would you act differently if you were really wish i said, i would sleep better at night. he said, no, you wouldn't. he said, you'd sleep less, you have that much, you manage it, people rely on you, you have employees, it's a lot of work. >> i'll take that job. >> yeah. >> thanks for watching "power lunch. >> i'll sleep well. >> "closing bell" starts -- >> right now hi, everybody. welcome to the "closing bell" on this monday as we close out the week of november i'm kelly evans at the new york stock exchange. >> happy anniversary. >> yes four more years. >> four years here little did she know what she was getting herself into back then aisle bill griffeth. the dow, the s&p, the nasdaq, all did hit records earlier today. we pulled back from some of those. we're going to talk about whether there could still be a santa claus rally there the cards for investors. santa, himself, will be joining us in a little bit here. and it's crunch time in washington as the senate takes up tax reform this week but billionaire ken griffin

telling cnbc we may not need the type of tax cuts being proposed. we have those details coming up. and a major deal in the media space. maybe you've heard about it. it brings together b"better home & gardens" and "people" magazines, meredith buying time inc for nearly $2 billion. will this pave the way for more deals especially in the media sector where they've been trying to get them done we have that coming up in a little bit. first, our top story today, the cyber monday surge amazon shares hitting yet another all-time high today. courtney reagan joins us from an amazon fulfillment center in robbinsville, new jersey, with the very -- are you packaging anything and sending it off as well >> reporter: no, no, i'm not allowed to touch anything, so i will not be touching anyone's packages don't you worry about it amazon's prime day, bill, actually still reigns supreme at least as far as we know for its biggest day on record. last year on cyber monday, amazon shipped 64 million items worldwide. that's what was placed

that's the number you want to keep your eye on for this year, if it, indeed, will be a record-breaking day. we don't know quite yet. if you take a look at be bestsellers by category on amaz amazon's bestseller page, the game is speak out. electronics, the echo dot. video games, it's a one year playstation plus membership. for books it's an electric pot cookbook clothing and shoes, it's the men's asics shoe e-marketer says on a typical day amazon is slylikely responsibler 44% of all the e-commerce sales and dan of gbh insight thinks on black friday that could have been as high as 50%. you were talking there about amazon's all-time high definitely hitting an all-time high today believe it or not, that's rare for cyber mobd fnday for amazon. last five years, amazon has been negative every time except for once on cyber monday 2012. interesting move there today adobe tells us by 10:00 a.m.,

$840 million had been spent online, up 17% remember, the number we're looking for for it to be a total record day would be $6.6 billion, which is the forecast adobe is looking for for the day. now, of course, amazon isn't necessarily the only game in town you know it's the biggest. ebay does expect this hour to be its peak hour of the day they're saying the apple macbook air is one of the top sellers selling one every five seconds most websites are performing pretty well today. we didn't necessarily see that out-performance on black friday. we talked about some of those outages. jay crew may be the xception that appears only to be regally. some users in boston and new york are having a hard time consistently getting onto the j.crew website, however, it appears on the west coast everything looks okay for that retailer back over to you guys. >> the speak-out game, bill, brings friends and family together for a laugh out loud fun as players try to say

different phases while wearing a mouthpiece that won't let them shut their mouth in case you were wondering. >> sounds like fun. >> i was wondering for that to be the top-selling game, for men's asics shoes courtney, how much of this is actually gift giving and how much of it is people taking advantage of all these deals to shop for themselves? >> self-gifting. >> reporter: that's a good point. it's impossible to know. on black friday, you see the folks that get out very early for big deals on maybe the electronic for their children and after that it's leisure shopping, once they've gotten the deals, know they secured it, from then on it's poking around. shoes is probably a harder gift to buy for someone else. that one i think is probably a self-gift. >> i think so, too >> yeah. don't get me that. don't do that. thank you, courtney. see you later. >> reporter: thanks, guys. >> courtney reagan. how will cyber monday sales stack up to black friday website retailmenot works with retailers to offer consumers coupons and promotions for

instoi in-store and online shopping plan to spend $743 total through black friday and cyber monday. it's up 47% from from last year? let's bring in the ceo of retailmenot, connor cunningham good to see you, thanks for joining us today. >> good afternoon. happy cyber monday >> and to you. you're a coupon aggregator if i'm looking for deals, i go to your site you show me the retailers that have the best deals going for various products at any given moment, is that the idea >> that's right. that's right we work with the top retailers from across the u.s. >> and $743 per capita per shopper, black friday over to cyber monday that's a huge gain compared to the past why this year, necessarily, do you think? >> you know, it does feel like a lot. i will say, we've done a study looking at black friday deals, and it looked to us that 50% of the coupons on our site are better than last year. so it feels like to us that consumers are resonating with that, and spending more money.

it's still too early to tell, but early signs are great. >> the foot traffic to stores, itse itselves, looks a little weak seems like the overall spending is going to be up certainly online cotter, i was surprised some of the discounts you found are extremely deep can you tell us what some of the deep discounts are and how much that is driving the shopper tin that we're seeing? >> sewer some o sure some of the top retailers are macy's, best buy, bed bath & beyond, kohl's and amazon, of course travel is new this year. we haven't always seen great travel deals on black friday through cyber monday you're seeing almost 50% off on average for the best travel deals which is great hotels.com has a mystery coupon, they're going up to 99% off if you can believe it so sounds exciting let's go somewhere >> you know, you know, we used to say, boy, all that discounting going on

now it's any given time you'll find the discounts is that a good thing or bad thing for the companies, themselves 123. >> it's hard to say. companies do what's best for them most companies think in terms of share of wallet. because they want to protect their share of wallet or share of consumer spend, they're having to discount earlier to prevent that spend from going somewhere else consumers also, we've seen, are willing to search harder or the discount-oriented consumer is willing to search harder than perhaps they have in the past. they know they want to buy a pair of shoes, they have a specific brand in mind and they're willing to shop around until afind a good deal. >> cotter, this year we also know u.p.s. is putting surcharges on items shipped, i think this week or certainly starting blang friday. also the week before christmas sthat is that affecting offers we're seeing and timeliness with which people can expect their such >> that's a good question.

the timeliness is to be determined so far, companies have stepped up and offered better deals i think to compensate a bit for that like i said, 50% of the deals we're seeing this year are better than they were last year which is amazing we've never seen that in the eight years i've been at retailmenot. >> interesting cotter, thanks. >> thank you. >> we'll let you get back to work find those deals cotter cunningham, ceo of retailmenot. so the markets early on this morning, pretty good rallies, sent all the major averages into record territory that has frayed a bit. that rally joining our "closing bell" exchange, steve grasso would call it, the human exchange, chris codero from regent atlantic, mr. grasso from stuart frankel at post 9 along with bob pisani and rick santelli also joining the conversation from the cme in chicago what -- was it last week or two weeks ago the early morning would be all a big selloff then we'd come back again today was the opposite what was going on here >> i think people were still digesting. a big week tax policy that's probably coming to a head on thursday

you have those two bills that have to be reconciled between the senate bill and the house bill then have cyber monday, today. but december, let's not forget, we have everything that you guys talk about on a daily basis, the fomc, the budget battles, we have a whole bunch of stuff that's coming down the pike. this week we have the opec meeting that's going to affect oil. >> right. >> so you look at energy that's lagged. retail, that's lagged. cyber monday, how does that affect the laggards, do they rally into year end? or do they buy the tech plays? seems like they want to stick with the tech plays. >> well, they always -- >> at least thus far. >> amazon, another all-time high today. the earnings season is basically over now it was a pretty good one, right? how is that affecting what people think about market valuations >> it's funny, over the weekend there was this whole flury, this can't keep going on again, we've hit new highs again, this has got to end i hear, for two years we've been hearing it, this can't keep going on like this what kills rallies we knows what kills these rallies, number one, we could have a recession, could kill the earnings growth you were just

talking about. that's not on the horizon. number two, suddenly these buybacks could stop if they got too expense ive to buy it back that's not happening, not yet. finally the fed is the most important factor, if they're too aggressive, that's certainly sli goi going to kill the rally. none of these three factors are present right now. if you look at things like the advanced decline line, historic high, and normally that will start moving down before anything else starts moving down that's the best -- as the stocks -- that's the best leading indicator i've seen. that turns down before everything else. it's at a historic high. the small caps, we were complaining two weeks ago, was underperforming. >> right. >> it's. back up to a high. the s&p. the leading sector for the year, tech is at a new high. it's a perfect scenario. i don't have any idea whether we're going do be up in 2018 the factors that will kill the rally right now are not present. that's my point. >> chris, last time you were on, we talked about this rally, you called it a corporate america rally. how much juice do you think is

