that you wouldn't do or say in front of your mother >> good rule let's look forward to tomorrow big line-up, huge line-up, five ceos from amd, huntington bank shares and pharmaceuticals which has been red hot, melissa. >> thank you for watching power lunch. "closing bell" starts right now. hello, everybody, and welcome to the "closing bell" today i'm kelly evans. >> and i'm bill griffith, is the growth trade over? the nasdaq's getting hit hard today with the fang stocks and other technology names significantly underperformancing the market even as the dow moves higher the dow was up 90 points, the nasdaq down 90 points, that's the kind of diversions we're seeing we'll see what's behind the move momentarily. oil is under pressure.

new data and uncertainty over tomorrow's opec meeting. we'll be leave in vienna with the latest porsche is unveiling a new model today. ceo will be joining us in a first on cnbc interview coming up but while the dow and s&p started off the session with all-time highs yet again, the nasdaq has been falling all day and companies like netflix, apple, amazon, they're seeing big declines bertha combs has the news. >> so are the big tech cap stocks, investors calling it the great rotation today they're taking profits on names that have run up so fast look at autodesk that's a case in point today, trading at all-time highs yesterday, tumbling on an earning's missed also announcing a 13% work force layoff, that's sending some jitters as well in tech. the biggest source of pain though overall is the sector

now the semiconductor index has been leading the charge to all-time highs here at the nasdaq the index closing at a record high led by micron and invidia, both doubled this year invidia today seeing a challenge on the tape falling below the average now in correction, down about 10% from it's all-time high marvel getting hit despite a beat and raise on it's earnings yesterday. small cap makers like photo mask maker surging after better than expected sales and profits and networking names like juniper among those bucking the trend today. this is tax dolling, the tax bill small cap firms paid an effective tax rate of about 32% during the third quarter while s&p 500 paid about 24% so you could see, they could likely get a much bigger bang for the buck on the bottom line in 2018 if that tax bill passes, kelly.

>> all right thank you. let's goat oet to our closi bell exchange. tom looiden, steve grasso over at post nine and cnbc's own bob pasani mr. rick, welcome one and all on -- steve, let me begin with you here there's been a lot of divergence the combination about tax bill and the point, the high effective tax rate companies are definitely outperforming, they were definitely outperforming yesterday, then in conjunction, these are the companies that have the highest short interest that is out there. and then when you look at it's either tax policy or the laggered issue so we look at a lot of retail named that are basically have been decimated over the last couple of months and no one wanted to touch them, now you have a couple of reasons why there could be a tail wind

then you had analytics saying that after thanksgiving these retail names should be sold off and they're not going to rally into christmas or year end, that was based on last year, and last year from a point of reference where all of these things were high fliers, a lot more high flying than this year. off confluence of events that are creating an atmosphere or an environment where you can buy them, at least for the last couple of days. >> and bob, retailers are very strong today they're among the gainers that are helping to push the blue chips. >> when's the last time you saw retailers actually 52 week highs? gap today, we have michael kors as well, i agree with steve, i think it's refreshing that the market leadership semiconductors, i mean, come on, applied materials is up what, 60% this year? micron's up 100% retailers traditionally lag right after thanksgiving, but they've been sold off so much, it's refreshing to see them up a few days in a row. and other groups lagging, airlines haven't done well this

year they're all moving to the upside as well. that is that reason the market keeps holding up you get rotation, you sell off the market leadership and the laggards start moving forward. >> where are you seeing the flows? and what do you think about the overall valuation of the markets here >> well, valuations in the u.s. are lofty for sure, kelly, but traditionally, investors in the u.s. are underallocated overseas when you look at general flows, specific to etfs, we're going to break through $600 billion this year, crushing last year's record of 380 billion. and the key thing is, equity fund flows have been greater overseas than they were last year so that's a good thing from a valuation standpoint i think, as investors are seeing pullbacks around the world today, make sure you take advantage of those especially in great valuation markets like emerging markets >> and, rick, pretty good revision of the gdp this morning, 3.3%, the ten year

yield's up a bit today, dollar is lower what's getting your attention here >> well, everything you just mentioned, as a matter of fact, let's dig down a little deeper so we saw 3.3 our second look out q3 gdp so back to back, you have to go all the way back to q2 and q3 of 2014 which was 4.6 and 5.2 respectively it, to get a better pairing. so these are good numbers. and not only that, when we look at what's going on with interest rates, you had a little bit hotter inflation in germany, and then we had janet yellen early this morning, 8:00 eastern, what she said regarding the u.s. economy all happened around the same time. rates pop, close to two and a half week high yield close, at 237 and tens, same said for boons and sovereigns, although in the uk, they seem to be more prone to be buying the sovereigns than they are the stock market, but there's no doubt about the currency, whether you have a two day of the pound dollar, two day of the

pound verse euro, two day of the yen. it's flying. and the dollar index only down label the because only 11.9% of the dollar index reflects the value of the pound >> wow steve, how does this leave us set up now then do you think >> if you look at what's leading today, kelly, you're watching that powell trade extent, financials leading so and flattening of the yield curve is compensated by lack of regulation or newed regulation i do think that's going to be overextended if that lasts anymore thanl the next day or so so i would revert back to large cap tech, retail seems to be hanging in there it's been -- as i said before, it's been crushed, thus far this year i think you could stay in that retail trade >> i think twlost questions for the markets right now, kelly and bill, number one, short term question, how much more premium is there in the market for the tax cut? assuming it goes forward

2%, 3%, we don't know. there's still definite potential premium short term longer term, 2018 and how much more global expansion are we really going to get and how much more is that going to push up global earnings which are right now at a record and what's the right multiple for that? >> i know you have to go, opec big one tomorrow we've watched that other laggard in energy. it's hard to get the sea legs back with energy let's see if they can do the same thing that retail has done. >> oil is going down today keep an eye on that. thank you guys, see you all later. appreciate your thoughts on market action. media stocks moving higher today. industry leaders from viacom, that's here in manhattan julia is there and shae has a look with the top moments so far, julia >> kelly, that's right, so many heavy hitters today at the business insider conference as media stocks rally on the heels of top mna deals, disney being

interested in fox, optimism about tax reform which would boost many of their bottom lines. just spoke with discovery ceo, he thinks maybe a consolidation is inevitable, while discovery is getting the scale is needs with it's acquisition of scripts, he said it's possible that discovery could sell to a distributor, one that needs content to differentiate it's services earlier today, 21st century fox chairman murdoch was on stage here at this conference. hedodged questions about merge talks, but he did address pressure for scale >> this is causing adebate around scale in the media. and, you know, when i look at scale, we've been saying -- i sat on stages like it over the last couple of years, absolutely there are subscale businesses in media today. which will be the losers going forward in a digital world >> here at this conference, i just spoke with ceo bob backish,

he deflected questions about viacom needs to merge with cbs to compete with growing rivals take a listen. >> we might do a small acquisition here or there, for example, one of the last things i did in international was acquire the number one broadcaster in argentina we closed o than deal in i think november of last year. that was a fantastic deal for us so we will look for things that are incremental to our strategy and can accelerate it, but again, i feel very good about the assets we own. >> backish told me he was surprised by the department of justice's lawsuit to block the acquisition of time warner this is one they're going to be watching very closely to get a sense of what other media deals could be approved. back over to you >> i was just going to say, julia, did david just put discoverfully play there -- discovery there in play with those remarks. >> he was cagey. i was pushing him. i asked about the fact that they have this pending scripts merger, is that going to be

enough and he talked about how he thinks vertical acquisitions makes sense, the pipes need the content to distinguish their services i said hey, what about having one of those pipes, those distribution companies buy discovery. it's possible. it sounds like the door is open, but nothing happening right now. >> let's face it, everything is in play right now. don't you think? >> yes >> everything. it seems like. >> content and distribution. >> with all of those discovery assets, remember that these are all part of the john malone universe he has a piece of discovery, also lion's gate, he has liberty interactive, liberty global, there are all of these different john malone companies and asked if he would roll them altogether, he's always about the tax-advantaged play, the tax-advantaged deals so have to keep an eye on what he has up his sleeve >> always, always. thank you, julia see you ater heading to the close here, we've got 49 minutes left in the trading session and if you're just joining us.

