staples, they are still higher on a day like today. even though we are seeing extreme percentage gains we are still seeing that play for the safety, the safety trade worth watching thanks for watching power lunch. >> the closing bell starts right now. it's time for the closing bell everyone. big selloff yesterday. big rebound today. don't forget the final hour of trade has seen so much volatility we have everything you need to watch with one hour left to go it is the busiest day of earnings season. we'll have a full team coverage ready break down numbers as soon as they hit. the nasdaq coming off the worst day in seven years one says now is the time to jump in we'll tell you why he is betting big. plus president trump proposing big changes to

medicare drug pricing. we'll discuss what it means for the pharmaceutical giants. the closing bell starts right now. good afternoon we begin the final hour of trade. near session highs rallying back. 454, the high was 512. >> looking pretty good >> trading sharply higher as well it is up 3%. let's begin with mike watching the big moves here steve has the latest excellents from the fed an important speaker this av josh looking at microsoft which is leading the dow's charge today. covering earnings from comcast

and twitter both on the move >> later earnings. let's start with you on this market rally >> yeah. it is without a doubt. >> it is where we are 26 hours ago. we are also down from one week ago today. it gives you an idea of how far stretched we were. if this rally can hold far little while we can build on it. it will perhaps make yesterday afternoon look like a little bit and overshoot to the downside. the traction we are getting is very significant there has been a huge rotation responding to good earnings and better numbers all matter

because there's no way we can get in my opinion a big recovery after all we have lost the two year up trend is being defended right now it's in danger >> the other thing to note on the downside, this has been a u.s. specific set of moves >> wild swinging have been in a sense. we have a lot of that given back in a chunk we are swinging around we are up this much today because we were down this much yesterday. that's how it works. >> 4% up after 4% down >> we are down more than 1% for the week >> exactly every good recovery starts like this >> thanks. we'll see you again later in the

show rich's first speech was made earlier today. thanks >> his first meeting was last month. this month he is talking about his views on monetary policies the policy should aim to sustain the expansion. here is where it gets complicated. the number of hikes in 2019 depends on growth. how so here is a little metric. he said he would do more hikes than he expects to do. if they are strong jobs and it comes with a material rise in

inflation. this is off of a -- it is q -- 4.2 point. right now the forecast for the fourth quarter still 3%. pretty healthy growth. >> i think i don't know. you tell me. the sort of psychological point is that it doesn't sound like he is on a path towards raising interest rates until something

breaks we do have this forecast it is the best guess and the median calls for 3 if the inflation doesn't appear i don't think the fed is hell bent on raising rates. if anything it is that going beyond that i don't think the fed is decided on yet. >> a lot of discussion about that >> thank you >> microsoft after they both topped estimates last night. josh has more from san francisco. >> firing an owl cylinders is how one financial analyst put it to me talking about microsoft earnings report. it checks out shooting higher adding about 43 points to the

dow. he helped transform this company into a true joint. you can see it in the results. commercial cloud sales surging 47% to $8.5 billion. margins for that business widening telling me he pins that at least in part on simply the law of large numbers starting to kick in it wasn't just the cloud it was the server business grew 10%. not everyone is a buyer though i did catch up with scott now. he tells me he rates this stock a hold saying evaluation does not look compelling. he says great ceo, great company. he doesn't see a lot of opportunity for upside from here after the bell today microsoft back to you.

>> we look forward to those numbers. it is part of the at 4:00 p.m. we are keeping an eye on media stocks seeing big gains. we have more on twitter and cnbc >> let's start off with twitter. those shares soaring on 27 cents per share. it is 7 cents better than expected switching over to comcast cnbc, those shares gaining about 5% after also bidding on the top and bottom line. company reporting earnings of 65 cents per share. revenue of 22.1 billion topped investor projections

signs of strength include broad band subscribers going faster than expected for what they called the best broad band quarter in tenyears. >> it is our closing bell exchange >> we have president and oliver portia and managing director welcometo all of you as we just outlined a number of very strong reports and very positive reactions >> we have a 3.5% growing economy. we have year over year earnings

growth it is in double digits next year it is a flat market year to date right now as you guys talked about before is the fed going to hide to much >> why did that all of a sudden become a problem it has been hiking since 2015. >> you're starting to see numbers come in. it has been very very robust until about june or july you had some of the softest spending all of these things are coming together at the end of the day it has always come down to the same thing in markets that's small trigger that puts it all together. that's what we are seeing right now. >> have you been using the recent pull back as a buying opportunity? >> most definitely i have been personally using it. interestingly enough several of our constitutional clients have been doing the same as well.

