welcome back to "squawk on the street." i'm dominic chu. health care one of the leading sectors, one of the best performing stocks, certainly to keep an eye on let's send it over to "squawk

alley. back to you. >> thank you very much it's 8:00 a.m. at our headquarters in sunnyvale, california, 11:00 on wall street and "squawk" is live ♪ ♪. >> we're going to start the hour with breaking news on target for that we'll go to courtney reagan back at hq. hi, court. >> the same big delivery wars rage on. target buying personal shopping and delivery platform shipt for

550 million. target says delivery option for shoppers will begin in early 2018 it pulls inventory from stores to deliver same day. by summer it will be available in half of its 1800 stores to start, though, it's going to be done through the shipt app and network of personal shoppers personal shoppers are in direct communication with the consumer that places the order for questions and timing updates at least to start, get this, you will need a shipt membership $99 per year for unlimited deliveries on the platform from target and other retailers like costco and kroger. target says its working on how it might eventually be integrated into its website and app and what that cost would be for shoppers for same day delivery it is a unique deal. shipt will be wholly-owned subsidiary of target but still operate fairly independently continuing with other retail partnerships

shipt founder and ceo bill smith said it would aggressively grow other retail partnerships even though target is going to own it back over to you guys. >> all right, courtney. >> i have a burning question right now. >> okay. >> courtney, it makes sense to me that target would actually be doing this given how much inventory that goes out and ecommerce fashion that comes out of their stores. why hang onto this other customer base of shipt. >> that was a really big question what the answer was for both target and shipt when we spoke to both-of-them, they said it's because of the efficiency that you get from scale so that's what they are saying, they want to be able to hang onto retail partnerships to make this even better it seems to me that shipt really wanted that as part of this deal they just didn't want to let go of other retail partnerships they weren't fully ready to be just a target product. they are still going to operate out of birmingham, alabama, where they are

they also have an office out of san francisco. all those employees stay put although the ceo and founder does report into the target. >> big day for alabama sounds like amazon prime with $100 membership and also like amazon's third party shipping and logistic operation continuing to work so interesting so speaking of amazon morgan stanley releasing bullish stock. the firm does outline some risks. joining us now one of the authors of that report, head of media research at morgan stanley. benjamin, good morning so you talk about this in terms of saying the amount of market cap they contributed to s&p in 2015, around 24%, which is huge. you also seem to make the case that all faang stocks not

created equal and we should look at them differently in their potential for 2018. >> i think the point we were trying to make in our report 2017 was a fantastic year for the market, obviously for tech to your point, the leadership in the market came from a fairly narrow group of stocks we also are in year 11 of growth over value marketplace, which is the highest going back to 1970 so we have had a very successful and long run with technology stocks particularly in 2017. our analysis shows there are readings why that may moderate in 2018 although my colleagues and i remain fundamentally bullish on faang to answer your questions specifically, when you look across the group you had stocks that traded low multiples lying an apple, for example. you have stocks like netflix which i cover which has relatively modest near-term earns we feel good about but the beta will be much higher than with a stock like apple. >> so you say these market share

leaders are too big not to feel a consumer recession should something like that happen is it your position the likes of an apple will perhaps weather this more strongly because they are more like value stocks versus the netflix you mentioned? >> one thing we believe, trading on relatively high multiples, these businesses are clearly taking share and disrupting industries in the event of a recession, which we're not calling for but might happen down the road, we think the business will be resilient but multiple pressure worth keeping an eye on, particularly with netflix, much like pullback when growth rolled over a couple years ago. the business, particularly netflix, $10, $11 a day for two hours of viewing is probably the best deal in entertainment that business will hold up fine.

we can see multiple compression should we see overall pullback in growth even if fueled by recession or otherwise fundamentally we think 2018 sets up well for faang and netflix in particular. >> ben, i'm looking at netflix up 50% year-to-date, apple 50% year-to-date facebook, amazon, 50% year-to-date what's going to be the next faang stock. what can investors invest in that would receive these kinds of run in 2018 moving forward? >> i'm not sure i would throw another acronym in there right now. you know i would say my coverage group, we feel good about disney that's a name we like all year, like into 2018, a big tax reform beneficiary. obviously they have some big plans in over the top. we think there's more room in the ott winner's circle than netflix and i put disney in that

