also buy gifts for herself or gifts for people on her list >> yeah. macy's was up 4% earlier today, currently settling back a bit but up 3.25% all-time highs, facebook, home depot, amazon along with deere and a few others. >> the trend continues tech is strong. >> nice having you here. >> great to be here. >> let's get to "the closing bell" which starts now.

>> on this black friday, we're still here at post nine. i'm carl quintanilla with melissa lee. dow up 15 points a holiday-shortened session today. markets are going to close in an hour's time and eventually we will get to kelly evans and bill evans for "closing bell." >> all eyes on retailers as it is black friday. we saw strength in macy's in particular and some curious weakness in shares of target which have been the real standout laggard, at least in the retail space.

>> a lot going on, whether it's retail, black friday or oil, by the way, which got close to 59 earlier and right now 58.83. busy week next week packed with powell's confirmation, yellen testimony and then that opec meeting and even more reports today about a potential framework between at least russia and opec. >> right, and you were mentioning some of the all-time highs in today's session, even though it's quiet. the all-time highs are in fact notable. amazon really being helped, of course, by black friday's strength here. facebook is also an outperformer here as well as a new high up 1% in today's session it really gets to as we head into year end and head into this period of seasonality. will technology continue to be the stalwart performers. >> there's a week to go in the month of november. dow and s&p on track for the eighth consecutive month up. we had one month that didn't quite get not green, and that sort of ruined that streak as for december, guys, the

average gain for the markets this decade in december is about 1.4%, five years have been up and two years down, 2014 and 2015 so seasonally things have been working question eel see if that continues given the mood out of black friday we'll see. >> we'll see if m & a picks up had the report on reuters saying broadcom is interested in raising the offer. we've seen broadcom be an outperformer in today's session. i think we're back let's get over to kell evans and bill griffith here on the floor of the new york stock exchange ♪ my momma told me you better shop around ♪ >> hi, everybody and welcome to "closing bell." that was really a black friday for us. >> and what better way to start

black friday than with going to black. that's how that worked for us. thanks, carl and melissa kelly evans here at the new york stock exchange. >> and i'm bill griffith yes, this is already the last hour of trading on this holiday-shortened day. record highs for the s&p and nasdaq today the dow is flirting with the record high. we've got a debate on whether those record breaking days will continue into year end or if it's time to take some money off the table before new year's eve. >> and an online retail rush already. many brick and mortar stores are seeing a pretty big turnout today. we'll tell you who many so of the winners and lose remembers and take you out to a luxury mall out in michigan and see what the read is on that consumer. >> even apple has its black friday deal. we'll tell you what it is and whether it can be an iphone x christmas which tim cook is hoping for we begin with the black friday boom as retail stocks rally on

deep discounts attracting shoppers to the mall today macy's ceo telling us cnbc that the company is in good shape this holiday season. >> we're blessed right now with cold weather, so in the northern part of the country and certainly here in the northeast, the traffic in our stores is actually slightly better than last year. >> who else but to courtney reagan we go for more on the black friday sales how is it looking, security? >> hi, bill. you know, it's my favorite date of the whole year. actually macy's is on track to sell a million coats, sweaters and fleeces, but the most dedicated shoppers hit the stores last night. those were for the big door buster deals that happened hat the big box players. they go home and they rest and they come back out in the morning when the stores open for the first time and now you've got a lot of leisure shoppers here, but i'll tell you the traffic is definitely picking up at this mall in woodbridge, new jersey the mall of america was closed on thanksgiving day again this

year eddie rumor from key bank thinks that the traffic might be a little bit on the light side now, if i'm jumpinging by the shopping bags i'm seeing at this mall, i would say that l brands pink is the most popular store actually fbr susan anderson is seeing the same thing in virginia, along with popularity at american eagle and lululemon. now adobe just out with new online sales numbers thanksgiving day sales up more than 18 boston over last year. that same cadence, 18% plus growth again, on this black friday and that's only until 10:00 a.m. so we have many, many more hours to go and because of the shift online it's a little bit harder to tell what's going on. you can't really tell the full picture here just by look at the bags, but a lot of the shoppers that we spoke to are sticking with the stores. >> i'm going to look at websites but i think i'll get most of my shopping done in stores. >> sales are bert and nice to

see what's on sale. >> it's more fun to be there in person and buy everything and see it and try it on. >> i like to see what i'm getting and see if it fits me properly rather than getting it online >> so catch point is helping us monitor website performance. lowe's is actually having some trouble. it's been this way since about 9:00 a.m the company issuing a statement to us saying they are working on it they have a lot of traffic because of black friday, but they will work on it diligently, and h & m actually had an outage on its wednesday identity for about an hour from 5:30 to 6:30 p.m. and then again this morning at 4:30 a.m. and it seems to have been fixed. bill and kelly, back over to you. >> you know they are screaming in the back office courtney, thanks very much. >> like they are in other places, too. >> courtney reagan for us. big box retailer target fell last week after its guidance suggested the holiday quarter may not be as strong as the holiday hoped. morgan brennan joined us from one of the busiest locations on how they are fathering today morgan. >> hey, kelly, that's right.

so since the store reopened here in jersey city this morning at 6:00 a.m., i'll tell you, it's been a pretty steady kind of moderate stream of foot traffic here it kind of feels like a busy weekend today. though in the last hour or two it's really kind of picked up. now, a lot of the folks we've spoken to here say that they have come in store to snag some of those deals that maybe necessarily aren't available for them shopping from their couch so particularly for some of the coveted high-tech products like apple devices and some of the most deeply discounted tvs and that being said, target is offering more deals online this year to better compete with other big box retailers like walmart, and it says that that is actually bringing shoppers into the store. >> we actually saw three times the amount of orders that were placed online to pick up in stores that we saw all day last year in thanksgiving, so real exciting to see that >> so a lot is hinging on this holiday season for target.

shares of the stock did tumble last week on cautious current quarter guidance which really kind of disappointed wall street investors. our stock is now down about 20% so far this year, but target also says that about 80% of online fulfill cement happening through its brick and mortar locations. stores like this one, and analysts are calling that really a major logistical shift, and one of the biggest trends to watch this holiday season, so with those in-store pickup metrix out, that really is a part of that fulfillment picture, and it makes it all the more noteworthy on a day like today. back over to you. >> all right, morgan thank you. happy shopping see you later. >> so reports out already that online shoppers spent around $1.5 billion yesterday, online, and they have already spent $640 million so far today we need one of those tote boards back here. >> i agree. >> right. >> and we talked about that the other day, so if consumers are shopping mostly online, then does black friday still matter

brick and mortar-wise? >> let's bring in simeon segal, an analyst and brian anderson with oppenheimer and liz dunn founder and ceo of proforma. simeon, black friday, i was going to ask you the other way i wonder if cyber monday matters or if people are coming back to black friday, online, in stores or what have you if it's still the big day. is it still the big day? >> i think every day becomes a big day and that's what the headlines are, and they are very much a functionof this channel is it online, in stores, amazon, somewhere else, so there's a lot of verses that are going on and a lot of battles between both retailers with themselves and with other companies i think right now, listen, a lot of this is a traditional and a lot section appearance and if you're willing to brave the store on black friday it's more of a fun shop than a functional shop that's not going to change, so what we saw with courtney, everyone was smiling there's more people smiling in stores and fewer people