today i think we we better to buy 2-1 in the u.s., which is absolutely to the fact that we were oversold yesterday. i'm not quite in agreement as far as the fed i think it's more earnings versus kind of trade rhetoric and other things that are driving this market into some what of a fear mongering situation. they have been very transparent here i wouldn't expect it as we move into the right hike potentially or how they view 2019 going forward. >> that's sort of what steve was telling us what signal are you getting out of the bond market >> that's why we keep him

around it has been a little bit of a source of worry. >> they have been. you really have been increasing the size of the auctions, the government has more debt to sell they need to finance more of the government we are seeing higher yields come into the auctions. we are seeing less taking it at the high price as a result it is giving concern to these markets it is likely adding to the selloff we have had but over the past year and over the past few years. the market has been moving lower in price higher in yields. i don't see it stopping at this point. we are at about 315 in terms of the tenure it would take you below about 114 in futures terms but with the fed continuing on this hike

path with these interest rates backing up there's nothing really to prevent the fed from stopping hiking or from interest rates moving higher still and possibly even the curve still flattening >> well, i don't think we would see it flattening. we'll have to wait to see if that materializes. a note from your comments that you're buying a couple of the financial names. what are your top picks? >> it is interesting i'm selectively kind of pure investment banks it is probably a little early. i wish i would have waited until later. black stone and kkr, they just reported today knockout earnings it is when you think about the growth in the business and growth in the profit blt, how they are seen the investment revenue growing from their portfolios it is a tremendous opportunity within the financials. there is a lot of attention

that's given to the large commercial and investment banks. i think folks forget some of the asset managers that are traded and how their businesses are morphing right now the alternative asset managers are cleaning up when you think about the opportunities that they are getting and cash in-flows they are receiving. >> what changes are you making >> we are starting to look at immerging markets. it is as a result of the big selloff. in terms of deploying new assets when we continue to be overweight in cash in general we are focusing on safer dividend place. we don't see the rotation a lot are talking about.

>> there is always a client tilt to it. if i look it would be about 7.5% cash >> thanks very much. thank you both as well we have much more to come from some of the most crucial reports of earnings season. we'll tell you the key numbers to watch out for amazon and intel to name just a few nasdaq gaining ground today. it remains on track for the biggest monthly decline in a decade a top portfolio manager tells us where he thinks investors can hide out in technology right now. we want to hear from you reach out to the show on twitter, facebook or closing bell the dow almost up 500 points

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gamble and staples were the -- >> yes >> it is for markets >> now, year to date the tech sector is the best performer still. with earnings season in full swing more and more have been lacking in performance let's discuss it further paul, what's if biggest theme you're looking out for as to know when the broader sector might have bottomed? >> you know, there are two themes one theme is when do we see the trough in the semi conductor inventory correction i'm betting it is about two or three quarters some of these have been crushed. that was even before the stock

tech stock went down >> the problem is they have in a stale meat until we get some of the trade war between the chinese and the united states and when we get even any whiff of improvement there i think some of these internet companies are coil springs >> i don't think i heard you mention any of the fang names. >> yeah. not based on recent results but based on concerns about higher expenses to address privacy facebook is back down to its 52 week low i want to hoeltd off

i think netflix posted a pretty good quarter not a cheap stock but i know we have been talking about microsoft all day. i took a lo look at results last night. very solid on any. >> in terms of the likes of microsoft and others what's the big u.s. based tech names? >> i would probably say for the long term that it is facebook. >> and payment space, you like that at the moment >> it is an interesting way to play defense within technology i don't think you can go wrong with visa and mastercard a little more speculative but

great prospects but that segment which is really tech driven is a pretty good relatively defensive segment. it will bring great buying opportunities. >> so people always pay attention to what you say generally about technology in general, do you see parallels to that time and do you see technology as a whole being able to carry this market higher as it has done so much of the heavy lefting over the past few years during the bull market >> you never say never but one of the thins that happened, there were really crappy companies that were being hoisted upon us i would say they are becoming much more financially secure and credible as private companies bfr they go public

so i don't have those kind of concerns about a massive washout but as aulsz, the pendulum is always swinging very fast and in a very wide ark with technology. so you have to keep your eyes on it opportunities come and go in every market condition >> great to speak with you today. >> paul, thank you >> best wishes we have a little over 30 minutes to go before the closing bell the raleigh looks strong and solid. what's different today is it hasn't dipped into different territory. still giant moves. nasdaq in particular is up 3.5%. not quite making up all of yesterday's losses a strong session overall strong earnings results are driving that rally today not every company is doing that.

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welcome back let's get a look we are near session highs. it is up 480 points. a very attractive looking set of markets there. we have six stocks in the red. microsoft reported up nicely intell reports later today let's check in on individual market movers. it has a fourth quarter profit and the company and heavy pressure from the likes of amazon restaurants and uber eats part of the reason i bring this one up is because we are getting the news of uber's next year

uber eats is a significant part of that. it is even one of the few profitable parts clearly facing significant competition in this area and to think it will raise 100 billion when it is not with so much competition in the area. it does raise questions to me. >> yes >> it is very fragmented it seems like different geographies have different services >> i think when it comes to it it's not like it's a tech company like snap. >> yeah. >> this is not mature but it's somewhere in between supposedly going to come out despite making losses. hershey falling. the chocolate company pressured bay jump in freight costs and