category. >> finally on faang, one of the things that burned a lot of strategists sbog in s going int top performers rarely repeat that hurt people you say not to be afraid of that dynamic going to 2018 as well? >> i think it's something to keep in mind that's something we highlighted in the report. the performance of top contributors to market cap historically are fairly mediocre the following year which among faang stocks see who might get bit by that potential bug us in clear today. we think all these stocks offer healthy upside probably not as healthy as 2017 but still secular layers out to perform. >> going to continue to watch these heading into next year and beyond ben, thank you. >> thank you very much. still ahead this morning, arianna huffington going to join us post 9 cnbc exclusive we'll get her take on everything from uber to net neutrality t

stanley drunkenmiller. and a new ypcuencrtorrcy initiative the company's founder will join us when "squawk" comes right back apple announceing a maj

investment in the lei laser company, stocks surging on the news we sat down with coo of apple and finisar. he joins us now. >> apple's steve cook came on cnbc and first announced $1 million advanced manufacturing fund apple made a first investment, $200 million to corning. this morning a second investment, $390 million apple will be investing in finisar you mentioned the stock the. check it out, it's surging on the news finisar will use the money to build out this facility in sherman, texas, where they will ramp up production of chips that help power a range of popular apple technologies from face id to emoji to ar kit i did have a chance to speak with apple ceo jeff williams interestingly jeff williams said that apple could very well spend

even more on high-tech american firms, that we shouldn't think of this $1 billion as any kind of hard and fast ceiling for the fund take a listen. >> when we announce the fund in may, we said it was an initial investment of a billion dollars. we're really not thinking in terms of a fund limit. we're thinking about where are the opportunities across the u.s. to help nurture companies that are making the advanced technology and advanced manufacturing with that that quite frankly is essential to our innovation we want to nurture those companies, often those operations are capital intensive. we want to help them that will create more jobs that's a fantastic match for the american workforce now, with this investment app also securing supply component for iphone x some analysts suggested that device might come into supply demand balance soon, even later this month

i did ask jeff williams about that he said he couldn't predict that kind of hard time line take a listen to that response. >> the response of iphone 10 has been phenomenal and we're making them as fast as we can we're excited to get a lot unthe trees for christmas this year. too early to predict supply/demand balance. we see the need for the technology continuing to grow. that's why we're investing in this capacity. >> now, that new plant in sherman, texas, is expected to open in the second half of next year finisar also using that money to hire 500 new people that will include engineers, technicians and operators. guys, back to you. >> all right thank you, josh. that was a soft billion dollars, looks like they were looking to spend even more. coming up arianna huffington is here we're going to get her take on the tech world's latest controversies,harassment in th

workplace and more i expect we're going to talk sleep as well.

rick santelli? one went the other both month over month and year over year. how are we supposed to decipher this that's what we're going to talk about after the break. alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. fidelity. wow! record time.s. at cognizant, we're helping today's leading life sciences companies go beyond developing prescriptions to offering subscriptions with personalized, real-time advice

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relatively stable. tuned 2% what's more, x food, x energy, maybe x verizon, x electronics series did he funding for product development. she, of course, is the co-founder of "huffington post"

and board member at uber good to have you back. >> great to be with you. >> the series of names you have really built a movement. >> i think it's more we are helping accelerate a movement that's already happening passing businesses billions of dollars globally it's affecting health care cost, productivity, engagement, so people are beginning to see improving the well-being, not just a sloppy hr benefit but really affecting the poem line of bismuth rick santelli that's what a company does a company changes the culture and we have a media platform that brings together the latest science and new road markers. >> when was the tipping point on this when did you realize this was going to do some harm as well as good, this social media thing?

>> well, i think what we're realizing, 2017 was basically the wakeup call. technology is amazing. it changed our lives it also made us addicted to phones, social media, which made it harder to protect our own humanity, to be able to do this work and to be able to be with our families, connect with ourself. so it's no longer just work life balance, it's more like you live work you do home and you're lost in the rapid whirl ofsocial media it's going to affect your productivity and health in the morning. >> arianna it seems like the culture of silicon valley over the last years is optimized for employers. there's shuttles that get to you work fasters, meals that keep you at work longer fake foods can you sit at your desk and

slurp fake shakes to stay alive and code this optimization and gamification that so much of silicon valley has become based on do you have to recode the entire culture to get results here? >> i think optimized for hyper growth. >> not the person but the company. >> the company without the realization that we've had this year that when everything is sacrificed at the altar of hyper growth, business suffers. if you sacrifice humanity, health, engagement and also this by saying the goal is to be always on and to never disconnect, in the end -- and the end is not very long-term, the business is going to suffer. that's really the new wakeup call more and more companies in silicon valley and everywhere are recognizing.