interesting divergence in the market today nasdaq is down still ahead, shares of chipotle moving higher today on news that the company is searching far brand new ceo. the stock down about 20% year to date will a change at the top help turn things around up next, out to the west coast for a look inside the tech-packed l.a. auto show we'll hear from porsche north america's ceo about how the company plans to use ar to shape up the auto world and we to want hear from you. share your thoughts with us twitter, facebook, over e-mail, you're watching cnbc, first in business worldwide us. it's what this country is made of. but right now, our bond is fraying.

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steve is in vienna with the latest on that, hi steve >> reporter: hi kelly, quite an

amazing day actually taking myself to different places i managed to speak to four different ministers today. quite frankly, i don't think we're going to get the affirmative statement tomorrow that many many oil bulls in the market thought we were going to get a week ago i think we are going to get a nine-month extension to 1.8 million barrels a day, i think that's going to come with a big caveat as well let's listen into an interview about two hours ago with a former opec president who is the oil minister to hear what he had to say about what deal he thought was best going forward >> there's only one option, even if you do take it -- >> reporter: for the full nine months, we do have a review process at the end of the first quarter or indeed at six month stage. >> six month stage

somewhere in the middle of the year >> reporter: and the problem with that for the market is, if you have the review at the six month stage, ie, in the middle of the year when we're due for the next scheduled opec meeting, what that means in reality is we have the first three months of the year which is part of the current deal, then we have a continuation until the middle of the year, and then it could all fall apart that could be it the review could say yep, we've done our job, the market is stabilized, we're happy with the price level and i don't think that's enough necessarily for some of the bulls in the market who have got positions based on a nine-month extension the key person here is the russians and mr. novak, and i listened to what he had to say, all be it in russian, but i got the transcript right here. the market is not yet balanced it requires a continuation of common actions i also spoke twice today and i said look, are you happy at $60 a barrel happy at 60, possibly more, we've got to see what's going on on the other side and by that he

categorically meant in my interpretation, we have to watch that shale is doing because they are very, very worried that they are giving open season to the rig count going up and shell importing more and more oil into key markets such as china. and that's what they're very worried about because quite frankly, kelly and bill, only a couple of years ago, the u.s. was selling nothing, nothing into china and now it is selling a significant amount, top ten producer now, in fact in december, we're seeing something as high as 376,000 barrels expected to go into the chinese market it's going do very, very interesting to see what happens next i think tomorrow we're going to get this nine-month extension, but i think it's going to come with a caveat, the markets will be disappointed with it. that's just my call having spoke to four or five of these guys today. back to you kelly, back to you, bill >> that's why you are where you are, steve, thank you for that comprehensive report see you later, friend. always energetic there in vienna. one of the biggest auto shows of the year is kicking off

in los angeles this week and that's where, of course, we find our phil lebow who's joined first on cnbc by the ceo porsche of north america, phil >> thank you, bill thank you very much for joining us a big day for porsche out here in los angeles you're showing four new models here for you guys, this is really a key show, is it not? >> absolutely. and north america, that's our most important show of the year. this is why we show full premiers here in los angeles, the 718 boxer, the 911 t, you see that in the back, but one big new car that we haven't shown here, north america yet is the hybrid with 680 horsepower >> when you look at southern california, basically the fifth largest market for porsche worldwide, california is, not just southern california, the folks who come in here, are they porsche enthusiasts or are they folks who are saying i want a

different driving experience >> well, principally speaking porsche in california is a love affair i think it's very emotionally driven i think people that come here to see porsche's on the show, we deliver new stuff. i think california is also the original of lots of disruptions when we talk about e mobility, when we talk about google and apple and facebook so it's also a country where people look for the edge. >> and another one much those companies that started out here, tesla is widely viewed as one of your chief competitors does tesla take buyers away from porsche or have you lost buyers to tesla as people say i want to go with a model s or a particular porsche model >> we have lots of respect for tesla, and i'm sure, some porsche customers that in terms of connectivity, digital stuff in the car and electric, battery electric vehicles didn't find a car they wanted with porsche so they bought somewhere else

now the good news is -- >> you've got mission e. >> something that we might be able to attract them back. >> mission e, comes out in 2019. can't give us details, but you've seen it in development, is it everything you thought it would be so far? as you're building it? >> no, obviously, don't expect me to be completely objective, but i've seen the car, i've driven the car, the car is, as we speak, being driven around in hot and cold countries it exceeds my expectations and especially when you actually drive the car to the limit and beyond so actually our core competence are now combined with battery electric vehicle technology will produce something that i'm really excited about >> the man who runs porsche north america, when we talks about mission e, he lights up because they believe that yeah, a lot of people talk about tesla out here, but they believe mission e will change that equation come 2019 back to you. >> we shall see.

phil, thank you very much. phil lebow there we have news alert on coin base sima, what's going on? >> coin base, the largest bitcoin exchange is experiencing an outage that is affecting some users. coin base telling cnbc overnight coin base experienced all-time high traffic while some users may have suffered from slower performance, much of the site was uneffected, we're continuing to monitor, but it should be fully resolved in the next couple of hours. keep in mind, those customers that were affected at this point cannot sell or trade bitcoin we're waiting to see when this problem will be fully resolved in the meantime, look at bitcoin, it is lower by $60. surging above 11,000 earlier today. back to you. >> wasn't fidelity having issues too with the wallet today? i don't know if there's anything going on maybe it's just simply the crush of demand. >> exactly it brings up the question about whether they're ready to --

especially when glichs like this are becoming more evident. >> throw some more server power at it. sima, thank you. >> we have to compete with the big coin miners. less than 40 minutes to go dow is up 85 points. the nasdaq down by more than that amount. down almost 100 points right now. meanwhile the s&p is down three and the russell is up four >> very mixed day. chipotle shares have seen less than healthy returns in recent years amid of food-bourn illness. now the company searching for a new ceo to turn things around. later, snapchat ceo penned a rare op-ed today took a swipe at his main competitor facebook saying social media has fueled fake news and encouraged what he called a mindless scramble for friends. we'll dig into the note and the app's new redesign by the way, still ahead. ♪