left in this lemon >> well, i think there's some left because corporate profits are still strong and -- and exactly right, the bull markets don't die of old age so there's got to be some catalyst that kills this market. what could throw a hiccup, i see, you know, we need to have humility to think are we going to get a tax bill or not i think it's about 50/50 if on the 50% chance it doesn't happen, where i see the biggest risk are in small cap stocks i think small cap stocks are very richly valued and would benefit the most from a tax reform so by taking that away, i think that could have a big risk and a ripple of starting to unwind and it would start with the small caps >> sure. rick, at the same time, we were talking on friday about the weakness in the u.s. dollar and then i noticed today the "wall street journal" was talking about how it has a big place in the global financial system and should it means it rallies from here on out. the themes for this year, the bond yields and long term didn't

go up and the dollar didn't either, where does that leave us >> reporter: you have to pick what notes you ur talking about, two year note rates, three year note rates, five year note rates have gone up the rest of the curve, you're correct, hasn't. we're a dozen basis points down on where we settled the ten year at 244 all things being equal, the "journal" is right, we have the reserve currency but it certainly isn't acting like a reserve bottle of wine where it's getting better with age today it did finally turn around and the numbers are small. we're still hovering in the neighborhood close to the lowest levels we've had since the third week in september. but sooner or later, one would think our currency is going to get more responsive because our central bank seems to be on the trap to continue to snug things up a bit and continue to buy less with regard to its balance sleet. definitely at odds with all the other central banks. i think that will be a 2018 dynamic along with the notion that we're issuing a lot of short-term rates part of that is the debt issues. the debt ceiling issues. but until we get a better menu

or a better salad bar, i think that the main entree of stocks is not going to change any time soon >> just remember, though, rick, when you allow an open bottle of wine to age too long, it turns to vinegar i'm just -- maybe that's just me >> one thing, to chris' point, the russell 2000, did go down in the month, the last month when the prospects for tax reform looked iffy and rose last week as the prospects went up so i agree with his point. >> to your point, though, when you mapped out the minefields that could take place, there are notes going around that corporate repurchases are coming back off because they think it is too expensive now obviously we know the fomc likely 95%, 96% chance of raising. >> not listening to grasso. >> not listening they should skip december. you have two things that are legitimate ledwinheadwinds. the march is still higher. if we get the little blip, if tax policy to chris' point is 50/50, it will shrug it off

again and that's the market we live there until something more substantive hurts earnings. >> two rate hikes next year are not the same as five rate hikes. that's what we don't know. >> sure. >> that's the big x-factor buybacks are a little slower but not dramatically slower. again, that's a rate thing if the rates go up, that's going to be a problem. you and i are in agreement. >> a problem if the rates go up -- >> we don't know what we don't moe. thank you, all have a good rest of the day, cyber monday 37. chris, good to see you everybody. everybody was in record territory as we said in the open now nobody is. the dow is still positive. everybody else negative here. up next, it's the magazine merger making front page headlines. meredith krorp agrcorp agreeingy time inc whether the betting on the magazine industry is wise and which companies could be bought out next. a little bit later bitcoin yet another new high today rapidly approaching that $10,000 -- are we going to have

a $10,000 hat bitcoin? what do you think? >> i hope not. >> ahead, hear why billionaire hedge fund manager ken griffin thinks bitcoin mania is going to end in tears. we want to hear from you, reach out to the show and share your thoughts with us on twitter, facebook or en erveov e-mail you're watching cnbc, first in business worldwide not rebalancing your portfolio. focused on what you love, not how your money will last through retirement. we make it easier to plan for retirement

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bitcoin has rocketed to yet another new high surging closer to the $10,000 mark one reason that's being cited for this surge is the attention drawn to it by financial social media this last weekend, as wall street analysts took to twitter to discuss -- >> what? >> -- the cryptocurrency. >> that doesn't make any sense. >> what do you mean? >> surge of financial analysts talking about bitcoin on twitter pushed it higher >> i don't know. bitcoin's price has been boosted in recent months by the announcement the cme group would start offering bitcoin features. and -- >> which could lead to etfs. >> square got that downgrade today with -- >> yes. >> you can trade bitcoin on their platform. >> i think we're going to talk to that analyst next who ahour. >> downgrade the the stock

result >> bitcoin hanging on to a gain. >> there's a book called "extraordinary popular delusions in the madness of crowds." one of the stories, there is tulip mania, take a look at that. >> i happened to order that not long ago online, came like it had been printed out on a printer. you'd think the book would be in perfect bound condition. no, no, no it's -- you'll see what i'm talking about, everybody, if you order it yourselves or read it on the kindle. shares of meredith corp and "time" are soaring, news that meredith is buying "time" for nearly $2 billion. meredith is up more, 10% the deal partly financed by the billionaire koch brothers and brings together "family circle," "better homes & gardens" with "time," of course, "people" and "sports illustrated. >> will the deal breathe new life into the magazine business? joining us, daniel, managing director and internet and media analyst at benchmark again

janine, media report i know meredith had tried a couple times before to buy "time" and were rebuffed and didn't work out. what turned the tide this time >> you know, i think the industry is in a dire place right now that mergers are necessary and it showed because meredith was willing to take all of time inc's magazines. in the past, the deals didn't work out is because they didn't want to take news-focused magazines. >> daniel, what do you think is behind that? because the koch brothers may want to dabble in the dmuz nenea longer term? >> management said explicitly part of the reason they took the koch bid, koch agreed not to be involved in their affairs. >> right. >> i think this is a deal that was several years in the making and, frankly, much more of a necessity for "time" i think than meredith. meredith had been growing their business nicely. "time" was obviously struggling since they did their sales revamp a few years ago there are a ton of synergies in

this deal, makes way too much sense for both parties involved. i think it creates a lot of value for shareholders. >> dan, what do you think of the market's response with meredith? typically a company that's doing the buying will go down. they're up more than "time" is right now. what do you make of that >> when you do a deal with $400 million to ynergies you're goin rewarded there's value accretion in doing the deal in and of itself. i think the big question or battleground right now, what's the value of the publishing asset? people are trying to do that math and figure out where the cash flow is going to come out after synergies over the next two years and some people are thinking there's a lot of upside especially if you factor in revenue synergies so the stock is reacting well of course, there are others that are putting a much lower multiple given what janine talked about with the ad issues ongoing right now. i think the stock should be worth less so -- >> i mean, janine, we do have some challenges for a lot of these brands, traditionally. i noticed in the press release they really played up how many digital eyeballs they'll have

now. how important is that going to be for this deal >> look what time inc has done in the last year, pushing into digital video with "sports illustrated" streaming digital property and "people," have their own streaming offshoot they're making this push into digital video. meredith, especially having broadcast properties as well, it will be interesting to see what they do in terms of the broadcast and tv side. >> this is a huge portfolio, when all is said and done, we're looking at both companies in the various magazines they have. what's the buzz out there, any divestitures coming that you're hearing? >> meredith always traditionally hadn't been interested in the news portion of this so the namesake, "fortune," potentially "sports illustrated" so i think those are ones to watch out for that might be divested. >> because "people" is the biggest profit center for them >> absolutely. >> especially now with another royal engagement i imagine they're going to get a lot from that. dan, real quickly, if this was such an obvious deal that the market's applauding, why was is

so hard for meredith to line up financing in the first place they've been trying to get this set up for month. >> yeah, that was all on "time," i think frankly la mwhat happen, bankers walked in, took a look at "time's" q1 pending results and said, no, thank you. that's what stoked the initial walkaway at the time, remember, "time" was trading north of $20 a share. we believe the walkaway price was around $18 or $18.50 where the deal ultimately settled. maybe a combination of "time" being too greedy and "time's" results proving they needed meredith a lot more than meredith needed "time" to get this thing done. >> all right, thank you, both, dan, janine, thank you we'll see if this leads to other media deal s as well. >> tauhank you. we're heading into the close. dow hanging on to a gain of 30 everybody else turned lower. small declines, s&p down half a point, russell down 2 1/2. up next the supreme court hearing arguments today in a patent case which could have major implications for big

pharma companies we're going to break down the major player and tell you why drug maker allergan turned into a native american tribe to protect its patents. plus, ken griffin interviewn cnbc why he thinks we're in the seventh inning of a stock market rally and whether or not tax reform could lead to another leg lier that's coming up o. even love it. and today, you can do things you never could before. you're working in millions of places at once with iot sensors. analyzing social data on the cloud to create new designs. and using blockchain to help prevent fraud. so get back to it and do the best work of your life.

and using blockchain to help prevent fraud. not rebalancing your portfolio. focused on what you love, not how your money will last through retirement. we make it easier to plan for retirement with day one target date funds from prudential. look forward to your 401k plan. it's time for your business of the week. small business saturday is november 25th, and the big retailers on main street in franklin, tennessee, are gearing up for the big day this year, the whole town is banding together encouraging customers to shop local. with special events, tons of discounts, and charitable giving for more, watch "your business" weekend mornings at 7:30 on msnbc. >> sponsored by american express. founding partner of small business saturday. shop small on november 25th. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that