>> maybe that's the first place to go and see what's special about uber and cleanup of culture that's happening there certainly the spearheader of that rehabilitation. how is that going so far >> going really well we're very likely to have a great field, joining from expedia, uber's cultural values, two of being always on and working longer, smarter, harder. now, smarter and longer don't go together if you're working longer, you're going to make mistakes you're going to engage in unprofessional behavior in the workplace because you're burnt out. burned out people act out. so all that exchanging on the dollar and on top of it we continue to play back spot future why do we know one of the

reasons we face all these problems it's very, very fast growth, you know in 77 countries, 10 million a day, et cetera, et cetera. a lot of the managers didn't have the proper training to manage a company that was skplofl growing. >> there's been so many big news poms o bombs out of uber, obviously there's culture stories. there's been the data lost there's been london. are we done with that? is there another big thing looming? >> well, the greatest point is that everything is coming to the surface and everything is being handled. one of the great, great benefits of the leader is he's unstoppable. he deals with everything as it comes and moves on he's also hiring a great team. the general counsel joined us from pepsi that will help him continue to

grow the company while dealing with all the problems from the past. >> we're in this big cultural moment right now, epit mized by "time" magazine, silence breaker, including uber employee featured are we at a point where we think there are policies being put in place that are going to prevent this from continuing to happen or are we just having a little bit of catharsis we're numbing out. oh, mario vitali, this industry, that industry, people aren't paying attention like they were two weeks ago. >> i don't know if we're numbing out but raising an important point. we need to move beyond simply identifying all the problems and all the systemic failures to systemic solutions i think the reckoning has to

continue you use a great word, thank you so much. the catharsis has to continue. as well as keeping spotlight on high-profile people in media, in every field of human endeavor, we also need to move the spotlight to low wage workers. there was one of them on the cover of "time." but the truth is that low wage workers are even more vulnerable in a recent study shows, for example, 58% of women working in hotels in chicago have been sexually harassed. they have the fewest opportunities to change jobs i think we they'd to take care of that. also we knead to look at hr norms that have to be changed. right now hr norms, as we know, to contain the trouble, to protect the company, and to stay

silent so we need to change that. we need to bring in more transparency, which would prevent the answers to be identified and employed by others who will never know what happened in the company because of the current hr move. >> quick question on media, jon mentioned magazine covers. the cover of variety, "the new york times" reporter, "washington post" giving credit for what happened in alabama to some degree. although a high-profile correction at various news organizations. where are we in the media's ability to retain the trust of viewers? >> well, you mentioned two great examples of amazing work "the new york times" and "the washington post. "the new york times" is also doing very well financially because of incredible growth in subscription "washington post" is actually profitable i think what the media needs to address now is what's happening

in social media, so muchof the content fed spoke facebook and other social media providers a small percentage of the advertising revenue is left. that's something that needs to be addressed in 2018 it makes it much harder for other media institutions to survive and thrive. >> that's going to be a you tough balance, trying to keep your visibility but also keep proprietary content that drives revenue. we'll talk more next time. we hope you'll come back. >> thank you so much happy holidays. >> same to you. >> happy holidays to you. and time for a news update now. let's get back to sue herera at hq sue. >> thanks so much. here is what's happening this hour the supreme court ruling that a russian cyber crime suspect to be extra indicted to the u.s. in connection with alleged money

laundering scheme using bitcoin. u.s. and russian officials wanted him expedited for prosecution in their countries. turkisher erdogan saying u.. leading peace process is over. he spoke at the summit of 57 member organization of islamic cooperation. residents in southern gaza surveying damage to their home following israeli airstrikes israeli military said they carried out the strikes in response to rocket fire launched towards southern israel. ntsb releasing final report on the sinking of the freighter in october 2015, "el faro." the ship's captain and his unwillingness to listen to his crew that suggested they change course from the path of hurricane joaquin was the main problem there. 33 people died on board. that's the news update this hour back downtown to "squawk alley."

morgan, i'll send it back to you. >> thanks. that's a really unfortunate thing to hear that the captain of a ship would do that. still to come, amazon over llnae, that's the call biioire edge fund stanley drunkenmiller is making. more on that when "squawk alley" returns. ...at t. rowe price... ...we've helped our investors stay confident for over 75 years. call us or your advisor. t. rowe price. invest with confidence.

