>> i am a share holder >> first republic. we like it it's down 11%. the financials have gotten hit expenses are in line and we think the estate tax being gone will be great for their clientele. >> a reversal is very powerful >> thank you power lunch starts now here's what's on the menu. another down day calling the top. he'll join us on the power lunch exclusive. missing the target share getting crushed. investigators disappointed with holiday forecast target ceo lays out how he plans to drive growth. it's all or nothing for the republicans. the senate unveiling the new plan to cut taxes and eliminate the mandate in one fell swoop. will the gamble pay off? "power lunch" starts right now

stocks are taking a hit again. however, we're off the session lows the dow was down 166 points at one time now they are off by 91 points. the s&p is on pace to close at about a three-week low as for the nasdaq on pace for its lowest close in two weeks. the russell 2,000 is down for third straight day that index is down about 2.5% for november >> thank you very much welcome, everybody the annual advisor out here we'll talk to some of the smartest minds about investing to the record rally, to the trump agenda to this low volatility market. it's high energy here. we're get the advisor's take on

the gop tax plan and some best ideas for the new year we'll hear from the ceo of schwab lots to get to from the windy city back to ireland bound bryan at hq >> thank you bow tie it is what most of you watch it's less obvious but equally important. there are some potential warning signs flashing from one big part of fixed income. it's called the yield curve. let's get straight to the trading action let's get to what this is, why we care and why it matters >> one of several issues floating around including issues with tax reform on top of that we're offer the lows for the dae but moving sideways.

this can go either way you don't want to end much lower from here. let me show you the major sectors. banks are moving to the upside i think that's a positive sign the ten year yield has been down the yields banks are up. telecom is up. that's been a sector under some pressure the last few months the new high list has been dominated pi utilities we're seeing a change this tone. look at this suddenly we're seeing a pop up in the new low list. not new high list. merck is at a 52-week low. schlumberger telecoms have been weak on some of the growth. we talking about this change in tone it's a global phenomenon the last six, seven trading sessions we have seen europe weaker japan, the nikkei weaker we have mentioned these high

yield bonds or high yield etfs also generally weaker. here's what to look for. the important thing is every single day for the last six trading sessions we have opened down in the s&p. that hasn't happened in over a year each time in the middle of the day we have seen a rally and never closed at the lows right now, look at the s&p i would say if we close towards the lows which was 25.57 isd say that's a very bad sign got to close right here or higher or else the technicians are going to start squawking back to you. >> thank you very much shares of target are tanking about 9% the retailer disappointing investors for the holiday season hi courtney. >> that's right. investigators looking right past target's quarter to really beat on all of metrics and focusing on the cautious holiday outlook. when i sat down with the ceo here this minnesota, he said he

was surprised with the reaction. >> we feel really good about our performance. the progress we have made and i feel really confident that we have all the elements working well as we go into the fourth quarter. >> doesn't sound like you're worried about what you've seen in early november. >> i feel great about the start of the year. >> another thing they are focusing is the sales growth comp sales did come in twice as strong almost all of it came from the online sales strength. that's not a trend that's uncommon for target but that means for the most recent quarter sales growth in stores was flat right now target is online is just about 5% or less of the total business that's a bit concerning. >> i feel good about our store performance. our stores are enabling our

digital performance. over half of our digital growth is really enabled by our stores whether it's someone ordering online or picking up in a store. someone driving up to a store. we shift from store and now 1400 lo locations. our stores enable our digital growth >> discretionary category like apparel is strong. essentials come lower for the quarter. that's one investigators watch carefully because that's what drive the fill in trips. you're buying items like shampoo and detergent than buying clothes and shoes. we're watching that one closely as well as we move into the all important holiday order. >> that's probablythe area where they are facing the most competition between amazon and the additional price cuts that they just announced on their whole foods site >> i think bryan is completely tone deaf to investors he feels good. the stock is down 9% this is the second holiday

season in a row. that is weak that is supposed to be game on for the retailer >> yeah. i will say that in the past when you look at target's results they have been a little inconsistent there's been times whether the guides was cautious and they overdelivered and also times where it's the opposite which is why i asked are you just being conservative or worried about what you've seen so far. they had the first weekend of the deals. they dropped prices on thousands of items he said it is helping to drive the shopping trips he did seem to feel a lot more confident than what investigatoinvestigatoors and analysts are feeling the guy has a credibility problem. if the guidance is that lumpy then you can't really take what he says and what comes out in the quarter then investors are left high and dry. >> what he said to that is he

said our guidance for the full year is 50 cents higher than where we were when we started the year it has improved. it's going to be disappointing and it's what they are focused on right now we know how important is holiday quarter is they want four new brands. perhaps there's some concern they get higher sales but it's also sort of hurting those profitslower >> thank you washington, d.c., the house planning to vote on its version of the tax reform bill tomorrow but the hard part, getting something the house and senate can both agree on. we have the latest on wrp here stand with the tax plan. >> reporter: those negotiations are up in the air after the

senate included the political bombshell of eliminating the individual mandate as part of the updated version of their tax plan the house had considered that idea as well they decided not to do it but house speaker paul ryan was on cnbc earlier this morning and said his members still support this proposal. >> we've had the house votes to do that. we passed our individual mandate back in may. we never had the votes in the senate what we didn't want to do is make tax reform harder than it already is it really is whether or not the senate has the votes for this or not. we're seeing what the senate can do if the senate can get it through committee or the floor then we'll meet them in conference and assess at that time. >> reporter: one thing this does is kill off any chance that democrats will get behind this tax plan i'm outside the senate finance hearing room where lawmakers are debating this plan all day long. democratic senator claire

mckaskill earned herself a round of applause when paying for tax cuts by taking health care away from poor people it would expire after 2025 that includes lower rates. that includes the increase in the exemption for the estate tax and the doubling of the standard deduction. lawmakers here are essentially betting that future congress will not let the tax cuts expire they are planning to take an all or nothing strategy and if they can't get this done, they'll have to go home. back over to you white house budget director said

it's not up for the federal government to save new york from its bad decisions. trump budget director, it's new york's fault taxes are so high white house, we don't love new york is what it says >> who does? every time i'm on here, comes with with trashing it. he's right who loves connecticut. i live in new york and connecticut. >> everybody gets it intuitivetily. if you can deduct your state and local taxes, it feels like states with low taxes are using states with high taxes the high state taxes come back we give aum this money and they