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the dow is holding on to gains but the rest of the major averages are negative after virtually all of them hit all-time highs intraday early on this morning, but that rally has faltered. let's look at other movers in the stock market today. western digital down as morgan stanley warns of a top in the chip sector the firm downgraded that stock as well as samsung to equal weight from overweight saying it's time to reduce exposure to semiconductor names as the industry has already benefited from unprecedented pricing power. western digital down about 7%. on the flip side, though, teva pharmaceuticals rising today after the company announced leadership changes and a reorganization of its generics and specialty drug businesses. the company will now operate that unit in three regions, instead of two separate units. teva today rebounding from a big selloff up 7.25% right now. supreme court hearing arguments today in a case that centers on how patents can be challenged the result could have major

implications for big pharma and beyond as people look to protect their intellectual property. meg tirrell with a look at what's at stake and why one drug company turned to a native american tribe to shield its patent meg? >> hi, guys, this is a fascinating story. in the case of the supreme court's hearing, has to do with the american invents act, signed into law in 2011 it established a system of challenging pa tempt tern tents be very popular among big tech companies seeking to dismantle bad patents at the hands of so-called patent trolls. one drug maker strug ck an unusa deal looked like a win/win. giving drug maker allergan protection from a billion-dollar medicine from certain patent challenges and in return the st. regis mohawk tribe received much needed new funds. >> it's always been our intent and intent to look at diversing our revenue, to look at creating revenue streams that are not completely dependent on the gaming industry. >> reporter: allergan paid the

tribe almost $14 million to use its sovereign immunity to shield the patents for the eye drug, restasis, from certain challenges from generic drugmakers the deal thrust the tribe into the national spotlight it also shed light on a new system of challenging patents that's now being debated before the supreme court. if the court uploads the system known as interpartis review, the tribe sees an opportunity to diversify its economy which has struggled in recent years as casino revenue has leveled off and the tribe deals with pollution from nearby superfund sites. >> we are experiencing high rates of cancer, autoimmune diseases, thyroid issues, other chronic health conditions due to the toxic legacy of the industry along the st. lawrence river and we've had to deal with that and it's quite expensive. >> reporter: the allergan deal has been heavily criticized with one senator, claire mccaskill of missouri, seeking to strip tribes of their sovereign immunity to these patent challenges the tribe called the move a

double standard, as state universities have the same protections. >> it's almost like an economic apartheid where we're not allowed to do certain things, unless otherwise given permission >> so this case was argued this morning in front of the supreme court. it's expected to be decided by june big tech companies, big pharma companies and of course the st. regis mohawk tribe and other tribes are going to be closely watching the outcome. >> essentially this is the case that will settle, determine the fate of this patent loophole >> exactly whether the tribe can continue to make money in this way depends on whether the court upholds this review system. >> am i confusing the two things to say this loophole was created by congress several year s ago o would the ruling simply sort of clarify what they're allowed to do or actually strike down that sort of process all together >> the ruling is going to be completely on interpartus review, whether that system violates the constitution. and if the court says it doesn't, and interpartis review remains in law, tries will still be able to strike these kinds of

partnerships claire mccaskill and others seeking to strip them of their sovereign immunity. >> could say we can't have ipr exist at all -- >> that's right, to further revise the patent system if they decide to do so. >> they should move fairly quickly on that like if everything. >> it was worth reading all the amicus briefs over the weekend, wasn't it? >> yes, they were very interesting. >> sure they were. meg, thank you very much. time for a cnbc news update with sue herera, hey, sue. >> hello, bill, hi, kelly. looers what here's what's happening at this hour american actress meghan markle showing off her engagement ring after palace firms announced her engagement to prince harry the ring includes two diamonds that belong to princess diana. later the two sat down for their first joint sbrinterview where markel commented on harry popping the question. >> just an amazing surprise. it was so sweet and natural and very romantic.

he got on one knee >> of course. >> was it an instant yes from you? >> yes as a matter of fact, i could barely let you finish proposing, can i say yes now? trouble in paradise for thousands of tourists stranded on the resort island of bali a nearby volcano spewing ash and smoke forcing authorities to order a mass slaevacuation of t island also forced the airport there to close. one of europe's leading energy consultants, tesla's electric truck will require the same emergency of up to 4,000 homes to recharge, raising questions over the project's viability. tesla unveiled a battery-powered truck earlier this month we'll keep track of that for you. you're up to date, guys. i'll send it back downtown to you. kelly? >> sue, thank you very much. sue herera. less than half an hour to go in the trading session i'm joined by mark newton, owner and technical analyst at newton advisers because, of course, we have to talk retail on this

cyber monday what are you seeing in the sm t charts >> important to differentiate between the sales of black friday, cyber monday we're looking at the xrt, what i use as a gauge for retail, we haven't done a whole lot since 2015 we've been sideways, if anything, a very mild down trend. >> i'm surprised it's not worse. >> yeah, it's interesting, we have to look at stocks like amazon, obviously, which only make up 1.5% of that so it's different than the s&p retailing index which we hear about is hitting new highs as heavy home depot, heavy amazon, all the great big retailers, that big percentages, versus the broader retail space has actually been a pretty big laggard. we're going into a time of the year where historically it's seasonally been very bearish going into december and january. xrt has lagged and actually been down four out of the last five years. down over 1% both in december and january. >> wow what's the overall pattern, though, usually when you see something that's sort of oversold, it's one of these setups for a bounce or something like that, but as we move through that challenging period,

what then? >> this is just more of a laggard sector if anything, it's important to differentiate and really point out three things one, you have to make sure you know what you own. xrt certainly has been a laggard. don't necessarily want to own that even though we hear about good retail sales the second, we're heading seasonally into a bearish time until about february the third point, there are pockets of really brightness within the retailing sector, if you look at the discounting retailers, those have been excellent performers dollar general, five below, dollar tree, and of course, amazon, above $1,200 even that's gotten a bit stretched for my liking as of late so it's a tough sector it's important to make sure you know what you're buying. this sector, if anything, you know, it really needs to get above 43 to really think you can have any sort of progress with the broader retailing space. so it continues to be a little bit of a laggard not to be the retailing grinch, but that's the way it is. >> all right, scrooge. we'll watch 43, mark thank you very much. >> thank you. >> mark newton bill heading to the close still ahead, shares of video

streaming company roku surging today. that stock up now more than 200% since its ipo. just ahead, why one analyst compared that company to netflix but with less risk. plus, as roku srnurges, amazon, maker of roku competitor fire tv hitting an all-time high today. great news for jeff bezos whose net worth just crossed a major milestone. we'll take a look inside the world of jeff bezos and how he became the $100 billion man. well, it's earnings season once again. >>yeah. lot of tech companies are reporting today. and, how's it looking? >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that.

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roku up 15%-plus today after needhan raised the price target on the stock from $50 a share. it's at $48 now. the firm compared roku to netflix, saying it's a pure play on over the top tv viewing growth without the content risk. needham cited roku's valuation, active user growth and expanding margins for that move this is a story that wall street just woke up to all of a sudden. this company was, you know, languishing for the longest time

>> then it had an amazing earnings report and all of a sudden, said, hey, maybe not all new ipos are terrible investm t investments. >> i think clearly streaming is a hot commodity right now, and it's growing by leaps and bounds and this company's perfectly sichin situated to deal with that >> i liked their point, too, how the con tempt offnt offerings f disney and others are a problem for netflix but could help the rokus. the big tech platforms have so much power, if they start to feel like roku competitor, a threat, they could cut them off could be shooting themselves in the foot. >> don't see that right now. that stock has had a staggering gain since its ipo. >> another 15% today. 20 minutes to go up. dow up 34 right now. s&p slightly turned positive nasdaq and russell still weaker. coming up, senator elizabeth warren weighs on how why she's fighting the white house on who should be in control of the consumer financial protection

agency right now, we'll hear from her in a little bit. >> what a soap opera that's been. first, ken griffin sitting down with cnbc in a rare and exculusive interview what he thinks about bitcoin's record high and who could get burned from it, coming up. cnbc sector sort is sponsored by sector spdr etfs.