also saw sales fall in the international market stock down about 5%. consumers staples in general have been pretty strong. hershey would have a tremendous run-up since july or so. >> it doesn't stand up organic sales, ceo was on there and it is quiet. so she didn't really talk about this >> one thing i think you're in agreement with me on this. it definitely goes back to the u.s. >> i totally agree >> time now for cnbc news update white house press secretary

is defending president trump's handling of the package bomb scare and his attacks ton media. trump said the mainstream media is partly to blame >> the president's condemned violence has done that since day one. will continue to do that but certainly feels everyone has a role to play >> at&t is donating $250,000 to support the committee to protect journ journalism at&t is now the parent of cnn. excavations in pompeii have uncovered bones that are believed to be that of two women and three children they were discovered inside a

small room in the house. fascinating. that is the news update this hour i'll send it back to you >> sue, see you next hour. thank you. >> you got it. plans to lower medicare drug pricing. he said it would focus on the american consumer and aim to fix a quote rigged system. listen >> we are taking aim at the global free loading that forces american consumers to subsidize lower prices in foreign countries through higher prices in our country i have seen it for years i never understood same company same box, same pill made in the exact same location and you'll go to some countries and it would be 20% the cost of what we pay and in some cases much less than that. >> joining us now to discuss what it means for these

countries, meg from capital street first, nick sfrianything surpri? >> not a ton that was really surprising you have seen a huge stock reaction one analyst basically saying wake me up when something important was said a lot of this telegraphed already. it speaks to what trump is talking about. the companies that you might kpapt to see move here are companies whose largest drug is paid for by medicare part b. in terms of huge surprises you're not seeing that ripple through so much. >> how much truth is there that foreign countries are taking advantage to the u.s. when it cops to drug prices and how easily might it be rectified >> it is true that other countries paid quite a lot less for prescription drugs than we do a lot of those systems are

socialized systems so this is actually a policy that secretary favored when he was in the bush administration it is something he had his bee in a bonnet over we have a three pronged policy that will start in 2020 and go through 2025 so i think it's probably a step in the right direction for controlling specialty drug spend. his this this is a model it will only include about half of the medicare service population nowhere in medicare advantage or part d social security a pilot. it will take time to roll out and it can certainly change between now and 2020 as well >> can you give us is upshot yet of winners and losers out of this possible three pronged plan >> sure. i think for the new vendor program that the administration

is announcing today you could see some companies express scripts and perhaps others be that vendor for the medicare program to buy and take risks for those drugs as they sell them to the physician offices. i would call them potential lay winner we are reading through the details. a lot of information was released at 2:00 as far as losers, look, the president named some drugs by name he talked about bone drugs so i think that there's a realization that the medicare system may be spending quite a bit of money on certain products if he wants to bring that delta down to closer to what our european and rest of the world counter parts are paying >> realistically when can any of these changes be put into place? >> it sounds like the process will take us into 2019 and we may not see it transpire until

2020 it had already been down it looks like it is continuing to trail off there we are seeing it is reacting a little bit in the stock market >> can you put it into what we have seen? we know it has been one of the signature issues forhim. they encouraged them to roll back drug price increases. he said he called a few other

companies and he said it was one of the few times he really saw the powers of the presidency that he could get companies to do that. all of this seems to be accelerating there have been a few other issues that they tackled around drug pricing in the last month or so. it sounds like this is something they want to talk about and say they are delivering on campaign promises >> okay. thank you both very much we have got 23 minutes left of trade we are just off of session highs. the dow is now 450 but up 2% for the dow and the s&p. >> as we head to break here is a look at the biggest movers in the nasdaq 100 they got slammed yesterday but it is a sea of green we'll dig deeper into that after we'll dig deeper into that after the break.

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welcome back the nasdaq jumping higher. we are uptown with all of the names driving it higher. >> yeah. we have almost regained all of yesterday's losses here. a pretty nice snap back on fairly strong volume if we take a look for the week yesterday was looking for the week is within 1% of break even. that is better than most everything else you're looking at they are the big movers and they are helping to provide a lot of momentum they are seeing stock that is were oversold. tesla with that first surprise

support. also seeing some disappointment. feeling perhaps a little bit of concern about the trump administration move towards pricing. bio tech is seeing this in the small caps especially. it is on pace lead in part by the two big earnings reports coming from sleep number back to you. >> okay. great stuff. thank you very much. after our recreation company -- well, they make coolers and drinkware. what is ceo had to say about going public during the volatile

times. >> amazon, alphabet, intell and more is four of at least eight eight of our reporters will be ve you don't want to miss it. we are back here in a couple of we are back here in a couple of minutes. (beep) you build wind turbines. supply car parts to thousands of cities. answer millions of customer calls a year. like this one: no, i didn't order this. and that's why you work with watson.ng. hello. it knows your industry, protects your insights, and works with tools you already use. that's why it's the best ai for the job. (sighs) i hate missing out missing out after hours. not anymore, td ameritrade lets you trade select securities 24 hours a day, five days a week. that's amazing. it's a pretty big deal. so i can trade all night long? ♪ ♪ all night long...