gave 48 billion. we get shortchanged versus how much we give to the federal government >> new york state is one of the highest, maybe the highest medicaid state in the country. let's put in medicare also i am very suspect of this. this was something former senator started 20 some odd years ago. at that time he was right. i don't believe he's right anymore. why should oklahoma subsidize new york's high tax. why should they? pick any state why should wyoming it's not right it's not fair. it's good policy to end it i don't think it's all going to be ended at tehe end of the day i think the property tax compromise is going to rule. it covers most middle income

new york suburbs are going to get hurt >> lower tacks >> jeb bush told us monday, you're doggone right people will go to florida. this will cause a second wave of movement this will create a second wave ronds reag ronald reagan called this deduction the most sacred. >> he didn't want to mess with it this is now. the point is mulvaney said people are leaving new york and new jersey and connecticut any way. they've been doing it. they're going to keep doing it the factories and plants can't leave but the well to do people

can leave. they're going to florida and other zero tax or low tax states this has nothing to do with it you know what's going to be a second or third wave, all these high tax states. connecticut, new york, new jersey no reforms have been made in their budget i like this story a lot. i also want to say, i still believe, as i wrote on our website this weekend, you're going to get a christmas present that's going to be a very good business tax cut >> with the mandate move for health care. how you feel about them inserting this >> i like it a lot one size fits all. >> does it make it harder to pass >> that's the key question so far i haven't heard that much howling on it. doesn't touch medicaid it's a separate issue.

it's good policy it's good savings. you can apply those savings to a 10% corporate tax rate instead of 20. i still fight for that as does the president. or you can have a decent individual tax cut >> such a dreamer. we love it >> at the most we get 3% points after your income tax. you're supposed to slash income tax rates and get rid of the deductions we didn't slash anything you should have used a 3% growth rate that would have covered it

you would have picked up 5 or $600 billion finally, one thing that's bothering me trade. i'm worried about this position of nafta krou cannot ta you cannot take this country out of nafta that's nuts. you just can't do it if they try to do it, it will spell trade war. that's what will hurt the stock market this side, corporate tax rates, repatriati repatriation, it's coming. >> we have ice cream millionaire. ben and jerry on later we'll talk about high tax rates. larry, thank you very much >> of course they will >> see you later shares of 21st century fox higher over the last month parts of the company are being

pursued by disney and now there's a push to limit how much control the murdock family will have over the company they built. back to tyler in chicago >> all right thank you. coming up from the schwab impact conference, the ceo will join us the impact of tax rermfo and what ever else we can think of stay with us work keeps me busy. so i've asked chase sapphire reserve cardmembers to find my next vacation. rome, show me something. i'm having breakfast at the pantheon. what an amazing view... of your finger. ♪ ♪ look at this view. your finger! isn't that incredible. your finger! and check this one out! oh it's so amazing! move your finger! three times points on travel and restaurants on every continent. sapphire reserve, from chase. make more of what's yours.

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welcome back to "power lu h lunch" live here in chicago. it's a who's who of the money managers who run your money. .edu you expect going into this year it could be a positive a year as it turned out to be. >> i don't know many people expected 2017 to be the way it's been it's been a remarkable year and our clients have been tremendous beneficiaries of the market. >> you're one of the big three in terms of services the registered investment market there's you guys there's black rock there's vanguard you have a real key niche here

is that the way the world is going. >> what's become interesting is consumers are more sophisticated than ever before consumers are not willing to accept trade offs and for the first time in a long time more people understand what the world fudiciary means. does the other person put your interest ahead of theirs >> you have to problem with the rule >> we like it when ever the independent advisors provide advice, we only do it as a fiduciary. >> where is the money going? i call it the etf of america >> there's a lot of money flowing in >> are we at peak etf? >> i don't think we're at peak i think we have a long way to

go when investors realize how difficult it is to out perform the market from an investment management standpoint. it's very difficult and it's hard to know which ones to pick. >> more investors, you think, are willing to accept the idea they're not going to out perform the market average and low cost and low turnover works fine. >> it does understand your risk tolerance, have a goal and invest toward the goal >> let's talk about two sides of technology you guys have always been out front on technology and bringing it to the individual investor. what does technology let you do today to serve your customers better and what is the next wave what's it going to do five years from now >> the big thing technology is doing is eliminating trade offs in our industry. quick story. a couple weeks ago on a saturday

morning i needed an item i ordered it online. at 2:00 in the afternoon it was delivered in my driveway that's what's happening. the same thing in our world. people realize that you can now get great pricing. maybe the best pricing industry. great service, great advice without a trade off. that's a new concept for the investing world. >> 3.3 trillion but who's counting >> you must be spending a quantum amount more today than you used to on cyber security? >> yes >> how much is that a worry -- how much is cyber threat a worry for you? >> i think it's the big threat of my generation it's the big threat of

investment sfrervices. it's an enormous thing we spend hundreds of millions of dollars a year on cyber security and still no one can assure investigators that there wouldn't be some form of breach. i would argue the biggest risk facing us today is the individual who uses the same log and same password on a variety of websites. that gets compromised, we don't know who we're talking to. >> i probably have 40 or 50 different passwords for different things i won't tell you where i keep them when i first started schwab a long time ago, it was a discount brokerage. that's not your business today what's the state of retail investor, their optimism and what do they want? >> we just finished a survey on that interestingly enough two-thirds of our client say it's a great

time to invest and it's going to get better one third say it's a great time to invest and they're not so sure it's going to get better. what's important is they developed plan they stay with that plan through the ups and downs of the market. that's what schwab has evolved into today >> i think it's meaningful to all of us as citizens if it's successful in turbo charging our economy. that helps all citizens of our country. even folks like me who will pay a lot more in taxes which is probably fine. >> always good to see you. congratulations on the big turn out today. we'll be back with more from here later this hour >> see you then. dow heading near a second day of losses.

accused of obstructing justice to theat the fbinuclear war, and of violating the constitution by taking money from foreign governments and threatening to shut down news organizations that report the truth. if that isn't a case for impeaching and removing a dangerous president, then what has our government become? i'm tom steyer, and like you, i'm a citizen who knows it's up to us to do something. it's why i'm funding this effort to raise our voices together and demand that elected officials take a stand on impeachment. a republican congress once impeached a president for far less. yet today people in congress and his own administration know that this president is a clear and present danger who's mentally unstable and armed with nuclear weapons. and they do nothing. join us and tell your member of congress that they have a moral responsibility

