applied for a banking license. if they get that license, they want to be a lender and that's a whole different game than -- and comes with a whole different multiple so i think square is a -- it's a stock priced to perfection and i would wait for a better entry point on it. >> kim forrest, you own it, would you own it, would you buy it >> no, i wouldn't buy it we don't own it. this looks like a very dangerous momentum stock and momentum people love growth. and it looks like it might be topping out here right now, especially with respect to the real transaction revenues. so it's a cautionary tale. it's been great. if i would have owned it, i would certainly sell some of it now. just to take some money off the table. >> there you go. not a ringing endorsement of square as a stock, not as a company. because they are different

things kim and mike, thank you both for much more f much for more trading nation, go to tradingnation.cnbc.com "check please" is next. >> now the latest from tradingnation.cnbc.com and word from our sponsor. >> low volatility is generally associated with rising markets that doesn't mean all of your holdings will increase or increase by the same amount. calm markets can be a good time to ensure your portfolio allocation is in line with your long-term goals. if you're overly concentrated in a specific stock or sector due to market appreciation, it may be a good me ttio consider taking some profits on your winners.

and the wolf huffed and puffed... like you do sometimes, grandpa? well, when you have copd, it can be hard to breathe. it can be hard to get air out, which can make it hard to get air in. so i talked to my doctor. she said... symbicort could help you breathe better, starting within 5 minutes. symbicort doesn't replace a rescue inhaler for sudden symptoms. symbicort helps provide significant improvement of your lung function. symbicort is for copd, including chronic bronchitis and emphysema. it should not be taken more than twice a day. symbicort contains formoterol. medicines like formoterol increase the risk of death from asthma problems. symbicort may increase your risk of lung infections, osteoporosis, and some eye problems. you should tell your doctor if you have a heart condition or high blood pressure before taking it. symbicort could mean a day with better breathing. watch out, piggies! (child giggles) symbicort. breathe better starting within 5 minutes. get symbicort free for up to one year.

visit saveonsymbicort.com today to learn more.

check please >> check please. final thoughts of the day. mine is about saudi arabia just crossing the wires in the last few minutes, saudi crown prince, companies wholly or partly owned by individuals under investigation, not be disrupted by the corruption probe. that's going to be very difficult because they have frozen more than 1,200 accounts belonging to the individuals who are under investigation. so you can say one thing, but i have no doubt that those individuals' businesses are suffering at the moment as they are behind bars. >> kingdom holdings was down a lot yesterday. >> yesterday -- >> today too >> the slide continues. >> i want to talk about jack bogle, always makes common sense to me, joined us at the top of the hour not much of a fan of a new ice, ice baby futures contract on the faang stocks

i'm talking gibberish, folks i'm talking gibberish here jack bogle, no fan of those talks about the wisdom of investing in the whole market around the globe and holding it for your 75-year investing career >> mine is on the election day today, specifically where we sit. phil murphy, democrat, former goldman sachs executive likely to become the next governor of new jersey, basically every ad tied him to chris christie and bridgegate every single ad. whoever becomes governor, tyler, you and i are from here, raised our families here. home state whoever ends up as the governor of new jersey, good luck you got a lot of work to do. especially if this s.a.l.t. thing, this state and local tax -- >> deductions -- >> people who can leave will leave. >> people will leave. >> quick comment as we head into the final moments of tradingfo russell as well as the

financials russell 2000 small caps down 1%. financials down more than 1% reading the tea leafs of the market, this tells me the market is concerned about the prospects of tax reform actually passing this is something to watch here. thank you for watching "power lunch. >> "closing bell" starts right now. hi, everybody. welcome to the "closing bell," i'm kelly evans at the new york stock exchange. >> and i'm bill griffeth snap is popping. you like that? ahead of the company's earnings report that's expected next hour. we'll tell you what to watch for in those numbers and we'll have a debate on what to do with that stock. >> up 3% in the session today. >> not bad. companies fight back hedge fund giant bill ackman losing a big proxy battle today. whether activists are losing their edge