wall street analysts are declaring gap as the winner of the holiday shopping weekend >> wow. >> with several firms saying gap and old navy were the biggest surprises. suntrust saying traffic to those stores was higher than it's been in years and old navy was the big winner followed by american express. that's a credit card company anyway, gap is trading higher by just about 1%. >> there's a retailer, i'm tell you this, there's a retailer called express, isn't there? >> that's what they meant. i was going to say the women's change now i think they have -- >> i mentioned this, i have a very good friend who's in the retail industry. he was telling me, we were together on thanksgiving, that foot traffic for his particular

part of the business is very strong this year. >> courtney was saying that when she was at the malls yet when you read the numbers, it's down 1% from last year, the foot traffic. i'm very surprised by that. >> yeah. yeah. >> maybe it's more inclusive than just the mall, obviously. we'll see. >> yeah, we'll see. meantime, citadel's ken griffin sat down with leslie picker today in a rare and exclusi exclusive sbr exclusive interview at the big board, he spoke about bitcoin do tax reform. leslie joins us with the highlight. was that was great stuff >> thank you ken griffin saying interesting things about tax reform, that it's coming at a late point in the business cycle, in particular . >> do we need to cut taxes as much as we are probably not do we need to reform taxes simplify taxes and keep america competitive? absolutely >> so are you saying corporations don't really need the 20% rate that we're talking about today? >> look at the oecd means in the mid 20s, i don't understand why we're not closer to that number. i would have thought we would

have landed somewhere around 25% for our corporate rate, not 20%. >> griffin said the market has room to run, but one area in particular looks a bit overheated >> bitcoin right now has many of the elements of the tulip bulb mania we saw back hundreds of years ago in holland i get very worried that people that are buying bitcoins don't really understand what they're participating in other than the headline stories if it keeps going higher and i want to make sure i don't miss this opportunity to make some money so is it a fraud no but these bubbles tend to end in tears. and i worry about how this bubble might end >> now the firm's main funds were up quite significantly if october and this year which griffin said was due to good old-fashioned stock picking, guys >> it's alive after all. >> it's alive after all. >> it's come back again, huh >> yeah. >> i think he's got -- the tone right on bitcoin maybe not a fraud, but come on

>> he was very -- >> this can't last forever. >> he did say that blockchange specifically was something that did have legs, that could be a much bigger part of society in in the years to come but bitcoin in particular, he was not as supportive of that one. >> by the way, to his point on corporate tax reform, he said why isn't it mid 20s they were saying 23% could solve a lot of problems in the senate version. the white house wants 20%. it may end up higher than that >> i thought that was an interesting comment coming from someone who invested if a lot of american corporations just by nature as a hedge fund manager to sit there and say, you know what, we don't really need a decline in the corporate tax rate in order to get, you know, the boosting returns we need right now, that the environment right now is already fine and we're at a point in the cycle where tax reform may be more harmful than helpful. >> great stuff thanks, leslie see you later. be sure to tune into "fast money" tonight, talking bitcoin with galaxy investment partners mike novagratz

we called for bitcoin 10,000 back in october. now what, mike we'll find out tonight 5:00 p.m. eastern time meantime, we're heading to the close. about 13 minutes left in the trading session here the dow is still positive. now the s&p is back in plus territory. the nasdaq and the russell are lagging right now. and strong holiday sales this weekend not only boosted amazon's stock, they also boosted jeff bezos' net worth to $100 billion. could the newfound zeros in his bank account draw more scrutiny? we're going to discuss that next. then senator elizabeth warren will be here to talk about the battle to run the nation's top consumer watchdog and why she believes the white house dinot ved ha the authority to name an acting director coming up. let's begin.

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art cashin just stopped by and said the market on close orders show an imbalance to the sell side of $200 million. kind of tepid. not sure it's going to take much wind out of the sails. >> just in record territory with the dow and s&p. slightly. meantime, amazon hit an all-time high today after a strong holiday shopping weekend. black friday boom also driving ceo jeff bezos' net worth over the hallowed $100 billion mark >> don't see sthat a lot

>> robert frank has details on how this could affect amazon's stock. robert >> yeah, kelly's right, you don't see it a lot, in fact, never before has anyone gained so much wealth so quickly as jeff bezos bezos' wealth is now over $100 billion, the first time that anyone's reached the 12-figure mark since bill gates topped it back in 999. now, just this year, alone, bezos' wealth increased by $33 billion. he's upover $50 billion just over the past two years. now, put that wealth into perspective, he could spend over $6 million a day, or $250,000 per hour, for rest of his life, and still have billions left over so what will he do with it all well, so far, he's not announced any concrete plans for philanthropy he's pledged or given away only $68 million, less than 1/10 of 1% of his wealth he's not signed the giving pledge he hasn't done a foundation or charitable llc devoted to social change now, in june, he tweeted out a

request for ideas for philanthropy saying he wanted to focus on, quote, the here and now of need. bezos might be about to redefine fill lphilanthropy as we know it he's sold $1 billion worth of stock to fund blue rigin, that of course, is the company that aims to colonize mars and, of course, he purchased the "washington post" which he sees as very important for democracy. he said that, quote, for-profit models can improve the world more than fiphilanthropic models now, what would it take for bezos to become the first trilli trillionaire amazon's stock would have to hit $12,500. unthinkable today but it was unthinkable in in 2007 when the stock was in the 30s that we would be at 1,200 today anything is possible, guys >> he continues to redeem it in order to fund blue origin. any sign he has anything else up his sleeve >> he's sort of in the

exploratory phase i would say in philanthropy, so busy building amazon i think it's only recently he's started to even think about what to do with all this we do know from his past comments, the fact he hasn't signed the giving pledge and followed the usual course that everyone else has followed that he's probably planning something very big so i would say stay tuned. as always with jeff bezos. >> let's not forget he bought the "washington post," too. >> that's right. >> he's not exactly sitting on all of his money $100 billion the question i always ask is, but is he happy? we don't hear that laugh much anymore, you know? >> no. you know, he does seem to be enjoying what he's doing with amazon, and you know, i've spoken to a lot of major philanthropists, guys on the giving pledge. they say, look, he's still in the building phase of his life so it's better for all of us that he build this wealth now and not think about giving it away because that $100 billion could become $500 billion or $1 trillion if he keeps on doing what he's doing and eventually

thereat money will grow and do something good so i think there's an argument to be made, i believe it that he's so good at what he's doing now, that he should just keep on doing it, and then way down the road, when he's living on mars, then he can think about philanthropy >> kind of like buffett. >> something like that thank you, robert. >> thank you, guys. >> great stuff see you later. dow up 36 points the s&p still positive we'll come back with the closing countdown. a lot-moving parts and pieces of this market today. after the bell, we'll speak with ebay's svp of america, he'll weigh in on cyber monday saleanwh is d att means for the strength of the consumer keep it here you're watching cnbc, first in business worldwide class powers a booming auto industry. a leap into the digital era draws youthful populations to mobile banking and e-commerce. trade and travel surge between emerging markets. everyday our 1,100 investment professionals

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the platform, price and service that gives you the edge you need. e-trade. the original place to invest online. three minutes left in the trading session. as i move my hands, i have no idea what this is but this a cool thing here called the data opening championship they got standing on the floor of the new york stock exchange. the coolest stuff we get on the big board. i will say there's a sense of optimism that we can feel as we go into the holiday shopping season this year and it's reflected in the stock market, and other things and the sales numbers that we're getting these days from the retailers. so i don't know what's going on but it feels pretty good right now. the dow, we did open in record territory this morning we're darn close to it now as we move sideways here

the other major averages were close on the s&p as a matter of fact right now, as well. biggest gainer for the stock market today was roku on that upgrade that kelly and i talked about a little while ago that stock's up 17% today. square on a downgrade on its role in bitcoin. there's an analyst says maybe that's going to not work out in the foreseeable future and that stock is down 16% so far today then there's the story of "time" and meredith with meredith corp buying time inc and both stocks are higher especially meredith interestingly enough the deal there worth $1.8 billion. couple of things to watch for this week, the two-year note as we have the jay powell confirmation hearings for fed chairman tomorrow get under way in the senate. and, of course, recently, the two-year note hit a ten-year high in terms of yield at around $178 we'll watch that one that's the one that's most sensitive to movements right these days the two-year note. and then oil down rather sharply

today with the keystone pipeline, apparently coming back online that puts some more supply into the market so the stock -- the price of oil down 1.8% in tod today's tracde, back below $58 the opec meeting coming up on thursday >> we hit, we got close to $60 then fell back it's interesting the oil stocks never reallied as much as oil -- >> that's been the case lately. >> that's part of the skepticism a lot of people had their hearts broken buying -- good day for retail. >> very good. >> retail stocks tend to sell off after thanksgiving nice to see some stocks. we had knnew highs. gap at a new high. gap. michael kors amazon we had a tough day for leadership, semiconductor stocks a lot of stuff was down 1.5%, 2%, 3%. >> western digital among them. >> yeah. so there's the smh which is the semiconductor in this. see that's down right at the

open marvell, lam research and other names were all down 2%, 3%, 4% as you can see. >> thanks, bob, see you later. going out with gains for the dow. we'll see how things settle out as we head toward the second ho hour of the "closing bell" with kelly evans and hear from elizabeth warren wi coming up right now. kelly? thank you, bill, welcome to the "closing bell," everybody, i'm kelly evans. looks look the dow will finish positive by 24 points. shy of a record close there. 23,582, again, a 24-point gain the s&p turning negative on the bell so a lot of the gains we saw earlier in the session across markets, we gave up today. the s&p dropping just about a point to 2,601 the nasdaq down to 6,878

the russell 2000 down 4/10 of 1% today down to 1,513. no record highs in this market today. even the dow even closing in positive territory. controversy over who will lead the consumer financial protection bureau. senator elizabeth warren has just met with former chief of staff to richard cordray, english, battling rick mulvaney for the job. the senator will join us to discuss the happenings coming up. joining me in the meantime, cnbc senior markets commentator michael santoli alongside stephanie link, managing director and equity portfolio manager for tiaa investments alongside dennis burman who's financial editor at the "wall street journal" and cnbc contributor. welcome to everybody in the dowe, biggest winner tody was vserizon the s&p, big winner, signet. big loser was western digital. western digital down nearly 7% amazon also hitting an all-time high on this cyber monday. stock higher by a little less than 1% today.