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>> some critical data coming in for the first month. we' of the fourth quarter we're running a 2.8 which is pretty strong. the range is 2.3 to 3.3. the third quarter tracking is up from where it initially reported now at 3.3%. let's take a look at who is where for the fourth quarter b of a and goldman sachs atlanta fed at 3.2 amherst pierpont at 3.3. these are good numbers, folks. inventory is in line a good start to the quarter so far. >> thank you very much

see you soon now to a big investing call by legend bill gross. he tweeted confirming last week's call of a stock market top. central bank liquidity we saw the tweet is this all because of the federal reserve deleveraging you have nearly 20 trillion on the books of the big four central banks around the world >> i think it's more of a global and always has been for the past five or six years in terms of credit creation. extreme amounts of kwaquantitiqs it's becoming less accommodative. i think an important key is profits is always been the growth rate and credit

including china and even that's going down i'm not supporting a bare market but a market where you move into an old age retirement community and the pace of activetiveity a prices behave more maturely. >> to be clear because you are known as a bond person but now you can do what you want you talked more about stocks the last few years you're talk about the u.s. stork market reaching a potential top, correct? >> i am. i think the u.s. is ahead of the pack, so to speak. not that things are going to go down but i think we're at a peak

i think the double digit increases are over simply because the credit cycle itself is pulling back. the feds raising interest rates. these are slight negatives that argue against the market >> we talked in the past about this flattening yield curve. that's the different between the two year and ten year. we have talked on cnbc today about the junk bond market as well is there anything you're seeing in the bond market that could be viewed as warning sign, a siren, a bull horn, whatever it is for equities >> nothing quite yet in terms of develop market and government markets. as you know they've been relatively stable for a long, long time. the fed is raising short term

rate and the curve is flattening i do think and agree to some extent in terms of corporate that mainly it's confined to telecoms and companies in that area junk bond spreads are widening sometimes it's an early indication of convict prices usually the two together and the correlation has been that the stock market moves four times as much as the high yields market in terms of price. at this point the tstock market is only one percent of its peak. it's simply going the other way. i look at the high yield market as an early i understand indica -- indicator. >> there's been talk about you heard the state and local deduction that could hurt municipal bonds.

there's a lot of different stuff going on we have no idea what the end result will look like. how do you manage a portfolio given these conflicting or widely varying headline. >> it's very difficult short term we don't know what's going to be included in the midnight hour, so to speak with k street lobbyists doing what they always do most of the benefits go to corporations and that's fine for stocks one important point, but this is a long term important point, capitalism depends on consumers.

provides goods and services to consumers. consumers haven't been getting a fair break they're real wages are up only .4% over the past. >> we're going to get you back we're running out of time today. i'm sad now. bill gross we appreciate you joining us thaur thank you very hutch >> thank you 21st century fox holding its annual meeting today control of the company is a key issue. >> fox announcing a proposal to eliminate its dual class stock structure was rejected giving the murdoch's about 40%

of the voting power despite owning 17% of total shares fox announcing all its proposals were approved. the company will report the number of votes after the meeting. a meaningful number of votes for share restructuring would indicate frufrstration with the murdoch's. advisory firms both supported the proposal glass louis calling one vote per share a safeguard for common shareholders. fox is in talks with disney. fox quote has the required scale to execute on our strategy and deliver increase returns to share holders. based on that they want to dispel those rumors and talks

that they are in talks to sell back over to you >> got it. thank you. coming up, former fdic head. plus what's tax reform going to mean for the financials? st wh ayitus ayitus plap of electrical workers helped make that happen. the ibew's outstanding union professionals have the skills and training to get the job done right. that's good for our customers and for our bottom line. ibew members are our power professionals. they should be yours as well.

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. hello, everybody i'm sue herera six house demonstrates hacrats e introduced articles of impeachment against president trump. they don't expect a house wide vote but is calling for hearings >> we're calling upon the house to begin impeachment hearings immediately. it's not call for a vote it's call for hearings i don't expect the house judiciary committee which has operated like a branch of the administration to take up hearings >> the consumer product safety commission has announced a lazy board hoverer board warning and and seven new recall warnings for various other hover boards two house fires were ignited by

faulty hover board ts. one of those fires were fatal. people magazine has named blake shelton the sexiest man alive. he said the magazine must be running out of people. shelton says his girlfriend of two years kwinsed him to accept the ward >> you cannot believe the peanut gallery comments on this desk. >> i can just imagine. >> why was i not on the list >> don't be fake news. i said where was i on the list >> forgive me. >> sue, happy birthday >> thank you i appreciate that very much. >> make blake shelton will sing for you. >> i doubt that. >> thanks, sue >> you got it. now to developing story at this hour. he will resign before the end of the month. the news of his departure not that expected given that cordray has been under fire from

congressional republicans since taking over the bureau sheila, great to have you with us his most recent and public dust up with the gop has been over the repeal of the arbitration rule it would allow consumers to lodge class action lawsuits against the likes of big banks, et cetera. that was seen as a victory for the financial sfervices industry it was drawing a bright line on this he said, now more than ever it's critical that the consumer bureau remain a strong check on financial companies. >> right >> was this the issue that really underscore sort of the battle between the cfpb as it is and the trump administration >> i wouldn't have the arbitration rule be that litmus

test i wasn't surprised it ended up where it was looking at the overall record i think it's done an incredible job. credit market, a very robust credit program more robust enforcement of banks. none of that consumer focus was seen it showed during the mortgage crisis now we have a watchdog i can see both sides of the argument but i gragree with the. >> do you see this sort of clears the way for the deregulatory agenda that the trump administration would like to pursue? >> it may. i think that's a good observation. there's all this debate about whether dodd fra frank will be

repealed or rolled back. it was just a giant grab of authority to regulators. all those agencies will be dominated by trump appointees. >> a lot of republicans think it shouldn't exist period you're not one of them but what about more oversight or something. they don't have any. >> i think consumer advocate should be looking. they're kind of all in with the person at the top. it's a bit of a check of the agency going to one extreme or the other. it absolutely needs to have autonomous funding like the fdic we funded ourselves through assessments on the industry there was some discipline there in terms of checks and balances. i don't think they should be

appropriated that's a nightmare >> what about this criticism of the way that levelled the wells fargo fine, which was very large. the individual consumers lost a dollar or two each the vast majority of the fine wasn't to the cfpb mission creep. they're going to do this just to raise money. >> they got criticized on both sides. a lot of people said it was too low given the breadth of it. i think the actual dollar amount, at least proven was low and they are still uncovering things, i think. the egregious nature of it and the lack of control people weren't catch thanksgiving was going on or now about it and weren't doing anything about it was highly problematic >> it's almost been a decade since the financial crisis about a decade after the nasdaq