welcome, let's get over to dominic chu. >> stocks mostly lower in europe

given yesterday's gains. investors are taking a more cautious approach ahead of this afternoon's u.s. federal reserve decision on interest rates the fed is not the only central bank on europe's radar you've got european central bank, bank of england, suisse national bank all set to hold policy meetings toll they expect all three to stand pat on rates a lot of the focus will be on the bank's inflation projections in jurisdictions, european countries moving higher versus dollar ahead of those meetings two of today's gainers come from the retail sector. they say third quarter sales growth slow from previous quarter but sales improve in november due to cooler weather and shares of global phone operator dixon getting a much needed lift. they plan to reposition mobile business to cope with the challenging markets just as dixons reports a weaker demand

in hand sets a lot of action in european markets. back to you. >> thank you crowd company announcing a major cryptocurrency initiative. founder joins us post 9 cnbc exclusive. and jason calacanis is up next his take on bitcoin and apple's laser investment all that when "squawk alley" returns.

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where we have cnbc exclusive interview with the bond king jeffrey gundlach so much to discuss we're talking markets, stocks, bonds, the president and throw in some bitcoin. find out exactly what he thinks about cryptocurrencies also find out how he's positioning himself for 2018 in all sectors of the market. guys, we will see you in just a short period of time live right here in los angeles from the trading floor of double line capital with jeffrey gundlach. >> can't wait. see you in a few moments speaking of bitcoin, continuing it's climb joining us jason calacanis ceo and founder of inside.com. wondered if we had a chance yet to ask you about your thoughts on bitcoin have we? >> we've talked about it

some great underlying technology in temperature cryptocurrency space that could be transformative for individuals and businesses, however i've not seen this enthusiasm from retail investors since dot-com bubble and flipping houses. this is a very tenuous situation we see with the fcc issuing a warning yesterday or the day before then last week coin base, which is the number one exchange for bitcoin, kind of a central point of failure saying if you invest in this, be prepared our service will go down and you will not be able to sell your coins in the event -- sell them quickly in the event of some kind of rush on the currency either way so this is very dangerous territory. i would advise people to be very careful. it's certainly a bubble. the question is, are we halfway to the bubble popping or 90% to the bubble popping the people in the industry are very concerned the most intelligence people i

know, who were at the start of the industry are saying it's a bubble, which means it's a bubble. >> so what does be very careful mean does it means only buy a little bit or does it mean buy a lot if you can afford to lose a lot or don't mortgage your house. >> certainly you don't want to mortgage your house and you don't want to buy bitcoin on your credit card, which some people are doing what you want to do, if you really have an interest in this, try to have some information and learn about the space and dabble with small amounts of money. be very generous with your time and learning about bitcoin but less than 1% of your net worth at a maximum if you want to explore this space it's fine. but it is a very dangerous thing. i get very concerned with contagiousons. we learned last time what speculation did at the end of the housing boom and speculation did at the end of the dot-com boom i don't think we're there yet but we're in a market, you

combined people, cabdrivers, nannies, asking about bitcoin and how does it invest this movie, i've seen it before and it does not end well. >> all right i thought you had a question, morgan go ahead. >> really more than anything i had a comment. that is the fact coinbase became the most popular in the u.s. last week. it passed kardashians and google, that speaks to the point. i have a question mark about that. >> jason, we'll keep in touch with you on that one the other big news is apple announcing $390 million investment, part of apple's advanced manufacturing fund to support innovation by american manufacturers. finisar will billion dollar in texas with it will build chips we heard from stanley

drunkenmiller last night on opening bell. >> apple i don't find nearly as exciting as amazon, facebook, or google it's a hard work company i understand they have a platform. >> you use their product do you consider them great products >> i do think they are great products but they are probably no better than samsung they have a great brand. i don't see the under earning that i see in these other companies. if anything they are overearning in terms of the margin they are making i don't own that one and also not shorted. >> provocative comments from drunkenmiller. jason, your take >> a little bit confounding. we sit here and ask technology companies to have profits and to not do what amazon did and show no profits for decades have you apple being a money printing machine, and they are continuing to expand how much money they make on devices and how much they charge for them.