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shares of chipotle have been sharing for a new ceo, founder

steven ells. he'll become the executive chairman so we're wondering who could be next to lead that chain. kate rogers joins us now with that story, kate. >> thy there bill, you said it the search is on for a new ceo at chipotle. brand has been struggling with continued food safety woes over the past few years and the stock is down nearly 25% year to date. now steve is chipotle's founder. he'll stay in place while the board and search committee lead the charge for his replacement analysts seem split on this announcement, some optimistic, but cautious that the turn around plan may take some time and the stock could see pressure as the ceo search goes on. and it's unclear how long that might actually take. others say chipotle needs leadership with deeper experience, proven track record and this proves the brand is still unstable from an investor perspective. few names i've heard today roland smith, the former ceo of wendy's and arkansas by's then moved on to office depot where he retired in 2017, also ron

shake who founded pawn and the outgoing ceo panera bread chvs bought out earlier this year he will leave his post in january of next year another jam, john culliver who is the group president the starbucks. his focus has been expanding the brand in china, we all know that is an extremely important market for the starbucks brand. spencer stewart which is the firm conducting the search for the new ceoat chipotle, but declined to comment further due to contractual obligations, back over to you. >> you know, some asked why he stayed in the ceo position for as long as he did. >> he was talking about that this morning because he owns a very small, about 1% of the company. >> it's unusual for the founder to stay that long. >> yeah, he certainly grown the brand. more than 2,000 locations. he started this in the 1990s and have to now wait and see whether or not this will make a good acquisition target, especially on your show >> there's that consolidation thing again. going on in that industry too.

thanks, kate >> thank you. >> see you later breaking news out of washington right now john harwood with details, john. >> bill, responding to this intense cultural moment and focus we're having on sexual harassment in the workplace, the house of representatives have just passed by unanimous voice vote a measure that would require members and staff every year of every congress to undergo sexual harassment training this is something that will surely move through the senate as well, and so, even as there are cases swirling involving people like john conyers, the veteran congressman from michigan and al franken, the senator from minnesota, the house is responding by saying that they're going to have mandatory sexual harassment training every year in every congress, guys >> i'm going to be too cynical about this i mean, jeez, that's going to solve it what the heck is the point as if people didn't know their behavior was wrong, but if they

sat through a power point presentationen to for 20 minutes, they would have thought differently about it >> well, on the other side though, you have to at least show that you're doing something. i remember after the anita hill story back in the early '90s, corporate america trotted out all the sexual harassment programs for their employees >> but it didn't stop in the early '90s, did it >> exactly exactly. the number of training things that we have to sit through and click through. john, i don't know, i'm afraid they're going to end up saying look, we did something, as if this was anything to really solve the problem. >> well kelly, the only thing i would say is we every year for our own company, we go online and do training about sexual harassment ourselves and about, you know, workplace conduct. you could argue that all of that is a waste of time because it depends on having good people who behave ethically in the workplace. so, i guess it depends on your

view and the value of those things, but congress at least is doing what nbc does as well and many other employers >> well no comment on whether nbc has been successful in stopping that. thank you, john. >> see you later >> john harwood in washington. president trump is speaking about tax reform in missouri elon has more on where that bill does stand >> reporter: kelly, we are waiting for the senate to begin official debate on their tax bill orin hatch reiterated today he does to want see a final vote either tomorrow or by friday, and republicans have been moving with lightning speed on this bill, but there is one new road bump that is emerging and it's called the fiscal trigger. this is an idea from senator bob corker that would automatically increase taxes if federal revenues fall below a certain level. no one is exactly sure how this would work, there are a lot of ideas floating around, but we've

counted at least five republican senators who are not big fans of this idea. i also talked to senator bill cassidy of louisiana, and he said the key here is making sure that businesses have certainty >> what you don't want to do is to introduce uncertainty which means that folks are not making investments because they don't know what the trigger's going to do if there is a trigger, it has to, it has to still be kind of certain that if i invest money, i can get a certain return if you do that, the economy grows, the economy grows and we're all better off >> meanwhile, senators marco rubio and mike lee are pushing their own amendment that would ensure that the child tax credit is fully refundable and they would pay for that by increasing the corporate rate to 22%. so guys, right now we're in this stage, we're individual senators, can really push their pet projects and try to build support for that as republican leadership tries to wrangle the 50 votes they need to pass this

legislation. back over to you guys. >> that sound we hear is the rubber hitting the road right now. >> that's right. >> we'll see what happens. thanks time for a cnbc news update right now with sue herrara, hey sue. >> hello guys, here's what's happening at this hour jeff sessions announcing a new dea field office in louisville the first in 20 years to combat the growing opioid crisis. $12 million will help fund state and local agencies in kentucky which is one of the hardest hit regions in the opioid epidemic >> today we are facing the deadliest drug crisis in american history we have never, ever seen the death rates that we're having today. 64,000 died last year. a passenger train derailing leaving 21 people injured, one seriously. if i believes say the train slid off the tracks due adverse weather conditions caused by

heavy rain japan's sumo grand champion resigning after admitting he hit and injured another sumo wrestler he apologized for causing the trouble. you're up o date, that's the news update, bill, kelly, back downtown to you. >> thank you, sue. >> you've got it >> see you later 27 minutes left in the trading session right now. mixed day, the dow positive. retail and financials doing pretty well today. nasdaq technology getting hit hard, especially among the chip stocks, that's now one and a third percent right now. when we come back, evan spooegle taking a jab at facebook today in a rare op-ed piece laying out his vision for his company details on the battle for social media dominance and snapchat's new app redesign that's still ahead plus shares of kroger down nearly 30% as competition in the grocery space heats up hear why one analyst thinks

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evan speigle penned that op-ed the company posted a video this morning on it's website about that redesign, he talked about how the best path forward for the company is to provide a personalized content feed based on what you watch, what you watch, not what your friends post so while he hasn't mentioned facebook by name, he wrote in his op-ed that social media does fuel fake news and that content shared by friends does not always deliver accurate information. >> i thought it was thoughtful it's a way at looking what you like what is a good predictor of what you're going to look. >> and what you agree with and what you like. >> right >> is that going -- does that

broaden your horizon enough out there? >> his claim is the surprisingly yes, it will, because by picking what your friends like, it doesn't give you the kind of thing you're looking for it tends to rely too much on what the shared stories that haven't been vetted. he talked about the importance of having publishers on the site who are getting compensated because they're real articles and stories. interesting way of trying to solve that problem >> not that we'll see. i'm still not going to snapchat. 20 minutes left in the trading sessions things are moving quickly here the dow up 95 points with the nasdaq down 91 points. that's about what you need to know today a computer glitch at american airlines we love this story it has left the airline without thousands of pilots for a chunk of december. investor excitement rising for bitcoin and the market for several currencies companies are now pushing bitcoin etfs again

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here's what we call the heat map of the nasdaq 100. i'm surprised there's that much

green. right. for the decline we are seeing today of 1.8%. i was just noting that the qqq as the etf, the trades on the nasdaq, based on the nasdaq 100 is seeing more than double it's 30-day average volume. it's traded 64 million shares almost when the average is 26 million. and this big, big down day that's the biggest volume day they've had and the biggest decline since august 17th. go figure. >> speaking of transfers in american airlines computer glitch will have a big impact on holiday travel plans phil has more. what's happening here, phil? >> all airlines use a program to schedule pilots, weeks, weeks with, weeks in advance well, there was a computer glitch with the program for american airlines and as a result, there are no pilots scheduled for a variety of flights over the holiday season.

one of the most busiest times for the airline. well the airline says it is a computer glitch. they are rectifying the situation and as part of getting pilots for those pilots, they're going to pay 150% of the hourly salary being offered for pilots to work there are reserve pilots that american will be enlisting to fly some of these flights, but this is one of those glitches, again we see this in the airline industry on a fairly regular basis, one of these glitches that is going to cost american airlines there are people who will say 150% of hourly pay in order to fly, sure. i'll do it so that puts going on with american airlines stocks took a bit of a hid today once the news came out >> not sure the investors don't want them to pay the 150%. >> how come this never happens

with cnbc anchors? >> our producer, editor in charge of scheduling speaks to the importance of listening to my notes about scheduling. and i'm sure everybody rolled their eyes when she made aannouncement. >> we should have had her on the show today to explain thousand happens. never happens here see you later. >> you bet dow is up 93 not a bad day for the industrials. that puts up 70 points of acrossing 24,000 for the first time what the dow is taking, the nasdaq is giving away almost exactly. down 94 right now. s&p is down two and the russell's up four. kroger's stock has shed a third of it's value and the competition and the supermarket sector is only getting hotter. up next, a bull bear square off on kroger. there he is. your new brother-in-law. you like him. he's one of those guys who always smells good. his 5 o'clock shadow is always at 5 o'clock.