it is up more than 59%, michael, this year. >> amazing and interestingly, the markets today kind of suggesting that things are okay fluff with teno consumer, might be enough to go around, some of the mall chains, gap and elle brands gaining as well as amazon not being viewed strictly as a zero-sum game or traditional retailers are so busted down that any relief is worth a little more -- >> why are you loving gap so much >> what's that >> why are you loving gap so much >> i think gap is interesting in this environment just because they've been playing defense for, like, 15 years. >> yeah. >> so taif behey've been a free flow story, tight of inventories and margins, dealing with negative comps for years even at banana republic. it's a battle tested model people are buying clothes again so that's actually okay. >> is fashion -- >> cheap stock. >> is the fashion cycle back athleisure, that's over, we got to buy real pants again, what's going on >> apparently jeans have actually been quite strong so, yeah, and actually

athleisure is still strong i think definitely today was all about retail and i think the data points we've got from last -- you know, last thanksgiving and then black friday then today, numbers are pretty good especially online, up 20% on friday, up 17% cyber monday, today. so those are good numbers. it's kind of what you would expect i would expect amazon in the face of that to act well what i was surprised at, we saw a fade in the xrt. it rallied up 1.5% in the morning, then only to give most of it back. >> kind of like the broader market here. why do you think that is >> i think it's seasonally seasonally the stocks run up until cyber monday, and then they sell off then they don't really have a good december, either we'll have to keep an eye on some solve the companies reporting later this week. costco, kroger, tiffany, alta. >> that's right. >> we'll get more colors from companies. that's going to dictate i think the group. >> what do you think the takeaway is, dennis? >> kelly, to me the most amazing number i've seen in all 2017,

percentage of online retail sales amazon controls. >> 48% >> 43%. >> 43% >> even if they lose market share in a secular basis, if the pie of overall online sales grows, which sp obvioit obvious, they come out ahead. commanding market control of the online buyer. >> share price reaction up 60% let's just call it this year, again, making jeff bezos worth over $100 billion. how about morgan stanley downgrading samsung and western digital today? concerns the chip boom could soon be over sent those and other chip stocks lower. despite today's downgrade, the semiconductor index up more than 47% this year, mike. western digital down almost 7% >> yeah, interesting kind of timing on this i mean, obviously everyone is kind of coming into december saying, you know, the tension between that takes them off the table and the, hey, we have momentum and momentum works through year end usually so i think that's why it was effective, it seemed like it caught some of the stocks out

there on a limb. >> do you think the chip boom is over, steph? >> i think that 2018, we're going to see more supply there's no question about that although most people thought that entering into '17 the same thing would happen so we'll have to see but numbers already reflect these supplies earnings estimates are already coming down. optically, it's not going to look so good these stocks have had a nice run. so i don't think have a problem with taking some money off the table at all then you have to kind of reasession. all right. we have omb director mulvaney speaking out on the controversy of the cfpb he's now trying to lead let's listen in. >> with the senior leadership team, the top six, seven folks at cfpb, met again in the afternoon with a broader group, probably three or four dozen folks. i'll tell you pretty much the same thing i told them then i'll take a couple questions, which is this is an ordinary course of business, in washington, d.c what you're witnessing today at cfpb happens at every single agency every single couple years which is a transition.

it just so happens cfpb has never been through a transition before it was inevitable at some point, it was either going to be now or july that mr. cordray left and president trump would get a chance to put someone in this position so i had a chance to walk through with a lot of folks here who had not been through transition what they should expect they should expect that this agent scy will stay open. rumors that i'm going to set the place on fire or blow it up or lock the doors are completely false. i'm a member of the executive branch of government we intended to execute the laws of the united states including the provisions of dodd/frank that govern the cfpb that being said, the way we go about it, the way we interpret it, the way we enforce it will be dramatically different under the current administration than it was under the last. anybody who thinks that a trump administration cfpb would be the same as an obama administration cfpb is simply being naive elections have consequences at every agency and that includes

the cfpb i don't have specifics yet on how that's going to translate into action in terms of that new attitude that we're taking here at cfpb in light of the fact the trump administration is now in charge i tiwill tell you the same thini told these folks today, what's happening immediately. effective today, we put something similar if place here, what we did across the entire executive branch at the outset of the administration. we did a 90 day hiring freeze, but a 30 day hiring freeze here at cfpb. probably more importantly, we put a 30 day immediate freeze on any new rules, regulation and guidance it's in the pipeline stops for at least 30 days while i get a chance to see exactly what's going on and kick the tire the here at the bureau. additionally, there will be no payments out of the civil penalties fund for at least 30 days while i get a chance to see what's happening with that i think there's in excess of $50 million in that fund and i want to get a handle on what that

fund is all about before we start making any distributions there's going to be obvious important exceptions to this had a chance to talk with legal some today and enforcement today, some things that are going on in existing lawsuits. i'll be briefed tomorrow on the roughly -- i think 100 or so lawsuits that the agency, that the bureau is involved with. i get briefed on that tomorrow clearly if there are statutory deadlines, those will continue to be met. if there are legal deadlines if terms of litigation, those will be met in terms of anything that is discretionary, we're putting a 30-day hold on it here other than that, it's too early to say how things will be different. i'll be briefed tomorrow on the lawsuits, some of the investigations, rule making that's in the partnershiplinipe. i'll have more idea tomorrow what the next steps will be. lastly, then i'll take some questions, folks asked me if i'm going to be here some folks in the press asked that, some folks here at the agency, excuse me, i keep saying agency, the bureau have asked,

yeah, the president made if very clear he wants me here honestly since my name is on the door now, i want to be here. i don't want anything coming out of here that i don't know about because it will inevitably be linked to me, anyway i want it to be good quality work this administration can be proud of i'm going to be here roughly three days a week. and across the street five days a week i've worked 16 hour days, 17 hours a week it's not something new you know that working a little extra isn't that big a deal in the final scheme of things with that, we'll take some questions for a couple minutes if that's all right. >> mr. mulvanemulvaney >> yes, sir. >> you had the opportunity to meet with the president earlier today, what did he tell you? >> wants many e to f s me to fik to the point where it can protect people without trampling on capitalism, without choking off the access to financial services that are so critical to

so many folks and so many folks actually in the lower and the middle classes, folks who have tried to start their own businesses, people trying to break out, people trying to get credit for the very first time we need to figure out a way to both follow the law and protect citizens, as set forth in the act, but do so in such a fashion that doesn't choke off the access to capital. what does that mean? the access to money that is important for so many people to succeed in their small business and private -- in their private lives and so forth so that's the charge he's given me we both share the belief that this administration -- this particular bureau under the previous administration had gone too far over toward strangling access to capital. making it difficult for financial services to flow and as a result, folks that we want to try to help or hurt, we're going to try to fix that. >> did he give you a sense of how long he expects you to be in this temporary decision? >> i think that's going to be up to the senate more than anybody else the president is interested in naming a permanent replacement as quickly as possible and

quickly as the quality of countries allows my guess is you'll see fairly quest movement on that that being said, swift movement on the president's part has very rarely translated in swift movement on the senate's part. so we'll see how long it actually takes yes, sir, we'll just go across the room. >> thank qulyou. are you concerned the district court didn't do some sort of injunction to stop you continuing this role >> the court can do whatever the court is going to do i've read the legal department of not only the department of justice but more interestingly -- not more interestingly, as interestingly, the general counsel here, that says the president's right my guess is the court will hear the same arguments from capable folks. if the court decides to issue a temporary restraining order, order me to not come in the building, i will absolutely follow the law i want to make that perfectly clear. we follow the law around here, that's what we do in the executive branch i'm not concerned about it i'm going forward tonight and tomorrow assuming that i'm here and i'll be here until either