shopping. >> and, list, you think black friday is starting to see a little bit of a resurgence here, why? >> i do think black friday is a little bit -- there's a little bit more excitement around it this year. it seems like that's driven by younger consumers who are looking at this as a bit of an event. get out into the stores and kind of experience shopping i do think that it's going to be a really condensed opportunity for brick and mortar retailers to capitalize on this traffic. i don't think we'll see sustained traffic throughout the holiday season but i do think it's a very important time, and to your earlier point i don't think cyber monday is as important as it once was because we're constantly connected we can shop from anywhere. i can walk out of here and buy something two minutes after i get off screen so i don't need to wait until that moment when i'm in front of my computer on monday. >> brian, it feels like the distinction between online and in store is not so great you know, there's a lot of people both to the initiatives we were talking about earlier, but you don't think black friday is all that important anymore, why? >> well, look, i totally agree

and agree with my colleagues i think black friday's shift, maybe we're seeing this year a bit of a novelty with the younger consumer which is exciting, and even if you look at how the retailers go to market, we've been talking about black friday promotions for the last two weeks which to mesa big, big positive because going back historically a lot of times retailers ran into a lot of problems as the promotions were so targeted to one day now they are spreading those out over multiple ways, if not multiple weeks that significantly limits the margin risk in these -- in these promotions so i think that's a positive, and i agree, too, on the idea online. cyber monday was popular because that's when people went back to their offices and had a computer that they could shop online. now we can shop online any time so i think that's diminished in significance as well. >> which survey of the three, before we go, how strong do you think this shopping season will be simeon, you first? >> i think the shopping season

will be very strong. just to add on to brian's point. we're talking about black friday and cyber monday becoming black november and december. important to keep in mind, q4, the entirety of this period is actually diminishing as a percent of the total year. whether that's because we have prime day over the summer, it's stretched out just beyond the holiday period so that's northern to keep in mind it will continue to be strong and shift is happening and spread out throughout the year. >> liz, how strong >> liz, go ahead. >> i think it will be a strong holiday. the there's lots to buy. the consumer is in great shape and retailers will certainly be battling it out, but inventories are in good shape, and if they can get them into the store to buy tech products, appliances, you know, connected home products, i think that it will be a very strong holiday, both online and offline >> brian >> well, i'm encouraged here i think we've seen a bit of a pickup in consumer spending over the last couple of months. you know, some of that has been

hurricane-related, but nonetheless, i think the consumer is getting stronger i think that that sets us well into the holidays. before coming to the studio here in california, i stopped by a couple of stores, best buy was really crowded so i think that's a good sign, so i'm optimistic we should have a decent holiday here. >> all right, folks. thank you all. happy black friday. >> thank you. >> happy black friday. >> let's get to our "closing bell" exchange where all of the major averages are floating with all-time highs larry glazer is with us, steve grasso from stewart frankel is in the thick of things at the new york stock exchange and rick santelli at the cme in chicago steve, we're kind of picking up where we left off earlier this week. >> that's right, and you have the big round number, bill at 2600 in the s&p cash once the large numbers act as a magnet once you get back on that momentum wheel, they are usually good for another 1% to 2% overshoot there. so you can see the market at 26 and 25 or 2650 sooner rather

than later, and is it going to be helped by laggards in the retail space, in the energy space and we still see fang performing as well as it has over recent months last year. >> layer, i wonder if the outperformer on black friday, you know, is the google which benefits from all the surge and facebook which benefits from instagram and everybody sharing their purchases or excitement or the fact that maybe they are in the malls if they are, and what to you is the strength of the market as we look at the dow 58 right now? >> look, as we look out, we may start to see a rotation here out of some of the higher multiple growth names as investors start to focus on tax reform if you get tax reform, you may start to see higher interest rates which would create impressions of multiples and today there's great action in the value names and retail names. the only thing being more fun on friday is looking at retail stocks on black friday and that's what we're doing here again, that theme is driven largely by technical considerations and some short covering and the end of the tax law selling as you look into the new year and that will spin into

a broader segment of value and there's a lot of opportunities to rotate portfolios out of high multiples into low multiple value names that have been given up for dead at the end of the year. >> rick, what have you been watching this year, the continued flattening of the yield curve, the dollar index continues and comfortably in that 92 range right now. what are you watching right now. >> the latter by far the foreign exchange market. >> yeah. >> and it is dollar weakness, bill, but really the proactive weight lift they are is the strength in the euro euros at the highest level since around the 22nd and 23rd of october. the dollar index is at the lowest levels since around the 25th of september for both so basically around nine-week extremes, and the reason i find this so fascinating is it's because it's been unanswered in the fixed income markets while this week we've seen a big drop in the dollar and euro, the boon, the shots, short end, long end, hasn't moved much, our

interest rates have only slipped had a minor amount, and all this while the dollar is getting close to 10% down on the year, so i think it's significant. you know, i like hearing larry and steve talk about how great this holiday shopping is you know, the markets care about the macro. they don't care if it comes on a computer or on the bricks and mortar worried about the big macro numbers and to that end i'll be very curious as this shopping season looks better and better to see if it gives the dollar any kick at all. >> sure. >> i mean, sorry to jump in here, but this is all about we have tax policy coming down the pike are they going to get it done next week. we have opec coming down the pike will they extend the cuts, so you have two major issues that are on the macro front for the markets. if those two things get a passing grade, this market continues to have that helium lift to it. >> all right have to go a late start so we move on thank you all. have a good weekend. >> you, foo. >> appreciate it meanwhile, apple hitting the airwaves and the internet

yesterday with this new commercial for the iphone x. the spot may indicate just how vital this new phone is to apple's christmas performance. more on that story coming up. and we want to hear from you. reach us to us on twitter, facebook or e-mail tell us your thoughts hand we'll read some of yr outsouthgh since it's a friday at the very end of the show we'll be right back.

retailers everywhere are pushing their big black friday deals today. even apple is getting in on the action apple is giving customers the chance to receive up to $150 gift card with certain purchases on their website with only 31 days left until christmas is it going to be an iphone x christmas >> joining us to discuss, ed lee, of course, managing editor at recode and max wulolfe at th phoenix group. welcome. i'm intrigued that apple has this -- >> that they even have any promo at all >> like they need to remind people that they exist. >> on certain items, if you buy

something, we'll give you a gift card and the biggest item is ibats. >> if it's an iphone it's 50 and if it's a watch you'll get 10 or 20, it's the smallest amount clearly ipad is always pushing, one of the weird in-between devices. we're certainly moving more towards a mobile device world so it stands to reason, but, you know, it's -- it's a first indication of here is an item you really want to try to sell more of, but, again, they are not -- they are not in the habit of doing any kind of real discounts way a lot of other retailers do the way amazon does with its hardware so it's still in keeping and a little bit different. >> max, how important is it that the iphone -- i like to call it the x because that's what it looks like, does well this season for apple >> it will be a huge part because the 8 is a little bit of a dud and the 8 plus is getting some action and love maybe because there's some back order issues on the 10 or the x if you prefer that

nomenclature but the x stole the show so that makes life harder for the 8 so we expect 8 to have a shorter success tale than the 6 or 7 and they need to this sign they sold 212 million in 2016-'17 and they need to sell 232 million phones and they need many to be the examine and that's how they get the average selling price up and if they don't do that they don't get the margins to push into the shares the way they have been for the last month or two. >> max, you know, they have had to delay the iphone 10 they now were delaying the home pod or whatever they are calling that thing are we seeing a little fraying at edges here production-wise for apple? >> well, what we're seeing something that definitely cause for some concern i think they deliver to a large extent here on the 10. the issue on home is they are a little bit late to it so it's sort of interesting. the worrisome part is the super good screen or sort of super hot