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yeti going public and the ipo priced below its range of 19 to $21 at about 18 bucks this is the company that makes coolers and drink ware we had a chance earlier to talk to the ceo here is what he said when i said whether he was disappointed. >> long term sustainable growth has been our plan all along. what we got is we went through and talked about our portfolio it has us excited about the future >> investors may be concerned about the high debt load

he told us it would pay down they have had tremendous revenue growth i will send it across the floor. >> just him right next to you. >> i'm right next to you we have to pretend to high it closed down 14% in british trade. she sold off more than that since then so might be a little more downside when it opens again tomorrow they reported earnings downgraded guide ans for the rest of the year it is of course the north american market. they expect sales down 1% in the u.s. the new ceo saying they would pay downassets

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that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. welcome back we head into the close the company reported a beat on earnings and saw credit card earnings sat down to talk about the results. listen >> particularly surprising to us is how strong the united states has been we are seeing really good volumes it is retail and secondly higher gasoline prices. the tax law has put more money

in peoples paychecks and i think that has helped. >> you can catch more of that tonight on mad money tonight at 6:00 p.m. eastern. we are just about eight minutes away from a slew of big names reporting at the top of the hour let start with you >> 13 straight quarters investors are expecting it from the former money losing giant. looking the come in over a billion dollars for the forty quarter in a row on the call we will be listening around spending and any clues. another big expense ahead of the

results. >> yeah, making back some of the yound that they lost >> here is what we are looking for after the bell there eps on revenue of $34 billion. it would be increases of 9% and 23% on the top line. caught up with kesler. he is watching google properties he expects growth there. he is also watching traffic costs or tack, payments that gets google to direct traffic to properties finally that so called other revenue line which includes hardware and app store looking for 34% growth to $4.8 billion back to you. >> thanks very much for that

looking for $1.15. a lot of attention will be on what the giant says and that's because intell has been wrestling with manufacturing problems it is already up 5% today. >> thank you thank you everyone see you all at the top of the hour >> are you excited about that? >> i am very excited i think it will really even surpass my expectations. >> i'm waiting for deca box. >> we don't have enough cameras. we'll be back with closing count down >> and after the bell we'll discuss whether wall street firms were right to upgrade this stock ahead of results ke iept right here you're watching cnbc first in you're watching cnbc first in busihave to pay for the rest. my

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days nonetheless certain lay good bounce back today. nasdaq year to date still up s&p back into positive territory. you can see in that year to date chart still the scale despite the pull back. s&p up about 2% and nasdaq is leading the charge lower tech doing well. communication services doing well also even some of the ones that held up well rallying further today. >> the last few weeks we have seen cell programs come out of nowhere. they start moving down very fast none of that happened today. no real attempts to sell off the market stock of the day was microsoft

as microsoft goes so goes the day. it tracked the market. slight move off of the highs in the last 15 menace inutes or so. they were moving money in and out and that's what people with their heads spinning a little bit. the pain trade was higher. everybody got caught off sides >> volumes off >> a little bit. 1.1 billion on the floor today we'll do almost the same numbers.

>> we also should mention stocks moving forward it hasn't done today there goes the bell. 393 points or 400 just about higher the higher was 512 resoundingly positive today. that does it for the first hour of the closing well. we'll throw it back to sarah >> welcome everybody to the closing bell here. we'll be back in just a moment senior market commentator with me let's take a look at how he finished up the day on wall street s&p a strong 1.8%.

if you remember it was the biggest loser in yesterday's session. gained back 3% it doesn't make up for all of yesterday's more than 4% decline. it looks like it would be the nasdaq's best day since back in march. investors are turning their attention to a flood of after the bell earnings. >> here it comes >> welcome to the party. >> josh is watching for alphabet he has his eye on intel. meg is following and julia looking at snap. that's how we do it here, a full octo box analyzing all of the big tech earnings how healthy does this comeback

look >> it is a start maybe honestly i don't think it was an overwhelmingly convincing. it was a twitch higher it closed at the level we were at what we did is get back that late day surge to the downside it relieved the pressure i think once you have had the market kind of knocked in a shortfall back the burden of proof gets higher. you have to sustain some kind of a comeback it is not decisive of much if earnings don't hold up. >> you had such strong earnings. it wasn't just microsoft the down and out auto companies,

several of them opened down like union pacific opened down. it closed up strongly. >> we are discounting a lot of bad news >> where does sentiment stand? >> i think the fact that we got back to flat is a little bit of a wake up call i think very short term they -- i think it got in a highly stressed condition at the close yesterday. i don't think what we have here is people that have thrown in the towel and said we don't think the fundamentals are good and don't think it will be worth participating in

