♪ live from new york where business never sleeps, this is "squawk box. good morning, everybody. welcome to "squawk box" here on cnbc live from the nasdaq market site in times square. i'm becky quick along with becky quick and andrew ross sorkin, and joe strolling in >> i was talking about tiny tim. >> you were getting ready for thanksgiving >> i was remember all that. the scrooge -- >> he was talking to wilf about tiny tim in the tease. >> you were sort of on time. you were here. >> i was here for the tease. >> he was here for the tease he got stuck in the elevator trying to come back. >> let me give you this concept. i was here to do the tease on "worldwide exchange" with makeup, which you have never ever -- that has not happened yet. has it >> i like the natural look

>> yeah. didn't scrooge send over a turkey at the end? >> he did something. he sent over dinner. >> and tiny tim was like, wow, it's the best christmas. >> i don't know if that was the book version or the movie version. >> i'm getting a little -- >> wait a minute there was a book huh? >> yes, charles dickens. i know you know this we had this discussion there was a book it wasn't just a movie >> some people we know get all their news in tv >> which we hope is you at home. we hope you are getting your news here today. look at the u.s. equity futures. this is after major averages closed at record highs the s&p 500 closed above 2600 for the first time as we saw this technology rally. this morning things are mixed. dow futures up by 12 s&p is down by a point and

nasdaq down by 3 points. the major averages have been up three of the last four sessions. the dow had its 60th record close of 2017. the s&p 500 saw its 54th record close of the year. guess how many times, if you want to get to the record, 54 so far this year. the record set in 1995 do you know how many record there's were that year >> how many? >> 77. >> that's nice three years in the mid 90s where we did 35% on the year 35% a year this new -- it is theny sis thet everything is upstairs >> you can't take the stairs >> the elevator is a full minute long >> it's a minute long elevator i will say, there's all these monitors out there with some of them having the show on. when i was getting off the elevator, i saw you -- >> doing your read

>> i was like why is "worldwide exchange" having andrew -- yeah. i went, you know, i was with cameron. >> wait a second, it's our show. i'm not there. >> but we are here now we're ready to go. let's look at what happened overnight in asia with stocks. the nikkei was up bay half pey percentage point the shanghai saw a percent gain. if you look at the european markets this morning, the trading action taking place, things are there the cac in france is flat. dax is weaker. but the ftse is up so are stocks in italy and spain. if you want to check out crude oil prices, crude oil yesterday rallied. it was up by 0.7%. this morning up by 0.2%. that's a gain of a dollar. wti trading just below $58 a barrel that has to be the highest level we've seen in quite some time. 57.95. we have some breaking news out of asia.

a u.s. navy aircraft carrying 11 crew and passengers crashed into the sea off of okinawa, japan it was on its way to "uss ronald reagan." eight people have been found the search and rescue efforts for three additional people continue. gel season stickijanet yell her prediction that the u.s. economy will rebound, and she is open to the chance that polices cou prices could remain low for years to come. and back in the u.s., a trio of economic reports on the economic agenda. weekly jobless claims and october durable goods at 8:30 a.m. eastern, followed by the final read of november consumer sentiment at 10:00 at 2:00, minutes from the fomc meeting.

just one notable earnings report today. deere will post results before the opening bell. uber is reporting a cyberbreach nearly a year ago exposed the personal information of 57 million users and drivers, and then the company paid the hacker $100,000 to delete the data and keep the breach quiet the hackers stole the names and driver's license numbers of 600,000 drivers in the u.s. as well as rider names, e-mail addresses and mobile phone numbers. the company paid hackers $100,000 to delete the data and keep the breach quiet. uber fired their chief security officer for their role in the breach. >> there's been such a torrent of bad news, but if you think the bad behavior has ended -- >> you also thought the investors were hanging around the hoop, where they would have an ipo what would happen to travis all sorts of things happening

then but how much of this continues to emerge. >> do you trust hackers when you say, okay, i'll give you $100,000, you delete that information. >> cheap >> if they actually follow through. >> yeah. is there hobnor among these criminals? >> that's an expression. >> honor among thieves >> i think it is >> is honor among thieves. >> who knows if you can trust them i don't know if i would trust the people who just broke into my system. meg whitman will be stepping down as hewlett-packard enterprises ceo early next year. she led the company through one of the biggest breakups in corporate history, splitting hewlett-packard into hpe and hp inc. in 2015 hpe's current president will take over the ceo job. meg whitman will remain on the board. shares dropping on word of this

news down by 5.7% the company, by the way, posted quarterly results after the close. results were in line, and revenue beat expectations. meg whitman will join "squawk on the street" today at 9:10 a.m. eastern time >> how do they do it >> you knew, by the way, there was a bit of a signal she might be leaving the company when she was up for the uber job. there were lots of questions >> flew in the face of -- strident denials she was -- i'm here at hp for along time. i read it yesterday. there were previous -- was that a faber interview when she said i'm here for the duration? >> i believe he pressed her on that about 15% of the u.s. population traveling for thanksgiving weekend 89% of them are going by war morgan brennan joins us this

morning from the vince lombardi service area in new jersey getting ready for the traffic jams good morning >> good morning. happy thanksgiving to all of you. the new jersey turnpike, we're starting to see traffic pick up here we're seeing some folks and a steady stream of traffic into the rest area. lots of families with young kids the turnpike authority expects nearly 800,000 vehicles to traverse this highway today alone. overall, 51 million americans, nearly 51 million americans are expected to travel 50 miles or more this thanksgiving week. aaa warns that could cause delays with drivers in major metro areas that could experience travel times up to trip the a normal day. that despite thanksgiving gas prices which are at the highest levels since 2014. the national average for a gallon of regular, $2.53, that's

according to gas buddy but consumers seem to be shrugging this off, and they seem to be more willing to get on the road and travel and spend more in general this holiday season if you're wondering when the best time is to actually hit the road today, here in the new york metro area, unfortunately i have some bad news, it also passed it was 4:00 a.m. this morning according to data from google maps if you want to beat the black friday traffic, the best time to hit the road on friday is 4:00 a.m. as well >> morgan, i just -- did you see the lead story on drudge did you look at drudge today it's a picture of l.a., what's happening already for thanksgiving and it is a 40-second video that you can watch, and there's eight lanes. you can't see a space between. there's headlights a space between the cars it's snaking through some part of an l.a. freeway

there will be traffic on thanksgiving that will blow your mind especially out there >> don't tell me, i'm waiting to hit the roads. >> where are you -- >> my parents house. >> that will be fun. down the turnpike. >> yeah. >> i think the traffic is getting worse and worse each year, that's been the case for the last couple of years if you look at the data, google data or other type of data out there, it does seem the best day to travel is actually thanksgiving morning, but also interesting, here on the turnpike, they are expecting higher numbers for traffic yesterday than today people seem to be wising up and hitting the road sooner than in the past, but apparently not in l.a. >> behind you, do they make you -- there's only full service, right >> in new jersey, yeah >> yeah. yeah we're in new jersey. full service $2.65 for a gallon of regular

here >> it's a rare thing to get your windows cleaned, but you do -- >> to tnot for me >> they do my windows. >> sometimes they do the front and back >> helps if you smile. >> i like pumping my own gas. >> >> you feel handy >> you do. i feel that way when i change a light bulb honey, anything you need done? need a light bulb changed? need your gas pumped >> then i always have trouble with the credit card paying something doesn't work now, just -- thank you, morgan brennan. real quick, i mentioned drudge because i look at that like at huffington post, too i don't go no mother jones and slate. but i do look at huff post did you see huffington post today, murkowski >> i saw that. it's in the newspaper. >> how did that happen >> she put this out in the paper today, she's okay with the obamacare mandate coming back.

lead the legislation, because there's specific stuff to alaska that deals with it >> that's what i mean. wasn't there anything they could have given mccain for arizona? >> they didn't know. >> let's talk about the broader markets. here with us is lindsay bell investment strategist from cfra research and ed keon of qma, which has 1$133 billion under asset management ed, you wrote a novel. it was like "war and peace" in the notes i read about 2018 and what you're expecting. i mean, i laughed. i cried. >> it was the best of times, it was the worst of times >> not everyone knows that there were highs and lows. >> i laughed, i cried. >> when it was all said and done, i spent a good -- i can't get that half hour back. after doing that, you think it will continue most likely in 2018 but you -- as usual you

have one foot not out the door but ready to get out the door. that's summary of -- >> that's a good summary >> stay where you are. stay long. we're still long, overweight on stocks not that crazy about real estate anymore. not saying we'll have another year like last year. >> but we could. goldman sachs says maybe we will >> i wouldn't rule it out. there's a 30% chance we get another good year. >> like 25%. >> that's right. >> on the other hand, it's more likely that we fall back to more muddled. i think the key is an earnings are much better than i expected. i've been watching earnings for 25 years this was a beat on earnings. next year is a good earnings year, too. the forecast is for about 12%. usually the numbers come down. these numbers have been dead flat

looks like a lot of confidence we'll see earnings next year >> couple of good sports analogies. in there we may be in the fourth quarter, but you don't know if it's the two-minute warning of the end of the game or the beginning of the fourth quarter i would say most likely the beginning of the fourth quarter. >> and ed talked about earnings being good again lindsay, you are looking at that in reference to tax reform you think tax reform does likely get done and it is in the market in a big way now it would help it again if it goes through >> right >> that's the important distinction, it's in the prices but not in the numbers >> that could give another boost to the prices. >> exactly you could see a 9%, 10% boost to the current consensus estimate for 2018 so 10.6% growth. tax reform early in the year, you could get closer to 19%

growth in the s&p 500. >> wow so you could get additional movement and stuff, but if it doesn't happen, there's a lot already priced in. >> yeah. 20% corporate tax rate is priced into the market now. if we get that 9% upside in market share, that gets us to about 16.8 times on the s&p 500, about online with the historical average. if we don't get it, we could see a pull back of 10% to get us back to fair valuations. >> i think that's -- valuations look high. if the market is looking through the current numbers and saying we'll get a 10% boost from the tax bill, the numbers as far as valuations, pe ratios don't look as high. if you're looking optimistically, which i tend to try to be less than wildly optimistic, we could get another year like this year of a double digit return for planning purposes, it's prudent to plan in the high single digits. if you get surprised, great. >> both of you reference fed and

the efforts to extricate itself from this. that's a risk that it doesn't go right. murphies law doesn't apply doesn't it always not go right >> first, you're in an unprecedented situation. if you look at the vast history, there's 500 years of history, you have never seen rates you've had the last several years so any time you try to move from a situation you have never been in before to something that's more normal, it's going to be tricky plus you have a new head of the fed, several new board members, no matter who gets those seats, it will be a difficult transition in my opinion the fed is signaling they think eventually they'll get back up to 3% or so on the fed funds rate i don't know that we'll get that far. there's a reason why rates are where they are the ten-year is not so much controlled by the fed now. why is it 235 or 237