phone, samsung got into it, certainly not the first entry into the home space and they are about to get to vr but not first. they need to hit the cover off the ball in two out of the three of the things to continue to be the biggest company in the world by market company, so we think they are doing well. think x is going to be a winner and we need to see what's going to be to be around the corner. otherwise we'll see weakness in the 1 and won't know what to look for to stay excited for the company? >> is it that bad for the 8? >> it hasn't been selling as well as they hoped that means it's better for the 8 plus or x. the x is a self gift and the speaker they missed out on the holiday quarter, that's what they missed as a gift. a curiosity device, maybe i'll get it for my parents or for the home, that kind of thing so that's a miss on their end when it comes out in january and february, that's when they will

make the sales, and that speaker is important, not just because it's another home device but that's sort of the entryway into voice more so the way the echo has been. >> serious technology hasn't been shown off the proper way and they are hoping with the speaker that will be a way into it and that's the future for computing. we went from desktop to mobile and voice will be the next sort of step up in terms of how you interact with computers. >> how about this commercial al that they ran on the iphone x. i guess i'm -- >> we were having the whole discussion over the thanksgiving day table where everyone is calling it the iphone x. technically it's the 10 and they are like what are you talking about? >> they have been use numerals for all the other ones and this one you're going with the x, and we're calling it a so. just be consistent go one way or the other. >> famously 1984 they came out with that commercial, you know, got everybody rah, rah time and now they are running a commercial here for this iphone here. >> that's funny that they are running commercials anyway,

right, because if you want an iphone x you don't need a commercial. >> the color background and the outlined characters who had the very -- i mean, television advertising has long been a part of the way they promote. >> what were you saying, max >> also for the ear buds, the wireless head phones, and there's a huge margin on those, and those have been sell well, and there's some belief those up there not upgrading on the phones are upgrading on the wireless head phones and that's an important margin and top line revenue driver for the company as well. >> all right we'll see what happens here. >> thanks, guys. appreciate you stopping by >> sure. >> some of our favorite gets, ed lee and max wolfe. >> with less than 35 minutes to go until the close, dow up 55 points today and we're looking at records depending on how we close. the nasdaq was at a record high on wednesday so that's up 19 putting it at another historical marker and the s&p up 6 and the russell up just less than a point.

>> the price is in now for the new tesla electric trucks. we'll tell you how much you'll need to pony up to join the musk convoy coming up 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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[ clacking continues ] good questions lead to good answers. our advisors can help you find both. talk to one today and see why we're bullish on the future. yours. welcome back teva pharmaceuticals reportingly planning major layoffs in the

u.s. and israel. they are looking to cut to% to 25% of its workforce in israel and 10% here in the u.s. teva declined to comment and shares today are responding with a very slight positive, up about 1% time now for a cnbc news up date let's get over to contessa brewer contessa >> hi there, kelly here's what's happening at this hour a developing story out of the central london where police are responding to an incident at the city's oxford circus subway station. reportedly there have been shots fired. armed police are on the scene. the station is being evacuated as we speak. we'll have more details as they come into the newsroom here. prosecutors say the homemade bombs targeting barack obama and texas governor greg abbott could have maimed the two leaders. police arrested 46-year-old texan julia popp in connection with the scheme. accused of trying to accepted the devices through the mile wildlife restrictions are adding

restrictions to hunting season after last year's unusually harsh winter and another reason to start your day with at least one cup of joe researchers in the united kingdom find coffee lowers the risk of liver disease, diabetes, dementia and some cancers. people who regularly drink three to four cups a day saw the biggest health benefits. i cannot go wait and talk to my doctor been encouraging me to cut back on the coffee. hey, hey, doc, how about that one. that's the cnbc news update. kelly, bill, back to you. >> i'm fascinated that that comes out of the land of tea drinkers that's amazing. >> right. >> how is that a plus? >> thank you, contessa see you later. >> okay. >> we've got -- now just a reminder this as holiday-shortened day. less than 30 minutes left in this trading session right now with the dow up 55 points. with me is jonathan corpina, and we've had a positive day here, a

positive week. are we looking at, you know -- and we're hearing anecdotally sales are pretty good for black friday >> i think so. historically over time if you look what happens towards the end of the year, end of the quarters, we've got the santa claus rally. didn't experience this as much last year but i think we'll feel that this year based on the momentum in the market i think overall investor sentiment is quite positive, too. the economy has gotten better, jobs have gotten better. i think when the investors see these returns that they have gotten in the portfolios over time that same sentiment will continue towards the end of the year. >> so do you go with that seasonal play necessarily? this is a time when retailers usually do pretty well in the market. >> you have to look at different things on the calendar to see what will help act as a catalyst we look at back to school and beginning of summer and in this quarter here we look at the end of the year holiday sales. >> otherwise though, oil continues higher have the big opec meeting and oil stocks, haven't responded as

well to the price of oil going higher is that an opportunity or not? >> we were stuck in a tight range for a little while with oil, and as more of these conversations with opec come to the forefront of our headlines, that that market starts to heat up a little bit. there are some stocks that haven't really experienced that upswing with that, so towards the end of the year, that might be an area of a sector to look at. >> thank you happy black friday. >> you, too. >> more on black friday and the brick and mortar retailers as they battle with amazon when we talk to former hudson bay ceo hudson storch hand why elon musk says the semi-truck will be the safest most comfortable truck ever and we'll have how much it will cost to own one next.

what if we could keep more amof what we earn?d. trillions of dollars going back to taxpayers. who could possibly be against that? well, the national debt is $20 trillion. as we keep adding to it, guess who pays the bill? him. and her. and her. congress, we should grow the economy. not the debt. ♪ i mwell, what are youe to take care odoing tomorrow -10am? staff meeting. noon? eating. 3:45? uh, compliance training. 6:30? sam's baseball practice. 8:30? tai chi. yeah, so sounds relaxing. alright, 9:53? i usually make their lunches then, and i have a little vegan so wow, you are busy.

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>> tesla could use the capital, first of all secondly, how much is it going to weigh that's where you start to run into issues, because you know the batteries are so big, especially for the longer range vehicles and that's why there's weigh stations all over the highway. has a lot of bearing how much they can cart it along. >> you've given this a lot of thought. >> i've read about it. >> okay. >> it looks like a cool truck, burks again, there's some industry skeptics. >> it starts right away. you know, a lot of big trucks have the gears that have to go and it takes them forever to get up 50 miles per hour. >> in it can go 65 miles an hour going up a steep grade, that would change some of this highway problems i'll tell you, i-81 down in virginia where it starts to under late, you get massive backups and it's extremely dangerous so it will save having to create a lot more truck lanes. >> pretty exciting. >> the dow is up 57 minutes to go and right now gains across the board.

the russell is less than a point higher, and there's real dollar weakness that might be weighing on the small caps today. >> more than 150 million people are reportedly planning to shop this holiday weekend, so we'll go live to the somerset mall in michigan next. what malls are doing to attract shoppers away from the stores. >> coming up on monday, tune into "squawk alley" at 11:30 a.m. eastern time with citadel u o ken griffin. yodo not want to miss that coming up money. stay tuned i put everything into my business. and i had all these points from my chase ink card. so i bought ingredients, utensils, even made custom doughnut cutters. wow! all with points. that's how i created the ripple.