>> it is interesting because the growth managers just gave back everything >> yes >> so we have been trailing. we'll talk value market. so it will be interesting to see how it all works out >> amazon numbers are out. eps coming in at $5.75 versus $3.14 expected revenue a little bit light coming in at $56.58 billion versus 57.1 billion that was expected we really want to look at the company's guidance 2.1 to $3.6 billion. a wide range there revenue guidance is light guiding between 66.5 and $72.5 billion as it heads into what is supposed to be a block

buster holiday season. remember we are looking out around spending. they spend big this quarter and may also be facing headwinds in terms of wage and postal inflation. analysts will want to know what's going on there. we are listen to go any commentary itwill be another big capital output we'll continue to go through numbers and look there as well at the north american business we'll jump back on as we go through there. >> thanks very much. clearly one of the things is we are looking for the level of profit blt which is fantastic. >> yaechlt it's about top line moment dp mome momentum it gives three months out. i think with stock having rallied so hard today i think it's in very weak hands. the stock is down over 300 bucks from the high a couple of months ago. it got picked up today on a

little bit >> so they expect net sales to grow between 10 to 20% it incorporates foreign exchange >> i think the stock needed to see income guidance and maybe on the high end like 4 billion. you the wage cost that will hurt them if those are the numbers that need to be talked about. so 2.6 to 3.6 or 2.1 to 3.6, not that great not considering we had a nice rally here today. >> yes the jp morgan 4% a number of metrics looks good clearly headline guidance down enough we have them for us. it missesestimates

it is looking for 34.04 billion. looking through here google property revenues come in at around 24 million others around 4.6 billion. total about 6.6 billion. a percentage of adds is 24%. paid clicks on google properties were up 62% year after year. cost per click were down about 28%. back to you. >> with shares under pressure down 3% after hours. what stantds out >> lots of misses along every line it's not necessarily awful it's just -- i don't think it will dazzle anybody. it is a shoot first reflectix rh now. clearly another one where it is maybe not all it looks like. >> how do you think about google at the moment?

25 times for next year should keep maintaining 20% growth. is it common with that sort of evaluation >> i think it is so the expectations were a little higher. it is a reasonable evaluation. it is actually the most important number to me it will help on a profitability as well. it is the cost i have to get kind of familiar with. >> yes so that's the give and take right there. not quite making it up >> just looking at all of that down as well netflix down about 2%. we'll come back to that and work out what it all means for the

market intell about a billion more than expected earnings per share $1.15 they raised their full year outlook. what could be the cause of all of this? it is a big chunk of it. the client computing group was up to over $10 billion for the quarter. it is more than half of the overall revenue. intell guiding to $19 billion earnings per share of $1.22. intel ceo will be on with us tomorrow

>> i'm glad you mentioned it up 4.5%. i come to you first. i guess it's in terms of evaluation >> so everyone was selling intell >> we all know about the ceo stock is down 22% from the highs. data put up 26% growth it is not as high as the numbers i have seen. i have seen 28 to 30%. i think it's a relief rally. the next is ceo. if they go outside the company as the ceo's choice then i think the stock rallies further. >> i think it was down 4% for the year it is down 15% over the last three months >> yeah. this gets back two weeks worth

of losses. >> we have another earnings alert. >> analyst average of $1.63. revenue of 5.6 topped the estimate of 5.8 billion. the company did however raise the guidance to 20.8 billion to 21.3 billion back to you. >> thank you very much flat we have another one.

this is report number five snap is out. julia has that >> yes snap earnings getting expectations at a loss of 12 cents per share. it is in user numbers. it was 186 users it is down from the prior quarter. it is in terms of guidance it does not give a specific guidance for the daily attributes they do expect another sequential decline looking forward to the fourth quarter. it is in the third quarter there were 21 different shows that discover each reachedover

10 million viewers they are guiding for revenue between 355 and 380 million >> it is sort of making losses smaller. the quote from tim stone saying they are investigating long-term growth opportunities and record revenues expect a record fourth quarter. back over to you >> thank you big rise for snap after hours. up 7.7%. 186 million daily active users >> i would guess it is the stock is so beaten up and

washed out you would imagine almost anything might be taken. >> it is trading somewhere around the strategic value >> it is still seeing it decline sequentially >> yes it is about the action >> it was less bad >> in terms of a decline >> let's get a reaction. he has been digging through the numbers for us >> one thing i wanted to point out the results were a little mixed. you have to take a look at other line items it is about a quarter percent

rise it is the advertising business it is about 2.5 billion. it is to look for where the gains were going to come from. for amazon it is advertising they have been jumping into for a longer period of time. it is a way for them to get into each other's businesses. those are the bright spots they are both up pretty nicely for either side. >> so both of them are sort of taking on the other in an area of strength for the rival. amazon is growing that quicker but from a smaller base. >> i think amazon has much more upside not just because of that but because they really want to break that facebook google so they want a strong third player. amazon is a distant third right now. there is a lot more than they

have got the proposition is to sell things so i think there's a lot more upside on that line item there so they have other elements there. >> yeah. it looks like it came in just a bit light. they have been digging through and has more info. >> that's right. ed was mentioning advertising revenue. it is seen as one of the higher margin businesses for amazon aws is the number analysts really look for. it is a little bit light but pretty much in line. >> want to mention another area of growth that investors are

looking for. the holiday forecast is what's hurting the stock in the after hours. >> certainly not seeing record profit numbers thank you. we have another earnings alert this one on expedia. >> it is in a big way. $3.65 versus a street estimate of $3.12 a slight miss on revenue gross bookings up year over year earlier today expaid edia to ber help property owners manage short-term rentals it is a key rival being air bnb.