i think it's because there's a tremendous amount of buyers for long-term paper and that relationship between the interest rates, buyers and sellers, are demographics and other things that are not easy to understand. i'm optimistic they'll do okay, but the risk of a mistake is high because you're going through an unprecedented position >> you also have to pay attention to the consumer side of things. on cnbc you focus on the corporate side, as interest rates rise, corporate debt levels are at a high, that will have an impact spending is increasing but we're seeing a saving rate come down and consumer krd date go up. it's coming up on the revolving side >> from a healthy side or not? i remember when the savings rate was negative before the financial crisis at one point we were around 5% >> 5% is usually a good number we're right at 3.4% in the third

quarter we were at 6% two years ag ago. >> happy thanksgiving. >> we'll have a good thanksgiving >> possibly good next year lots to feast on lots to be thankful for. thank you. this is disconcerting and sad if you grew up when he was on the cover of "tiger beat" magazine his brother was. his brother was, sean. any way, actor and musical artist david cassidy died. the teen idol played keith partridge on "the partridge family." after the tv show ended, cassidy toured the world singing the show's hits to audiences of screaming teenagers. he was really cute when young. handsome by the time he reached his mid 20s, his stardom faded, he said he struggled with alcohol to

cope he revealed earlier this year he suffered from dementia a close family friend last week said cassidy had been hospitalized with organ failure. he was just 67 i told wilf that at an nbc event out in lake tahoe i spent some time with him. he gave the big concert to the guys he was still great we hung out there was fireworks. he was engaging. it's confusing, his father was jack cassidy right? his mother on the show, shirley jones. was she the mother >> yes the mother of the partridges, you get them and carroll mixed up with the brady bunch. >> and jack cassidy was married to shirley jones i don't think he had david with shirley jones, even though she was the mother on the partridge

family it's all -- >> i don't note background i did watch the show >> i get mixed up. >> the patridge family had the bus. >> they did. they had that guy. he was like the band manager do you remember that >> this is one -- >> this is your "family ties." >> one generation too early for me >> who was the band guy? >> dave. his name was dave. >> all right when we come back, we'll talk about a potential trade battle brewing over washing machines. president trump will make the call in the next few months. but a tariff recommendation is already moving shares of one u.s. appliancemaker. details after this whether it's connecting one of the world's most innovative campuses.

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probably because everybody has their own opinions, things have gotten so fiery, and if you bring people together with all different opinions, it could be hairy. >> do you think it could be more political this year than last year >> i think it's gradually ramped up not only that, they added the sexual harassment stories that have come into this. they believe that will be conversation around the tabletop and something like 1 in 3 women says they have been the victim of sexual harassment and assault. >> it's not just women i have a story from 20 years ago. and it's not pretty. any way, i'm okay. we're good we have a small gathering at my house. we're pretty -- >> i imagine the kernen family conversation -- >> most of my other relatives in from around the area, there will be high fives as people finish

their sentences on this. >> you're fine not worried. >> no even the dog is like -- yeah >> the dog agrees with everything you say that's good. >> trump, ruff >> explains so much. the international trade commission recommended tariffs to keep samsung and lg from flooding the u.s. market from inexpensive washing machines there could be a tariff. that tariff would decrease over a three-year period. it would protect whirlpool and that stock rose after the announcibiliemen announcement president trump is expected to make a decision on the recommendationly ear lby early year this becomes the question, do you want low prices, do you want jobs >> it also becomes the question of the winners and losers in the

industry if we start putting tariffs on things, you will see other industries here get hit with tariffs in other countries you have to figure out how that will play out. you guys remember the butterball lady? >> i do. >> she'll be on later. >> i do. >> i have a lot of -- >> what's this about being able to microwave >> you can microwave turkey. she'll tell us about that. >> you need a big microwave. >> should i use my joke again? i have to kill it first, get the feathers off otherwise it might be like a cat. you don't want to put a big -- >> cat >> you know, you can't put an animal in a microwave. you heard what happens >> ugh >> yeah. >> rat, dog. >> why are you -- >> i'm just saying you can't put the entire turkey -- >> yes yes. >> stuffing inside >> shouldn't be alive. >> shouldn't be alive. >> that's a big thing. how do you feel about lobster? >> for thanksgiving?

>> no, i'm -- >> they scream >> it's usually alive when you do it. when you cook it >> i'm kind of okay with that, i think. you? >> i'm just saying i think about it a little bit. >> i like to not know where my food comes from. >> foi gras? >> no. >> veal? >> so we're pretty much left with kale. coming up, holiday travel.

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♪ welcome back you're watching "squawk box" live from the nasdaq market site in times square. >> good morning.

take a quick look at u.s. equity futures at this hour, a day ahead of thanksgiving. dow jones looks like it would open up higher s&p 500 will open off by about a point. the nasdaq off close to three points deere out with quarterly results. the company reported profit of 1.57 per share, beating estimates by ten cents deere said the overall market for farm equipment strengthened and it benefited by controlling costs. the u.n. command releasing this dramatic video showing the desperate dash to freedom and rescue of a north korean soldier who defected to the south. it shows the soldier speeding down a tree-lined road before he crashes his jeep soldiers from the north fire at him and give chase as he actually crosses the south korean soldiers crawl up to him and help him.

north korean soldiers fired about 40 rounds. the defector remains hospitalized after two rounds of surgery. after he woke up and learned he made it to the south, he seems to be feeling better he asked to listen to south korean pop music he did suffer bullet wounds through his lungs and through his intestines they say he still has a ways to go before he recovers. he's feeling well enough to joke around with the people taking care of him. we were talking about it today is one of the busiest travel days of the year. today is when you leave to go down >> yep >> have fun. >> thinking hours and hours. >> exactly millions of americans hitting the road or grabbing a flight for the thanksgiving weekend just the traffic yesterday, unbelievable phil lebeau has an update. you're like running into a burning building going into the airport to cover the story.

i wouldn't want to be anywhere near it. >> this is like visiting the dentist before thanksgiving. spend the day out at o'hare. nothing i like more. this is going to be a busy day the busiest at u.s. airports since 2008 the good news for those who are flying especially if you booked your ticket in advance, relatively speaking airfares are much lower than they've been in a number of years. the average is a little over $200 round trip. that said if you were buying specifically to fly on today and then come back sunday, well, you will be paying on average domestically about $325. altogether, just under 4 million people are expected to flythis thanksgiving weekend that's an increase of 5% compared to last year according to aaa it's good news for the airlines that the planes are packed but unfortunately they're also dealing with this, an increase in jet fuel prices look how much they increased since june or july

up 25%, 30%. that depends on which jet fuel service you're monitoring. for the airlines, this is why you see the airline index under pressure over the last couple of months primarily because people are looking at this saying what will be the revenue picture for the fourth quarter how much will this weigh on profits, this increase in jet fuel prices. how much will that weigh on the profits of the fourth quarter. that said, the best news of all for anybody who is flying this holiday weekend, we are in store for relatively mild weather across the country that is good news. i don't know if you're flying, becky, but if you are, odds are you should not see delays. >> i'm not driflying, i'm drivi, i'm gathering i will see yes, yl >> supermarkets are horrific

now. lines with shopping cards. phil will join us again in the next hour. the day before thanksgiving is one of the busiest travel days of the year and it's also when the world's largest travel guide publisher, lonely planet, is gearing up for its busiest season their ceo joins us now to talk about the hottest destinations this year and next year and traveling in the digital age thank you for joining us >> thank you very much for having me. happy thanksgiving >> happy thanksgiving to you we've been watching to what's happened to guide books, overall it's been a punishing time sales down 50% since 2007, but lonely planet has seen its revenue rise every year since 0 2012 what are you doing that the rest of the travel industry is not? >> we continue to innovate in the guide book space like we've done since 1973.

we launch new editions, kids books, coffee fable booktable b. for us it's about giving travelers and customers as many opportunities to interact with our brand as possible. that raises everything up. >> how does that work? tell us specifically what is something you've done that has reengaged people and made them look at things differently? >> sure. a big push for us, we have over 500 titles and in 14 different languages in the world you can buy lonely products in about 150 different countries. for a long time that content was locked into those books. and having the ability to put that information online, publish that, you know in our portfolio of mobile applications, get that content spread through video portal online, and with different partners that we have, that's spread the content around and gotten more eyes on it >> let's talk about what are the

hottest travel destinations this year what tops the list? >> for us in the united states, the top-selling title is iceland, followed by cuba and yellowstone. big year for the national parks last year. ice la iceland has been on the rise for many years a great stopover if you're on your way to europe or back >> how has that changed over time you mentioned cuba has a big -- has been a big boom because of the changing relationship. yellowstone, it was the national park celebration last year what tends to be at the top? >> for us, there's always the big cities at the top, whether that's paris, london, barcelona, places like that countries like new zealand are consistently at the top for sales. iceland has been on the rise and cuba has been a big hit. we have had a cuba guide book out for many years which is unique in our industry because

we do serve more than an american audience. that access has been there it's been on the rise. >> why is iceland so hot i hear a lot of people going to reykjavik. >> i have never seen a picture from iceland that was not breath taking the place sells itself it has an incredible culture, welcoming. a beautiful place to be. >> so quick. we're trying to go we've never been to reykjavik. always trying to find a new, crazy place to go. not that it's crazy to go to reykjavik. five-hour flight from new york >> pretty short. >> daniel, you became the ceo of lonely planet when you were 24 that's kind of stunning. it was 2013, not that long ago why was that is that they needed somebody who could see how things were moving digitally? what happened? >> i'm still trying to figure that out i've been here for close to five years. really love the business

i grew up traveling. and i guess just fortunate to be in the right place at the right time the business has always been one that has accepted younger people into big responsibilities. i never felt judgment towards that we have an amazing staff all around the world and our different countries, and just proud to be associated with it >> what's the favorite place you ever traveled that people might not think about? >> probably india. a lot are on the top list, but india is such a magical country, i spent a couple week there's over the last several years. it's one of the most breath taking places that could go. just spending time there, getting around the country, really by car that was unbelievable >> daniel, thank you for your time appreciate it. >> absolutely. thank you very much for having me happy thanksgiving again >> you, too.

when we return, the founder and ceo of gobble meal kits will join us on set they deliver inagreed yefrnts f ingredients for recipes that only take 15 minutes or less to make. and we'll have the ceo of flight aware. and we will talk about the at&t-time warner battle with the doj with michael wf.ol you're watching "squawk box. two big hours coming up. across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online.