so there is existential risk of what comes after the iphone with the iphone being half their revenue obviously. but the question that we have the last couple of years is would there be a margin compression year with apple and samsung as we heard the gentleman say. that hasn't happened the opposite is happening. now people are buying $1,000, $1100 phones in terms of the app business, which he kind of disregards there, that's a $32 billion a year service business for apple. that's -- >> kind of like you stepped out of the delorean, the argument from five years ago, samsung just as good we expect apple's margins to go down they are on their way up. >> yeah. so i understand that it's not the most exciting company and they haven't done m and a in a major way, which is confounding given their cash position, but i feel like the end of the iphone is something we've all been predicting and end of iphone profit machine we've all been

wondering when it would end and it hasn't. that to me is encouraging for apple's future you can't bet against this company. >> can't samsung babb market share from apple and smartphone and newer launches of smartphone >> yeah. here is the nuance to that issue. while you may have market share in terms of the number of phones, there is no margin, no profitability in android phones. it's a race to the bottom. apple has figured out how to mama'sike massive profits people who own apple phones don't give them up, even when hardware from other manufacturers is better. that's a big lesson for everyone in the technology system, sometimes the elegance and uis can trump performance and 20% discount on price. you can get android for 20% that's more powerful people don't do it why? in consequential amount of

money. if you use the phone two years, $0.50 a day or less, $0.25 it's in consequential. so amazon and facebook and google are exciting companies, sure they have a wider range of products but nobody has built a money printing machine like apple. it's something to be lauded and appreciated. who knows, these ar glasses they are working on supposedly, i think that does actually have the ability to do what the watch didn't, provide a wearable that's essential. >> that's a longer story we're going to have to watch clearly the amount of time spent means it's not hard to amortize your additional incremental cost if you decide to stick with the apple brand. david faber reports the disney fox deal is expected to come down tomorrow. according to sources enterprise assets could be $50 million. fox shareholders would keep 25% of the new disney. we've had a lot of discussion about what scale actually means in this day and age. implications for hulu, for the

remaining company and what happens to them after the fact management what's going to be your big question >> for me it's how quickly can they ramp up subscribers direct to consumer platform and what original ip they make on that platform because if we look netflix obviously has shown the world a low cost, $9, entry fee. people will sample i heard the best deal in media it's not wrong, it is the best deal in media. disney over the top service combined with netflix features is a huge winner how quickly they can role that out and what original ip they can create to pull people to it, x man tv series and only available, obviously that's a franchise owned by fox, if they have that franchise in a direct

to consumer product, i think they are going to win big. the one caveat is -- >> jason, i know you're bullish netflix, talking about grand plan for disney but last night i just showed my sons the captain america movie for the first time i ended up having to pay for it because i didn't have it on streaming service. boy, when disney gets a streaming service, it's potentially huge isn't there really a threat to netflix in there a lot of the movies people want to watch are somewhere tied up in this deal if you have to cut one service and you don't watch stranger things, maybe it ends up being netflix. >> what's different this time is we're used to having one tv provider, directv, comcast, whatever we're living in a world where people have five, six, seven accounts for $5 a month each you only have to be in the top two or three to have a gigantic

business i think there will actually be four of these services that have 100 million plus subscribers, hbo, hulu, disney, netflix who knows who else will get there, maybe directv or youtube. but multiple winners in the winners circle for this one. disney number one or two they could even eclipse netflix. i know that sounds crazy now but look at it with a ten-year arc it's completely possible i think it's probable they will catch up and possible they could edge them out. >> that would be one of the most amazing go ahead runs in corporate history. we're going to have to wait. good to see you as always, jason calacanis. >> don't tell me you watch "stranger things." >> i do watch "stranger things." >> it's such a good show. coming up on "squawk alley," slava rubin at post 9, cnbc

exclusive. he'll tell us about crowd funding cryptocurrencies a space race between jeff bez oz and elon musk heating up on the same day musk delayed his rocket launch bez oz company with another win. details when "squawk alley" returns.

crowdfunding site indy go-go launching a new service

allowing user to ease into more coin offers joining us now is slava rubin. >> thanks for having me. >> you're scaring me initial coin offerings we had zelnick, take two interactive ceo, saying he's not touching this because he's afraid it takes more from consumers than it gives them to get involved in crypto currencies how are you going to screen these things to make sure it didn't damage indiegogo's brand? >> we've been around ten years we're excited to be launching this new service for icos and getting tokens out there not the first time we've had to navigate regulatory uncertainty. we helped in 2012 to pass the jobs act, to be able to bring equity crowdfunding forward and worked with regulators for over four years until it went live in 2016 we're using the same techniques and same experience to be able to bring the crypto companies and offerings to market. so far we've posted over 30 companies for equity offerings every single one has hit its minimum target some have followed on to get