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welcome back here's a check of the sectors with the s&p it is basically unchange ld right now. only down 2.5 points utilities, real estate, and tech tech down 2.5% are the sectors in the red >> two sectors that are intersensitive and utilities and the real estate and then

technology >> joining us to discover whether it's worth the buy cole and scott from wolf research who's here on set with us scott, i'm sorry, cole, you're our bowl here. why do you like kroger >> well, you know, a lot of this market has to do with what people are paying for and what they're not. and kroger falls into the camp of what they're not. highest return of equity in the grocery business and people are willing to pay half as much for their business and it's not to say that, you know, walmart can't have success and what not, we don't own a stock because we hate another, but the big idea is when markets

are trading high price like these, the consistency of someone ending up at the local grocery store is kind of simple to think about and it's very cheap. >> okay. and scott, our bear on this because you are looking at that formidable competition they face, right? >> i think competition is enormous in the industry and it's just getting worse. two companies you forgot to mention, piling stores into the u.s., clearly amazon bought whole foods, but the 800-pound gorilla is walmart walmart is taking enormous share right now. they've invested in price, they invested in labor, and you know, the traditional grocery store, cole said something interesting, it seems like the format is falling out of favor especially for under 35 set. they're much more willing to buy that tide on amazon. so we are concerned about kroger long-term. it's a very well run company, but we do have concerns. >> cole. >> well, i mean, i'm a millennial, i think i know best what under 35-year-olds are doing. let me give you an example,

added competition would be just home prepped food that shows up and you just cook it even though that's not big today, it's still on the margin competition that goes on in the business the question is who can sustain what they're doing from ten years from now, and that's a different game they're already big in europe. there's little to argue that they're going to have any kind of meaningful penetration in the united states. we own target, people are worried with target and we feel very comfortable in our own skin >> is there a combination that kruger needs to do that you think would help them. >> hyvee out of the midwest, the ceo was quoted, they build like 90 to 100,000 square foot stores they've stopped. that might be just too big they are right now building two fulfillment centers for e commerce i think we're going to see the average store size fall, but this is the enormous challenge for both kroger and target as

was mentioned that a lot of that store wants to flow online the tide, the toilet paper, and that's creating problems with the business and it's not easily solved in a short period of time >> cole, do you think we'll ever get to a point where people are comfortable with produce showing up on their doorstep that they haven't picked out >> here's another way to they think it, kelly. let's go to the conversation what if the demographics are actually more sick lar than secular? for example, i work for colleagues that are less than 30 watching this back in the office right now and i know they don't go to a grocery store because they have no one depending on them, no family, other than themselves and maybe a roommate. that kind of shopping situation or grocery store is completely different. also, think of how easy it is to time your life or find various stores that fit the need of life versus a child that needs something right then it's a different game. amazon cannot deliver me anything like pharmaceuticals or

anything i need walking out of a doctors's office that's a total jock. and stoo scott's point, believe that will because it's been fashion to believe play that and it's been people price that up, the problem is, will millennials do that at 38, 42, 50, that's where the money could be made is what they're going to do when they're fat and old just like their parents. >> hey cole, with all do respect, are you being a little myopic, just because it doesn't work for you or some of the 20 somethings in your office, does that mean it's not going to work at all >> to your point, that doesn't mean we're right, it means for one story that people on the street, like scott think are going to have success because they've grown revenue more recently in a way that they haven't, you've got to pay 20 times earnings for that versus the done deal, loser in the industry at 11 times i mean, is it priced in is the question >> all right guys, thank you. cole, and scott, thanks for joining us today >> thanks guys

>> as we said, does report first thing tomorrow morning we'll see how they do. what a day we'll have the closing countdown in just a moment here. >> after the bell today, earnings season marches on instant analysis of results from e h, workday, box, and jack in thbox. that's all coming up stay tuned. >> how confusing is that they really appreciate the military family, and it really shows. we've got auto insurance, homeowners insurance. had an accident with a vehicle, i actually called usaa before we called the police. usaa was there hands-on very quick very prompt. i feel like we're being handled as people that actually have a genuine need. we're the webber family and we are usaa members for life. usaa, get your insurance quote today.

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three minutes left on the trading session as the dow gets stronger as the day goes on here what an interesting day, what a divergence, a rare, glaring dwerns between the two major industries the dow up 100 points right now. and just built on those gains as the day went on. i'll show you the strength and weakness in a moment here. then there's the strength. the dow's point gain was the same as the point decline for the nasdaq, but of course for the nasdaq being a smaller number percentage wise, that's an even bigger decline for the nasdaq the gainers and losers today retail did very well, some of the top gainers included macys's and nordstrom with more than 7 or 8% gains there. on the losing side, the biggest decliner in the nasdaq today with that earnings miss and they announced a restructuring which includes a layoff of 13% of their work force so they come off an all-time

high lamb research among the chip stocks that saw big declines today as well. chipotle mexican grill up a little bit today on the word that their ceo steven ells, they're founder is stepping down can they finally turn thing us around after a two-year nuclear freeze there we'll find out apple down today if you haven't heard by now, the operating system that was introduced in september, high sierra has a huge flaw in there where you can access the pcs without a pass word. they discovered. >> so they've got to work around right now on their website, but they're working on a software fix on that and apple among the decliners today. bob, we're watching oil, that's down today we have the big opec meeting tomorrow in vienna, and our steve says they're probably get a nine-month agreement to freeze production still, but beyond that, that's anybody's guess what's going to happen you might want to put a mike on too. >> we're still not getting the movement towards $60

that's a big issue i think the big issue right now today is this disparity you were mentioning let me just put the mike on. disparity you were mentioning. 60% of the dow points due to the financial stocks >> financials did well >> you're american express, some of the other companies, jpmorgan, travelers for example, four of the five -- four of the big movers today are all in the financial space. the other thing i think is important is the rotation we're seeing seeing, semiconductors sell off, the smh has been selling off, like it's always been, other things are being bought. look at the big move up in the russell 2000 look at the retailers. tend to sell off after thanksgiving

coming up on the second hour of the closing bell here's kelly evans and company see you later, kell. >> that's what's happening and then the governors -- >> thank you, bill, and welcome to the closing bell, everybody i'm kelly evans, and looks like we have a pair of record highs on wall street today the dow up over 100 points gain of 103 sends it to a new high close of 23,940 as we inch our way up towards 24k that's a half percent gain from the blue chips today four tenths gain for the russell as well. up nearly six points to 1542 which is a record closing high for the small caps different story for the s&p which is down about a point on the bell to 2626 and a very different story for the nasdaq