>> thank you very much up 9%. before we get to the next one we are seeing jumps in the smaller stocks the biggest stocks are down. >> yeah. it has been the pattern. i do think it's all about where these stocks came into it. some of the smaller ones, snap for sure of. >> let's get to another report kate has that for us >> looking like a strong quarter revenues right in line for the quarter. stores came in a little light at 4.4% projections calling for a 5% increase digital sales up 48.3% for the quarter accounting for 11.2% of

sales. last quarter it was 3.2% a really big jump there. new restaurants in 2019. the stock is lower by around a half a percent the stock is up. one of the best performers in the state. we'll bring you anything we hear on that. >> all right thank you. >> i guess it was looking more like 5%. it doesn't look like a major move down. >> yes >> he is tackling and they haven't even started their whole new marketing program. >> better restaurant margins >> i think if that stock is weak that's one you want to definitely buy >> you're sticking with us for the full hour. ed lee is sticking with us a big thanks to all of you, the

eight members of our octobox we'll have much more on the disappointing earnings still to come we have some investors that will break gown what they are doing >> and mike will tell us what the pull back is for the group as a whole that's when closing bell comes that's when closing bell comes right backworry if we have enough to last. ♪ cal: ellen, our certified financial planner™ professional, helps us manage our cash flow and plan for the unexpected. valerie: her experience and training gave us the courage to go for it. it's our "confident forever plan"... cal: ...and it's all possible with a cfp® professional. find your certified financial planner™ professional at letsmakeaplan.org.

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just reporting a miss on revenues moments ago ed lee is back with us also joining us is kevin from firsthand capital management tom forte is also here to break it down. mike is here as well how do the numbers look to you were you disappointed? it seemed to be what he was disappointed to see. >> i thought it would be the focal point starting on november 1st.

the surprise to me was the sales shortfall. it looks to me it is a reflection of international. but when you consider it was very good in the september period it gives me more confidence to offset higher wage with cloud commuting and third world retail high margin efforts. >> kevin, as tom says, the profit blt very good, margin better than expected. we are trying to gauge >> what do you make of the stock reaction here? >> i just think it's a very

fragile take it is at 50% year to date. it traded up to the -- >> in other words nothing to change the thesis? >> i don't think, you know, a 50% gain in stock under prices the fundamental story there. i think it is kind of figuring out and interpreting what is behind this. >> the margin over 6% was 4% that helps it growing into that over the next couple of years. >> that's where you get the operating leverage the numbers are reallygood >> i think the digs appoint and

they probably will beat that too. i don't think they want to get too up in arms about that report it is more than 3% i do think you want to be. what do you make of the record profit numbers is it the new high margin businesses and advertising and do you expect that stephanie will be right? that they can beat these numbers? >>. >> i think labor is kind of a gaining factor which we'll see when they announce the second headquarters they have 575,000 employees. we still think raising the minimum wage means they do expand their physical footprint

and had a lot more beyond the three amazon ghost stores. >> i think they are definitely getting deeper into it the margins on that are really nice it is where the upside will come from i think it's notable that they missed on the top line they beat big on the earnings. it is relatively new for them. it is new territory. i think they are looking for what's the next big top line growth they might need a media company there. but that's clearly something they will focus more on. >> and it is more than half in the latest quarter what happens to the stock and how it's valued as presumably that grows as more of the bottom

line >> yeah. what's been driving that 50% year to date performance is that the fastest growing business is the highest margin business being the cloud computing. it is a larger portion and it has a much higher margin especially in the first part of retail >> thanks very much for that we'll leave it there with you. the rest of the panel stays with you. we'll move onto alta bephabet it is a miss on revenues kevin here with us kevin, if i start with you what's your take on this you think it's an unfair reaction >> well, look, google is at this point a mature highly profitable

well positioned company. i wouldn't say still looking for that but looking for the next exciting new growth area looking for lots of other things >> you know, when you go into anything with an expectation that you'll do great and you're a world beater it is easy for people to get disappointed >> if you're going into the quarter asking do all of the privacy missteps, concerns, politics, impact the business? the answer is not really, right? >> it is hard to find it in the business not in the financial results it's much more about how investors are thinking about the company and weighing potential risks along with what we flknowi a good business. it obviously is being weighed down by the perception that something might be riskier >> about half an hour or so we

did get details of 48 people in total. >> right >> being terminated for sexual harassment >> my colleagues reported they did a great job. we would like to think it might be a factor. i don't think it has weighed on the stock. when the story came out i think the stock was sort of on its own. there is however, you have to give credit for responding and having really specific response to the article but also to the situation. the broader liability though is to, you know, google is an advertising business it is a reputation business ultimately they started fleeing when they found out they were next to conspiracy videos and fake russian bots basically