follow-on investing, so we already have a lot of vetting and diligence going on, a broker dealer named micro ventures and we're excited to be moving forward. we agree it's uncertain waters it's highly fragmented everybody is doing it on their own and just on monday the s.e.c. -- the head of the s.e.c. put out a note saying this is exciting but it's really uncertain. you need to follow rules and make sure we're doing it right indiegogo wants to show you how to do it right on the entrepreneur side and investor side. >> initial coin offerings are unregulated, in some ways the wild west of crypto currencies a lot of froth around this right now. a lot of talk about potential bubbles in bitcoin and what not. if you were to see the crypto currency craze crash, i mean, how are you fielding yourself from liabilities by offering an ico? >> i mean, we definitely have our own insight no how we deal with our insurance and are setting up our entities. the way i see it block chain is

huge it will be a massive chain and incredible technology driver just the way the internet was huge and 20, 25 years ago there was a company called netscape and no one knew what to invest into which was the proxy for all things great, the internet, and then they went public. highly volatile and eventually they sold, and i think netscape was wonderful, but the internet was huge i think bitcoin is wonderful, and it's proxy for, you know, block chain. i think block chain over the next 20 years is going to change many industries. most fortune 500 companies within the next ten years will have their own block chain applications, and that's where we have to see us. will thereby volatility in bitcoin and other alt coins, absolute successfully will some people become rich and some lose a bunch of money, absolutely and we need to see where it's heading and it's super exciting. we need a marketplace that's trusted for everybody to bring their offerings forward that has reach and quality and integrity with s.e.c. and regulatory, and for investors to trust a brand and be able to have a good product experience.

>> we've about looking for parallels. netscape, red hat another one that we mentioned. the other thing, "the journal" looks at how international of a story it is. in november they cite a study that said 80% of trading was vietnam and south korea. i mean, how much exposure do you have to other parts of the world where this is even more of a phenomenon than here >> a beautiful thing for indiegogo. within three years of launch we were getting fund the out to 70 countries a week now in every single country in the world. we're completely global. this concept of crypto, it wants to go cross-bothered and to be free we're set up in a good way, yes, asia and russia and eastern european countries are all trying to find ways to use crypto and we think we're in a position to have a unified brand you a across all these launches. >> all right initial coin offerings still scaring me we'll see how it turns out. >> you can't be scared if you're going to pioneer

there's going to be volatility and you need to move forward. >> that's why we're glad to have you. thank you, slava. as we go to break the dow is on its track for its best quarterly gain in nearly five years and the best point gain ever for the quarter dow is up 157 led by cat plafrmt "squawk alle -- led by caterpillar "squawk alley" is back after this e egg? or the chicken? how would i know? but i do know that first, qualcomm connected the phone to the internet. and now, everyone is posting and scrolling and sharing everything. yessir. qualcomm invents, then the world innovates on top of their breakthroughs. invention comes first. and a whole lot of it starts at qualcomm. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be.

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getting some breaking news on the tax plan on the hill. let's goat ylan mui. >> reporter: the associated press is reporting tax negotiators on capitol hill have reached an agreement in principle on the final version of the tax bill. i spoke to one source who it say that pencils are down in these negotiations and the lawmakers who are involved in this conversation will be holding a public meeting later on this afternoon and they will also be meeting with president trump here in just about half an hour for lunch, so it looks like the final contours of the tax plan have been decited according to the associated press and one of my sources back over to you guys. >> that's news, ylan at least on the dow, the composition of the leaders reflects the tax plan optimism caterpillar way in the lead followed by nike, boeing, 3-m

and goldman. keep in mind there's some upgrades mixed in there and morgan stanley over at kbw and markets are going to pay attention to this one. >> something we've re-learned about washington this week don't put your pencils down entirely until all the votes are counted, whether it's tax plans or senatorial contests. >> how incredible is it that the expectation is that this will get done before christmas? didn't think that a couple weeks or months sfloog. >> we'll see. >> wapner's got gundlach let's get to "the half." >> welcome to "the halftime report." i'm scott wapner, and we're live today in los angeles at jeffrey gundlach's double line capital where we'll spend the next hour with the man known as the bond king, a cnbc exclusive and we'll get his thoughts on stocks, bonds, the market, the president and our team of traders is back east joe, josh, jon and pete standing