imploeded. we have short memories loan obligations are on the rise again. we have futures on bitcoin do you worry at all that we're going to creep into another -- i don't want to say crisis but make the same mistakes again >> i do. i think that the public is worried about that too which is why i'm astonished their talking about deregulation i don't think that's what the p populist who lelected mr. trump want they have this feeling we didn't change anything about the financial crisis there's a lot of good regulations and more capital but it's still the system we had this recovery is getting long on the tooth. there could be another downturn in a couple of years hopefully that's part of a normal cycle when the losses come they don't have the balance sheet to absorb

them we're going to be right into the soup again i'd be preparing for the next downtu downturn not worrying about lifting jpmorgan's capital i think there's still a lot of leverage in the system that's still a lot of leverage >> thank you >> you're welcome. happy to be here >> tyler all right. it's been great year for stocks. i don't need to tell you that. the dow is up 18%. it's been a rough couple of d s days could this be the start of something a little more ominous. we'll have more on the markets live from chicago when power lunch returns.

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i like you. you want to show me your swing? it's too soon. get advice that's right for you. investment management services from td ameritrade. and welcome back to "power lunch" live at the 27th annual schwab impact conference as we approach the end of the year and the holiday season which usually means lower volume, what can we expect this time around? liz ann saunders is chief investment strategist. always good to see you >> welcome to chicago. welcome to impact. thank you. >> let's look back before we look forward. >> that's easy >> as you would sum up 2017, why did the market do as well as it's done? >> the president would disagree with me, but i think the two most important fundamentals that have underpinned this last

year's strength were actually inflexion points that pre-dated the election probably most important was the turn in global growth. so all 45 eocd countries were in growth mode and 33 of them were accelerating growth and tied into that were the inflexion point of u.s. corporate earnings so i think that really represented the last year's worth of strength, but i think the liquidity environment which has been so ample which is the underpinning of the entire bull market is still ample. >> liquidity in the form of investor liquidity or in the form of monetary policy liquid the or both? >> well, both. there are still a lot of investor liquidity, i don't want to say on the sideline, but that is still potential fuel for the market, but i'm talking about the provision of liquidity by central banks. $25 trillion of assets sitting on central bank balance sheets where supply has shrunk, at least in the u.s. market with ipos and stock buyback so with any market, supply and

demand, when it's imbalanced there's more demand than supply prices. >> so as you look ahead to '18, can this unstoppable, as you describe it continue, and what's the tailwind and what's the headwind that you see and overall what's your view >> i do think it will continue, but i do think there will be some headwinds and i think we're getting into the latter stages of the cycle both in terms of the economy and the market you're seeing it in a lot of characteristics and the pickup in productivity tend to be late-cycle phenomenons and likely peaking at pmis and it's later cycle-type behavior. qe to qt and how unprecedented this is to start shrinking a $4.5 trillion balance sheet. so i would expect to see some bouts of pullbacks >> so you've got -- you've got your eye on some headwinds what do i do with that information? what do i need to be ready to

do >> i think discipline for investors is extremely important right now and we're all taught about discipline and diversification and rebalancing and all of those tried and true, yet sometimes boring things to talk about on shows like yours, but with the crash we've seen in correlations, the opportunities that come not only to rebalance, but to be diversified and truly diversified. it's a hard sell when correlations are high and everything is acting the same way. >> right >> now i think that's your anchor >> my final question, and i have to ask you to be quick because they're wrapping us here. >> okay. >> a long time ago most investors, i think i was the same way and maybe you were or you weren't thought that my goal as an investor was to beat the market how has your thinking changed? >> i think that never made sense as a goal. i think you have to certainly beat inflation, but it has to be met to your needs and your time horizon and your risk tolerance, how and when you're going to

start to use your assets, use your growth. it has to be a very personal decision some arbitrary market benchmark is the team to beat. i don't think it makes a lot of sense. >> liz ann, always good to see you. liz ann sonders, chief investment strategist for charles schwab >> still ahead the best ideas for 2018. more "power lunch" after this.

the market's negative right now. the dow is down 125 points caterpillar, ibm, home depot, apple, they're all dragging the dow lower. caterpillar's off by more than 2% apple's off by more than 1%. a little relief for ge investors today. emphasis on little the stock is higher, but still down 9% in the last week and higher by 40 cents and at these levels with a gain of 2% coming up, more on today's market drop including the high anxiety surrounding high yields. why should webe worried about it. >> plus papa john's football excuse falling as flat as its pizza dough. we'll tell you what the company is saying now about football and pizza. don't move

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here's what is on the menu for the second hour of power the one big part of the markets that you may not care about, but

you should because it might be sending up a signal player for stocks the millionaires the founders of ben & jerry's ice cream are here and they'll tell you why they're asking the gop to raise their taxes a very rare and exclusive interview of the ceo of one of the biggest energy and mining steelmaking companies in the world all wrapped in one he'll bring you the real state of the economy i'm brian sullivan "power lunch" begins right now checking the markets right now, the major indexes are well off their lows they're still in the red, however. the dow jones industrial angeloer by 20 points and the nasdaq is lower by 26 points apple is having its fifth straight day of losses it's off by more than 1% including right now at $1.69 -- 169. one company is initiating coverage, wells fargo with a market perform upof apple

target tumbling after the forecast for the fourth quarter came in lower than expected. the market remaining bullish overall heading into the holidays and that's because the xrt is up over half a percent. >> one surprise winner today ge, the beaten down mainstay bouncing back after falling 12% over two days. let's get over to tyler matheson over at the charles schwab impact conference in chicago i saw you on tv, and i thought you were charles osgood this morning. >> i like bow tyler, i think that's good. michelle, thanks very much i'm live out at schwab impact as michelle mentioned coming up, the best ideas for 2018 we've got three top portfolio managers and they'll tell us where they would put money now for maximum return over the next year plus, the head of plaqblackstons private well solutions group and why that firm is making a big push to bring in retail investors. michelle >> thank you very much, tyler. let's get more on what's going

on with the market bob pisani is at the nyse. hi, bob. >> hello, michelle six straight down days at the open and we haven't seen that in over a year and we're 1% over the historic high. here's the s&p and once again, same pattern here. the low print for the day is either at or right after the open, and the market his risen all six of those days. what you don't want to see here is this drifts down towards the lows earlier in the day because that would break the pattern that we've seen and that certainly would be negative here even though we're only 1% from the highs and still cracks in the market transportation stocks, for example, have had a generally tough month. avis had very disappointing earnings and you see that's down heavily and fedex, csx and j.p. hunt and the transports are down, 3%, 4% or 5% retailers have had a tough time on the month so cf industries, dow dupont there and the dow component and