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welcome back cbs and dish have resolved that dispute over the fees that the satellite tv provider paid to the broadcaster. it put an end to the three-day blackout that affected customers across 26 state. financial terms of the deal were not disclosed. >> nobody heard a word i said just now because it's family day here at the new york stock exchange and all the kids are on the floor doing tower thing. >> great to watch. >> according to the national retail federation an estimated 164 million shoppers, like half the population, over the weekend. has e-commerce become the preferred method of shopping looking for ways to get the

shoppers what about luxury retail though in. >> luxury mall owner the forbes company manages properties in michigan and florida they have a new one there. nate forbes is present of the forbes company and joins us with his outlook and he's a minority owner of the cavs. i don't know if we'll get to the kyrie irving trade or not. probably doesn't want to talk about this mr. forbes, welcome. what about luxury retail we keep harping on the price conscious consumer you guys with the luxury malls aren't doing too badly right now, are you >> i think the luxury retail is holding its own very well and the thing for us is to create unique experiences with our consumers. in the case here in detroit, in the senator set collection, 40% of our stores are exclusive to the entire region and a lot of themmy beat in the luxury area. >> so the interesting thing is how these malls are adapting to changing consumer behavior often the higher end consumer to first kind of take up the different options, and it's not

just online. a lot of people want experiences and all you ever seem to hear about. how is it changing your malls? >> you know. what we really look at these things as a community project. we have a mobile brand strategy and pop-up shops all around metropolitan detroit and we're going into some of the upscale hotels and cadillac square and downtown detroit we're taking our retailers to the streets and trying to make it frictionless for the consumer as to how they buy their goods. >> does -- does location matter? i know i sound naive asking that, but could you put any of your malls in a number of places and have the same kind of success, or do you specifically choose the sites because that is where you're likely to find the most shoppers for your high-end experience. >> i think it's a combination of things obviously you have to have great real estate and great locations

that's highly accessible to the entire trade areas that these shopping centers serve but the second part of that is creating that environment for the consumer best in class and in all retail categories, a great environment for the customer, great customer service and great food and dining options for the customer to kind of pick up additional shopping trips, and today that's found in many forms. whether it's health clubs or markets or great sit-down restaurants and lungs and things that enhance the consumer experience. >> so you're not afraid to go that route, and you're not just trying to stick with traditional stores and that's including experimenting with pop-up malls in your stores and all those different concepts as well. >> we're doing a couple of different pop-up shops this holiday season we have del toro shoe store and a bali shop that's a pop-up stop and a lot of this leads to curating for additional concepts that might want to open pop-up over the holiday, prove their business model, and that leads

into long-term leases over time in some of our shopping centers, but we run at a very high occupancy in all of our malls, and we're finding that the luxury shopping centers today are real defendant faces and really holding their own in a very concentrated retail business >> how much are you affected by the -- by the shift to online? >> i think everybody is affected at some point along the line i mean, you look at amazon prime. they have almost 70 million members doing $160 billion of revenue, amazon, is so we have to be different. we're affected a little bit and we try to stay best in class in all retail categories focusing on the luxury which give us points of difference in the markets that we've served so we've found ourselves to separate ourselves a little bit from the commodity nature of the shopping industry today. >> real quickly before we go when is the next time that you would build a shopping mall? is your portfolio done for now

>> well, we're working on a development in downtown miami as part of miami world center we're doing all the retail 350,000 square feet of retail square leasing on the ground floor of a multi-tenant and we're working on a few things that aren't your typical anchor department store situations. the retail evolution is changing we need to change with it and we'll be very opportunistic into what we put our time and energy to. >> all right mr. forbes, good to see you. thanks for joining us. mr. forbes, president of the forbes company joining us from michigan today thanks. >> and 14 minutes to go into the close now. dow is moderating its gain a little bit we're up 37 now. s&p still up 6 and naz dog 19 a -- and the nasdaq 19. >> coming up on how to play the markets into the year end, could stock's record-breaking streak level off before new year's eve?

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santa and the marines are in the house. they just came into a loud ovation moments ago here as the

marine corps continues its annual toys for tots campaign that gets under way officially today. this is the 70th anniversary now of toys for tots. >> that was amazing to me. >> great stuff they will be ringing closing be at the new york stock exchange in a few minutes. >> the s&p and nasdaq are hitting a record high today. looks like we're onset for closing highs today. can the record straight continue into year end? >> our bull is david he's still bullish on this market and the wet blanket is jason brown from fundex family who says it's time to take money off the table with a smile on his face jason, good to see you how long have you felt that way? is this a new development for you or not >> definitely a new development. most of my clients are individual investors trying to fund retire thes aerements and o

temper their sell in an environment where it's negative, if i asked how happy they would be with the results to date, most would be thrilled. >> right. >> to not take some action to rebalance and get more conservative at this point means in the next downtown we don't have the ability to take advantage of new opportunities and with markets at high evaluations and optimism as high as it is, it's -- >> david, would you give people different advice here then >> kelly, if it's a retail investor individual or an institution, the clear message is still in total portfolio construction, untilted offense which means a healthy allocation to stocks. if i'm lighting up anywhere, it might be high yield bonds or big cap growth stocks, but you still look at defining a bare market or a tough market as down 15 to 20%. i simply cannot see it so i still think there is opportunities in u.s. small cap. there is still opportunities

prevailing in the market spin off, small cap stocks in particular are quite compelling. i wouldn't want to be dialing down the offense too much in anticipation of a tough market. >> you're not worried about anything, david? >> oh, i'm always worried, bill. i'm worried about that we don't get tax reform i'm worried eventually inflation could be a bigger problem. i'm worried a little bit but not yet about a tightening or tighter yield curve. there is always going to be something that worries you that's what you and i know that will allow stock prices to climb that proverbial wall of worry. >> jason, if people heeding your advice take some money out of the market and this rips higher for a couple years, what then? >> we're trying to dial back risk, not take their money out of the market. i certainly wouldn't want to be positioning yourself so if the market keeps going up, you're stuck on the sideline today. >> where do you see opportunity?

>> i think moving money into balance funds. moving more of your pmoney from hot sectors to more diversified places to weather -- >> balance suggesting you're looking for income. >> i see less as looking for income but more having things that won't go down as much in a down market. when valuations get as high as they are and everybody feels this good, two things happen one is volatility does come back into the market. being able to stay in the market is important and upside is more limited. the amount of additional rewards for staying in doesn't make up for the pain you feel when things pull back and you can't take advantage. >> david,are you guys looking to time the market you don't think now is the time. will there be a point, price on the market, a valuation issue of something elsewhere you're sort of saying, okay, now it's time to raise the flag?

>> when sentiment gets to euphor euphoric, i'll pull back more, kelly. specific to the big debate on valuation. evaluations are getting pricey but they are not overly expensive. particularly as you know quite well i'm a big believer in valuing companies on free cash flow i'm still able to buy companies generating 10% margins and 5 to 6% free cash flow yields that will be the best valuation met trick to me. from that regard, valuations are getting a little expensive but not overly excessive that would cause me to pull back too much. >> all right david, jason brown, thank you both have a good weekend. >> thank you very much. >> appreciate your time. we're heading to the close markets about to close because of the holiday up 36 points on the dow. the closing count down in a moment. >> and we'll talk to geral gerald storch and which retailer

he thinks is best positioned to take on amazon you're watching cnbc first in business worldwide. 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.