the court of president te or the president tells me otherwise. >> do your criticisms of the bureau, reflective of your ideological commitment to small government >> i don't know how to answer that question. i'll talk about my previous statements about the bureau. how about that yeah, my opinion of the structure of the cfpb has not changed. i still think it's an awful example of a bureaucracy that has gone wrong when it is almost entirely unaccountable to the people that are supposed to oversee it or supposed to pay for it i still have the same fundamental principled misgivings about the way this bureau is structured i think it is wrong to have a completely unaccountable federal bureaucracy. i think it's completely wrong. by the way, i'm just learning about the powers i have as acting director. they would frighten most of you. they would probably worry you to think about how little oversight congress has over me now as i'm the director. how little oversight the committees have over how cfpb functions. if you -- i think if you really

studied the constitution nature of our government, you study the way the bureaucracy is supposed to work, it would both frighten and disturb you this agency is as independent as it is and doesn't surprise me, by the way, to the extent we're having a succession challenge, as lodged by miss english, it doesn't surprise me that that grows out of an agency that thinks it's not accountable to anybody in the first place. so, no, none of that has changed. that being said, i can't change a lot of it because it's statutory. it's up to congress to fix it. i'm running the a i jgency as te law is >> i have a follow-up to that question then i have a different question you called the agency in the past a sick, sad joke. how can you ensure the american people you are the right person to lead this agency? >> yeah, you go back, look at the line, it was a joke in a sick, sad kind of way which is slightly different gen again, the sentiments are the

same the reason i said that, i believe the agency is flawed, are things people back home would agree with look at it this way, this is how i explained it to people here today, when i was in congress if the cfpb did something to you back home that you did not like, okay, there was literally nowhere for you to turn for redress. you could not call your senator, you could not call the congressman. in fact -- or house of representatives. you couldn't even call the president. the only reason the president could fire the director is for cause. it's a completely unaccountable agency i think that's wrong i think citizens should always have some ability to hold the bureaucracy accountable and they can't here that's why i think we need structural and legislative change the way this place is run. that being said, that's outside the bounds of the director to fix. yes, ma'am sorry. >> it do you find this power struggle between yourself and leandra english to be awkward in any way? i know you said today it went smoothly from your perspective

do you find this power struggle, this battle to be awkward? >> it's more awkward for the people who work here i don't know haven't met her. a couple headlines, two folks who showed up to work today claiming to be director. i can assure you there was one person who showed up at work claiming to be director, she wasn't here. it's uncomfortable for the folks who work here not knowing what the future holds again, she's a private citizen i assume she's playing for her own lawyers because the cfpb is not. the cfpb did not approve that lawsuit. to the extent she's purporting to be acting in here role here, that's not accurate. she has the right to do that again, we'll move on here and let the courts do as they will >> come to work today -- >> i did not see her today i've been here since 7:30. >> have you had any contact with her? >> i have not. if it's okay, i'm going to go this way that way i don't have to pick. >> in your meetings with bureau staffers today, did you receive pushback against some of your views about the bureau's work? >> folks ask question.

listen, i'm very candid with them i told them, look, i'm not here to shut the place down the law doesn't allow me to do that that being said, we're going do run it differently than the previous administration. i think they appreciated that. these are professional people. a lot of folks, even if they've been here five years, have been in government for 10, 15, 20 a lot of folks have come from other agencies they're very professional. they know the gig. for lack of a better word. so i think -- i hope they appreciated the candor i appreciated the candor they showed to me that was extraordinarily professional i have absolutely no complaints. i hope they don't, either. yes, ma'am [ inaudible question ] if the law allowed this place not to exist, i'd sit down with the president, other agencies could do this job just as if not more effectively if i had a chance to change it to ut it on appropriations and summit to oversight of congress, i'd do that as well. i have none of that flexibility as director of this agency, this bureau yes, sir >> a couple things do you have any plan --

ongoing -- and also did you have any -- [ inaudible >> to your last point first, no, i'm not in a position yet, i hope to be by the end of this week i'll be here tomorrow and all day thursday getting a chance to go through the regs in the pipeline the stuff that's out the door -- i don't think there's very much i can do about it. you know, once it's gone from here, finally gone from here, i think the next step in if the review process for lack of a better word would be a cra much as i think the president just signed today on the arbitration rule and so forth. that's the ordinary course of business we're going to follow the ordinary course of business around here. regarding ms. english, i don't know, i haven't met pher. in the ordinary world, if you don't call, don't show, you don't have a job the next day. i'm motte sunot sure how it wore yes, ma'am >> senator warren has been pretty critical of your leadership and today the president referred to her as

pocahontas do you have any -- >> no, i think the president's called her that a couple times before probably not the last time he's called her that. i did think it was interesting that one of the -- i have not seen the lawsuit yet i want to make it clear, i don't know if i've been named as a defendant. i've heard a rumor that i have but i've -- that i have been named. i have not seen the lawsuit nor have i been served with it i'm speculating about what's actually the lawsuit. i've read accounts that one of the assertions is that this agency needs to be independent at the same time, i hear today media reports that ms. english is on the hill meeting with mr. schumer and miss warren and makes me wonder who she wants to be independent from, from anybody, or just independent from donald j. trump my guess is it's the latter. i have no comment about mrs. warren's comments about me yes, sir [ inaudible question ] yeah >> is that a concern at all? you also have a -- [ inaudible

>> yeah. >> would there be any concerns that the agency be headed by someone -- >> my understanding, it has to be, number one, in order for the president to fill this spot using the vacancies act, it has to be somebody who's currently senate confirmed, anyway my guess is every single person who falls into that would report to the president, number one, and number two, and from a precedepres -- people forget the first acting directors of the treasury secretary. so i will -- i will be as closely tied to donald trump as president as secretary geithner and mr. cordray were to president obama. i don't think that's anything different about any of the structures that's one of the reasons i think the lawsuit may be illfounded because they're sitting here looking at many he saying somehow i'm different when actually it's the same as it's been used before. yes, sir [ inaudible right. i'm sorry, is there a question

there? >> i'm just saying, no concerns about the -- >> no. again, i will be as independent from donald trump in this role as richard cordray was and timmy geithner were from president obama. yes, ma'am >> the two-day lending loan regulation that just came out, and second as to miss english, will she be allowed to come into the building if she shows up tomorrow >> yeah. >> and what is her role, in your view, look like if she did come? >> yeah, to the payday rule, i think i'm getting briefed on the rules and regs tomorrow. i think that's already gone over to the federal registry for printing i'm not really sure. i'll have more details on that tomorrow as to miss english, yeah, she wants to show up tomorrow, i think she's still employed here. i think her i.d. is still pretty good or is still valid. we've certainly not taken any steps today to terminate her, if that's your question yes, sir >> you said you haven't taken in

any steps -- >> i honestly don't know the rules. i know what the rules are in the private sector when you deal with the public sector, things are very different. i don't know if a no-call, no-show for one day justifies termination. we'll have to find out look, we expect people to work folks who are here expect people to work. maybe she took a vacation day for the long thanksgiving weekend. i don't know we'll find out we expect people to work here. a buddy of mine actually wrote me this morning and said ooblnln washington, d.c., could you get sued for actually showing up for work, which is can what i got sued for today apparently. no, we're going to go by the book when it comes to dealing with any employee including miss english. yes, sir, in the back. >> two questions one about your role as budget director the american people right now given that all that you're try ing to do, all that congress has failed to do regarding the budget, do people need a full-time budget director, what you tell people who say, wait a

minute, that should be a full-time job? >> believe me, being budget director is a full-time job. to question about it this is going to be a heavy workload no matter how long i end up being here. i'm absolutely comfortable with the team i put together over at omb to cover this workload during this whatever period of time this turns out to be. i'm hopeful to be able to put together a team at cfpb as well that can do the same thing i was encouraged by the quality of the people i met here today, professionalism of the folks i met here today and my guess is while it's going to be a lot of extra, work, we'll be able to do both jobs for a period of time >> second question -- >> and that is mick mulvaney, the jack dorsey of the white house at this point. he'll be splitting his time going forward between the office of management and budget, which he currently leads, and with a consumer financial protection bureau which he is now leading pending any restraining order that may come out of a lawsuit by leandra english appointed as

the acting director of richard cordray stepped down we're going to keep monitoring this l right now, let's get more reaction to the news conference we just heard from senator elizabeth warren she joins our kayla tausche with more now kayla? >> hey, kelly, thanks so much. we're joined now by one of the chief architects of the bureau, itself, senator warren sfwha senator, thank you for joining us. >> glad to be here. >> we heard director mulvaney the fact that leandra english chose not to meet out to the president or him, instead come to the hill and meet with you and senator schumer shows exactly who she's aligned with and she's is not indent. h independent. how would you respond to that? >> as i understand it since she is the new director, kting director of the agency, she's done exactly as she should, she's come to capitol hill to talk about her plans as director of the agency. she reiached out to both republicans and democrats and republicans so far as i know have not agreed to meet with her but the democrats have because