martin mar ata and freeport-mcmoran for the materials also down and we're seeing something we haven't seen in a while, an expansion of new lows and not new highs and merc and schlumberger, and whirlpool and century link and some of the telecoms have had a rough time of it recently overall, we're talking about this change in tone in the markets, progress on tax reform, but no home run. the flatter yield curve with everyone trying to figure out what that means and recent disappointing data from china and of course, middle east uncertainty. right now i still don't think we're in a huge sea change in the market, but there are subtle cracks showing up now. back to you. >> bob, thank you very much. stick around because we need to dig a little bit deeper into the big, but kind of off the radar part of the market which may be a great leading indicator for stocks and that is junk bonds. mike santoli joining us now with more on the potential message of high yield mike >> briana, as you were discussing just a little while ago with bill gross, high-yield

debt is a risk appetite gauge for investors. it's been actually one of the strongest attributes supporting the equity rally all year. what that means is credit spreads on high-yield debt and the yields that investors are willing to accept has been going down relative to treasurys all year and that's been a big bullish point for the market, and if you look, though at the trend in the spreads and i have a high-yield chart and the high-yield spreads which have picked up lately which means there is risk aversion just starting in november and look at how in the broader context it looks like nothing at the far right, the little tick higher is what we're concerned about with the dtf selling off. you see how much stronger. when that chart is lower, how much stronger we are than in early 2016 so it's a little bit of a ripple through the markets and it's right in line with some of the stuff bob was talking about which is a half-step back from risk we've seen it in the european markets and japanese stocks down 5% from the recent highs and high yield you have to watch

there are extenuating factors and telecoms is a big chunk of the high-yield index and they've had specific weakness related to that industry. so i do think it's one of those things that you want to keep it on the dashboard to know if it means if this is more than a routine pullback of the kind that we've seen in august and in march of this year >> that's important, and a very important analysis, mike, as always, is the telecom sector. we've kind of been here before, have we not, a couple of years ago when oil took a turn down and they started to move the overall junk bond market, but there was a difference between the oil companies and the overall market is it fair to say, and i think you hit it right on the head, mike, that telecom is the -- i guess, the new oil, if you will, not a crisis, but something that we need to pay attention to? >> yes exactly. right now it's exactly at that level. now, if you were in late 2015, and you said, hey, don't worry about high yield because it's only oil, well, what you missed there is it was spilling over into a broader recession and it

was an early warning indicator and not every time high yield ticks up in yield is it really an indicator of anything broader and economic or systemic going on >> i think the important thing is as of now, and i don't know if you agree with this, right now the events in high yield still don't portend some larger, systemic event as you noted, telecom is the major issue and the spreads are ridiculously narrow between comparable treasurys and there are tax issues floating around and would you agree -- >> there is an angle on tax reform sending nervousness with the heavily indebted companies can no longer deduct interest expense as some won't be able to under this plan and yes, that is negative for them. >> look, we've been so strong, they've been at historic lows and we're not at worrisome levels just yet. >> breaking news out of the white house. let's go to eamon javers >> melissa, we are expecting to hear from president trump at some point later this afternoon about his asia trip. we expect he might have something to say about tax

reform, as well, but the president did not have any official events on his schedule earlier today. suddenly we are hearing that something is being announced shortly here publicly from the white house. so we will probably see the president on camera, probably talking about asia, but they haven't been clear with us exactly what the president will be talking about today here at the white house. remember, he got back from asia late last night. he's had no events on the public schedule today he's been tweeting throughout the day criticisms of various media outlets and he's gearing up for tomorrow an appearance on capitol hill where i'm told he'll urge along fellow republicans in the house on tax reform and that's something on his agenda and we'll hear what he has to say from the president over at the white house. back to you guys >> thank you very much, eamon. back to the markets, vale has a presence in 30 companies and also one of brazil's publicly traded companies. it is up 28% year to date and

joining us is the vale ceo fabio schwarzman in his first cnbc interview since joining the company. good to have you here, sir >> hello, michelle, how are you? >> good, fabio good to see you again. we used to have you on when you were the ceo of clabine which was a paper company. one of your predecessors was fired by a former president of the country and she was unhappy with him because he was too focused on shareholder value and not focused enough on hiring enough brazilians to work at vale has the corporate governance the company changed at all has it improved at all who runs vale right now? who is in charge is it you or is it the government >> well, the problem is i think exactly like the predecessor of mine and focused on creating shareholder value. that means if the issue was the

same i would be the inventor, but we have a lot regarding governance vale has evolved with large steps towards becoming a true corporation with much less influence from government and it will be now -- we will have in the capital markets in brazil a ceremony for the next 22 of december where vale will become a noble mercado in brazil because it will represent the fact that vale now has not a defined controlling party anymore. you have more shares in the hands of investors in general

than you have in the hands of any of the former controlling companies of vale. >> okay. so that's a big change we had on the ceo of petrobras earlier and you and he share a similar problem. you inherited companies with large amounts of debts because your predecessors thought the commodity boom would last forever and they borrowed a lot and spent a lot. you have promised to reduce debt down from 21 billion down to around ten how are you going to do that are you going to sell assets are you going to cut the dividend >> well, we are enjoying a good moment right now because we are starting the operation of our less big investment and it was a new mine in the system called s11d and we now have more volumes of high quality iron

ore. consequently, we are taking advantage of very good margins right now, and our projection shows that during next year, we'll be moving into the direction of delivering the $10 million target mainly through operational direction without having to use any further divestments and any -- let's say, not normal things to get there. >> okay. >> two years ago a terrible tragedy. one of the company's mining dams collapsed. toxic mud killed 19 people you shared this property with phb. just this week prosecutors announced they'll pursue murder charges against some individuals. how long before this situation stops as a drag on a company and how much is this costing you and has this finally gotten cleaned up where does it stand?