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because of retail and so forth and black friday, and then the eyes have been all on tax reform, as well and seems to be making progress and congress helped that market the top performer and worst performer for the market this week inside the dow. verizon was the big gainer, although not today up 3.5% while merck was down 1.45%. the russell 2,000 started to participate. it was lagging since early october but today or this week it moved higher and set a few records there. oil, next week, next thursday is the big opec hemeeting and apparently we have a meeting between russia and opec to extend the cuts. we're a two-year high. last year it closed above $60 was in june of 2016. the two-year note continued higher, as well with the fed talking about raising interest rates next month, and that has been a one-year high although

we're off that high today. look down a bit. the dollar continues lower rick sentelli keeps talking about this the dollar against the eros. $1.19 but the dollar index in the $2 range dominic chu is here with me along with mariana on the staff. she's the executive producer. >> she is. >> our boss. >> how are we doing today? are we okay? okay good. >> she's doing channel checks for us what's your favorite store to shop at during the holiday season where do you like to spend time when you're at the mall or out and about? >> anyplace that has stuff, like a wide range of things. >> speaking of wide range of things that's what a lot of people feel like we're talking about market you couldn't pick a bigger d diverse retail target down 23%.

you talk to traders as the landscape plays out, you wonder whether or not there will be a newer version, a bottoming -- >> all right thank you. mariana, i would like monday off. closing out with a gain of 28 points on the dow. the marine corps toys for tots see you later. [ applause ] thank you, bill and welcome to the "closing bell" everybody. it's only 1:00 p.m. but we're closing the day after thanksgiving on wall street and going out with the dow up 3 three points, shy of a record. 23,559 the s&p closing above 2600 for the first time record close up a little less than a quarter of 1% and again, the first time we closed above 2600 a third of a percent gain and we

also had one on wednesday. it keeps climbing. the russell 2,000 managed to add two points today but there was big weakness in the dollar with that index down half a point weighing a little bit on the small cap performance. there you have it on the trading session, a pair of record closing. it's retail. coming up, former hudson base gerald storch who says the retail decline is exaggerated with names that may surprise this holiday season. and this is for mike, lol surprise is one of the hottest toys this year we'll talk to the ceo of the company about what makes these minu little dolls, these little balls, what is the appeal of the lol surprise joining me today is michael santolli alongside alison deans and from capital management

chris joins us, as well. thank you, everybody thank you for being here let's zoom out for the week. leading the dow was verizon. it ended lower but up more than 3% this week the biggest lagger, merck with a decline there. over the s&p 500, this is trip advisor and the biggest loser is signet with a huge move lower earlier after disappointing earnings it was a shortened trading week. markets were closed yesterday and today a shortened trading day. mike, what do you make of the record closes today. >> tough on a day like today to stand in front of the positive seasonal trends. i feel like earlier in the week, the market showed that the kind of prior week was passed and set up to try for the year-end trade. seems like that was happening today. overseas, germany strong business sentiment numbers i keep pointing to the german market up 1% they traded yesterday, as well despite the fact that china was

chop choppy, i feel like people feel like the story remains in tact until proven otherwise. >> closed the books, alison. are we done? is this the last day of the year effectively? you enter quiet when everybody anticipates rallies into year end, anyhow. >> you'll see portfolio positioning. people looking at the big winners and we're seeing that already from what looks like the high probability will be some type of tax reform,there does continue to be global growth and the energy markets look as if they might becoming out of lagging period this might be a turn period of people repositioning portfolios. >> chris, what effect does tax law selling this year going to have >> it will be minimal. i see the market grinding higher there is no reason for this good season to come to an early end because of tax selling most cases people made a lot of money this year. >> yeah, that's feeling flushed

let's say. how about the retailers? they are hoping black friday will give a boost. macy's is among big winners today. the stock rallying 2%. courtney regan is in the middle of the shopping action in new jersey with the latest how is it going, court >> i spoke to one of macy's competitors, ceo kohls, he said well ahead of last year now kohl's stayed open late. the best selling item fitbits, apple watches, instant pots, nike and under armor gift items and blanket blows. he says active apparel and cold weather categories are seeing quote very strong sales. online conversion and buy online pick up in store for kohls are way up conversion seems to be really strong for a number of retailers. the analysis of shopping data

from some of the world's largest retailers indicates by 11:00 a.m. this morning, there were 5% more shoppers online, 12 % more in check out and on thanksgiving day there were 26% more shoppers checking out online this year over thanksgiving day last year. here at wood bridge, new jersey, a lot are sticking with the stores and traffic is high as we've seen all day. >> it's awesome. we do it every year and it's so much fun to wake up and go shopping the whole day. >> i went out last night with my dad. i like to get into theearly. as soon as thanksgiving dinner is done, yes. >> you got to get here early because a lot of them end at los experiencing an outage they are back up they have been working on it and there was a lot of heavy traffic because of the promotions but

looks like things are back online kelly very happy black friday to you. >> courtney, you, as well. thank you for the hard work today. courtney regan it's interesting it seems to be younger shoppers driving the traffic today. >> yes, we saw that earlier. seems like shopping is another thing you can photograph and share. [ laughter ] >> to me, you know, i have a couple of these at home. i think there is that sense of that's an experience i'm going to share very tough to get it fixed on the activity but i think the retail sector is very interesting at this point because retail armageddon, we had some recovery there and there is just a sense of consumers in a good enough place there might be enough to go around for a few months. >> a rally, alison in retail today. half a percent there 2% for macy's, that's something. >> the economy is getting better job opportunities are better the biggest thing consumers do is spend all that happening, the holiday season is getting people to spend more which benefits all

retailers, though i think not armageddon but the long-term is more away from bricks and aborter and online i've never been much of a shopper and i shop more because i don't have to walk into a store. unlike those people, i would be happy if i never have to go into a store. >> or try something on again happy as a clam. >> yes. >> the mall reads, is that the case and what do you make of black friday so far? >> absolutely. i think alison may be right for some people who want to do just online shopping but we're seeing the malls change their whole tenure of what they are doing. it's becoming destination is becoming an experience and i certainly still like them. i'm seeing a lot of what i consider to be clicks to brick or clicks to pick it up. whatever the case might be and i think that shoppers are, you know, certainly the discount mall here in sarasota are jammed we're seeing an awful lot of that buying experience and i think the biggest thing with

discount mall read, they offer great yields, they are raising dividend and the regular malls since they are really changing, you know, as i said you can have dinner and movies and whatever, a property group their net operating income is great. they are really starting to move forward and down big this year it's a real opportunity. >> all right we'll see. let's talk about oil for a second it has been heading higher with prices hitting levs not seen in two years. the keystone pipeline is closed and opec and russia could announce a deal at the next meeting next week,november 30th energy market hasn't settled yet. it settles at 130. rare this happens. >> in doubt about it. >> this has -- we have people talking about crude going back above 60 now. >> yeah, people have to widen the band what they think is the proper range for crude i thought $55 looked like it would be tougher to get beyond

it hasn't been i think everyone now is pretty much on board with the idea of supply discipline with russia involved, as well. the question is do we get too comfortable with that and have to have another reckoning with domestic supply here in north america. >> i'm curious to hear what russia pushes for. there is rumors and speculation they will want language that says depending how the oil market goes, we want flexibility. it's opec but russiaand non-opec guys because you have to band every party together notably the u.s., alison i guess kind of gets to do what it wants. >> yeah, the u.s. is interestingly enough, i have -- the keystone pipeline, there goes pipeline, the future of pipeline in the country and we have a political alignment that you have to have more oil spill. my sense is you will see u.s. continue to put more supply on the mantra coming out is we want independence we don't want to depend on other countries. >> is it harder for oil to stay over 60 if we have that

capability >> that does pose a challenge, yes. >> chris, would you guys be buyers >> yes, i still like the large cap high-yielding names and royal, dutch and british patr petroleum and the ipo next year. that keeps saudi in the camp of continuing to cut back, if they have to. >> yeah, they certainly want more support if market conditions and again, a two-year high for oil today according to the wall street journal, the pace of buybacks hit a five-year low. they are on pace to spend $500 billion and that's the least amount from 2012 it's down from $142 billion from 2014 and 2016. mike, i love this story? yes. >> this is the one thing you keep hammering during the whole bull market is people go nobody is in the stock market companies were buying. >> they were. >> now they are not so much. is this a healthy thing they are getting out and maybe others are getting in >> healthy in the sense that companies have decided that