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all right. cnbc's global cfo council releasing the results of a new survey jackie deangelis has the details. nothing to do with what we're talking about. >> nothing to do with the behind-the-scenes conversation >> the cfo thing >> making a big turn here. more than three quarters of cfos surveyed say they think the u.s. economy is improving they seem confident that more positive picture will have an

impact on the stock market as well nearly half said the dow will cross 24,000 before it drops under 22,000 asia seems to be the place with the most opportunity for growth. doct tech is the favorite industry group, makes sense given the performance in the u.s., up 40% year to date on the fed, more than 80% surveyed see one more rate hike this year. more than 70% think two hikes next year. the implication there is that rates are definitely going up, but gradually. so that won't have a chilling effect on the stock market on tax reform, the majority answered they think the proposed plan will create jobs, stimulate growth, but they don't expect their fiscal 2018 tax rate to be lower than it was for the current year they do have some plans to repatriate cash and they'll use that money to buy back stock one final noted, we asked them about bitcoin. 30% said it's a fraud.

the same amount said it's real but we're in a bubble. i know you're not a huge fan of the surveys, but the tone is more positive going to 2018. >> so they don't think they'll have a lower tax rate next year but they still plan to repatriate cash? they don't think the tax plan will be in effect? >> exactly >> then why repatriate money next year? >> according to the plan as proposed, i think it would be a 5% tax rated for the money you repatriate so they're sort of setting the stage and getting ready for that but they think it will take a while to kick in it's a positive step >> a lot of times you use corporate managers, you use consensus there as an opposite thing. they have the advantage of actually acting on some intentions so it can be self-sf fulfilling. >> when corporates buy,

sometimes it's stock they sell a lot -- >> contrarian. >> yeah. exactly. with investment in stuff f they're feeling optimistic, maybe they act >> we don't know what they're going to do. but i think what was interesting about this is we looked at the first quarter compared to the fourth quarter of the year, this shift in tone was very noticeable in topics we surveyed >> noah wrote in he wants to know what did they attribute that to? what has changed that was noah? that was not me. what was different >> it was optimism out of washington that's pitfall, too. >> let's wait until we hit the fall before we talk about the pit fall we haven't hit it yet. we're up 30% i like our set i think it could -- it just looks like it could go -- it's cool the way it's made. >> it looks like it's

levitating >> it does which is cool. maybe it's an alagory. thank you. >> thank you. when we come back, a meal kit service perfect for the holiday. we'll talk to the ceo of gobble which delivers meals with recipes that takes 15 minutes or less right now as we head to break a quick check of what's happening in the european markets.the fts cac is flat. we'll be right back.

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>> kitchens across the country are already stirring up thanksgiving trimmings joining us right now is the founder and ceo of gobble. >> it's year-round we help families every single day make dinner in 15 minutes and one pan so they can get on and spend time with their loved ones >> here's the question there's so many of these -- what now feels like meal -- how is gobble different >> yes gobble actually preps all the food we chop veggies, make sauces, marinate meats so you can get dinner on the table in 15

minutes. in a world where most families are dual working and people get home at 6:00, 6:30, they got to have kids in bed at 8:00, you neat the week night quick solution >> blue apron, harvest, plated these are all of your competitors. >> in a way. i actually don't see them as competitors because all of them are cook from scratch. in the market you see cook from scratch options that send you raw groceries. they get onions and tomatoes in the morning and ship that out in the afternoon to you with recipe cards. then you have -- >> how do you differentiate yours? what would i get give me an example >> yeah. if you have -- if you order a shrimp scampy, you'll get fresh pasta, you'll get your sauce that's already made. we've been simmering and making that wonderful sauce for you for two or three days. our executive chef thomas ricci was trained by michelin star chefs at multily restaurants in

san francisco. we have these large commercial kitchens are prepping sauces and chopping vegetables such that you don't waste that 30 minutes a night with cutting board and onion. >> you give me raw shrimp. i throw it in the pan, saute it up >> we actually have, for example, very tender pulled pork or meat loaf or, you know, we have chicken -- all of those things normally take hours to cook you can't make it with any other meal kit service since we do all of that supply chain and cooking and high volume manufacturing work, we're the only one with kitchens that allow this >> what do you think about what you are doing relative to what whole foods may do with an amazon type of thing with some of the prepared foods that they do that are sort of semi-prepared, if you will >> yes, absolutely that's where the technology comes in we have this -- we are highly integrated via technology with our customers. we have the most interaction and

communication with them. we're collecting millions of data points a month on their tastes we have a dish wish mini survey where they tell us what they want us to prep for them then they review their meals and adjust their orders, and we're tracking every single data point to personalize selections for you and be your kind of -- be the right hand in the kitchen. >> can i ask a cooking question? >> please. >> this is something i want to know i feel like -- there's sort of a spectrum now three things going on people who want to cook the full-on meal >> yep >> then the sort of place in the middle, which is sort of where you seem to be and then the space where it's completely cooked for you. i'm trying to understand sort of where everybody falls in this and why people are not just going to automatically fall on one end of either spectrum years ago before my wife was my wife, i was supposed to cook a meal it wasn't working out. i ended up ordering in the food and then -- but not ordering it

like sort of prepared food >> pretending like you cooked it >> right that's a whole different situation than people who want to really cook >> yes >> do you see them saying -- >> cook from scratch, i think, is now becoming hobbyist for the majority of americans, and if it's not people cook from scratch on the weekends. you have a few family recipes. you come from scratch. in the week nights it's impossible for these working families >> why wouldn't you then go fully on to the prepared foods at that point? >> yeah. you know, that actually is why i started gobble because i was only eating out of a styrofoam bks or plastic container my mental health went down the drain. i didn't feel connected. i was not only physically unhealthy, but i was also getting depressed because people don't understand that food implies connection and is really critical to what a family means. people who survive off of take-out and then they switch to gobble, they say that we've saved their marriages.

>> maybe something that -- >> or just dinner. >> spaghetti sauce >> yeah. >> that's what we're talking about. you are making the sauce, the full-on sauce or just part of the sauce? >> sometimes we make the full sauce. sometimes we don't there's a lot of insight into what do we -- how much do we do to make you feel like you're cooking and you can control it, but also not feel like you're doing a big chore. >> i like this >> you know -- >> this is my kind >> an outdoor grill goes a long way. for us >> our very first dinner kit was a memorial day barbecue dinner kit, and that launched our business >> happy thanksgiving. gobble gobble. i love the name. it, for thanksgiving and everything else, and we appreciate you coming in >> happy thanksgiving. >> coming up, it is holiday av ssotrelean. we're going to check in again

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>> hiding a hack information on more than 57 million uber users and drivers exposed, and the company covered it all up. the details straight ahead data and fed minutes in focus ahead of the thanksgiving holiday. we're going to set up your trading day in a couple of minutes, and then over the river and through the woods millions of americans hitting the nation's roads and skies to spend turkey day with family and friends. what you can expect before packing your bags as the second hour of squawk box begins right now. snoet snoet >> we've been

watching the futures this morning, and they have been mixed after some big gains yesterday. actually, things have turpd around now the s&p futures are up so is the nasdaq dow futures up by 22 points. remember, the s&p 500, the dow both setting records once again yesterday. i believe the nasdaq did too nasdaq, by the way, is set more records this year than any other year it's already surpassed the number of -- >> it's not as old as some of the others >> 1995 was when the s&p set all those records. this year we've seen 54 for the s&p. 77 is the record number of

records hit in one year for the s&p 500, and that was back in 1995 >> let's get you caught up on the headlines this hour. meg whitman will be stepping down as hewlett-packard enterprises ceo early next year. she led the company through one of the biggest break-ups in corporate history, splitting hewlett-packard into hpe and hp inc back in 2015 hpe's current president will take over the ceo job. whitman is going to remain on the board, and here's whitman on the conference call last night >> since the birth of hpe on november 22nd, we've delivered a total shareholder return of 89%, which is more than three times that of the s&p 500. i know antonio will have the same focus on delivering value for our shareholders going forward. by fixing, improving, and repositioning the company i joined, hpe has worked its way into a strong competitive position ready to drive the next phase of shareholder value you're starting to see the pay-off in our results

>> the company did post quarterly results, but the earnings were in line, and it beat the street's expectations ut outlook was in line with expectations as well it's really meg whitman's news that drove the stock lower don't miss meg whitman she's coming up on squawk on the street a little later this morning. >> deer says that the overall market for its heavy equipment improved with a particularly strong rebound in south america. a notable milestone in the crude oil market crude surpassing $58 a barrel earlier this morning that's the first time that has happened since july of 2015. part of the reason is a disrugs resulting from a shutdown of trans-canada keystone pipeline after an oil spill last week right now wti is trading just below that level

57.7 the there's a trio of economic reports before investors get out of town this thanksgiving. we're going to hear -- we're going to be getting weekly job claims and october durable goods. that's at w 30 eastern time. that's going to be followed by the final read on november consumer sentiment we'll hear about that at 10:00 then at 2:00 p.m. we get the minutes from last month's fomc meeti meeting. >> everybody has an opinion. >> everybody has an opinion on the -- >> i don't know what's right >> all of our opinions are worth? is. >> exactly we know about it we all have one. >> they stink.

>> the question is do you think they're even going to get to a case >> or do you think this is a negotiation that's still playing out? >> yeah. you do >> i just wonder i wonder it could get drawn out i know they want to do it on -- >> we don't know what the government is thinking if randall who says he will never because the first amendment optics, never heard of cnn, is that wrael what the government wants we still don't know what the hell -- >> the more i have spoken with department of justice officials, the more i understand this >> you really believe it's a -- >> i'm not sure where i personally stand on it, but i think i understand what's going on here, which is they look at like the comcast nbc deal or all these other deals that have been allowed over the years >> right >> most of those transactions have not been allowed without some kind of behavioral remedy >> right >> but at&t would do the behavioral remedy, we think. >> the deals that have been reached thus far are not what's called clean deals

meaning, it's not -- well, we don't know if they had ever gone to court whether -- a judge does not impose a remedy after the fact >> why didn't this proceed the same way why didn't they ask for some behavioral -- before it got this nasty. >> they asked for behavioral remedies >> it's to get rid of direct tv or -- >> but this -- but this doj is supposedly, and we'll see, is not a fan of behavioral remedies they believe that actually the government is not very good at -- not very good at policing these structural -- these things >> are we talking about this doj being new person in charge of the department of justice because we assume that most of the guys who are doing a lot of this work are the same who have been around for a long time through many of these deals? >> some of them are the same, and some of them are different, and then we have a new person at the top, and that person has a boss, and, yeah. i do think it comes from -- it does come from the top >> it comes from the top >> we wrote about -- i wrote about this today too a lot of people have been writing about this is this idiosyncratic or is there a larger play for remedies

for all sorts of transactions in the future it may be. it may it. >> as an observer, i can tell you that the comcast-nbc universal deal, there was no way it wasn't great for the world. i'm sorry. it has nothing to do with my xfinity or harry potter. >> just in case comcast is our parent company >> okay. fine but it's been a great thing for the world. will you at least acknowledge that >> i was able to buy time warner cable. i thought i -- >> it's been positive for humanity am i overstating it a little bit? >> perhaps >> or just -- >> i just found out that gobble saves marriages and cures depression if gobble can save marriages and cure depression -- in my 75 inch screen >> i got it. >> comcastic >> it is now, before thanksgiving this is

heart breaking and for the families and, you know, around the holidays, just the worst breaking news this morning a u.s. navy aircraft was carrying 11 crews and passengers crashed into the sea off of okinawa, japan, today. it was on its way to the u.s.s. ronald reagan, the aircraft carrier, and search and rescue operations have recovered eight personnel, thankfully in good condition, but the search continues now for the three remaining individuals. >> let's talk markets because they continue making record highs, but can the trend continue into a santa claus rally? joining us right now to talk markets is david lee woodson of the global market strategist at jp morgan asset management, and mike lippert is here here's the question. we keep talking about the market making new highs, and it's true. it is really a tale of two cities, meaning it is so disproportioned in terms of who is winning and the fact of the

matter is there are so many that are losing that it's sort of hard to -- well, this is the question i have. do you look at this market, the entire market, and say this is going gang busters this is great. or do you look at it in my sort of glass is half empty way >> we're taking more of a glass half full approach we think that the profits frankly are there to continue driving the market higher, and one of the big concerns that clients come to us with is what about tech, right? tech has led the majority of this rally it's teflon tech it goes up when the market is down it goes up when the market is up if you look at tech's contribution to earnings relative to its market cap today compared to the case before the tech bubble, you know, tech is contributing to overall earnings growth is this market a bit biforcated? i think it's fair to say yes is it unstable the answer to that is not so much >> i don't disagree with much of that at all. i think we live in a world of the have and have-not's of growth underlying economic growth is not as fast as it used to be

there are fewer companies that are growing 20% plus many are not growing at all. the ones growing today, what we generally called the digitization of world. they're driving real growth. that's what's driving the market up i also agree, if you look back at 1999, these companies are way more profitable, way more cash flow, much more recovering revenue. it's a lot better setup than we had, you know, four years ago. >> we had some guests in the 6:00 hour that had optimistic views of what 2018 is going to being look like. where do you land? >> i don't call the market, but the growth is there. you look at earnings this time we just had sales force. could be down a percent because they gave conservative guidance for the next quarter