how they do their business and the things they present will be incredibly important to advertisers. it is absolutely important it could have an effect. you have to give them credit to responding as quickly as he did. >> so now that you have dug through some of the numbers what do you think it has to do with it is it revenues >> yeah. i they top line miss is a top line miss. it is disappointing. so i think that the problem is you don't know right now the break down was it google or other margins were a little soft but they weren't really problematic. i think that's the reason stock is down. >> how much would you need to pull back before you would be wanting to buy this? >> i own it. this is not the one i would buy. i want to buy the name because these reactions are telling you they are pretty crowded already, right? expectations are quite high. the results are good no problems with the stories

i think that the opportunity is on facebook because it is down so much. expectations are so low and trends are very positive long term >> okay. >> these advertising numbers which is down 1.5% >> it is a different flavor of advertising. you know, facebook so much has to do with how they decide >> the ad load and what they are doing. >> yes to me it's not the same as kind of google standing there as a poll taker as people search for stuff on the internet. >> okay. down in reaction to earnings reports. thank you both very much for joining us coming up sue has it for us. >> hello wolf. here is what's happening at this hour president trump visiting the department of health and human services to announce the latest

effort it leaves two artificially low prices overseas. >> under our new plan the department of health and human services would allow medicare to determine the price it pays for certain drugs based on the cheaper prices paid by other nations. >> at least 18 people have died after a flash flood swept away a group of students and their teachers they were on a school trip when heavy rains left lead to the floods the rescue operation is ongoing. fewer adults here in the u.s. are getting the flu shot. 37% were vaccinated last season. that is a 6% drop from the year before and the lowest rate since 2010 more than 48 million got the flu last season and nearly 80,000 people died from it. get your flu shot. that's your news update. back to you. >> get your flu shot did you hear that? >> you're taking sides on a

debate sarah and i have every year >> it's a no brainer do it. >> i don't want to take antibiotics, lessens your immune system in the long term. >> wait until you have a child >> exactly >> see you later, guys >> coming up we'll dig deeper into earnings from snap and chipotle whether they should be concerned about any of the stock prices. >> they were higher. >> yes >> we will get a break down of stocks over the last month to see if there is any sign of a turn around. we are back on the closing bell in a couple of minutes in a couple of minutes don't go any where i'm ray and i quit smoking with chantix. i tried cold turkey, i tried the patch. they didn't work for me. i didn't think anything was going to work for me chantix, along with support,

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fidelity. open an account today. let's start with matel 18 cents versus the 20 cent estimate also a miss on the top line. revenues came in at 1.44 billion that was slightly less than expected the stock is trading higher. that is because sales in north america were stronger than expected even after the loss of toys 'r' us. let's transition over for a moment this was a mixed report.

13 cent beat on eps, the bottom line the revenues missed 676 million. eps coming in at 54 cents. remember, facing questions over tariffs. it could be why the company struggled a little the revenues tell a little more of the story so more color to come from these conference calls >> i want to confirm, you're not doing both because they are teaming up to release these solar powered toy. >> no. that's not why >> i could confirm that for you. >> great flexibility there >> still to come, snap share falling after earnings report having jumped initially. it is down 3%. up next we'll ask whether investors should be worried about the company's daily active users. and later we'll discuss whether you should chow down on chipotle shares.

it inot nns paing out to be much of a pull back we'll be right back.

the dow finished up 401

points amazon both and soft guide aanca well it is up chipotle up and down snap reported both on the eps and revenue line it was nusinitial i up it is down at the moment there they are amazon down 6% alphabet down 3. snap giving up an earlier spike higher to be down 2.3% >> alphabet is down 3.3% josh has details, josh >> alphabet did just report. i have the chance to catch up. obviously that stock is under pressure you saw it jump about 21%. that did miss expectations

so i asked about that. what explains what's going on with the top line she told me it was 22%. we went from fx being a tail wind to being ahe head wind addressing some potential worries about the business in inju europe this is another key metric that is the properties that the company owns that revenue also missed you can be sure on the conference call analysts will have plenty of questions about that and what happened in the quarter. he didn't back away from this idea they continued to invest and she

repeated google isn't close to launching such a product in china. you can certainly understand why they would be interested with 800 million internet users in that country foonlly we did talk about amazon a lot of reports including our colleagues here noted that marketers move in their ad budgets here i simply asked her does she consider amazon a considerable threat she says it is expanding the market they want to work with digital partners who are engaged in direct sales there interesting comments on arrival. i did finally ask her about this new york times piece that we all read today it was a piece they spent months working on reporting that andy, the father of android resigned there were other threads in that story about other issues and i

did ask her about that she simply repeated what he told his employees in a note that cnbc where he said in the last few years 48 people have been terminated i followed up and after listening if you see aheadline like that are you worried about whether it has an impact on your ability to attack top talent it is simply a brush off that concern though back to you. >> all right very valuable to hear from her first though thank you very much for all of that straight from the cfo snap shares turning lower. at first we saw a big jump it was up 8 or 9%. jonathan has a rating on this stuff. they lost losers on the quarterly basis but they did seem to narrow the loss and make more money for them. what do you think is disturbing this >> it would be like the users