today. dropping more than 1%, one in a quarter percent actually closing all the way back down at 68.24 much more on what's going on the behavior in the markets today. in fact, courtney reagan is standing by will bring us results from box joining me on the panel today, michael santolli and michael yushakami. he's vice chair and head of the investment group at ariel investments. welcome, everybody the biggest winner in the dow today was united health group, bouncing back actually while the biggest loser was visa, over in s&p, the biggest winner was advanced auto parts and the biggest loser in the s&p was auto desk. we mentioned those earnings yesterday. closed down nearly 16% the dow closer to 24 k and it

and hits an open couldn't hold on to it they are on pace for the eighth straight month of gains. nasdaq having the biggest decline since august with that close down more than 1%. really, i would say weird one, mike, i guess unless you accept the explanation, oh, it's the tax bill and oh it's this rotation >> i think you can accept those explanations and call it weird it was a very stark, almost forced and desperate type rotation everyone decided today was the day to have all of this money in motion from one end of the market to the other. the dow move you mentioned united health, that was almost good for half the 100 and something points on the dow an financials for the rest. the idea to kind of sell the winners, the big stuff, the growth stocks, the losers and the value stocks and small stuff, that was, that was the story of the day we've had these one day turn abouts before, so i don't know that you have to say it's a trend change necessarily, so, i would say be on alert for the possibility of that, but not the

likelihood they're back above 10,000, what do you make of it all? >> i think the key is that things that did well today are value stocks, things in the u.s., and they, by definition, have much more earnings relative to their market caps than do the tech stocks, the high pe stocks. and as a result, tax cut is going to be much more beneficial to the former than the latter. and that's the big change.

>> wow, let's drill down on some of these moves today big sell off saw stocks falling, apple closing lower for the day, netflix had the worst day of all of them. it was lower by about 5%, also hit with invidia down by 7%, and the sell off and chip stocks comes just days after morgan stanley downgraded another stocks member over concerns of that chip boom being over. memory prices, meager earn's growth and down nearly 7%. micron down nearly 9%. i mean, is there a microlevel explanation? >> i think so there's a kind you have portfolio shuffling explanation meaning that they're up a tremendous amount so it does seem as if it was profit taking instinct how much more can these stocks give me type of a decision on today, but again, i think you have to keep in mind, it's month end coming up, i think there's a

lot of mechanical noise in the action as opposed to the market really handicapping fundamental changes. >> are you a buyer of these on the weakness >> chip stocks, no, we're not a buyer on the chip stocks apple being down -- >> over two or -- >> i don't know that it's over i did talk to a ceo. i asked about what's happening with chip stocks he said i'm not sure, but every seven or eight years, chip stocks have a problem and it's been seven or eight years. i think there is a lot -- i think as you mentioned, you have stocks selling off like apple for example down whatever it was down today on this exploit >> about 2%. >> which they'll patch tomorrow, it'll go away. iphone ten numbers -- >> do you think that's why because of the weakness -- >> i think it's an excuse. i think the market's so high right now that people look for any excuse to sell and i think mike's right it's just a rotation, but i think you can't really make a firm statement that this is some trend rotation this is today. right. so you have to look really over the course of the next week or few weeks. i think it's inevitable that

it's going to happen as gentlemen correctly said, the more earnings you have, the better the tax cuts are going to be for you >> mr. gentleman from ariel, would you be a buyer on the weakness today >> no, no, no, i mean, we have had really crowded trades with the fast money all piling into the high pe, high-tech names, and shorting the value stocks. and that's that strategy has worked in a big way, but it is very concentrated, very crowded. and when, momentum works and works and works and works until it doesn't, and when it doesn't, it gets ugly >> just a quick note this exact type of action took place at labor day i mean, september was this exact story. it was as sudden and it was as dramatic and it was not the story of the next three months >> and now we've forgotten about it >> they were higher than in september, but it's not as if they were leading the market >> and i want to make a comment about momentum works until it doesn't. i cannot say this strongly enough to investors watching

today, everyone loves their amazon stock and their tesla stock and all the other names that have rallied strongly, but that is absolutely correct momentum works until it doesn't. and when it doesn't work, if the fundamentals aren't there, it can get very scary so you have to be cautious with these types of things. >> strong words. making me nervous over here. >> good, i'm glad, that's the idea >> let's talk about the financials this was the flip side of the coin congress passing tax reform and continuing deregulations, senate budget committee advanced a gop tax bill esterday. senate is expected to vote by the end of this week here, jpmorgan, bank of america up more than 2%. this continues the gains we saw yesterday. i think the regional banks were at their highest levels at all-time highs today >> yeah, so they are obviously deregulation plays, they are high taxpayers, therefore, they're getting caught up in that trade as well and they've been relative underperformers, not stark ones, but they have lagged the market for months at a time, all of that is picking up what you're not seeing which is the bond

market give clearance for the stocks to run. they're going in the absence of rates going up very much yes, the two-year note is correlated the yield is going up, but in general, in general, the bond market is not telling you something dramatic is going to change in the economy or inflation when this tax move comes. >> there is the ten year yield you were showing a moment ago. still below 2.4% strong gdp number this morning, a lot of the competence data is amazing with, it's looking good, but it's not really budgeting at least that yield >> and why is that because number one, we have low inflation, number two, we still have oil crisis, they're still low, in the 50s, and number three, federal reserve chairman that is essentially signaling in testimony and comments that it's the same game we've been playing for the last five, seven, eight years, if we have an interest rate policy, i don't see how the treasure really moves as much as people fear. >> charlie, you do see inflat n

inflation. >> this one we do disagree on. it's sneaky, it's moving up, the number that came out today was above two, the last numbers were above two. we had three one on the economy being a little stronger than people think we've got a big tax bill that's going to add to deficits around the world. >> i think there are counterbalancing inputs that could mitigate some of the inflation prices >> even the corporate tax bill will be inflationary earnings alert to get to speaking of tech

>> eps at a loss of 13 cents as the street was expected. guidance in line as well the company grew it's customer base to 80,000 businesses in over 65% of the fortunate 500, but looking at the stock, it is down sharply, more than 6% that's on top of 4% loss earlier today. we're still going through the numbers. we'll tellout what's driving that, but the company is moving towards profitability and it is up nearly 60% year to date beating the industry software and services subindex this year. it's targeting $1 billion run rate in 2021, and this quarter, the company introduced box skills, this is add-on products in artificial intelligence and machine learning i just got off the phone with co-founder aaron levy a few moments ago. i asked him what the ai and machine learning announcements over the past few days means for his company. and he said, it plays directly into their strategy with box scales, they decided a couple of years ago that they didn't want

to be sole providers of ai and other scales the box scales was an open platform to take best in class services including the ones amazon has announced and turned them on for customers along with those best in-class services from the likes of google and microsoft. he sees kelly the aws announcements as a tail wind overall, back over to you. >> thank you it's interesting guys, because brrm they've clawed their way back >> yeah, for sure. what do you make of the earnings >> well, i think the point, up almost 60% at the highs year to date, giveback as expected type numbers, and this is the kind of stock that today people were not in the mood to give the benefit of the doubt to. >> michael >> that's a great point. i think that even though there's a lot of momentum out there, there's a lot of federal governmenty perspective, in the end you have to have a model that people can really understand and you have to have a company that you can really see strong earnings from and obviously with box, there's been some challenges. >> yeah, another loss, shares down 8%.