we want to hear about her plans. >> who has not agreed to meet with her >> reached out to both republicans and democrats. i know we agreed to meet with her. >> in terms of the structure of the bureau, director mulvaney, his opinion of the structure of the bureau has not changed appears to be softer criticism of the agency than he's voiced in the past. do you see the structure improving in a meaningful way with new leadership? >> so the structure ture is what congress determines. the house and the senate wrote the bill originally for the consumer agency. it was signed into law by the president and the agency was stood up and has been active for six years. the only one who can change the structure of the agency is congress i'm afraid i don't quite understand -- >> does congress have any plans to change the structure of the bureau because director mulvaney was asked whether he had plans to hollow it out, as you have said, or to dissolve it. and he said that's up to

congress >> that's true so far as i know, congress has no plans to change the structure of the agency. maybe i should be clear on this point. the banki ining regulators, that includes not only the consumer agency, but the federal reserve bank, the office of the controller of the currency, the fdic, have all been designed from the beginning, this dates back to the civil war, to be independent of congress. congress sets them up, but then they are independently funded through fiees and other mechanisms and the reason for that is so congress is not able to exert political influence over them. the big concern was that if an agency starts to go after a powerful bank that what would happen is that politics would intervene and cause the agency to back up and not actually do its job. so the agency, like all of the other banking agencies, was

built to be independent of political influence. and a consumer agency has done just that. its dna is to get out there and fight for consumers. so it has forced the biggest financial institutions in this country to return more than $12 billion directly to people they've cheated. it's handled more than 1 million complaints now, let's face it, the wall street banks don't like that. >> the director just mentioned there are some 100 lawsuits that are still pending that he will review on a case-by-case basis he said he wants to run the bureau as the president has said to not choke -- not choke off access to financial capital and to not trample capitalism. how will that play out >> look, if by trample capitalism he means he wants to open the doors again so the big banks can cheat more families, i think that's a real problem. it's maybe very profitable for banks, but it's not good for american families and it's not good for the economy

we saw what happened before this agency was put in place. we saw how mortgage lenders ogo out there and cheated people, credit card issuers cheated people, student loan issuers cheated people the consequence of all of that was to blow up the economy in 2008 millions of people lost their homes. millions more lost their jobs. millions more lost their savings and their pensions the consumer agency was built to stop giant banks from if scheetischeet i cheating people and done a pretty good job at that. it's been out there waging that fight every day. it helped hold wells fargo accountable. >> right, we remember that case very well. >> that's right. i don't hear a good call among the american people to say, please, let the big banks come cheat american families more often. >> to be fair, $12 billion is generally small in the grand scheme of how much money the banks are making and how much agencies like the doj and treasury have levied in fines against them i want to ask about your -- >> this isn't about fines. this is about returning money

directly to the families who were cheated and sending a warning signal to every other big financial institution, you're going to cheat people on mortgages or credit cards or student loans, at least now there's a cop on the beat who's going to try to hold you accountable that's what mick mulvaney says he doesn't like. >> so you had a conversation today with leandra english how does she plan to move forward on this? what are her next steps? will she report for duty as deputy director? because director mulvaney said today that her badge still works, and he's not sure how it works at the cfpb, but he's pretty sure you have to show up to get your paycheck. >> well, she showed up this morning and as far as i know, she'll show up again tomorrow. and she certainly was on capitol hill doing her job talking about her plans for the agency and how she's someone who's been there since the very beginning of that agency she has demonstrated that she's out there fighting for american families not on a partisan basis, but out there fighting to make sure that it's a level playing field and

families don't get cheated be i big financial institutions. >> we will see what the d.c. district court decides to weigh in on this this afternoon. i'd be remiss not to ask you about tax reform quickly before we go. there's a key vote expected in the senate this week how do you see that playing out? >> el witwell, the question is,e the republicans going to stand by a plan that gives $1.5 trillion in giveaways to giant corporations and raises taxes on people making less than $75,000 a year we have a problem in washington right now. and it's that this government works really well for a very thin slice of the top and not much for anyone else this is a tax proposal that would take that problem and make it a lot worse >> senator elizabeth warren, we know we're out of time today we appreciate you joining us on these important topics. >> thank you. >> kelly, back to you. >> all right, kayla, great stuff. thank you. kayla tausche. let's turn to eamon javers now. he has just left thereat mick mulvaney briefing where he took

many questions from the press and set up this back and forth we hard senator warren weigh in as well. eamon, was leandra english at work today or wasn't she >> reporter: the reports were she was not here at work today, kelly. the staff leer fhere for omb di mick mulvaney showed me photos they'd taken of her office today, had her name tag on the door but it was dark and nobody there. mick mulvaney a few moments ago said she has not shown up to work today but said in a normal world if you don't show up, don't call, you don't have a job the next day he said he's not sure how it's going to work around here and going to absolutely go by the book in terms of how he handles that situation leandra english presumably up on capitol hill meeting with democrat we'll check and see whether she reached out to republicans as well as you heard elizabeth warren say a few moments ago talking to our kayla tausche what you saw from mick mulvaney is an attempt to present an image of control and stability and competence at the head of this agency.

which is called a bureau he kept referring to it as an agency this is somebody who's just getting up sto speed, reading briefing books, figuring out who the senior staff are held a meeting this morning with senior staff and went over to the white house for a meeting with the president of the united states and says he'll be here as much as he can and wants to be here so the trump administration very much trying to show that they are in charge here no matter what's going on with the court process, kelly >> eamon, thank you. eamon javers in washington mike and stephanie, real quickly, what is the practical implication of all this for the market, do you think >> for me -- i'm sorry i just think it's going to be continued more deregulation discussion i mean, i thought he did a good job in explaining the sichingts. it's a he said/she said kind of thing. i don't want to take sides he was very clear cut. wants to go by the book, get the right leadership in place. i think that sounded pretty good i think at the end of the day it's deregulation for the financial services industry which would be a positive for those stocks.

>> yeah. unclear if congress really has it right on its plate immediately in front of it to actually change the law. the bureau will be there it's a matter of lighter or heavier hand on the enforcement throttle i guess i don't see the stocks that would theoretically be affected by this moving one way or the other on this. >> tax. >> look at the subprime lenders, the consumer finance companies, they're not really ploouf imovi >> the payday lending rule is probably already being written. >> tax is going to drive these stocks more than anything. >> absolutely. they've been the big beneficiary over the last couple weeks as the talk of tax getting done. >> yes. >> to be more maybe a possibility. >> more clear than ever that senator warren will not be backing the plan after that interview. stephanie, thank you very much, for joining us today. united health care shares are falling after hours about 1% we're going to talk about what's behind that decline in just a moment. plus the head of ebay's americas unit, scott cutler, will describe how the online auction and media company is competinagnsg ait rivals like amazon on this cyber monday. stay with us idea,

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making healthy choices i deserve someone who looks out for me. if you're done with complicated, so done... turn to the people who can help make healthcare easier. open enrollment ends december 7th. call now to learn more or to enroll in a plan from unitedhealthcare, like aarp medicarecomplete. [sfx: mnemonic] welcome back we have a market flash on united health care. bertha coombs has the details. bertha >> hey, kelly, we're getting an update from united health on their guidance, full-year guidance for 2017. more or less in line with what they said with their recent earnings they say now that earnings on an adjusted basis will approach $10 per share with revenues above $200 billion for the full year for the first time, ahead of their analyst meeting tomorrow,

they're giving us 2018 guidance. and they are saying for 2018, they expect to see revenues about $223 billion to $225 billion. and adjusted earnings of 10.55 to 10.85 per share the lower end is lower than what we were looking for in terms of an analyst estimate. the street is looking for 10.82 on about $219 billion in revenue for next year. we're certainly going to get a lot more details tomorrow. that analyst meeting set to begin tomorrow morning at about 8:00 a.m back to you. >> the shares down 1%. bertha, thank you. cyber monday, meantime, in full swing when almost all retailers are offering up steep discounts, how can consumers be sure they're getting the best deal? joining us, scott cutler, ebay senior vp of the americas. scott, welcome how busy has it been for you guys >> today is going to be a record day in the history of ebay and a fantastic cyber monday

looking forward to being here today. >> by the way, not that this is too much of a nonsecutor, i hope, bitcoin, a key story lately, a lot of people are talking about which online stocks are sort of plays on that, do you allow people to buy your merchandise using bitcoin >> we don't currently accept bitcoin as a form of payment, but we do sell more coins than bitcoins today >> oh, wow so you mean you sell the physical coins but you sell bitcoin as well? >> yeah, we sell a lot of them no, we don't we don't accept bitcoin as a form of payment. >> all right okay got it anyway, going back to what's working today in terms of cyber monday, we talked earlier about incredibly steep deals out there. 99% off hotel tonight and other things like that for you guys, what's driving traffic? >> well, if you look at the trends, 45% of shoppers started their holiday shopping last week before black friday and so we launched better than black friday deals