>> look, michelle, i want to take advantage of your question to explain a situation that people don't know a lot about it we acknowledge that we had a verykor disappointing, to say te least, tragedy with this dam that and what is different that a lot of people don't know is very few people in san marco took the decision of creating a foundation where we put to work already billions of dollars with

the objective of compensating people by -- and for the people that were affected by the accident >> mr. schvartsman >> it is always a pleasure to speak with you have a good day. >> you, too. still ahead, china setting its sights on the global pharmaceuticals market the ceo of one shanghai-based company up 135% this year will join us and more from tyler matheson from the impact conference bow tyler? >> melissa, straight ahead, i'll be sitting down with an all-star panel of money managers and where they see opportunity and where they're cautious heading into 2018. eyere they are

th're ready. they're poised and ready to give you their best ideas after this.

welcome back to "power lunch," everybody. i'm here in the windy city for the schwab impact conference for six and a half weeks of 2017 left and we look ahead to 2018 to find best ideas for your money. fred keon is portfolio manager

with qma michael cugino is with the portfolio family of funds and libby peruse is a partner at cushing asset management we've not met, but we've only met via the television it's good to meet you in person. >> you have a very strong, stake in the ground best idea of 2018 is -- >> infrastructure. energy infrastructure, to be specific, and the enterprise products, i think, is one of the best companies in the business they have a geographically diverse footprint. the company yields almost 7% and they moderated the growth of that distribution and the stock got hit. >> why do you like energy infrastructure apart from the fact that you live in dallas and know a lot about it, are these mostly mlps? >> many are structured at mastered limited partnerships,

yes, but it's the infrastructur business >> is it a cost thing or the cost has been sweated out? >> if you think about infrastructure and high barriers to entry and pricing power, stable cash flow, sustainable growth especially when you talk about energy infrastructure and these companies have been taken down with the energy industry when they're a volume business they're not a price times volume business, but they've been treated as such. >> ed keon, you get to go next you have been favorably disposed toward international stocks. >> we still are. >> you still see that as a best bet for 2018 >> we do a lot of asset allocation portfolios. so we are overweight equities generally although we're nervous about that a little bit given where valuations are, but even though we're overweight in the united states and we have positions that have developed emerging markets >> like ed, you see 2018 stacking up as not this beautiful, straight line, you think it will be bumpier

explain why and explain, michael, what you like as themes for next year. >> we're kind of in the middle of both here, but yeah our viewers will not look at the next five years as the last five global growth is starting to pick up. you have a better business, and pro business stimulus and tax policy whatever it will ultimately be, it will likely be better than what we have now and you've had good, corporate earnings and you've had an infrastructure rebuild likely coming down the pike so there's a lot of reasons for the growth element to come back in the economy and with rising rates, there's a likelihood that you might have a capital allocation with stocks and bonds and back to productive goods and services >> you like energy you like materials you like some natural resources? >> we do our view is that the commodity bottom was about a year, year and a half ago and if you get this global growth story coming into play then the demand will pick up for commodities and the dollar will likely go down versus the currencies because of

rising global interest rates which will be a better value against the u.s. dollar and the dollar spike will go away. it's better for international, and global growth and going forward. >> i sort of painted you with a broad brush saying you like non-u.s. stocks, but what markets in particular do you have your eye on for next year >> we have an overweight in japan. >> really? >> japan about 14, versus 18 in the united states. their earnings growth is actually faster than the united states both this year and next year their leadership has just been reelected and mr. abe now has a chance to implement some of his policies which has been difficult to do. so i think you have a combination of good growth, good valuation and potentially support of policies and i think that's a good combination. so we're overweight that with our asset allocation. >> let me talk more about your area of focus which are these energy infrastructure plays and

how important is the growth component of those stocks versus the income component of these holdings because they all duped him to have high yields. you get paid on it >> this asset class is interesting because originally, it had been a more of a retail asset class because these companies paid out high yields it's in the process because it's got enlarge enough, shifting to a more institutional ownership we're in the early stages of that, but you can get on average, somewhere on the low side, maybe 4% or 5% yield some as high as 8% and 9% yield with a growth component. as michael said, energy has probably bottomed and we're in a good tailwind for that space and it's a really good time to be looking at these stocks. >> i'm a red skin fan, but i still like you >> i'm a giants fan. >> who lives in dallas >> some years so good and some not so good. >> it's not a good year to be a giants fan >> libby and michael, good to be with you >> all right, tyler. thank you very much. appreciate it. >> if you're a retailer your

best bet for increasing sales may be taylor swift. you are never, ever, ever going to believe this story coming up on "power lunch. you always pay

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♪ ♪ ♪ after the party ♪ girls carrying their shoes down in the lobby ♪ >> it's been a great few days for taylor swift and also for folks associated with the pop star this week she appeared on "the tonight show" and wore a sweatshirt made by rta the sweatshirt immediately sold out in all sizes on two websites and it goes for almost $600 and $596, to be exact. she sold 5.5 million copies in the first four days of release that number makes it the

top-selling album of 2017 and it's the first album to sell a million copies in a tracking week in nearly two years >> is it, like, rare cashmere? >> is it made of gold? imagine the margins on the sweatshirt that wisells for $60 >> 6 cents a cost. >> it's the labor that always gets you. >> impressive that she can sell so many albums >> good for her. >> tremendous brand. shares of chimed are up a whopping up 135% this year we'll talk to the ceo about its growth and the opportunities in china. "power lunch" is back in two minutes. so what else is new? how's your mother?

umm..she's doing good. she needs more care though. she wants to stay in her house. i don't know even where to start with that. first, let's take a look at your financial plan and see what we can do. ok, so we've got... we'll listen. we'll talk. we'll plan. baird. i am so busy. so chase sapphire reserve cardmembers are helping plan my next vacation. japan, how's dinner? this is delicious. i'm sorry. three times points on travel and restaurants. sapphire reserve, from chase. make more of what's yours.

hello, everyone. i'm sue herera here is your cnbc news update at this hour. the three ucla basketball players who were detained in china for suspicion for shoplifting before being released have been suspended by the team indefinitely. they held a news conference at

pauley pavilion and thanked president trump for getting them released. >> i want to thank the chinese police and the government for taking care of us and treating us well during our time there. to president trump and the united states government, thank you for tabing the time to intervene on our behalf. we really appreciate you helping us out the execution of an ohio man has been called off. alva campbell was set to die by lethal injection, but a doctor could not find a vein to administer the iv. his attorney had asked that he be taken off death row, but that was denied prison allowed a wedge-shaped pillow to allow him to breathe during the process. a new hiv testing site in london to launch national hiv testing week during his tour he met some of the shop's volunteers and watched a live demonstration on how to use those self-testing