>> there's anxiety in the market, and it's clearly around high yield bonds where are you on corporate high yield right now? >> i am not sure it's important to watch high yield. i'm a big believer that credits leads and equity follows, but the backup we really saw was in the lower quality, highly leveraged names. to me that was more about tax reform and some delays on tax reform than it really was about a fundamental deterioration in the quality of the corporate sector or really any sort of kind of harbinger that a recession is lurking right around the corner. we've seen high yield spreads back up by similar amounts over the course of the cycle with no real economic impact watching it to see if it continues to erode, but at the current juncture not terribly concerned. >> you mentioned taxes how important now is getting a tax plan across the finish line before christmas is that possible >> i think anything is possible. we just talked about washington and the context of at&t.

anything is possible i think the market is on edge looking for it the kind of secular instructional -- >> is there a pullback if we don't get it before the end of the year >> probably. >> you think now that's -- before we always have a question, is tax reform baked in or not baked in, you think it's now baked in officially >> i'm not sure it's entirely. i think some sort of tax cuts are baked in, and i think the market will be patient probably through the first quarter of next year. i also become a bit skeptical that we may see a 5% pullback before the end of the year if something doesn't get done because now everybody is talking about it if it's become the well known fact, perhaps the market is recognizing in its own way that perhaps this is going to be a bit slower than what we originally anticipated >> mike and david, happy thanksgiving >> same to you guys. >> gobble gobble >> gobble gobble when we come back, let the holiday travel rush begin. we've got a check on what you can expect at the airports later, an uber coverup the ride hailing company admits to a massive data breach of 57 million users and drivers.

pays off the hackers for $100,000 and then doesn't say anything for a year. that story and concerns about the safety of your personal information on the web is coming up stay tuned ghhe ocn" tching "squawk box rit ren bc today, innovation in the finger lakes is helping build the new new york. once home to the world's image center, new york state is now a leader in optics, photonics and imaging. fueled by strong university partnerships,

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>> take a check on shares of rock well automation we mentioned a few minutes ago rockwell automation rejecting the unsolicited takeover bid from emerson electric. they say the bid undervalues the company and is not in the best interest of shareholders >> what do you know about this >> you know, this is -- >> this is not rock well collins. this is rockwell automation. is this a bear hug -- >> this was a bear hug of sorts. >> did we know about it? >> we did know about it. we've known about it for quite some time. >> i would say my read of that letter is pay a little more and maybe -- >> emerson may see the proposed acquisition as necessary to expand its capabilities in the industrial automation and information market rockwell did not we have the talent, technology, culture, and resources necessary

to continue raising the bar, exceeding our customers' expectations and creating superior value for rockwell automation shareholders. it doesn't sound like they want a new offer coming back, but i guess at some point you have to always consider the higher offer? >> i think we could be hearing more on this >> users can interrupt their friend's dreams and ask to join in instagramers can previously comment or send likes on a live stream, but could never jump in and just stream along side friends. this is a new innovation of sorts this morning and across america airports are going to be jammed today nothing like a jammed airport. as millions of travellers are getting ready to take off for the thanksgiving holiday you know, phil, tomorrow you'll be with the fam. i know today is not -- this may not have been your.

>> top of the list >> relatively short lines so far, and we're getting into that busy part of the morning here. overall, when you look at airports around the country today, just under four million people will be going through them and flying. not just today, but for thanksgiving weekend that's an increase of 5% compared to last year. this is the busiest thanksgiving travel weekend since 2008. that should be good news for the airlines, right? well, take a look at the airline index over the last three months the reason that the airline index has been under pressure, well, it's trying to come back a little bit there are some concerns out there about the airlines adding costs in capacity as we head into the first quarter at the same time when you take a look at the airlines and what they're dealing with on the cost front, fuel prices, jet fuel prices, they surged almost 30%

since july highest prices that we're seeing since 2014, and that's why when you take a look at shares of delta, united, and american, keep in mind that a smooth and busy holiday season will be good for them, but really the focus for an airline investor, it's the first quarter, and the first half of next year relative to where they are in terms of their cost projections guys, back to you. >> phil, i feel your pain. probably 15 years of standing in the mall on black friday >> yeah. what are you doing friday, phil? >> i am at an auto dealership. black friday sale. >> black friday sale excellent. excellent. yeah we're all part of this thank you, phil. we'll see you a little later folks, what can you expect when you enter the airport near you? joining us right now is flight aware ceo daniel baker daniel, we just heard from phil that o'hare looks pretty good. the best he has seen it over the last 20 years. is that what other airports can be expecting as well >> yeah, absolutely. it's looking like mother nature

is giving us a pass this year in terms of weather normally we're talking about early nor'easters or ice, and this year the weather is really great. it's sort of atypical for the beginning of the holiday travel season where typically at our office at flight aware it's all hands on deck, and we're trying to get information to travellers and help our airline operator customers. things are looking very, very smooth this year i this i we're going to see a good start to the holiday season with few delays and extremely limited cancellations. >> what have the airlines done to improve oorks , or is this a of luck? >> it's a combination of things. certainly, the good weather makes it really easy, but airlines have been leveraging a lot of mobile technology to try and interact more with travellers and be able to set expectations about delays. that's one of the biggest things i think everyone can agree that we don't want flights to be canceled, and we don't want delays if it's going to happen, if it's inevitable, whether it's weather or some other reason like congestion at an airport, as long as the traveller knows ahead of time, it really allows

you to set your expectations, make other plans, and know what to expect. the airlines are working not only internally with their own i.t. systems, with the f.a.a. and a project of collaborative decision making and other initiatives so the airlines can set expectations with the f.a.a. when flights are going to depart, and they can manage congestion with the airports and airlines, so when there are delays it's minimized. >> a lot of the delays are constantly blamed on air traffic control, that there are just too many planes that are taking off and no reason that the airline would be able to get around that what was the initiative you just mentioned and how does that work >> one thing i think the travellers have noticed is that instead of just always taking off and then having a lot of en route delays or holds, you run into situations where you board the airplane, you push back, you patsy out, and the pilot is told we're going to be delayed due to congestion by air traffic control, and some people feel like that's frustrating and

annoying >> yeah. >> it's an improvement over taking off -- >> especially when you have kids on the flight with you, and it adds to the time that you are sitting in a crammed seat with the kids all over the place trying to keep them from kicking the seat in front of them. >> that's right. it's better than being in the air and having to hold where it's very inefficient. it's expensive it adds stress to the pilots and air traffic controllers. they're trying to take these delays on the ground it's very similar to freeways that when you get on them, there is the red light that tries to meter one car at a time that it says, look, take a delay here, and the whole system will run a lot more smoothly. the f.a.a. is doing that now one of the things -- >> don't we need a new air traffic control monitoring system overall so that you don't need two minutes between planes? isn't that the equivalent of opening up the freeway with another lane >> one thing the f.a.a. is doing with airlines is allowing them to basically file multiple flight plans and saying here's the route i want here's the time i want to depart if it's going to be too busy, i'll accept this route if that's too busy, i'll accept this route >> seems like band-aids rather

than fix the entire system overall so that you can do things with more advanced technology >> well -- >> i hear what you are saying. >> it makes the lanes wider. it allows you to say, well, instead of taking a 30 minute delay, maybe i'll fly ten minutes longer it will cost more, but i'll make it there earlier >> thanks for your time. it's great talking to you. >> have a happy thanksgiving >> you too >> coming up when we return, uber disclosing a massive data breach of 57 million accounts. it kept the hack a secret, though, for more than a year after paying $100,000 to the hackers. could there be other companies that have done the same? we have a discussion about that when "squawk box" returns. take a deep breath in and exhale. aflac. and a gentle wave-like motion. liberate your spine.

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(cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley >> when we come back, we're going to talk markets and uber's massive hack attack. right now, though, as we head to

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♪ good morning welcome back to "squawk box" here on cnbc we're live at the nasdaq market site in times square among the stores that are front and center at this hour, mortgage applications. they rose .1% last week. that's according to mortgage bankers association. new purchase applications jumped, but it was largely negated by a drop in refinancing activity, and the average 30-year mortgage rate edged higher two basis points to 4.20%. also, fed chair janet yellen is sticking to her prediction of rebounding inflation, but with less conviction. the speech last night in new york, she said she is "very uncertain about her prediction" and is open to the possibility that inflation could remain tame for years to come. then j.p. morgan chase said to be mulling business opportunities related to bitcoin. this according to the "wall street journal."