we have workday earnings released and we have those numbers now. >> let's continue the discussion around cloud enterprise cloud provider that beat street consensus, 24 cents adjusted versus expectation of 15 cents seams of 555 million, that too beating the streak expectation of 541 million, just pointed out that subscription revenue did come on higher by double digits. as we head into the seasonally strongest quarter, we are raising the outlook and now are expecting subscription revenue of 1.78 to 1.782 billion and that would equate to about a growth of 38%. kelly shares are higher by around 1.4%. they were up 6% earlier though, back to you. >> wow, that's quite a turn around charlie, anything you'd sigh hereon workday and box >> those were very good numbers. to have the stock up only 1% does show the kind of expectations that are in some of

those names. i mean, that was a very, very good quarter >> yeah. and like mike said, the mood of the market for these names today. how about jack in the box? let's see if they can buck the trend. the earnings are out and kate rogers has those numbers, kate >> not looking good for jack in the box. missing on eps reporting a adjusted earnings of 73 cents, estimates were calling for 89 cents for the quarter. revenues of $339 million, estimates have been for about $341 million comp sales for jack in the box stores not falling by as much as expected down 2% in the quarter, estimates from the street looking for a loss of about 2.5% in terms of same-store sales much worse than expected down 4% for the quarter. estimates were calling for comp store sales falling by around 1% for the quarter. they also gave some guidance on their potential sale if you don't remember, there's been a lot of talk about apollo global management potentially buying for $300 million especially in the past week or so.

in their earnings release, they did say they've made substantial progress and potential alternatives when it does come, they did not make an announcement about that sale in that release they have an earnings call tomorrow morning, we could get more information on that they also said they'll provide guidance for fiscal year 2018 once they're done evaluating what they will do with qdoba, back over to you >> thank you i wonder if they'll get a better price. >> kind of a messy quarter i think some of the street was expecting an announcement on a potential sale with the earnings >> yeah. >> it seems as if that's a net negative that's still in process. >> we'll keep yan oi on shares we're waiting on the results president trump just wrapping up a speech on tax reform we have the details on that. >> the president's been traveling in missouri giving that speech on tax reform, also hitting on a number of other topics and during the course of the speech, the president took a swipe at bankers who he said are making a lot of money. the president taking credit for the fact that bank stocks are

up here's what the president had to said earlier today >> you see what some of these people are making. little ridiculous. i'm driving up their stock, they're making a fortune, then they go to their board and tell everybody what a great job they're doing. >> the president also said he doesn't even like some of the bankers who are taking credit for the stock price rise and the president said he was driving. the president there touching on bankers and a number of other subjects including that he plans on discussing health care reform again after taxes. he expects the tax bille to pass by christmas and says that the white house will go back on the repeal of obamacare after that he also suggested that he might pursue a welfare reform agenda in the new year as well, kelly a lot of topics here addressed by the president >> yeah, some questions about what they might turn to next thank you. that's a sign there's some expectation they'll get tax reform done. charl charlie, the wall street journal is reporting that republicans are talking about a plan to cut

the rate to more like 22% in order to kind of keep everybody on board what would your takeaway be if that's the case? >> yeah, dependent on what they get in exchange for that so, some of it will be in the details. i think frankly think the difference between 20 and 22 is not big and that a passage of anything like this is still going to be positive for the market and as we said before for smaller value stocks >> yeah, and we're seeing the reaction, as was said, it's not often you see the biggest stocks in the market and the smallest both record closes today as we head for the dow >> yeah, i will say the dow is getting muscled around by a handful of stocks. that is very true. i keep pointing out too, we look at the russell, s&p small cap 600 is small cap, but most are profitable so that's a better benefit and that's been outperforming recently so it is a tax cut rate. but that's a more targeted one >> yeah, michael, the final thought on that or any other words of caution for investors

>> i think i've said enough words of caution today but i think small cap is -- small cap is volatile, right, but the thing about small cap is, i think it's important for from an allocation standpoint to have it the small cap in your portfolio. it's ease why i to get enam orred. if off mix, you get a good combination from an allocation standpoint on a day like this where it's hard to understand, in a way it doesn't matter, if you're in it, you participate. i think it's important you're not just chasing what's popular today. >> thank you very much michael, charlie, joining us to talk markets today meanwhile, chipotle is hanging out the help wanted sign the restaurant chain is looking for a new ceo. will a change in leadership fix what's been ailing the stock we'll ask that next. plus the head of the amazon web services, the most profitable unit has tough words for or call we will hear them coming up. we want to hear from you contact the show via twitter, facebook, or over e-mail, share tcng thoughts with us, you're

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adjusted earnings per share for 302. that's a beat by 11 cents when you compare that revenues also slightly stronger than expected at $2.36 billion now, pbh did raise their guidance for the full year the ceo says that's in part due to the outperformance of the third quarter and the strong start to the holiday season. hoifr, remember, the company just beat by 11 drents and that guidance range for the full year doesn't really fully incapsulate that, so probably a little bit of disappointment if you're looking for a very bullish guidance and so shares are up, but only about 1% so that's either a little bit of conservativetism or interesting take on a strong start to the holiday season, kelly, but that's where we are right now for pbh on the third quarter. i'm sure they'll dig more into the details of that. >> yeah, we're looking forward to that, courtney, thank you and the shares are just barely

higher now we'll watch pbh. also news that chipotle is looking for a new ceo, about 5.5% founder and current ceo will become executive chair the casual restaurant that once enjoyed huge cache is struggling to turn it around and the kwa sew dip that landed with a thud. joining us now, steven anderson who's senior vice president and restaurant and consumer analyst at the max imgroup thanks for joining pus you have two different views on this you're more bearish on chipotle. is that even with the ceo change >> yeah, i think this was a good step for the company and clearly steve has been a pioneer in the industry creating an entire subcategory that people are now following if we look at things they can improve that need improving with the digit at it experience, off premise and delivery a lot of things that are leverage they could pull that just aren't being pulled that the point. there are things a new ceo can

do and currently it may take time to get that going, just given we feel like current trends are soft relative to an improving industry overall >> yeah. steven, why are you positive on this stock >> well, as will eluded to, there are a lot of trends going on in terms of the digital revolution and off premise sales that we think over time, chipotle will take advantage of. what we think of will happen and what we'd like to see happen is a new ceo coming with an operation's excellence culture we see that in the naming of chief restaurant officer being named in may coming from arby's, but i think the street would like to see is more people coming from the outside to give a different perspective on the chipotle steve ells has been a pioneer in the industry, but i think what now is someone whobd take chipotle to the next level and perhaps take the brand overseas. this is one of the few large

restaurants, companies, that really does no presence overseas whatsoever and we think with potentially franchising which mr. ells refrained from doing, this could be another potential lever for the stock. >> well, does it have -- the new ceo, would it have to be somebody with restaurant industry experience, do you think they could be creative in going elsewhere in consumer services or consumer products, and do you think it's really an operating story or is it kind of an overarching strategy change of direction >> well, i would say that -- >> sorry >> yeah. i think the playbook is already fairly written you look at some of the things that starbucks has done that panera did before it was taken out. what dominos has done. create a digital culture where customers are comfortable ordering online, picking up, delivery, catering, all of those things are driving sales for those companies and chipotle hasn't taken advantage of that as much as i think they should

i think that playbook is somewhat written and they mentioned in a release and looking for someone with turn around experience. clearly trends aren't why where they want them i think it needs to be someone in the restaurant industry that at least sort of has seen these things play out. to really make it happen >> steve, just in a word, who would you put on the short list? >> well, i would say a name's we mentioned a lot, ron shaich. there are a number of others, if you look at yum brands, jack in the box, these are clearly two examples that have faced similar experiences to chipotle, but i think again this is a story that can take time where going, we're about four and a half months or so since the norovirus operating. that was only one store. not the 40-plus stores that were affected by the e. coli back in 2015 >> thank you steve anderson, will slaybaugh talking about more caution for

chipotle up next, the head of amaz amazon's most profitable unit and how it's dealing with increase the competition in the cloud. plus president trump loves to use twitter, but the man he appointed to run the fcc says twitter is a throat a free and open internet because it's silencing conservatives. r keayn athewe come back. hey! yeah!? i switched to geico and got more! more savings on car insurance!? they helped with homeowners, too! ok! plus motorcycle, boat and rv insurance! geico's got you covered! like a blanket! houston? you seeing this? geico. expect great savings and a whole lot more.