kits that is the news update this hour brian, i'll send it back to you. >> all right, sue. >> happy birthday. >> thank you, brian. how did the market trade let's find out with jackie deangeles. >> crude oil moving lower about .75% after the bearish data from the eia. the recent run in crude has been based on geopolitics and opec. the fundamentals are still probably a little skewed demand next year may not be robust we've seen this before the supply and demand move in opposite directions and don't expect ahead of the opec meeting we'll probably see some support and maybe the price drop later in the winter. back to you. >> all right, jackie thank you very much. let's get back now to chicago. tyler matheson >> my kind of town, that's right, brian thank you very much. >> with the rise of retail

investors, many of the heavy weights in the private equity area are making more direct sales pitches to investment advisers and they are seeing the results and one of them is with us right now joan solitar is the head of private solutions at blackstone where nearly a quarter of the firm's assets under management now come through the retail channel. joan, first, welcome. >> thank you >> i don't think most people would know that about blackstone they think of it as an alternative shop with endowments and pensions >> i think you're right. there is increasing demand on the part of individuals from mass wealth up to family offices for more alternative products. >> so what, as you circulate here this is the first time you've been here. >> it is >> it's a pretty awesome event. >> it is very well run and the whole thing. >> what is your pitch to these rias who are really the audience here what do you tell them you can do for them

>> that we really want to partner with them. this isn't about selling a product. we can provide everything from education on alternatives on the full suite from hedge funds, private equity, real estate and we can weave those together and create a multi-asset product. >> what do they want from you? that's your pitch to them, and what do they want from you if my investment adviser in falls church, virginia, who has 300 million under management or something like that says i'd like to do some business with you. >> yes. >> how does that money flow to you and get put to work and in what >> first, they want great returns and they want a manager that's able to provide really good service, transparency reporting, et cetera, but we can provide yield products and credit in real estate, for example. sometimes they want longer duration product and we can provide that, too, but they

access it in a lot of different ways so the wealthiest investors will sometimes come direct and mostly they're really listening to their advisers and going through those channels >> so as you well know, schwab and these rias here drive a very cost-focused approach to investing. >> and when i think of private wealth like blackstone is known for. i think of a white shoe product with a white shoe price. how do you price these things for this mass audience >> we're providing institutional quality product and institutional pricing. so what that means is they're getting excellent net return so, yes, we're going to be more expensive than an etf or a passively managed portfolio, but what we're really doing is intervening in these assets and we're investing quite a lot in portfolio management so we're looking for companies or real estate assets that are requiring

some kind of attention either capital, a change of management we're going to build them out. we're going to change pricing strategies so if you think about the debate between passive and active, we're over here and we're the interventionists and we're changing the assets. >> the interventionist sounds like the title of a great movie. maybe we should work on it together >> absolutely. >> so -- so where does the money get put to work? is it mostly going into real estate is it a huge real estate portfolio or is it going into other kinds of private equity solutions? >> so if you're talking about the mass affluent, today it's really going into our daily liquidity hedge fund product or the real estate product, but we do also, if you move up the wealth curve have a lot of investors across the curve in private equity, in multi-asset product. they're really looking at the full suite of what we can

provide. >> do you think, you say now roughly, 20%, 25% of blackstone's assets under management come in through the retail window. what's that going to be looking like in ten years? >> i think there's no reason that half the assets we manage won't belong to individuals. >> really? >> really. >> you'll try to make that happen >> thank you >> joan solotar from blackstone. >> melissa, over to you. >> shares of hutchison china meditech, to feed the global pharmaceutical pipeline. joining us for a power lunch exclusive, is christian. welcome to the show. >> you said recently that it's like a coming out party, and the tremendous appetite with the recently ipos along with beijing. you're both up more than 100%

year to date and what has happened on the regulatory side that's created a sea change? >> i think when i used the term coming out party, it's coming out party after 20 years of grinding hard work >> sure. >> so it's the realization that many companies are being able to innovate in china for the global marketplace. >> i think the primary thing that's changed in the last ten years has been the chinese government's view on the regulatory environment historically going back ten years, 15, 20 years ago. it was very slow it was very laborious and very bureaucratic it wasn't focused on bringing innovation to the people of china where there's an enormous medical need. >> it's the second biggest drug market in the world. >> and you've got 30% of the world's cancer patients in china. so you have to be bringing innovative medicines to these patients i think about ten years ago, five, ten years ago, the chinese government figured this out and said look, we need to streamline

this process and we need to figure out for the innovators to develop drugs and get them to the patients so massive changes have happened over the last five years >> specifically, the acceptance of overseas clinical trial data that's really cleared the way for a lot of drugs >> that's certainly helped you with the drug, correct that you're developing in partnership with lilly for bowel canses >> it's helping multinationals bring their drugs into china quicker, that's for sure that has been more difficult for multinationals to bring their drugs into china, but i think the chinese authorities recognize that innovation, it doesn't matter where it comes from, if it's going to help patient, it's going to help patients they'll make it easier for multinationals to bring the products in and they're more streamlined for local companies to innovate and bring novel drugs through to the market in china. >> so this is a drug that you're working with lilly for approval here in the united states. when should we expect -- is that by the end of the year

>> it's slightly different, and the drug that we're in partnership with eli lilly on. this is an innovation that we created in china it's the first drug in a mainstream oncology indication to come from discovery all of the way through nda submission in china it's never happened before and this is the first one and we partnered with lilly throughout the process to ultimately to commercialize it in china. the drug that we're working globally is with astrazeneca it's a cmet inhibitor with kidney cancer, and that also has the potential to be the first drug that's been discovered in china to make that all of the way through to usfda approval. we are still a little bit away from that, but we're very hopeful. >> when you go on the road you were at an investor conference in new york this week, correct is because you're chinese biotech, is that an exception because we've seen in the united states biotech has really been under pressure for various

reasons. regulatory concerns on pricing and also the results in the past quarter have just not lived up to investor expectations >> i think there's always skepticism and healthy skepticism about china you know, you've had a lot of companies that have come to list on nasdaq over the years and have failed miserably, and i think that you've got to differentiate between new world, new economy china and old economy china. >> new economy, i think, is the whole i.t. revolution and it's the alibabas and it's not listed here and it's a $500 billion market cap company, and so this whole world new economy and i think biotech fits into that because it's science driven. the reason we're listed here is because the specialist investors that reside in the united states are best positioned to understand our business and value it properly. this is all, call it modern reliable metrics it's transparency. it's good communication. these are good businesses.

old china economy is the stuff i would aren't touch with a ten-foot pole and unfortunately, that's what came here over the last 15 years, but people learn their lessons, but they've got to differentiate between old economy and new economy. >> christian hog of chimed. airbus announcing it has closed one of the biggest deals in aviation history. 430 airplanes for nearly $50 billion. we'll let you know who the beruy is and what it may mean for boeing and the rest of the industry that's aheaded on "power lunch." hey, you every talk to anybody about your money? yeah, i got some financial guidance a while ago. how'd that go? he kept spelling my name with an 'i' but it's bryan with a 'y.' yeah, since birth.