that is despite ceo jamie dimen calling bitcoin a fraud. the cme group plans to offer subject to regulatory approval that will be a fun juan to watch. the desperate dash to freedom and the rescue of a north korean soldier who defected to the south. the video shows the soldier speeding down a tree-lined road before he crashes his jeep soldiers from the north fire at him and give kmas as he crosses the border then south korean soldiers crawl up to him and drag him to safety as the north korean troops gather on their side of the tense dividing line. north korean soldiers fired about 40 rounds. they shot him through his intestines, through his lungs, and the defector actually remains hospitalized after two rounds of surgery that removed bullets from him good news, though, he has woken up when he learned that he made it to the south, he asked to listen to south korean pop music. he is joking around with the

people who have been helping him. still not out of the woods in terms of recovery, but he is there. he knows he is there, and he is joking around with everybody back here in the united states a hack attack at uber exposing information of millions of users and drivers, and the company covering it up for more than a year. deirdre has more on this story from san francisco deirdre, good morning. >> that's right. the hackers who took the data were paid $100,000 by uber to delete the information and keep quiet. now, the ceo didn't mention the coverup in a blog post yesterday, but he did say, "i recently learned that in late 2016 we became aware that two individuals had access to user data we identified the individuals and obtained assurances that the data had been destroyed. guys, what guarantees or how they can be sure of that is far from certain i'm told that travis, the ceo at the time of the hack, was aware of the breach, but left it in the hands of his chief of security, joe sullivan, who was

previously facebook's head of security he was fired by uber earlier this week for his role in hiding the hack we reached out to solomon, but we haven't heard back. a spokesperson declined to comment. this breach is different from other high profile cyber attacks this year. yahoo's was much larger in size, and there was far more sensitive information exposed in the equifax hack this one at uber is remarkable because of the lengths the company went to to cover it up and hide it from users and regulators already the new york attorney general's office telling us yesterday that it had opened an investigation into the matter and as for ceo dara, new ceo, he is left cleaning up yet another mess from uber's past while trying to fix its reputation, shore up the business, and get the deal done with soft bank guys zbloor does this crea zbloor. >> does this create any liability and change the dynamic with the soft bank transaction >> soft bank is already playing a little built of hardball the company is saying that an

investment isn't necessarily guaranteed what's more important about that investment, guys, is that it comes with really important governance changes that would reduce travis calinick's power and reduce the fighting going on there. already it's starting to affect -- you can see how it's starting to affect business. u.k. regulators say that they're alarmed by this hack, and the coverup of it. remember, dara is trying to turn around the reputation that's been hurting business. they've been losing market share to rival lyft all year >> someone took a lyft the other day. who was it leo or something did you see that >> leo decaprio. >> lyft. not uber finally taken a few ubers. >> uber got a big larry david treatment in the latest -- are you watching this season yeah suddenly he gets in a car with

some guy who is romainian and makes fun of romania and then gets a one in his average goes all the way down to a one. >> now you see your averages >> watching curb your enthusiasm, it's only a half hour the whole family -- >> i live vicariously through you. have you watched the previous curb your enthusiasms? the new season is the best season there's been stuff that's controversial, and i'm not endorsing it >> sounds good >> yeah, exactly $57 right when we thought it was never going up again for 2018 let's just talk about crude. is the range now 60 to 70 or is it 50 to 60 or what do you think and what's controlling it?

vaeb obviously saudi arabia obviously is a big story. everybody turns the switch back on, don't they >> yeah. i think a lot has changed and a lot hasn't changed what hasn't changed is the natural range bound, so floor -- natural floor from the opec likely to extend production cuts, and the ceiling is put in place by shale everyone knows when we hit 60 or thereabouts, production in the u.s. starts mushrooming. what's changed now is the fact that we have a geopolitical risk premium being priced in, and that's largely driven by saudi arabia, venezuela as well, but mainly saudi that's new we haven't had a geopolitical risk premium in the market for the last three years the reason we have that now is because the global supply demand imbalance is tightening. we're coming more into balance geopolitics matters more, and a lot has happened in saudi arabia the last couple of weeks and months that's creating some uncertai y uncertainty. >> whenever you have premiums, it's sort of pricing in the possibility of something happening that most of the time doesn't happen

at least with geopolitical risk. or else we would never do anything given north korea and all this other stuff usually the premium is there, but sooner or later the underlying funltss take over again of supply and demand you're saying that's not the case this time it could actually affect the supply and demand just the worry about geopolitical risk in saudi arabia >> the price ultimately comes down to supply and demand, the fundamentals in the near term that skews sentiment upward >> sentiment >> well, that drives price i mean, if you look at oil prices that are at their highest level since 2015 -- >> that makes me think there's no reason it shouldn't go back to a 40 to 50 trading range based on what we do with when it's profitable and when it's not. as a swing producer now, is the united states a swing producer now? >> i think so, yes you are hearing now from producers in the u.s. talking about being more conservative in er terms of capital discipline, and that's brought down some of the production estimate numbers. however, if oil prices hover around $60,ing i don't expect that producers in the u.s. would be quite as disciplined.

production levels would go up. you're talking about the situation in saudi arabia that pertains to yemen, lebanon, iran there is potential for a lot of people to get spooked. >> what do you think about 2018? can you give me a high and a low for the year what is -- high, low, and average of price for the year. >> i would say the range is $60 to $70 for wti >> that's significant then that's totally different than the last two or three years. >> yes >> ge might go above $20 again maybe not. >> saudi arabia, a lot of uncertainty. probably wanting to go forward with their ipo situation in venezue venezuela. >> what do you think will happen to -- >> i think that there's a well popularized thesis in the market that the ipo goes forward and that necessitates a higher oil price. i wouldn't want to bet against the crowned prince, but at the same time there seems to be -- he has proven to be very bold and abrupt and rash. he could change course on that

pretty quickly, go forward with a private placement in china i think there are a lot of hurdles, though. >> would you do the ipo in a place like new york? do you think we're going to see it at the new york stock exchange given some of the comments that trump made or in london or will you see it in saudi? >> obviously, a couple of markets in the u.s. are the deepest. nasdaq is in contention. we're all looking, but i think that private placement is still an option. they're very much focused on getting a $2 trillion valuation. there are a lot of concerns from a governance perspective >> my understanding real quick just because when we were in saudi, conversation about the private placement is not what people think private placement idea is about setting a floor for a public offering, meaning the idea is to get somebody in almost as an anchor tenant at a certain price with the idea that then everybody goes in at that price. almost as a validating credential however, apparently the chinese and others said if we're going

to do this, you need to -- you give me rachets in the deal so that if the price falls, i don't look like a complete dope. you see the conundrum. >> it enables them to have a quieter number on the metric >> yes >> thank you coming up, the doj's move to block at&t's acquisition of time warner is expected to possibly have a chilling effect on other merger activity in the media that story is next then at 8:00 eastern time the ceo of b.j.'s wholesale talks bulk buying this holiday season. "squawk box"ilbeig bk. wl rhtac opportunities aren't always obvious. sometimes they just drop in. 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.

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the doj announcing a lawsuit that would have wide-ranging ripple effects julia borestein joins us right now. what's happening here? >> well, becky, the doj's move to block at&t acquisition of time warner is expected to have a chilling effect on other activity the doj suit comes on the heels of acquisition interest in fox's entertainment assets from disney and comcast. keeping's handy hargreefz says,

"we do not expect formal proposal of transactions until the resolution in the doj's lawsuit to block the at&t-time warner acquisition is reached. wells fargo analyst jennifer notes that the doj looking to block at&t and time warner's vertical merger could call into question other potential deals, including those involving telco's such as verizon. this comes after just last week the fcc voted to overturn cross ownership rules which eliminated ownership of broadcast networks and newspapers in the same market that vote to overturn rules designed to limit monopolies is expected to have the opposite result of the doj's lawsuit and actually to drive m&a activity it clears the way for approval of the proposed sinclair and tribune deal and for publishers like news corp to make acquisitions such as broadcasters for cbs and fox to purchase more local stations certainly two conflicting messages for different kinds of media companies in the doj and fcc. andrew, over to you. >> okay. thank you for that

we should say a lot more uncertainty over m&a and the media business at least that's the new normal we are joined by michael wolf, founder and ceo of activate. is this the new normal did the world change yesterday, a couple of days ago >> the world didn't change this is really about negotiation because if you look at the basis of the doj's complaint, they're saying that somehow at&t could limit access to must see programming like cnn, and the reality is media and wireless companies and carriers don't operate that way media companies have a vested interest in their being the widest distribution as possible. >> what do you do about it meaning, if you have a doj that has decided for whatever reason that they don't want to be in the business of behavioral remedies -- >> right >> -- how do you get to a negotiating table? >> a lot of this is going to be the same thing that happened with comcast and nbc universal

>> except the doj never sued them >> it's still going to end up being the same solution, which is trying to satisfy everybody this just doesn't make sense, and ultimately i'm not a lawyer, but i think that at&t will prevail. you know, something else happened this week that's totally contradictory, which is the fcc decided to repeal the net neutrality rules it ends up giving the big carriers, at&t and others, a lot more power the paradox is less regulation means less competition >> if you talk to foels in tlkse doj they would say perfect world they would not have allowed the type of concentration on the distribution side of this country that has taken place, which would have changed the dynamic on net neutralitieneutrs you have to go back in time to make all that happen >> but we need competition because we have the large facebook and netflix and google

who are unregulated and the people like at&t and verizon need to compete against them >> all the big media companies, all of them you have spent time talking to, who have you thinking about a variety of different transactions, either as not the effects of the at&t-time warner deal, do they sit on their hands and wait for the outcome of this in which case we could be talking about five or six months at minimum? >> i think there's going to be delays across each of these because there's real caution, but at the same time there's a real need for scale. i mean, if you are one of these companies that if you are a media company, you want to amass as many assets as possible so you can compete against netflix. you can compete against people like apple and facebook that are getting into the media business today. >> all right i think the larger question is right now we, for example, have been talking a lot about the future of fox, twenty-first sentry fox and whethsent

century fox. can you see them jumping in now? >> i think they're going to put it on hold and wait to see what happens here they don't want to be the next people to fall into this snoo then others that grew to huge, huge scale, it's going to be much harder because the telco's could and the broadband providers could block them or slow them down >> the larger distributors have invested in interest in a free internet i don't think that's going to make much of a difference, and i don't think that the at&t-time warner merger is going to go asunder. i this i one way or another it

will get resolved. >> you think it gets resolved by a judge, or do you think it gets resolved as -- >> i think it gets resolved as part of a settlement agreement there's going to be some things that -- >> i will tell you that a lot of executives i talked to, we talked about this before, would like to see this go to court they think it will create a pushback effect on the doj ramifications of future deals. >> no major company wants to put themselves and roll the dice with the court >> if you were randall stevenson, is there an asset you would be willing to give up as part of this transaction >> probably not. >> a structural basis. >> i think the cablenetworks are too important to the future of this company. i think every one of the pieces of it is valuable, and they're valuable together. >> what about the cnn piece? >> i think this is all politically motivated. >> you do? >> i do. >> you think this is a complete from the top on down, this is what president trump during the election and now they're just

carrying it forward. >> absolutely. at the end of the day this is about freedom of the press you are in an administration you don't like what a news outlet is saying, and you find a way to really cause -- to slow down an acquisition to find a way -- i'm not sure if it's to find a way for cnn to soften its editorial -- >> you think they're lying >> well, of course, they're going to say it's not true the idea that somehow vertical integration is going to reduce competition is -- it's really not the case i think if anything, it's going to increase competition because the companies like google and facebook, they -- today they exist totally unchallenged >> when you read the journal, there's no anti-trust case by at&t check it out it echos what you are saying the firm will get nothing from withholding "game of thrones" or selling cnn exclusivity and by saying the justice department's assertion that consumers would be harmed if at&t controlled

what amounts to a fraction of the content in a wildly competitive market, it's just at odds with economic reality >> it's totally. >> this guy got money from -- he has gotten grants from at&t and -- >> yeah, but he is right a large entertainment company is not going to withhold access on the contrary. that would end up hurting them rather than helping them >> let me ask you then one question i happen to agree with you, but it's the devil's advocate question what makes this transaction so attractive to at&t if they -- if having those assets doesn't allow them to have more pricing pressure, doesn't allow them to be able to create -- to have more subscribers as a function of it, why do it? >> do it because every one of the major technology companies and carriers is going to have to have a position in some sort of content, and the reason is because the companies that they're competing with all of them have already said they're

getting in the entertainment business every single one of them of course, netflix already is, but facebook is -- it's added -- you can watch video and apple says it's investing $1 billion in new programming >> michael, thank you. >> thank you great to be here >> happy thanksgiving. >> you too coming up, stocks to watch the special guest -- a couple of special guests, i think, ahead of the opening bell on wall street as we head to break. we should point out that they're not human espelethe op it's what this country is made of. but right now, our bond is fraying. how do we get back to "us"? the y fills the gaps. and bridges our divides. donate to your local y today. because where there's a y, there's an us.