a barrage of announcements from amazon this week. the reinvent conference in los

angeles which is where john ford sat down with the unit amazon web services and it's ceo andy what'd he say? >> well, he's pushing into machine learning artificial intelligence they got a camera now that works by that, first of all just to set the table here, aws, currently the industry leader in the cloud by a pretty good margin, that's not stopping the competition from coming after amazon i asked andy jassy about his competition, specifically oracle, take a listen. >> there's really not much more comparison, it is a lot more functionality bay large amount we have a much larger partner ecosystem, built practices on top of aws they all start because with a significant market segment leader, you know, there's not much of an ecosystem that you'll find at oracle

we have an expression we use internally, you can't learn certain lessons until you get to the curve and scale. >> jassy himself has been at amazon for 20 years. one of the early jobs was jeff bay zos's early assistant. here's what he has to say about the man driving amazon >> he's an amazing individual. he's really smart. unbelievably creative and innovative he has incredibly high standards. ae also has a way of looking at various situations and the team thinks that they're thinking big, and then jeff will ask them to think bigger. and you know, there's a line there. you can ask a team to think bigger, and it's so much bigger, it's so impossible that the team tunes you out because it's just not viable he's doubling down on amazon

overall despite the tools that are now on amazon's clouds doesn't feel like the competition is running fast enough to catch up to him, kelly. >> i don't know, the way he dismissed by oracle by name and insulted them thinks they are getting more nervous about their competition. >> i think it's clear that amazon is trying to move into areas where these other enterprise companies have in the past dominated amazon is making a case for data base a or call says no so fast. jassy is arguing that despite the fact that the growth rates at these companies might be faster than amazon's growth rate, amazon's so big that if it's growing 42% and some of these guys are growing 90%, it's still moving ahead faster than they're trying to catch up >> fair enough and it's good for the rest of amazon i'm sure they continue to do well. john, great stuff and thank you very much for bringing us those

highlights john ford. time now for a cnbc news update let's get over to sue herrara. >> hello kelly, hello everyone, here's what's happening at this hour prurp's pick for health secretary alex azar plenging to lower drug prices. zpll the current system of pricing insulins and other medicines may meet the needs of many stake holders, but that system is not working for the patients who have to pay out of pocket and we have to recognize that impact spokesman for united nations war crimes court has confirmed that a former bosnia general died in a dutch hospital today he drank a liquid poison in a courtroom where judges had just confirmed his 20-year sentence before he drank the poison, he yelled, i am not a war criminal. here at home, american airlines is scrambling to find pilots to operate thousands of

flights over the holiday season. a glitch in the system used to schedule crews is responsible. a spokesman for the airline says the carrier expects to avoid cancelling flights by paying overtime and using reserve pilots that's the news update this hour, kelly, i'll send it back downtown to you, see you tomorrow. >> all right sue, thank you very much sue herrara. quick look at how we finished on wall street today with two record closes and it was for the dow and the russell 2000 the blue chips and the small caps doing quite well today. they were up about half a percent, nearly that for the dow. s&p which is lower by a point and the nasdaq lower by more than 1% today. nasdaq closed down about 87 points let's get to some of the other big stories today. here's our rapid recap >> chipotle announcing it's beginning the search for a new ceo. the chain said that the sounder will become executive chairman bitcoin over $11,000 and

depending on who you're listening to, could go to 40,000 or on it's way to zero >> even if you believe in bitcoin, the velocity of the move is a sign that it's parabollic and parabollic moves don't last. >> we might do a small acquisition here or there. we will look for things that are incremental to our strategy and can accelerate it, but again, i feel very good about the assets. >> my worry about selling assets is the message that it sends >> we're going to do nothing that would lend yes dense to an idea that we're actually making concessions to address somebody's concern with cnn. we're not going to do than >> if cnn were to become available in negotiations, would you ever consider buying cnn >> we wouldn't be allowed to, and we shouldn't be allowed to absolutely not >> we will be a free cash flow machine and it'll jen late a lot of security for us and flex to believe the buy more things or

buy back a lot more of our stock over time. >> and it's time now for the take away. and we begin today with a shot at twitter taken by fcc chief with a tech world seemingly lined up against his removal of net neutrality he said quote when it comes to an open internet, twitter is part of problem. he added that quote the company has a viewpoint and uses that viewpoint to discriminate. michael, this should absolutely put facebook and google on notice too >> they should be on notice that the fcc chairman has this opinion, yes, and basically says don't go picking on internet service providers as somehow blocks to an open internet, right? i still think there should be a distinction, right you have one internet service provider, most people. that's your gateway to everything, whether things are slower or filtered or anything else so yeah, i mean, i don't see how twitter is different from an editorial publication. so you have to be on notice, but, it doesn't seem like those

are equivalent. >> i wonder what more may follow now that he has launched this out there against some of these tech platforms next, another headache for kwalcom as it defends a takeover apple accused the company about saving battery power >> clearly, yes, although kwaulcom's trying to get that notion price up a little bit not knowing anything, of course, about the technological merits here it's fascinating that you have that this dined of turn about tripe strategy where they say no, it's our property that you're stealing because these products in different it rations become so kind of blended and they borrow from what's already been built and everything else so i don't enjoy the job of the court to figure all of this out. >> it's a lot to disintangle and finally, how much, speaking of anti-trusts, too much anti-trust. the review of the purchase is

going to quote unimaginable depths noting the company that has delivered four million pages of documents to e regulators over the deal four million pages michael, do you think that's normal >> sounds like a lot >> warranted >> it's very difficult to say, of course, although, this is a tough position any company is in if they're making a very big kind of a strategic merger which is the very merits of the merger that make you want to do it, make you want to sell to your investors make it scary to regulators who are trying to preserve competition >> now they're arguing for why they're not such great strong companies. >> exactly >> and in this case, for whatever reason, agricultural products, chemical seeds, in europe especially, it's very -- >> hot button issue. >> yeah. >> i'm sure that's part of it. bitcoin posting another huge gain today the currency did zoom past $11,000. now pulled back to 9900. but with this excitement, there's no bitcoin etf in sight. sbob here to explain why next. skrnz ready for the health

care conference in march featuring top health care ceos, investors, and entrepreneurs for more information and to get tickets, go to cnbc.com/healthyreturns.