there is possible excitement there are deeper issues. sentiment is very low. expectations are really low. going beyond that what is the pricing? they have been discounting in order to attract advertisers is there major discounting in order to fill up the inventory slots? what is the status with the android? it has turned off a lot of android users. it was about being cash flow positive >> yes >> so these are all questions you want to be answered. come back to the dau's

clear that is still declining and expect it to still decline if that's the case can you ever change back until that stabilizes >> i could not see myself changing that until like you said, it stabilizes. as long as engagement time inyei increases it would be great. >> can you make that >> it is a broad one they still plugged into a lot of users maybe not growing. it is hard to attract. it is this kind of strategic value. it is for somebody out there perhaps it's valuable to have that in that area. if you're shrinking it is unclear. >> that would be a no.

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amazon shares under pressure after hours, after just reporting erpgs. mbw comments from the cfo on the nuers are up next.

welcome back we have some more comments from amazon cf the o on earnings. dee boez are bosa has the details. >> we just heard from the cfo brian osassky. we asked what was the behind the light q 4 guidance he said there was no message against the q 46789 venous subpoena he said there is uncertainty because it the biggest quarter of the year they tend to put a big are range around the quarter he talked about the minimum wage changes, saying it will gas chromatography the nearly 400,000 workers in north america and will be seen for the month of november and december he also pointed out that because any deliver so many of their own packages through amazon logistics nef taken on greater risk he was asked about the prime numbers. and he said that they won't give guidance and won't say exactly how many prime number they have,

although it's over the 100 million they reported before he said they have a month now of data in terms of the after that prime price hike and he said that they're very happy continuing to see strength in engagement in particular. back to you. >> shares near session lows here for the after hours, down 6.65%. dedra thank you for the comments up next we recap the wild hours of earnings weitsslu wneed ps of earnings weitsslu wneed ps new numbers from ativity every . right before our eyes, aging is unleashing exponential growth... ...in every industry. we'll be right back. a-a-r-p is teaming up with business leaders and innovators... ...sparking new ideas and real solutions. so, what are you waiting for?

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and they keep come now an earnings alert and ak steel. jackie with the analysis. >> miss and top and bottom lines. coming up in 21 cents, 2 cents lip. revenue 1.74 billion lant light the best third quarter in ten years. strong market conditions any say and they expect the market conditions to become more positive but steel shipments to be flat on the next quarter. that's not so great. you can see the stock is trading down in the after hours session. remember steel prices up 25% year to date on the impact of tariffs. this company is going to have a conference call tomorrow morning at 8:30 a.m. eastern time.

back to you. >> jackie, thank you very much for that down 11%. >> wow >> two minutes left of the show. wow, a roller coaster final hour in particular. mike, clearly great rally today. off the back of a big fall yesterday. but big tech falling after hours. >> it's getting tested tomorrow. after hours you see the nasdaq 100 etf trading lower because of amundsonen's influence and so i think it's going to be just exactly how real was this buying today because it was kind of a reflection bounce. obviously the numbers seem okay. it's all about the willingness of investors to accept it and extrapolate the good stuff. >> it's not like this group in particular, stephanie is going to talk about tariffs or the strong dollar. that's not really -- it's not an industrial group missing i wonder what that does to overall sentiment. >> i don't know if it has big complications for the overall market clearly the tech sector with you when you dig through the numbers it's good. amazon is still strong

the commentary we talked about was also bullish okay guidance is a little light the valuation people struggle with i do as an owner of the stock. >> down 7%. >> and the dow up 7% the earning are always volatile. >> did it say anything about the overall holiday that their forecast is light because if amaze isn't not expecting big numbers. >> i don't think that has anything to do with it. >> a huge company growing that fast that has the tremendous range in the forecast, i think it's -- i don't really -- just for context, amundsonen stock in its 22-year history whatever it is reached this level of 1650 the first time four months ago pl it's not as if it's been wahl orring down there. just because it shot for no reason up above 2000 doesn't mean people think the story is changing. >> stephanie both google and amazon you own pu but neither you want to buy more of. >> i would look at amazon for sure

i think the consumer is on fire. you'll have great holiday zbloonz first look at third quarter gdp tomorrow speaking of the consumer. >> we will interesting what do we want a hot number or cool. >> hot number good news. >> this market seems worried about the economy. >> and the fed though. we'll see. >> lots still to preview tomorrow more to discuss from today that does it for "closing bell." >> "fast money" begins right now. "fast money" starts right now. with the huge night for earnings, the busiest of the season, fantastic o of course from alphabet, gilead and nap reporting earnings moments ago we have you covered from ever deballa gll. full team coverage on all calls. josh lipton and alphabet meg tyrrell and gilead julia boorstin and kate rodgers on chipotle as those conference calls get going. the experts in the trefrmg we have "fast money" gene munster pulling double duty. the char