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this is a special thanksgiving edition of the animal orchestra this is the back drop. we're going to take a look at some stocks to watch >> the animal -- >> yeah. that's been -- that's the ten-year anniversary of the turkey tape, which i think -- >> has it been ten years >> it's almost iconic. anyway, we -- it's iconic. nvidea retailer -- video game retailer was helped by the popularity of nintendo's latest gaming console and the nintendo switch trending on twitter today is it was me in capital letters. i say that sometimes

it's an iconic -- >> it was me is iconic >> with trump saying today what got the basketball players out of -- it was me. that's trending. yeah andrew just said i called my own tape iconic. so you have hesitated to call too big to fail iconic >> i have never heard -- >> i know we haven't, but it's false humility because he thinks it is, for sure. definitely >> i have never heard it >> i know, but i can tell what he thinks, and he thinks it's iconic >> you don't think too big to fail is iconic >> that's ten years too, right >> we're coming up on ten years, right? >> you know -- >> i hope one day it will be >> i was stuffing a turkey, and i was doing it wrong you should not pack the stuffing in there you can get sick from that >> there it is >> coming up -- oh, god.

never gets old for me. a retail round-up with the ceo of b.j.'s wholesale club what it is expecting this holiday season, and then it's a holiday tradition here on "squawk box. we just referenced that the iconic tape and the butterball turkey talk line rfl the secrets of making the peect bird "squawk box" will be right bac zar: one of our investors was in his late 50s right in the heart of the financial crisis, and saw his portfolio drop by double digits. it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68.

the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor. today, smart planning is helping the new new york rise higher than ever. as the world leader in unmanned aerial systems, we're attracting the world's best talent to central new york. and turning the airport into a first-class transportation hub. all while growing urban areas into vibrant places to live and work. across new york state, we're building the new new york. to grow your business with us in new york state, visit esd.ny.gov.

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uber hides a hack. 57 million accounts compromised, and the ride-sharing start-up paid hackers hush money to cover it all up. >> new this morning, manufacturing deal drama rockwell automation rejecting a takeover bid from emerson electric plus, it's almost thanksgiving, and you really want to stuff it in here really want to -- in other words, you really want to pack it and the butterball hotline open for business. turkey pros answering last minute meal questions. we'll take you there live as a final hour of "squawk box" begins right now

good morning, and welcome back to "squawk box" here on cnbc live from the nasdaq market site on our new set in times square is this the first week or last week last week. >> last week >> we started on monday. okay so it's been -- today is wednesday. okay week and a half. all right. we're used to it you like it? it's good. >> i'm digging it. >> i love it >> i like this -- the shots. >> minus the weather today >> yeah, the weather is not great. >> not helping >> anyway, welcome i'm joe kernan along with -- everybody is here. becky quick, andrew ross sorkin, courtney is here we'll get to her in a second the futures right now, once again, they're just in permanent sort of rally mode for how long? how many records did we have this year? what did you tell me 55 or so >> 54, i believe the record is 77 from 1995 >> i mean, yesterday it just took off it wasn't like that in the morning. it just took off once it opened.

we'll see. in europe and asia, maybe it has something to do with what happened here yesterday. at least in asia asia seemed to be playing catch up, and we are up a little bit except for germany treasury yields still on the ten-year it's not where the action has been it's between 2.3 and 2.4 the two-year has gotten interesting. not so much today. almost 2.37 on the ten-year. >> okay. new this morning, rockwell automation, we talked about it earlier, but it's going to be the big story of the day rejecting that unsolicited takeover bid from emerson electric emerson increased its original $215 per share bid to $225 per share in cash and stock. that happened last week. rockwell still says it undervalues the company and is not in the best interest of shareholders writing a relatively damning letter back to them. of course, the question is whether this is all part of a larger negotiating dance that will continue if, in fact, a higher bid comes or whether this is the end of that soap opera. i'm betting this is more to

come uber revealing that a cyber breach nearly a year ago exposed the personal information of 57 million users and drivers. the company paid hackers $100,000 to delete that data and keep the breach quiet. the hackers stole names and driver's licenses of about 600,000 uber drivers in the united states. also, rider names, e-mail addresses, and mobile phone numbers. uber has now fired its chief security officer for his role in hiding the data breach we're going to talk a lot more about uber in the next half hour with recode's ed lee in a corporate shake-up at hpe, meg whitman will step down as ceo early next year they led the company through one of the biggest break-ups in corporate history splitting hewlett-packard into hp enterprise and hp inc. the current president of hpe will take over the ceo job, and whitman will remain on the board. hpe shares dropping on the news. i would hope that if i left,

they would go down more than that it's down 5% down 74 cents. down less than $1 wrash the company posted quarterly results after the close. earnings were in line. revenues beat. its outlook is in line with expectations and a programming note meg whitman will join squawk on the street at 9:00, 10:00 a.m. eastern on a cnbc exclusive interview. >> retailers across the country getting ready for the black friday rush. joining us right now is chris baldwin. he is b.j.'s wholesale president and ceo. you all have a survey that you have put together. what do you see in terms of what shoppers are expecting and getting ready for this holiday season >> well, good morning, becky, and thanks for having me and happy thanksgiving to all of you. at b.j.'s wholesale club, what people are looking to us for is value. increasingly this season fresh food business has been particularly strong. consumers are stressed out about all the preparation associated with holidays, and our company has done a nice job in helping them deal with that and terrific values

it's really all about value for us >> and in terms of just what you think about the consumer, what we should be broadly taking away from the economy based on what you have been seeing, what can you tell us? >> we're really encurrentlied by the consumer spending dynamics in the economy at our company our business has sequentially improved every month and every quarter from the beginning of the year, and frankly, our starting point was pretty good. the national retail federation has been out with a fork for retail sales between 3.6% and 4% i this i if we had to revise that estimate today, we would probably be on the high side of that estimate. we're encouraged by spending and i think the future is pretty bright for the retail business >> chris, i know that you are a privately held company you are owned by a private equity business that purchased b.j.'s back in 2011. what can you tell us in terms of what kind of increases you have seen in the business you have seen same store sales can go up and total sales go up. you've seen people spending more every time they come in.

you've seen more people coming in the stores? >> we're seeing a balance between traffic and ticket and we're encouraged by what we're seeing because ultimately the combination in our company of our ability to deliver really strong values on fresh food, about 80% of our business is similar to what you could buy in a grocery store. we generally sell groceries at about 25% less than grocery stores consumers are increasingly looking for value. this weekend, becky, we'll make a big transition, and our mix will shift pretty dramatically to things like tvs at terrific prices the combination of our ability to deliver freshness early in the week and then value on things like electronics is a really terrific part of our company, and we're encouraged by that the future is pretty good night bright >> what are you all doing in terms of investing in on-line initiatives in terms of on-line shopping because i ask you this. we've had a lot of people who have come in and talked about retail, and it looks pretty clear that the ones that are i particularly able to win are the companies like a wall mart or an

amazon or a costco where they have long-term shareholders who are willing to let those companies invest in the business obviously you don't have to answer to a lot of shareholders. i'm not sure if private equity has the same sort of time looirn when you are looking to get out at some point, but what are you doing for some of the long-term initiatives? >> yeah. our owners have been great stewards of our business, and our investments are really about making a really value-oriented trip for the consumer. much more convenient >> you're not investing in on-line shopping is that what i should take out of that or doing other investments for some of the big ticket things that we've seen wal-mart and amazon spend on >> sure. we're doing a bit of all of the above. we certainly have an on-line business that's nowhere near as some of the other retailers that you have spoken about, but we continue to invest the place where we can differentiate because our prices are so good is making our trip more convenient. over the last couple of months we've launched an app that allows consumers u consumers to clip coupons that they typically had to clip out on their phone, and they also can check out without ever seeing a cash register our ability to make a really value-oriented trip much more

convenient is how we're spending our technology dollars it's really resonating with our members. we're encouraged by that >> krirks thank y >> chris, thank you for your time >> thank you you too. happy thanksgiving >> you too from lowest prices to free shipping to spoo eddie delivery. now it's about using stores, though, as the best way to get your on-line order free, quick, and convenient especially as amazon gets more and more efficient our own courtney reagan is here with a special cnbc consumer check to see how it really works. >> yeah, andrew. cnbc and our nbc affiliate partners in chicago, dallas, and san diego tested out six retailers same day, buy on-line pickup in store programs each team placed a similar as possible order three pairs of competing retailers. here's how it went down at wal-mart and target. >> the first step is placing the order. sounds simple, but it was the more complicated part. wal-mart.com's item pages give you options.

look closely not all free pickup items are ready the same day >> oh, available wednesday >> or same price some have a pickup discount. all teams thought target's pickup options and inventory availability were clearer than wal-mart's >> oh, only one left in extra small. >> 45 minutes after checking out -- >> target order not ready. >> just got out of target. that was really easy order pickup was right inside the door everything was ready in under a minute >> wal-mart said part of our order was ready two hours and 47 minutes after checkout the e-mail showed exactly where to pick it up. >> so we just picked up our two items that were ready at wal-mart really fast. area heavily staffed three people got our items in less than a minute, but four items still left those aren't coming for another couple of days >> the three other cities had similar timing issues with the wal-mart orders. between target and wal-mart, target's on top. for buy on-line pickup and store and all four cities, for speed

and easier ordering. >> wal-mart has more than 60 million items for sale on its site the majority of which are those marketplace seller items those are never stocked in stores to start with it's great for selection, but it is more complicated to sift through for the fastest pickup options. pricing also can be different for both target and wal-mart's sites and stores we encountered that in a couple of cities. >> were you buying the same items at each place? >> we tried as close as possible because we were doing same day pickup, you would imagine that a target store in san diego might have a different selection than a target store in chicago. >> in terms of target and wal-mart -- we each picked an apparel item, a home item, a game similar categories, but the items weren't necessarily exactly the same because we did four cities in different retailers. we tried to stick the same categories the target orders were supposed to be similar in each target store. same for wal-mart. it was all same day.