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bitcoin prices hit another all-time high crossing the $11,000 mark before pulling back shoorp sharply the nasdaq announced plans to launch bitcoin futures next year bitcoin is up around 900% this year, and the speed of which it's reached major milestones is accelerating rapidly bitcoin hit 1,000 back in october of 2013. it took nearly 1300 days to reach 2,000. that was just in may of this year and since then the currency has taken off. 143 days to go from two to 5,000. 47 days to double again to $10,000. last night, just over 12 hours to hit 11 k. what's next after a roller coaster day? bob is here with a look at whether a bitcoin etf is on the horizon. >> there's a good reason why

they have blown up in the last couple of months what's exciting investors is the expanding derivative markets which is adding legitimacy last month for example, an institutional trading and clearing platform began trading bitcoin options. that was a big step. now the chicago america teal exchange, and now the nasdaq, they're all set to roll out futures soon this is good news. bitcoin futures will enable traders to short bitcoin that's a welcomed development. there's another piece of good news with the passage of time, there's more platforms, participants, maturitmaturity the fcc seems to be saying not necessarily. there had been several attempts for bitcoin etfs this year they've all been turned down they regulate etf, here's the problem, the fcc said bitcoin is an unregulated market and because of that, they would be unable to enter into surveillance agreements with other relevant agencies to keep

track of this. you can't blame the fcc for being worried. if bitcoin is unregulated in the fccs eyes, it would be subject to manipulation and fraud and giving it exposure to a regulated market like the etfs exposes the fcc to a lot of potential problems it's possible that establishing a future's market might go a long way toward addressing the issue. perhaps, think about the bitcoin itself was designed to be unregulated. the block change has not been happening, the platforms that support the currencies have been hacked and no one is necessarily regulating all of these groups so you can see why the fcc is concerned and mike you know well, the big war that's gone on for years for the cftc and the fcc and there's turf wars that have always existed right there. and this is a very delicate area it's giving the nod to futures, the fcc is saying, well, is that enough >> i just have to stop you right there, thank you

bob, breaking news on noh kia with john ford looks like deal news here, john. >> that's right, kelly nokia is in talks to buy juniper network sources tell cnbc. this is a story that's developing this deal is a networking deal we're talking about nokia. we're not talking about phones anymore. this is a business that bought louisen several months ago this offer would value juniper around $16 billion, sources told cnbc that's a significant premium to where it closed and you can see juniper's shares up nearly 20%, now more than 20% after hours on this report so, this is increasing consolidation when we look into the guts of technology, remember, broadcam made this bid for kwaulcom we do not know how juniper might

receive this offer these talks are ongoing and could fall through, but juniper has been approached by nokia in talks to buy the company and the offer would value juniper at $16 billion which is well over premium. >> what is the appeal to juniper to what nokia is today >> well, primarily, geographic diversity and the customers that it's able to reach, nokia has always been a big deal in europe also had some good global reach by no means the number one networking player with the u.s if you're trying to gain skill and perhaps grow that business, it could make some sense to have more geographic diversity in network and customers even if if you're not able to become a number one player with this kind of a deal, kelly >> mike juniper, shares up 21% noik ka down about 1%. >> yeah, juniper, it definitely

is kind of this consolidation and the pipes and valve was of the digital world. strategic player here. >> are they mostly value to believe nokia or other bidders out there? >> well, that's a good question, kelly. given where the players because of the way cloud has upset them, you have to look beyond traditional players to think about who could be interested in a company like this. granted though $16 billion is not pocket change for anybody who's playing in this kind of market hard to say, you have to expand the possibilities. >> john thank you very much for bringing us that story i will continue to follow it with 20% on that news. meantime, nbc news firing "today" co-anchor matt lauer for

sexual behavior in the workplace. the implications for nbc are coming up. and as more big media and hollywood names are accused, major wall street names are seemingly absent has the street really cleaned up 'ldiusla wel scs ter on the closing bell [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 often reveals a better path forward.

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businesses from 17.4% to 20% now this is a move that's intended to win over one republican senator on the fence, steve danes. he tweeted out that he was able to secure $60 billion for main street businesses. that's how much this increase translates to. and now he says he feels comfortable supporting the move to officially begin debate on this tax bill. now, we are still waiting for that vote to happen. it was supposed to happen earlier this afternoon and no signs of it happening anytime soon just yet. so the clock is ticking for republicans. if they still want to get this tax bill to a final vote before the end of the week, kelly back to you. >> all right, ylan, thank you very much. ylan mui on capitol hill there from harvey weinstein to kevin spacey and now to nbc's matt lauer, allegations are flying about sexual harassment

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> next, whether wall street has changed its boys club mentality.

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nbc news firing matt lauer after a complaint about inappropriate sexual behavior in the workplace. julia boorstin has the latest. julia? >> reporter: kelly, that's right, new reports detailing allegations against lauer reported by "variety. nbc news chairman andy lack saying, "while it is the first complaint about his behavior in over 20 years, we have reason to believe it may not have been an isolated incident. nbc last year signed a new

two-year deal to continue paying him more than $20 million per year into 2018 the "today" show bringing in far more ad revenue than any of its rivals the first two hours of the show which lauer co-anchored generating $610 million in ad revenue last year. so this firing is certainly a big shake-up for this big chunk of nbc news's ad revenue back to you. >> julia, thank you, julia boorstin what's wall street's record when it comes to sexual impropriety? that question was addressed in a book 20 years ago, "tales from the boom boom room," about wall street's shocking culture of sexual harassment. author susan antilla joins us, thanks for joining us, susan why haven't we seen the big bombshell headlines from wall street >> i think it's changed at the margins. youcertainly don't see

strippers being sent in to branch offices of brokerage houses anymore, which was happening back when i wrote the book and also the guys have taken down the playboy centerfolds from their cubicles. the obvious, blatant stuff has stopped. but i don't think the problem is solved by a long shot. >> i was a little dismissive earlier about sexual harassment training which they'll be doing in congress. do you think that will make a difference to the culture? >> every time i've spoken to a man on wall street, he's made fun of those things. even women i've spoken to say they seem to be a waste of time. i've never gone through it myself, i don't know but there's just sort of a level of contempt on wall street for those programs and i'm not sure that they make a difference >> susan, i wonder if you picked up any change in the culture just by the fact that these firms are in these big old

bureaucratic banks, it's not necessarily the "eat what you kill" type environment out there, just a generational shift in these institutions. >> i know, i guess that that helps. although even as i say that, i think of all the cases we've seen of young men in their 20s and 30s and there still is sexual harassment going on both on wall street and other industries so it gives me some pause about whether there were any lessons or whether the generation coming up is all that different >> has it just shifted to silicon valley, susan? >> certainly a lot of it has but it's still going on on wall street we still have cases coming up. and we still have active cases in some of the things i've seen recently, you've got women who say when they come back from having a baby, the guys are all m mooing at her when she goes past it's frat house behavior but to

say that insults frat house behavior it's still happening >> susan, thank you for joining us i'm not sure it's not the last time we'll be talking to you we appreciate you being here she wrote "tales from the boom boom room. michael, we'll put a wrap on it >> we did enough >> i think so. that does it for "closing bell," live from the nasdaq market site overlooking new york city's times square i'm melissa lee. tonight on "fast," bitcoin's gone wild, soaring past 11,000 and then plunging 20%, an intraday bear market before rebounding once again. what does this all mean? our resident bit county expert bk will break it down and do a trade on the air plus american airlines puts its holiday travel a