there is no magic to it and let's also point out the market stopped rewarding heavy buy back stocks always because it was expected use of capital, maybe you'll be conservative about it but i think you have to take away from this it was never just buybacks holding up the market. $142 billion a quarter, that's what the previous pace was stock book trades the day. it was never ever, ever the thing causing the market to go up. >> but -- >> i think -- >> it was 0% interest rates -- >> psychologically. >> the companies believed in themselves. >> you hope after share prices rallies as they have, maybe it doesn't make sense for these buybacks to continue at this level. >> that's what i'm thinking. the stock prices are expensive the market environment is improving. seals more prudent to be investing rather than buying stocks at high prices. >> if you could -- you have a company come out and say great, we're going to raise a billion dollars and do a share buy back

with it, would you frown on that wou what would you rather see companies doing? >> mike is right it's about time they stop the buybacks much better toinvest in the companies or dividends i would certainly frown on it. >> by the way -- >> i would just -- it's very few companies are sitting there and saying should we do the $500 million buy back authorization or build plans worth 500 billion. the math doesn't work that way it's a blend of uses of capital. >> should we give a laundry list of buybacks that haven't worked out well >> tremendous. >> ibm sits out there well why did you buy that stock i totally agree people have stopped using it as a crutch. >> everyone else says blended, when you say blended, part of it was we were coming out of a tough environment too gradually and now there is more clarity and might be more clarity on the tax front because what we agree is on lower tax rate. >> companies have a lot of debt

so borrowed a lot so maybe throttle back. >> that's coming into more focus. >> before you go your last word on this. >> i certainly think the market continues to one for another 18 months i would tell you i can pick the exact day it stops and that's when we get really transformation from fixed income from equities to fixed income. 3.5% ten-year will be something that will really make the market think. >> all right we'll see if we get there. thank you for joining us. >> in few time. >> alison deans on the shortened trading session, appreciate it. coming up, we'll debate whether congress can deliver a holiday tax cut for the nation and whether d.c. dysfunction is a lump of coal for investors and shoppers out on force apparently on this black friday, can any retailer challenge amazon this shopping season? next. a black friday edition of the closing bell mail bag. tweet us with the best stories

we'll read some at the end of the show you're watching cn, rsbcfit in business worldwide every day, on every street, cbnc is sponsored by ppimco. a genuine smile and a warm welcome they make your town... well, your town. that's why american express is proud to be the founding partner of small business saturday. a day where you get to return that love, because shopping small makes a big difference. so, tomorrow get up, get out, and shop small.

chinese investment because it means

yet again, electronics are expected to be one of the hottest items. can you get better deals shopping amazon or brick and mortar store like best buy dedra has been doing-hands on research. >> reporter: it's a very important question for somebody like me that hates to go in store and buy anything in person anymore. we've been scouring best buy and amazon to find the best deals and what it comes down to is we're seeing similar things on the best selling holiday electronics like top of the line tvs, smart watches and amazon devices like kindles, echoes and more best buy upped the delivery. you can buy online and get it delivered faster than you could than if you ordered on amazon. other items come down to supply like this 13-inch mack --

macbook air. a third party merchant has them with the same specs but you got to pay up. best buy has in sore detore deat available on amazon. one of them, just $200 on amazon, it's $70 more expensive. we spoke to some of the folks here early this morning and here is why they decided to come down in person. >> if it's cheaper online, i would be willing to do that. my impression was that it would be cheaper by standing in line on black friday. >> reporter: sorry, kelly, people like marry and matt you just heard from, there is fewer and fewer of them as people increasingly shop online expected to spend more money

online than physical stores this year so remains to be seen whether that can give the likes of best buy a successful holiday season back to you. >> good research, thank you very much i know it's been a long day for her. online shopping dominating with more than $640 million spent so far today the question in many people's minds iswill any retailer be able to take on amazon joining us is ceo of gerald. i know you believe the retail design is exaggerated. why did you leave hudson's bed >> look, retail is amazing right now. it's going through a huge transformation no doubt online is growing more rapidly than stores are growing. this black friday shows the resilience of the bricks and mortar stores and the importance of them in an ultimate solution. we are beginning we're not roman numeral pages.

it's not over. amazon is an amazing company doing great but this is far from over this is just the beginning there will be a race for companies putting together bricks and mortar and online shopping and the best combination, not just home delivery because it's too expensive. nobody can make money running a business that's home delivery. >> as you left. >> again, i just left hut sdsony a month ago. would be inappropriate to discuss that. >> the curiosity, the reflection of the landscape and purely. >> i'm a lifelong retailer, i'm excited to be back doing what i've done for a long time and i'm thrilled to be here today speaking with you about what is going on in the broader retail

industry there will be a lot of winners i went to walmart when they opened this morning and back there today. best buy was mobbed yesterday and it was standing room only at these stores the parking lot in every shopping mall i saw was full. >> that's why i'm trying to avoid it, michael. >> the transformation you talk about, everyone had tobuy into this idea they have to transform and incorporate ways of distribution and attracting people in person i just wonder if all that nets out to the benefit of the consumer if you're a physical retailer, you know, you see the world as it's set up now and say i see the way forward but i wouldn't start out with 1,000 stores. >> no. >> it's capitalism at work it always gets better for the consumer products get cheaper only the efficient thrive and survive. there will clearly be a shakeout there is way too many stores in the u.s. the u.s. has depending how you count it, five to ten times more

square footage than europe way more brick and mortar stores clearly there will be a change the best combination is bricks and mortar stores put together will win and the ones that can't keep up don't have the capital structure. they will go by the wayside. we see store closings and mna will increase. >> which would be interesting to follow you mentioned walmart and best buy that had crowds the last couple days. >> looks like winners. >> who is not so much? >> you can't to see excellent numbers out of the players i remind people the market capization of tjmaxx is greater than the entire department store combined and that is over $40 billion and most of the department stores now are in single digits. billions of dollars. ross stores has a huge market. >> a great earnings. >> add those together and burlington coat. it's dramatic. not so much retail is dead

there is a shift costco is a retailer one of the greatest retailers of the season it's where i personally go wherever i get a chance. >> we go with that and try to -- it's all coming from costco. >> it's always the lowest price. all the stuff on amazon, no way. it's always cheaper. >> in a way the costco model criticized, basically capping margins. they are essentially sharing the same with the customers. that's the way amazon -- >> told everyone else. >> model, too. >> it's all about growth companies are being valued based on revenue and during this transformation period, maybe that's not so wrong. so we see walmart showing a lot of -- getting kudos and seeing increase in the market cap even though the margins were poor by historical standards, what is going on with walmart. when you see what they are doing, building something, one of those combinations of stores and bricks and mortar and

internet that's going to win. >> we have to go i'm thinking about because there was reports at the traffic of lord and taylor's headquarters they are selling the building. did you strike that deal >> i love the guys at hudson bay. we're great friends. i've only been gone less than a month. >> that was -- that was a real eyebrow raiser my mom is lord and taylor card member for 30, 40 years and that was always a destination spot for us in the city. >> putting aside hbc, you're going to see a lot of change in the retail environment part of it will be looking for ways to make use of the real estate i mentioned we're way over store. how can we get more powerful value? >> object -- >> macy's spoke to us. >> kohls saying they are downsizing and macy's store within a store everyone is going to look. how do i get more. there was only a supply of that. >> it's a great location. >> the a real estate can --

drove by the garden state plaza on the way here. you can find a place to park there. you must have a helecar. >> thank you pleasure appreciate it. it's not just apparel and electronics that are a hit on black friday, it's cars, too we got auto dealers offering door busters to consumers. next, the deals and how important today is to the auto industry and the lol surprise is one of the hottest toys this holiday season coming up, the ceo explains why this low-tech y tois so popular in the high-tech world 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.