we've got deals that are available on over 55,000 items that are available right now on the best price anywhere that are available online and so we're seeing the -- >> we can't hear scott scott cutler there ebay's senior vp talking to us about some of the things that were driving their sales today sorry, we lost him we'll try to get him back. appreciate scott, if you're back with us, can you just finish the thought that you had there about what's driving your sales? >> yeah, so what we've seen is the shift from consumer buying behavior from traditional retail channels to online and those retailers as you know have been declining over the course of the year and so we've seen this shift in buying behavior to the online channels and we're super satisfied that those consumers are coming to ebay to find their version of the perfect gift in a great individualized fashion and finding it at the best price . >> all right scott, thanks for joining us

today. >> thank you >> that is scott cutler, he's svp of the americas for ebay. this year's stock rally has been nothing compared to the sky-high gains of, yes, bitcoin. it's up 900% this year we're going tk toalabout how long this boom can last right after this

welcome back shares of bitcoin higher by nearly 4% today, but it's the number that has everybody's attention. 9,6128, nearing the $10,000 mark shares of square got hit hard today, down 16%, after btig downgraded the name citing concerns about its support of bitcoin trading. joining us is lisa ellis, senior research analyst from bernstein, and mark palmer, analyst behind square's downgrade he's here at post 9 from btig. thank you both for joining us. >> good to be here. >> mark, let's talk first of all about what the market perception has been out there about square being a bitcoin play >> well, it really started on november 14th when it was reported that square was going to allow users -- some users of square cash, its app, to be involved in a trial where they could buy and sell bitcoin and we don't think it's a

coincidence that after that point, square added about $3.5 billion in market cap through friday the reality, though, is that even if you look at this trial succeeding and turning into a permanent part of the square cash app, they maybe will be able to generate $30 million over the next couple of years. you attach a 15% margin to that, then you're around $5 billion in ebitda if you put a 30 times multiple, you're at $150 million. >> okay. >> on a company with a market cap coming into today at $19 billion. >> it's a rounding error even i it does take off. >> that's very much the way we look at it. >> lisa, all the same, people look at the market price, the share reaction, to this idea that it's going to be a bonanza, do you think that maybe we'd see some of the bigger players, the visas, the mastercards, chasing the market, too? >> yeah, unlikely, i guess, given what square is getting involved in is more investment

oriented i suppose it's possible a player like paypal could look in this direction. paypal has a large person-to-person payment business and cross-border business similar to what square is building. that's the primary use case, actual use case, besides just sort of speculative investment actual use case for bitcoin today. so it's possible that a player like that could get involved yep. >> lisa, the movement in square, both to the upside, maybe today to the downside, when it came to this sort of bitcoin echo effect definitely slows, doesn shows, investors are craving some way to the buildout of this phenomenon, whatever it might be, outside of owning the coins. is there a good one that might be targeted enough on the blo blockchain are all these other institutional uses of cryptocurrency and other technologies at this point or do we have to just wait >> yeah, it's good -- it's probably the top question i guess from investors related to

cryptocurrencies which is how can we play this in the public equities markets and i think you're absolutely right, this sort of seesaw effect we're seeing in square is sort of an echo effect of that unfortunately, right now, it is a little bit of a wait there is not a clear -- certainly not on the long side a clear way to play the cryptocurrency phenomenon in the public mashrkets. there are certainly areas of the public markets you'd be watching more that potentially are at risk related to cryptocurrencies that would be areas like the trust banks, correspondent banks, some of the -- yeah, only of the players potentially at risk of disruption from underlying blockchain technologies, but right now, unfortunately, nothing on the long side on bitcoin >> so mark, even if a company like paypal were to allow for that usage, is your point that sort of the bubblish kind of

effect that the market cap would have, because people would just get so excited about having a public way to basically have exposure to bitcoin will not make it worth it, you know, for somebody to follow that? in other words, if it rallies because of something like that, you'd move the other way >> well, i think it's dangerous for a stock to become tethered to a cryptocurrency, particularly one that has demonstrated the volatility that bitcoin has in the past. the other thing that happens when you see a craze along these lines is that investors forget about the risks. the other risks associated with the story. in this case, what we see with square is that they're getting increasingly involved in credit, particularly through square capital. they have applied for an industrial bank charter so they want to get even bigger in credit at a time when paypal is trying to get further -- >> sell off its credit portfolio. >> selling its credit portfolio to synchrony financial, square is running into the fire. >> another reason you're cautious guys, great stuff. thank you both for joining us, mark palmer, lisa ellis talking

about bitcoin and square galaxy investments mike novogratz called bitcoin 10k when he was on "fast money" in october. he's going to join the crew again in the next hour we'll see his very latest thinking. still to come, it's not just retailers rallying on black friday and cyber monday. gun makers are also surging and we'll tell you why right after this you're watching cnbc, first in business worldwide

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welcome back it's time now for the "takeaway" today. we begin with cyber security firm barracuda being taken private. the shares jumped today. offer of $27.55 a share by toma bravo which has investmentsmike. first, are the public markets under valuing cyberfirms if it is going private after all and why is this going out at a 17% premium? >> i think the market is not clear on how to play this space because some of these relatively targeted software companies don't seem like they have the scale to be a broad solution so maybe they get orphaned in the market that's what happened to barracuda. it got orphaned. trading way below the highs. $45 stock. 2 1/2 years ago, getting taken out in the 20s it seems like for a private equity firm rolling these up and creating essentially a portfolio of them, maybe it makes sense. >> maybe an example for retail there too. next, another record-breaking black friday, this one for gun sales. shares of american outdoor formerly smith & wesson and

sturm ruger rallying 3% today after it turns out background checks requested jumped nearly 10% on black friday to a new record what strikes me is that the sales are up so much under president trump because after all, the surge that we saw in the previous years under obama was on fears he would crack down on gun ownership which trump does not appear ready to do. >> it seems unlikely there would be a crackdown on president trump under this congress. marketers can make use of the idea that there might be a marginal change in policies on certain weapons after a couple of these mass shootings and i'm sure they made the most of that. it is a cynical play amazing how responsive the market is to that. >> i wonder if it is a pure play fear thing >> finally, an update on the big head scratcher in the economic cycle. the lack of business loan growth the rate of loan growth hit its

lowest since 2013 in the wall street journal says. and it was the sixth straight decline. it is supposed to be a warning sign for growth, but is it or something else going on with corporate america? >> i don't know if it is on its face a huge warning sign for growth keep in mind, loan volumes are still growing. just the slowing of the pace of growth i think it is definitely a function of how long the expansion has been going on, how long the credit expansion has been going on. >> some people say, look, it is a good thing you're worried about debt levels at companies. >> yes, exactly. i do think that the bond markets have been so hot that large enough companies that can take advantage of selling bonds and a bank loan will do that, they're going to kind of the more generous lender in the market. >> still something to keep an eye on i think we get gdp numbers tomorrow morning >> thor industries with strong earnings it's what this country is made of. but right now, our bond is fraying.

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we have an herbi inearningso thor industries. >> really strong report for the first quarter, now eps reporting $2.43 beating estimates of $1.84 on revenues $2.23 billion versus estimates of $1.99 billion records for both of those numbers. the ceo noting high numbers of dealer optimism and strong demand for affordably priced trailers millennial interest in the motor homes. stock is up 36 year to date. back over to you. >> kate, thank you so i was going to say, buying rvs instead of buying houses, but they're buying houses. >> get a mortgage on an rv

that doesn't hurt if you're -- >> costs like $100,000 you mentioned some of the lower end ones >> those are the trailers. i do think it has been a strong group, thor and winnebago. consumer confidence has been to be directly correlated >> highest beta stocks just to general kind of growth in the market. >> and fuel prices as well to a lesser degree i think besides millennials, i do think there is a kind of baby boomer who is not buying harleys, there is a transition into this direction. >> we need to also check on shares of stitch fix it had a huge day and maybe it is -- >> the company came public in time for cybermonday to get excited about what kind of gift packages you might be able to deliver. it seems to me it was just caught up in that kind of let's see who the winners might have been in terms of online commerce. >> 24% today, over $23 a share, that's well above its ipo price. >> it is i think, again, the publicity from going public probably didn't hurt. we'll see if it plays out in

terms of whether people really did, you know, give the gift of, you know, unseen box of clothes. blind wardrobe. >> i go back to the quality of that real quickly on the thor industries, gas prices are back up a little bit. it feels like that's not the overarching factor. >> they have to reallyspike fo people to get nervous. >> michael, thank you. that does it for "closing bell." "fast money" starts right now. >> live from the nasdaq market side overlooking new york city's times square, tonight on "fast," amazon's retail mania, another all time high as the company is now worth nearly $600 billion. the history suggests december could be a cruel month we'll explain what we mean you know what goes with great turkey and stuffing? bitcoin, of course it is the rally that just won't quit the crypto currency surging toward $10,000 off the holiday week and he is the man who said