>> i remember when i was on maternity leave, i wanted somebody to bring the stuff to me >> yeah. >> groceries in some places. did any of the stores offer bring it out to you so if the kid is sleeping in the back? >> wal-mart does it with a lot of the grocery items in a number of stores. they're not in the entire fleet yet, but they're rolling out really, really quickly we didn't try groceries, so we can't give you that fair comparison target is also rolling out trying that in some cities, largely in minneapolis right now where they will bring it out to you. where they're based. they're trying it, and then

they're rolling it out when they get bigger in the stores that we picked in the four cities, you actually had to go in for wal-mart and target, pretty much the pickups were right inside the doors except for one of them where you had to go all the way to the back of the wal-mart store in one of the cities to get the pickup pretty convenient. coming up on squawk on the street are we're going to roll out how macy's and kohl's stacked up and then maon closing bill we'll put head-to-head who is first and who is last across all four cities. a fun day. >> thank you, court. >> you got it. coming up, today's top stories, including why the shares of deere are rising later, if you are preparing your thanksgiving feast, "squawk box" has you covered. we're going to check in with the turkey expert. that's him right there we're going to talk to nicole at the butterball turkey's annual talk line. it's one of the oldest consumer talk lines ever. we have 50 million calls answered questions answered over the last i think it was 1981 when it

launched including how to prep your bird in a microwave hoh,got to pluck it, tug stay tuned we'll be right back. ♪ ♪ what we do every night is like something out of a strange dream. except that the next morning it all makes sense. to power global e-commerce fedex networks are massive, far-reaching and,

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>> $1.57 per share beating estimates by 10 cents. also beating analyst forecasts the overall market for farm and construction equipped strengthened and it also benefitted by controlling costs. guess matched wall street's earnings of 12 cents per share revenues missed forecast due to weakness in the americas region. >> the quest for the perfect turkey butterball's experts are waiting by the phone ready to answer your questions and some of ours too next first, we head to break. an iconic clip that you can only see.

it's exclusive to "squawk box. we've been running it now for ten years, and for me, anyway, it never gets old. here is my turkey how to it's fast. not a big deal >> all right, thanksgiving my job is to prepare the perfect turkey happens every year first thing cleanliness is next to godliness someone else is going to have to turn this off. all right. there we go. ♪ here's the turkey. here's my stuffing is this back here, right pay no attention doctor's orders. cough a little bit wow, that is cold. that's cold. that's cold and wet. and you really want to stuff it in here. you really want to -- in other words, you really want to pack it okay hold on a second almost done here ilt.righ voa. ready to go now.

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experts are fielding questions about your big meal. joining us now with an update on nicole johnson, co-director of the butterball turkey talk line. >> would you pick that up, nicole it could be one of your elves or

minions. you might pick it up no, you're too big for that now. >> it says here, you got number one, and i think that people need to know this. it takes a lot longer to thaw a frozen turkey than people thought. do they always come frozen is it possible you can get a fresh turkey, can't you, or most of the time is it frozen it if it is frozen, how long do you need to thaw it? >> okay. that's our number one question we get here at the talkline. whether they're calling us, e-mailing us, striking up a live

chat, how do you thaw that turkey it takes 24 hours for every four pounds of turkey meat to thae thaw in your frig. if you haven't started thawing today, pull it out of the freezer and put it in the refrigerator >> and turkeys -- what's the usual weight for an average turkey it takes days it thought a turkey properly? >> it sure ka. another safe and acceptable way of thawing is the cold water bath that's what we're telling folks to do today. if they're worried on time or they don't have enough refrigeration space, cold water bath sow don't need to baste. i think people need to know that in fact, if you want a more -- a more uniform sort of a brown, delicious looking turkey, you don't use butter, and you don't have to baste. either one, right? >> you got it. that's right to baste or not to baste, right? that's one of the advantages of

the butterball turkeys they're already prebasted for you throughout the breast area additional basting, it's not necessary. 325 oven from start to finish. close that oven door and let it go ahead and cook up >> stuff that we've learned in the past, which i did not know in the past. number one, you got to wait to stuff it until the day that you are going to cook it, right? you don't do it the night before it can be -- you also don't want to pack the turkey like i do in that tape -- or the stuffing in there. it's got to be sort of loose or that can be a problem too, right? >> right i think i've seen you do that too, but you're right. from a food safety perspective, you do want to make sure that you stuff the turkey right before you're about to put it in the oven, and it's really easy you just increased your cook time by about an hour when you decided to stuff your turkey easiest way to check for doneness, insert the meat thermometer into the center of the stuffing, and when the stuffing registers 1 65, your turkey is done >> most people in terms of cutting it, i think, they're

inclined to use a serated knife, and that is not -- by butterball, that is not -- actually one of the experts you had there, chris clem says that don't use a serated knife. can you use an electric one or one with just a sharp edge why do you -- why does that make a difference what should you use? >> it's just personal preference we actually, christopher clem does a quick how-to tutorial for us visit the butterball.com website. you can see a really great carving demonstration. a few carving tips that come to mind, just make sure if you are going to use a knife, it's nice and sharpened. i know in our household, my husband likes to use that electric carving knife he brings it down, and my four little butterballs gather around as i big to do it's just personal preference. >> i'm told and we've been talking that we were going to mention that you can cook a turkey in a microwave. that seems, i don't know -- that seems like you're cheating how long does it take? what size turkey

what size microwave? how long how big can a turkey be? >> that's a good question. those are the kind of phone calls that i love on thanksgiving day somebody can call us and maybe their oven is not working. maybe it's not calibrated correctly. maybe they're without power. you can hear the concern in their voice. we ask them, you know -- we're going to figure out another way to cook your turkey. i will ask do you have an outdoor grill, and i'll say we do, and i'll say you can cook that turkey on the outdoor grill. they're overjoyed. there are many ways than just the traditional oven you can do it in the microwave and outside on the grill deep frying is a real popular method electric countertop roaster. there are many ways that these guys behind me here can counsel you. give us a call you can text us this season. we're going to answer any question you have. >> is there a private line andrew was sayingdipping it in the oil. >> i want to fry a turkey. >> can you do that in a new york

apartment? >> no, you cannot. you have to do it outside. >> can he call you can you send him who is your expert you or chris andrew needs -- >> there's 50 of us. >> okay. >> there's 50 of us. men and women. >> what's the safest way to do a fried turkey >> fried turkey. well, you know, we have the outdoor fryers we have the indoor fryers. have you tasted the deep fried turkey they're delicious. my husband's favorite. >> phenomenal. >> they're delicious >> business news or something. nicole, thank you. happy thanksgiving i always like talking turkey anyway, thanks >> thanks, guys. happy thanksgiving >> that's what they call talking turkey i have economic news two key reports. i'll bring you the numbers and reaction up from an economist right after the break.

we're just seconds away from weekly jobless claims and durable goods orders the futures right now going to take a quick look. it's been up, up, up and away.

new highs yesterday up 26 a day on the dow s&p indicated up under a point, and the nasdaq indicated up just under seven. rick santeli standing by at the cme in chicago, and liesman is here on set. maybe we can get something going. no, no, no not during the holiday thanksgiving never mind anyway, the numbers please >> all right 239,000. that's down from 252,000 we'll call it down 13,000. how is that? that is a slightly upward revision the 252 that we fell from was originally at 249. continuing claims, 1.904 a little bit of a rise there they were back under close to 1.86 that was a low level let's look at durables preliminary october, shall we? not a very good number down 1.2 here. we're expecting a number up .2, up .3. last month we did get a positive

revision from 2 to 2.2 remember, this preliminary, it can change here's something interesting strip out transportation, and then it's actually up .4 darn close to expectations we added a whole .4 to last month putting it from .7 to 1.1. capital goods orders, nondefense x aircraft, and this to me is one of the most important aircrafts -- it's down half of 1 %. last month it was up half -- excuse says me i take that back we're expecting up half of 1%. it was 1 % wrong once again, last month was revised upward from a healthy 1.7 all the way up to 2.1. i guess that's better news if we look at shipments versus orders, those shipments were up .4 followed by an up 1.2 a lot of positive revisions on jobless claims kind of right about where many thought we would be after all the weather issues and all the things that have, of course, happened to that now with the holiday. we'll throw it back into a bit of a tizzy

we're still at 236 which is where we've been hovering. the flat curve will reverse a bit. 175 and 2. it's down from getting close to 180 at yesterday's high yield. back to you, becky and the gang. i hope everybody has really healthy and happy thanksgiving >> rick, happy thanksgiving to you. where are you spending the holiday this year? >> with my sister and all my wonderful relatives. >> excellent in chicago, or are you traveling? >> chicagoland area. no, no don't travel i find that thanksgiving is one of those days where it's best to eat a lot and take a nap and not go far from home >> rick, happy holiday, and i will see you back here friday maybe. >> absolutely. >> rick, can you stick around for a minute i want to did a very quick rif on the durable numbers and then i want to ask about what's happening in the fed funds market just quickly, this durables number is the exact sort of number you should look through we're in the middle of a capital

spending boomlet here, and just because it came off this month, i'm not concerned about it you had a decline of defense spending that's probably calendar-related anybody who thinks the trump administration is not spending on defense is wrong about that you had an upward revision to june i just want people to look past this this durable number does not change the past three months in fact, you had an upward revision is he quickly, guys in the back, if you could put up the fed rate hike -- not everyone everyone is airaway of what happened on the fed funds market we got december hike dialled in 93%. all of a sudden the first hike for 2018, the 50% mark has been pushed ahead back to march it was june. exactly. it was june 50%. now it's 51% now suddenly they're beginning to price in the second hike of 2018 coming in december. >> two hikes for next year >> remember, they only had one dialled in now they're kind of getting to

two, and now, rick, i think this is an inevitable outcome of what et cetera happening to the two-year you have such a good feel for what's happening in the fed funds market where is the average trader right now in thinking about the fed next year? >> you know, traders really do spend a lot of time thinking about the fed, but they don't necessarily spend a lot of time betting on the meetings in terms of the market long before these meetings happen. especially when the transition of power coming up and a lot of things changing like mario draghi's programming we'll have to wait to see in japan. they've assumed two rate hikes pretty much for next year. all of this year at least in my kind of, you know, discussions. nothing scientific the bigger issue is the two-year note and the yield curve, and there's a lot of reasons to pay very close attention to what's going on the short end is definitely buying into the notion that the fed is going to be rather upwardly tightening.

at least two times the long end, there's a lot of reasons why the curve is flattening and it really does -- a lot of it doesn't have to do with fundamentals. a ten-year note yield is not moving it's all 2 w's >> what i did not predict is 70 basis points of spread tightining on the long end i would be a gaz i will yon air if i only had to bet on the short end. the idea was that i did not predict the crunching that was happening. very quickly, i just want to show you as we head towards the holiday, the good news on the outlook for the economy, we are tracking on our cnbc rapid update 2.8% for the fourth quarter after track. we're still tracking and we're still revising a third quarter 33 on the this ird quarter, folks. i just want to show you where we are now going into the holiday we did the one two and then a three, three, three. beat anywhere up in this towards three area is very good news >> rapid update. >> that's the rapid update that's the one you couldn't

remember >> it's like the all america rapid update >> it's the all america -- >> rapid update. >> awesome >> it is awesome >> just something to think about, rick. you still there? we just heard of 60 to 70 range for oil next year for crude. that almost makes sense given the economy and everything else. >> we're at 58 60 to 70 for the year. i don't know shouldn't it be there? it's not all about just supply that we generate here in this country. i mean, shouldn't global demand, if everything is, like, you know, firing on all cylinders, shouldn't this make sense? >> my knowledge of what's going on in in shale -- now, maybe they can't get the capital to reinvest, joe. >> since i think no one is expecting 60 to 70 >> they should be. >> if you get 60 to 70 can fire back up the wells, right maybe they can't get the money maybe so much money was burned in the process >> i think demand is going to go up, but i think the prices are going to go down

i wouldn't bet against lower prices generically through technology and the more i hear about saudi arabia and aramco, the more i think the middle east has figured it out too i think i would be shocked to see 70 any time soon actually. >> it used to be 70. we thought it would never go that low again all of a sudden we're back -- >> i remember that >> 300 super spike. >> it doesn't try to control and manipulate the price of crude oil. we never saw a correction. >> i will be interested to watch that things are 4% unemployment we're humming along. 3% gdp i don't know >> it's global, joe, right >> it is global. that's why you can't just say fracture i -- >> i think the saudi piece is hunl >> i tell you what, we have the perfect person to ask. why don't we bring in skoscott anderson he is with the bank of -- bank of the west. chief economist there. >> or south?