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yours. auto dealers are trying to rev up sales this holiday season with black friday deals on cars. phil is in illinois with how it's going there, phil. >> reporter: it's a busy day in illinois usually when you're at an auto dealership at 9:00 when the doors open, you might get one or two customers. not today. there was a steady stream of people the reason people are coming in is because this is one of the big days of the year in terms of auto sales how big? most people believe this is considered one of the top five busiest days in the year in terms of auto sales. put it together with tomorrow and you have one of the big weekends in terms of auto sales this year and this year you have a number of things working in favor of the industry. strong consumer confidence

the indicator when people are ready to buy a vehicle, low unemployment and heavy incentives which are convincing people, yeah, this is the time to buy the new car or truck. >> stockpiles begin diminish and the incentives end many people have the weekend off. it's a good time to buy and get great incentives, as well. >> reporter: a strong weekend means that we will likely have a november sales pace above 17 million vehicles most are estimating about 17.2 or 17.3 million and heading into december, it's believed that we're likely going to see a third straight year with auto sales above 17 million while it won't top last year's kelly, anything above 17 million is a strong sales rate and that's the expectation. this really kicks off the holiday sales season for the auto dealers around the country. kelly, back to you. >> good reason for the balloons

and bows there, miphil thank you very much phil lebeau. time for a c nbc news update. >> here is the news update the terror scare in london has the city's oxford subway station reopen shortly after police evacuated on reports of gunfire. british police say they didn't find anything. this has been called the deadliest attack by islamic ex tr -- extremists in egypt they opened fire killing at least 235 people and injuring 109 others it happened in a volatile region in the northern part of the sinai peninsula. in florida, police are trying to figure out what caused a wrong-way crash that killed three people in their 20s. it happened on a highway near tampa on thanksgiving day. move over silicon valley, it appears more young people are going into farming the u.s. agriculture department finds the amount of farmers

younger than 35 is rising. it's only the second time the number has risen in the last century, but, you know, what is not to love? get your hands dirty fresh food fresh air. you know -- >> technology these days contessa. >> that's true. >> i see my former friends with the apps they have and the way they rigged this different equipment -- >> wait, wait, you have friends that have gone into farming vent -- recently >> yeah, no, just grew into it it's amazing between the drone technology and all sorts of cool stuff. yeah i believe it for what it's worth, hope they are all doing well thank you very much. >> yeah, sure, bye, kelly. let's look how we finished on wall street the s&p 500 closed above 2600 for the first time and nasdaq with a record of a 21-point gain and the dow up five.

the russell with that 2.5 gain was a record close for the small caps. >> oil prices are settling let's get to jackie for a quick flash. >> crude prices bouncing on the day hitting more than a two-year high $58.98 you can see how close we got to 59 and took the levels out at the close. expectations in the market that next week's opec meeting will result in a nine-month extension of that output cut that would take it through the end of 2018. it's likely to require russian compliance but the market thinks that that will come, too it's a short meeting, three hours and reading into the timing for the week seeing crude oil with a 4% gain a lot is speculation driving us higher all eyes on next thursday, kelly. >> that is for sure, jackie, thank you. let's get to some of the other big stories today on the black friday version of the rapid recap. >> we're seeing a trend of

online brands coming to brick and mortar we opened up sigma beauty and those are brands that are valuing from the opportunity to have exposure at mall of america and the relationship with the guests they can't get online. >> a reason we're so bullish about buying aonline and picking up in store, is for that exact reason customers love the experience when they come into a building, seeing the things when they pick up something they order online but looking at partners and opportunities to bring new traffic into the building through partnership is on the table. >> have you talked to amazon >> i'm not going to comment on that. >> i felt about about a year back that it might make sense for us to associate with amazon. our prices are exactly the same on our website and on amazon they basically act as a sales agent. we are the seller.

we deliver the product it's a different model because of the fact we're an integrated structure. >> amazon the sales agent. i love that. time for the take away we begin with another big problem for google's youtube multiple big advertisers pulling adds from the platform after a u.k. paper found the ads were having disturbing videos of children this happened when u.s. papers noted ads were being shown with jihad videos that barely caused a ripple in earnings. >> it's hard for me to see how we can move the numbers enough on google to make it affect the stock price. what is interesting, google's treatment of youtube the last time we had these issues, i think it's considered, you know, a model for perhaps how facebook should do it they tried to have a software fix and tried to put up these walls. so obviously it's an on going

process. i don't know it's something they can turn the tide of total youtube viewer ship, which o course is constant -- >> can't figure it out to keep themreappearing. they have to hire more people. >> they think of it as an on going make sure it's the path of greatest resistance to have this bad stuff come through. >> next, uber's coverup and tends to the current ceo the wall street journal learned of the situation on september 5th and disclosed the investigation at the company to soft bank. that's before telling the public uber says it was their duty to disclose what they knew but not regulators and customers until the internal probe was finished. would he lose his job over this? >> no, i mean, i think there is no chance of that. obviously, there maybe should be a protocol in these situations exactly when do you need to

notify the customers seems like if uber believed the data was no longer out there in the market in play, you want to know the scale of the problem before you go public if it was a public company, it's an interesting question. if they felt the duty was to tell the investor, if they were public, they have to put a filing out there publicly. >> that's a good question. i would like to hear more about. cbs and dish reached a deal not before yesterday's nfl game with the cowboys was blacked out for 3 million subscribers. will that hurt ratings for one of nfl's biggest days of the year president trump just tweeted the commissioner has quote lost control of the hemorrhaging league does he have a point >> perhaps over statement there. it will ding the ratings i told you wednesday that chargers cowboys game will be a dud and so therefore no big deal and in fact, it was. even in the dallas-fort worth area, cowboys fans did not watch in big numbers the biggest problem with the nfl is the fact it was on tv and all

tv is having some trouble. ad rates and revenues are not down at the nfl. it's a weird situation where fewer people are watching but because advertisers know where to find those people, they keep paying and the games -- there is a quality problem with football. people talk about there is too much football. not that there is too much the fact they are totally different days means you have that many marginal games. >> big problem thursday night trying to make the games bigger. perhaps a disappointment on turkey day for the nfl. all invesctors want for christmas is a tax cut will they get a bill at the president's desk that's next. it's a black friday edition of the closing bell mail bag tweet, mail or facebook us and we'll read responses at the end of the show.