that drives me crazy. yes. it's on all your email. yes. they should know this? yeah. the guy was my brother-in-law. that's ridiculous. well, i happen to know some people. do they listen? what? they're amazing listeners. nice. guidance from professionals who take their time to get to know you.

it is power rundown time with our own visitor to our own hq, a man we see little of despite the fact that he covers airplanes and lives on airplanes and rarely makes the trip to newark you never make the trip to newark phil below, good to see you on set, buddy first off, airbus. what a deal. this deal is $49.5 million that is not what indigo partners

paid for the a-320s and a-321s which is comparable to the 737 these have stakes in four different airlines and vol aris out of mexico, michelle, if you've been down there, you've seen them and they'll have no problem putting the aircraft in use and for airbus it's a nice way to end this show because boeing really was having a heck of a show with $50 billion in list orders. >> this is a private equity firm >> and there's no shortage of people that will take the airplanes and put them in use. >> 1 million electric cars by the year 2026? >> mary barra, and i think it was goldman sachs that had a conference in new york and essentially it comes down to this general motors believes that between now and 2026, and after 2021 that's when they're going to be pushing this family of electric vehicles and the key point here, mary barra says they'll be able to reduce the

cost of the electric battery by 30%, getting it down to the level of $100 per kilowatt hour. >> has she said how? >> she has aren't said how, but they plan to be profitable and that's significant because they're losing money on the bolt right now. they're losing money on the bolt and all of the automakers with the electric vehicles are losing money and they've got to be able to make money at some point in order for them to continue to develop and bring these costs down >> i don't understand how you reduce the cost by 30% if you don't own your supply chain. how can she actually say they're going to reduce the cost >> i was not at the investor conference they have been bringing down the cost from electric cars to electric trucks >> tesla expected to unveil the semitruck tomorrow

what do we know? >> this is the image that this looks unlike any other semi that's out there let's see what it really looks like and we'll see it tomorrow night. elon musk will unveil it down in the los angeles area and like everything where elon musk, he says it will blow your mind. we'll see if that's really the case and whether or not this is a game changer in terms of the trucking industry. keep in mind, the other manufacturers are also, woing on electric trucks. it's not like tesla is the only one out there doing this >> the key thing is it will be the range. >> absolutely the range. now you get into, does it make sense versus a diesel? >> thanks, phil. >> you bet >> good to have you in studio. the founders of ben & jerry's saying thanks, but no thanks to a tax cut. find out where lower taxes aren't a part of their american dream. >> mericone dream. >> thank you, melissa. straight ahead on "power lunch."

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and if me driving a that truck means that somebody gets to go home safer, then i'll drive it every day of the week. together, we're building a better california. 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. as the house and senate work towards cutting taxes, your next guests have requested have their taxes be raised, at least not cut. ben and jerry's founders signed a letter along with many other millionaires asking congress to raise, not cut, their taxes and they join us now

gentlemen, welcome ben, you guys have been at this fight far while, this is nothing new for you. is this primarily around the estate tax or is all the taxes >> it's all the taxes. the estate tax is a part of it there's this misconception, there's this lie essentially that, you know, the estate affects small business people and small farmers and it's not true i mean, it only affects, what is it, the .1 or .01% of the population >> no, so the issue is that the tax cut is for corporations and wealthy people and it's not going to help poor people. it's not going to help middle class people it's going to throw people off of health insurance. it's bad in so many ways >> if they eliminated the estate

tax part, it's 4,700 tax filings that were subject. it's the tick on the back of a fly, but it gets a lot of attention. if they eliminated that, would you still have your complaints >> yes >> oh yeah.

>> special exceptions written into the corporate tax laws as it is that they don't need any tax cuts >> so what should the corporate tax rate be, do you think? >> i think it's fine where it is businesses really benefit from all the investments that we make in infrastructure, in our society, business benefits from the healthy society. doesn't do any good to have a society where we have a bigger discrepancy between wealthy people and poor people, we've already got a huge issue with that as it is. >> i think that's the, that's the major issue is that this tax scam that's being put out now is just an excuse to give more money to already wealthy people. and we already have the biggest spread between rich and poor in the entire developed world >> so why not just be against what is on the table in terms of proposed tax cuts?

why go out there and say you want a tax hike and that taxes on the rich should be higher why don't you just keep taxes where they are and write a check to whatever charity or the u.s. government if you wanted >> well i think we do both, we and hundreds of other people sign this letter are doing what we can, but it's a drop in the bucket unless we do it for everybody. for all the wealthy people in the country so it's not just individuals doing it, but it becomes structural so that our society can fund what we need. we have people without health insurance. we have people on medicaid we have people on medicare we have people in poverty in the richest country in the world and we're looking at giving a huge tax cut to wealthy people and corporations it just makes no sense >> gentlemen, thanks for being on power lunch >> how could you say it any better than that it just makes no sense

i mean -- >> see you later, we've got to pay the bills unfortunately because of all those taxes that we have. unless you want to write us a check. speaking of check, "check please" is next. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. every day, on every street, in every town, across america. small businesses show their love to you. with some friendly advice, a genuine smile and a warm welcome they make your town... well, your town. that's why american express is proud to be the founding partner of small business saturday. a day where you get to return that love,

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breaking news, the president is expected to speak in about a half hour. 3:30 p.m. eastern time following that mass asia trip.

>> just enjoy ben and jerry. >> check please. you know, listening to them when they were talking about all the money that the government should be spending on all of these things, they make the assumption that the government's going to spend well, and it never does. those guys allocated capital before they sold out for hundreds of millions of dollars, you think they would know better >> but they stand up for what they believe in. >> that's true along with a lot of others

>> i know all of you on the set there have experience,s with his professionalism. he's really, really missed already. he was never without a diet coke, never without a headset and always with a director's chair and we're grateful for the folks of schaub for paying tribute. >> we're all lucky to have worked with him. thanks for watching power. >> closing bell starts right now. just very quickly on that note, jeff was one of the classiest, most wonderful people -- >> he was. >> we have ever worked with. that was a wonderful thing >> many, many a road trip and we have no idea he was not well it was a shock to all of us. >> he wouldn't have wanted anyone to know. >> he was that kind of guy we miss him terribly that was a nice tribute. >> thank you, schaub welcome to the