scott, thanks for being here today. joe brings up a good point we are seeing massive growth around the globe that's why we're seeing higher prices with stocks what does that mean for oil prices should we see higher things? jump into this conversation. >> i would be surprised if we got up to $70 a barrel i really do think the supply equation has changed the u.s. has a huge producer of oil. the fracking that can happen almost at the flip of a coin in the united states really will counter act any sort of increase we get in oil prices from demand you know, we think we'll just see gradual increases in oil prices probably not even staying above $60 a barrel next year >> so what about the economy overall? both in the united states and what we're seeing globally anything that makes you think that we could be in for some sort of a false start or is this

really what it seems to be >> well, no. we are setting ourselves up for a great fourth quarter our forecast is 3% growth. consumer spending probably around 3% over the holiday shopping season. a real strong end of the year. three consecutive quarters 3% growth. i do think that it's going to be very hard to maintain that growth rate into 2018. i'm a little concerned about the 2-10 spread. we talked about that earlier about the flattening we're seeing in that spread. that's usually a sign that we're going to see slower growth going forward six months, eight months from now not faster growth. and so if i was the fed, i would be a little, you know -- obviously a december rate hike is in the cards. we're forecasting that we have two more rate hikes in 2018 in our forecast you know, i would be watching that very carefully if i was on the fomc right now >> thanks for joining us today have a wonderful thanksgiving.

>> thank you, becky. >> okay. uber is under fire again this time for covering up a massive hack the ride share start-up hit hackers, i believe, $100,000 to delete the data and keep the breach quiet joining us right now on the squawk newsline is ed lee, managing editor at recode. he is a cnbc contributor the story is just so unbelievable to begin with what is the liability for uber at this point? especially given that soft bank is just committed, though there's still a negotiation taking place to invest in this company. >> it's a surprising but it's also not surprising given that it's uber. the liabilities right now going forward, there are two main sets of liabilities there's a federal liability with the fcc. they've been -- in terms of previous hacks and previous sort of bad practices with, you know, drivers and riders there's a liability there over the fact that uber hid this.

that's something the fcc can get a deeper look at on top of that, on a state level, you know, the new york state attorney general's probing uber hack on this as well, and it's possible our sources say that other states, like california, connecticut, could also look into this. not just into the hack, but the fact that uber hid it. >> is there a criminality here is there a civil issue >> there could be. >> what are we talking about >> there could be criminality over hiding it after the fact that the fcc and other state agencies have told uber don't delete anything. right? this is a clear example of violating that if it comes to that, if they determine, well, we told you not to hide stuff and you hid it, that could be -- >> explain this. becky had a brilliant point about an hour ago when we were talking about this how is it possible that you did gsh this $100,000 ransom fee was paid to the hackers that did this how would you even know that they would actually delete what

they say they're deleting? >> it's sort of this common practice among hackers part of it's ransomware where necessity lock up or seize up yoo you are data, and in order to release it, pay us money. in this case it's slightly different. they say they dwul took the data off searrvers. >> why would you trust them? why would you say $100,000, we'll erase it all don't worry about it >> there's very little reason to trust them in this particular case some sources are stelg us it seems like uber actually tracked down where the hackers were, and, you know, had them sign nondisclosure agreements auto are something to that affect >> it tracked them down snsd nondisclosure agreements rather than bring charges against them. >> there you go. why in the world they would take that action as opposed to prosecuting them the way that a normal scenario. >> we got to run, but just to put a fine point on it

how much of the idea of keeping this secret do you think had to deal with all the commotion going on with regulators in some sense they wanted to keep it hidden from them how much was it about keeping it hidden from investors and the board at that time >> well, imean, i can't speak to what's in the heads of the security guys, who they fired, as well as travis, who seemed to have looked it over? i think it's just part and parcel of sort of the silicon valley mentality well, we know what's best. we know how to deal with this. this is not that kind of a deal kind of a thing. >> are you painting a broad brush across the valley, or do you think this is an uber culture issue? >> i think it is very specifically an uber culture issue. i do think that mentality does per vad the valley altogether. i'm not saying all the other companies do similar things. i just think that they tend to operate by theron rules generally. that's the problem with a lot of, you know, just this sort of entrepreneurial kind of, you know, buccaneer experience out there. it can turn bad in this way. >> okay. ed lee, happy thanksgiving, my

friend >> happy thanksgiving to you guys too >> see you soon. >> coming up next when we return, putting the giving in thanksgiving we're going to check in with a fashion star and focused on social impact. they partnered with the likes of ua rurre jessica alba and mo sqwketns with that story in just a moment usaa to me means peace of mind. we had a power outage for five days total. we lost a lot of food. we actually filed a claim with usaa to replace that spoiled food. and we really appreciated that. we're the webber family and we are usaa members for life. today,

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skbrienchts welcome back to "squawk box. it is giving season. joining us right now are scott and -- they are the founding couple of state bagsz, a fashion company based on the give back

business model good morning you guys have brought all sorts of different bags. we'll thrilled to have you here. the give back model meaning you buy one bag, you give a bag to somebody else. >> yep for every bag we sell, no matter what the style, no matter what the sales channel, we donate one fully stocked to an american child in need. >> so here's the question. there's a lot of companies that have social impact efforts now i'm thinking -- i'm thinking of originally people like toms and whoopi parker who started doing this how much do you think people who buy these bags are buying them because they like the way they look and the utility of them and all of that and how many of them do you think are buying it because of the other piece which is that somebody else is getting one? >> when we launched the company, jacquelin and i -- we're actually married we launched the company five years ago, and we were so proud of the story and how we started and that we actually ran a summer camp for kids growing up in really tough neighborhoods in brooklyn we saw them caring their stuff

in trash bagsz we wanted to do more our mission is really what drove everything at the beginning we quickly realized if your product isn't there, people don't necessarily care as much about the mission as you would like them to we kind of rebranded and flipped everything and now it's very, very product-focused obviously, we have a very strong mission. we believe in it very, very much >> i mean, that's interesting. you guys came to the mission before you came to the company and the whole thing. did that mean that you were making lower quality bags in the beginning, and realized, opg, we got to up the game >> no, actually quite the opposite when we started, we said, you know, we saw these kids carrying their belongings in ripped shopping bags, garbage bags, and we wanted to make sure there was something of quality, sturdy school jacquelin does all the product, and we make sure that every bag we donate is something that's going to last them not only throughout the school year, but beyond >> what were you doing wrong in the beginning that you had to change >> well, the -- it actually goes way back, but we actually

thought there was a niche in the market to make -- people really wanted sturdy, functional backpacks. it's a utility product people are putting their most prized possessions in it their laptops, all the things that they invest in that they take with them every day it is all about making a kwaut product. we're predominantly backpacks, and it's been around for centuries. >> they are multi-colored and fun. >> how much of the marketing of this now is about the other piece, the giveback piece, and how much of it is about just straight functionality? >> we're trying to really take the one for one model and build it right out we want to be that company that really kind of like just blew it out. what we're doing on a lot of levels, the way that we give bags, we don't just show up at schools nonprofit organizations, homeless shelters and hand out

bags we carry out these rallies led by motivational figures, motivational speakers, role models we do that through our bag drive events we have a program called what do we tell the kids where we're taking on issues that issues that a lot of companies are shying away from and helping people struggling right now. our platform is getting big area and it's important to use it for something for social good. >> happy thanksgiving. >> appreciate it >> when we return, more cars and trucks hitting the road this year for thanksgiving than probably ever before we'll check in on the traffic rywnds at this hour with our ve o morgan brennan. don't be like that guy we'll be right back. 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

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be informed about outages in your area. sign up for outage alerts at pge.com/outagealerts. together, we're building a better california. more americans will hit the road by car this year for thanksgiving and by truck, morgan brennan joins us from the vince lombardi service area, used to pass that every day in ridgefield, new jersey >> reporter: pop quiz, how do turkeys raised in the middle of the country make their way to the thanksgiving table, truck.

it is not just more traveling hit the road this thanksgiving week but also trucks and with ups and fedex forecasting a record peak season also just more retail sales expected overall, more freight and packages are being transported and the data is reflecting that. take a look at this chart to see what i mean. this is the weekly barometer from dhc solutions, this is a gauge of truck demand versus capacity as of last saturday, this hit a record high. that basically means demand is soaring. we've got the rebuilding efforts from several major hurricanes and broader economic growth and also an inventory buildup as retailers are betting that consumers will spend more this holiday season all of that being reflected in this data. this is potentially bullish for truckload carriers, names like werner enterprises and snyder national and jb hunt and hbo

logistics, it also means that the companies and retailers, amazon, delivery companies like ups and fedex that are contracting those trucks to handle the big spikes in volume this season will probably have to pay higher rates. to bring this full circle for you, joe, i wanted to show you video. we've got this video from la, the stand still gridlock in both directions, traffic jams on tuesday night as people hit the roads in l.a. on the 405 freeway. this is the type of travel we're starting to see across the country this week. >> that's what i was referring to earlier, morgan you know what, the video that i saw was at night and cars coming this way, it was white and cars going that way, it was red and it was -- i mean, i'm not in it so it was really beautiful i would like to be down there but it was a beautiful shot of this snaking light show that was -- those poor souls in the

middle of that anyway, morgan, thank you. it's raining and it's a little cold but tomorrow the diet comes off and turkey comes on. jamie dimon veryout poken about bitcoin but has he had a change 'lta heart wel lk about it in the chairs next. q "squawk box" will be right back.

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welcome back we're in the chairs this morning. jp morgan reportedly considering business opportunities related to bitcoin and it's a bit ironic, the bank concerning whether to provide access to a bitcoin product that the cme group plans to offer you may remember jamie dimon has been critical calling bitcoin a fraud. last month, if you're stupid enough to buy bitcoin, you'll pay the price one day. we had that conversation during the delivering alpha conference where he made some pretty critical comments. >> then he said i'm not going to say anything more. then he said a little more. >> we know the ageless agency versus principle -- i mean if someone wants to deal with them.

>> right, goldman sacks also looking at some kint of marketplace. >> you need to be agnostic in terms of jp morgan. >> i think most was regarding the currency and federal reserve -- >> you'll be tired but happy thanksgiving we'll see you ksh. >> gobble gobble. >> you'll see these two on friday ♪ >> good wednesday morning, welcome to "squawk on the street." i'm carl quintanilla with david faber and mike santxoli, cramer is off today s&p not too far behind the thanksgiving holiday approaches, europe is mixed. durables wer