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the push for tax reform continues for the first time since the finance committee approved the version of the tax bill joining me is jimmy, economic policy analyst and cnbc

contributor and senior fellow at the national taxpayers union great to have both of you back with us. jimmy, when they go to pick up work on monday, will they be able to get off to a running start here >> every intention to get off to a running start. there remains a big question, the corporate rate to see if that number sticks at 20%, and so will they have to raise that a little bit to get more money or will they have to phase that thing in over years to raise more money? >> there will be a lot of debate whether that number holds at 20%. >> there is focus on senators' different comments over the last couple days. what do you think the vote looks like >> jimmy is talking a lot about the math and how they make the numbers match up on tax reform the political map is just as important.

if you look at the budget vote that happened that set the stage for tax reform, you had fearly every senator on board for that vote we only lost rand paul on that that does indicate there is consensus moving forward there are a number of outstanding issues one being deficit concerns from deficit hawks and another concern being what we do with the rate for the escort businesses but frankly between the house and senate there is a lot of agreement on the principle tax reform and making american jobs competitive and for the middle class both of those bills do that. >> madi, is one of the political considerations the bill so legislators say look, just exactly what are we diving on for the 20% corporate rate and what do we have to do to achieve that and what does it mean for the scale? sg >> depends how you ask the question something needs to be done to

reform the tax code. as you dig into the details with the house and senate gop plans, support does begin to rise there is still a discussion, some of us here in washington who are the bean counters who have been watching tax reform for awhile get excited about it whereas americans worried about running businesses and feeding families maybe doesn't pay as much attention to tax reform and doesn't get excited about the comprehensive overhaul there is a lot of things that will get folks engaged and see support for that in particular, getting rid or getting the individual tax rates down jct says you'll deliver tax relief for 90% of americans is considerable and hard to see them not supporting a tax plan that does that. >> the fate of this -- >> go ahead. >> the fate of this tax plan will depend on this being pulling well or being wildly popular, then there is not going to be a tax plan we rub tcans are -- they would love better poll numbers that's not going to happen one, people don't see why we need a big corporate tax cut and

doesn't understand yet how this pays off for them, will their taxes go up and there is still a lot of confusion they press forward on this no matter what the polls say and i still think it's more likely than not, if not a bit more likely than not. >> we're showing jimmy the comparison between the house and senate bills and focus on the state and local tax, what will happen there and mortgage interest rate deduction on the number of tax brackets is this bill going to look most like the senate or whatever they can come to terms on the house goes along with that >> looking most like the senate because they have a very slim margin for error so i think it's almost by definition going to look more like the senate bill, which means it's going to be more focused on deficit reduction and what the house bill was i look for how they reduce the revenue loss and if they end up losing votes in the senate, it because it loses too much money. >> madi, last word to you on the numbers there. you have democrats now saying

our focus on the deficit and want to make sure this doesn't blow it up does that mean that we're probably not going to see democratic votes ultimately for this to pass >> it's interesting. democrats are finding god on the deficit after eight years of deficit spending plans but moving forward, you'll see support rise because there is a big reason we're talking about tax reform in a serious way and that's because donald trump is president and the people that elected him feel left behind the way to get it moving again, we saw a lot of research is the cut in the rate and jimmy p is right, it's hard to articulate why that is so important but frankly look at the research on this and that will funnel down to more productivity. >> we got to go but madid and jimmy p thank you as always. >> thank you. >> appreciate getting your points kick this back off starting monday. $1,000, lol surprise toys

are selling for $1,000 and the things retail for 70 we'll talk to the ceo behind one of the season's hottest toys and a black friday edition, did you get in on any door buster deals? witness a crazy packed mall. we'll hear about it on facebook, tweet, nbc your response could be read on air. whoo! ( ♪ ) woman: class, let's turn to page 136, recessive traits skip generations. ( ♪ ) molly: i reprogrammed the robots to do the inspection. it's running much faster now. see? it's amazing, molly. thank you. ( ♪ ) i've got a nice long life ahead. thank you. big plans. so when i found out medicare doesn't pay all my medical expenses, i got a medicare supplement insurance plan.

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hottest toys the ceo of the company will join us and explain what this is and talk about the moving success and how you could maybe get your hands on one right after this tune into squawk ally because the ceo ken griffin will join ret ie in an exclusive intervene he athe new york stock exchange at 11:30 a.m. exchange at 11:30 a.m. don't miss it. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow. you set it. nasdaq. rewrite tomorrow. allow you to take advantage of growth opportunities. with a level of protection in down markets. so you can head into retirement with confidence.

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shoppers embark on stores this black friday, many will search high and low. it's the lol surprise with more than 25 million lol brand units sold, many stores sold out of this in demand toy on ebay, some of the series

characters are selling for over $200 joining us to talk more about the phenomenon is mga entertainment founder and ceo isaac. thank you for joining us. >> good morning and thank you. happy holidays. >> this is not your first hit. you were behind the bratz dolls. how do you come up with the lol surprise >> yes, i'm fortunate our companies have done two of the 17 hottest toys ever in the past two decades and we came up with lol surprise based on a few things every kid likes surprises. secondly, we watched unboxing videos on youtube and say let's make it an unboxing toy. i have one here. >> yes, we have one here, too. >> right so you just open it and layer after layer after new surprises as you go through each one

and -- >> as you're opening that, i want mike to take a look at this giant orb we have on the desk here, too, which is how a lot of these come it looks like you're giving someone a basketball and it's this whole -- that [ laughter ] >> looks like a cake or something. >> yes. >> or a hatbox. >> all of these little balls, get to open one by one and lots of little prizes and this is the funny thing to me, isaac the prizes themselves don't seem to be that thrilling it's like little dolls and things like that does it matter what is in this or do people just like to unbox them >> no, absolutely. i think it matters what is inside finally when you open the big surprise that you have, you have dolls in there that are only available in that big lol big surprise and each one of those dolls also have other surprises once you get to them you put water in them, either

they spit or they twinkle or they cry so there are over 200 different characters that kids are collecting. >> wow okay this goes to mike's point -- >> i think you might have given me a tinkle one. i have to look at the instructions. >> you were saying, mike, we were talking about how people are back in stores, younger kids but to share online. it sounds like half the point of getting an lol surprise is the experience. >> almost like a retro experience maybe this went into your thinking there in terms of why this might be a moment the idea of ordering exactly what you want online or for that matter having someone tell you what you want probably makes this a bit of a novelty to have some sort of hidden surprise in there and maybe make it a collectible in that way. >> absolutely, mike. that's a whole thing about it. again, kids are different. i have three of them

i call them aliens they talk their own language they talk to each other, and they decide we want this toy because it's surprises the toy does different things. >> you guys got to keep it stocks in stores, that's the key, isaac. >> yeah, so the key -- the -- we are air freighting on the lol big surprise we were very, very surprised that -- how well it has done we launched it on september 29th and it got sold out immediately, and we are actually now air frighting merchandise in time for christmas. >> we wish you luck. thanks for joining us. talk about the genius behind the toy. mike is bringing it home the ceo of mg entertainment. >> thank you. we asked your thoutsgh on black friday and will reveal responses in the closing mail bag right after this

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from the headquarters however at the store here, we have confirmed that the credit card machines are not working the only definitive option for customers right now is cash. take a look at some of these tweets we have a tweet from skates dco, arizona. credit card machines are down on black friday want customers to apply for a macy's card. macy's credit card systems in downtown d.c. system not working. no wonder why people shop online another tweet from reno, macy's reno system wouldn't recognize my macy's card or credit card. he did have cash good news for him. he was able to check out this is not a problem macy's wants to face on any day of the year, let alone black friday, kelly. >> huge blow for them, courtney. thank you. i was just shaking macy's shares down half a percent. >> they softened up after this.

>> they were one of the best performers today the ceo was on this morning and seemed to spark that. >> i wonder if it's macy's specific but if they use a vendor or bigger system. >> we'll all find out. that does it for "closing bell." "made off for billions or millions" starts now at can i te? it's a closed fund. an elite club for the chosen few. it's not a question of credentials. right now, it's a closed fund. of course, that's just the hook. nothing on earth makes people want something more than telling them they can't have it. you play hard to get. you make them sweat. and then... i'm gonna make an exception. and once they're in, you make them feel safe. you give them consistent returns, around 10%, 12% a year, year after year. if anybody asks you, "how do you do this? what's your secret?" you say to them... that's proprietary.