>> partly because of politics. it is near washington. >> what a great place to create a bunch of jobs. >> and in new york city obviously they wanted the talent is what seemed to be driving that my first job was a janitor across the street from where they are >> never do it again >> closing bell starts right now. it is time for the closing bell >> we are again talking with china. i think it's very very positive. >> full comments coming up >> and i'm in for kelly evans. now down for a record 12 sessions in a row. we will talk about what's behind

that plunge and how low oil can go and red hot company tilray due out with results after the bell it is up more than 500% from the price. we'll speak with the company's ceo right after those numbers hit. closing bell begins right now. >> a warm welcome. >> jam packed show >> and morgan will be with us for the rest of the week it has been another volatile day. stocks tried to rebound after the 600 point drop we are flat on the s&p >> the dow swinging more than 300 points it was up. >> let's talk into what's driving the market today

boeing is the biggest loser. morgan has that covered for us >> let's take a look at boeing they are down about 2, 2.5%. really, why it would seem boeing did not disclose suspected of playing a role in a worldwide safetybulletin that is coming up after a week

presumptiving angry reaction raising questions about what lead to that accident. boeing not responding to pilot complaints it is saying we are taking every measure to fully understand all aspects of this incident working closely with the investigating team and regulatory adding that boeing is confident in the safety of the 737 max. i think that's lot of questions here i don't think we'll get more answers until probably closer to the end of this month but it's moving the stock today >> moving the stock and down 2% means it is propping up the dow which is currently down 69 points let's turn now to trade. fresh headlines along with an update on auto tariffs

>> we have confirmed that the treasury secretary and china's top trade official have spoken over the phone he is also making plans to come to washington soon they are laying the ground work where they will meet and discuss trade. european commission and he had been feuding over trump's threat of auto tariffs. there has ban lot of speculation that the white house is preparing the tariffs. there's a lot ahead of a big meeting. one interesting question would going big on auto tariffs distract the white house from

the fight on china we'll see what happens going forward, guys. back to you. >> we certainly will thank you. remains a key driver and the remainder of the week will be filled with economic data. >> the plunge in oil prices. it is expected to resume rising tomorrow it is pushed up by higher gasoline prices and used car prices as well kpp it to stay around the recent trend of 2.2%. the question, tomorrow's number is if they capture the plunge in oil prices and gasoline as well. we saw kraud fall. the decline could impact the data and some think the fed will just look through this decline

for example, they where he had fed officials unless the weakness is reflected in a significant change in survey based inflation expectations data as well that seems unlikely. take a look at this what's coming up. he will be doing kind of a moderated q and a. that's tomorrow. powell again on thursday along with charlie evans on friday some of that we may get some of their ideas about inflation and oil. the feds looked through the recent gyrations and before that a plunge in inflation. it will probably look through the plunge in oil prices especially if you're watching. >> it will be the question thank you.

>> our next guest says since apple the fang stocks have begun to show a die ver jens it is very much about them being seen as a group >> right it started with facebook a couple of quarters ago slowly but surely up until am last week they have gotten to all of the names each of these stocks going forward are going to trade on their own footing and not as a group. >> and in terms of what that means for broader momentum does that break down with it and not just the positivity but the momentum >> it is certainly the problem for the bigger markets the fang names in addition to technology it is a full part of the market have sharply broken down this

year markets were slowing taken together there's no leadership anymore in the stock market >> i want to dig into this a little bit more. is fang collectively dead here in your opinion or are there opportunities with some of these individual stock names it is in some cases corrections we have seen in the share prices >> it is a great question. collectively no question the trade is dead. if you look at the individual names and you look at apple almost two-thirds of income coming from a product that's not growing anymore, that being the iphone amazon a trillion dollars evaluation you wonder how much is left in terms of growth and competition is getting more intense. facebook having its own issues google still growing taking them all together there is a slowdown in gloebl growth since they are big multi-national companies >> just to switch focus very

quickly what did you make of the news about trade talks starting again with china and the comments from larry earlier on c flr nbc. >> i'm glad larry called him out in his interview today and hopefully we get substance now, we may get optics that china buys more of our goods it was to deal with intellectual property so it's really hard to think that i'm hopeful. it would be good news if they did. >> thank you for joining us. >> thanks. joining our closing bell exchange today director of floor operations

good afternoon to you all. i'll start with you. we sort of started the session looking like we were going to stage a little bit of a comeback how would you characterize the trading today? >> you had a couple of things going on the situation with boeing has made the market a little less stable than you would like to see it secondarily technicals worked into it s&p found resistance and that kind of disheartened people the dow has been the weakest all the way through. i think i would be a little suspect shortly after the close. we'll get inventory numbers on oil and oil took a real tasting today. if those inventory numbers are big it could be a continuation of one of the biggest selloffs in oil we have ever seen >> with a number of speeches this week what are you looking

to hear from him about in particular do you think the oil aspect will come up? >> you know, the problem is we have all gotten used to commodity prices being volatile. add in what the dollar is doing it's more volatility add in the fact that there's a lot of counter intuitive relationships with commodities denominated in the dollar and then risk aversion trades, it's a mess out there i think the dollar is one of offshoots of the removal of stimulus by the feds there are so many others consider, there are now 350 basis points between our two year and the european two year there are 275 between our tenure

and their tenure it is because of the perceived weakness he may be doing more stimyulus because of a carry trade it doesn't add in all of the borrowed dollars that have finance structures through various swaps and other deriveties that are overflowing in european banks. it is almost the perfect storm if anyone thinks that the fed is going to do anything to calm the dollar or be able to have a major influence on commodities, i don't think so i think the dollar is destined to continue to improve based on all of the factors i outlined. i think there may be a pause we talk about 5% up on the dollar double that from the lows on february and it was a quick jump and that's where many of the problems where the borrowed structured have run into

problems remember, if you need dollars to finance positions and the positions are falling apart you have two problems. >> and to that point you got strong dollar. you the fed, selloff in krad, the latest with the trade talk headlines. what are sort of the biggest things you're watching and how should investors be positioning themselves right now it >> they have been dormant and more and more defense ifr until consumer sips we will be careful, look for equal tichlt you want to wait and see what's going to happen. clearly the dollar is very important. other reason i mention it in addition to everything that rick said, we are going to have a

parade, chinese data coming out. if china continues to weaken and they cannot stabilize that committee let the currency walk an bit more. >> do you think there's a seasonality or the fact that we sort of already tried to have one and have pulled back again do you think it's a factor that disappeared? >> i wouldn't call it completely disappeared. i think you want to wait until after thanksgiving and get closer to christmas. a terrible shock in october and hasn't fully recovered it will be tough to get santa claus or anybody else to the rally. >> all right thank you all for your thoughts

today. coming up up more than 500% and it is gearing up for earnings after the bell. we'll speak with this right after the numbers hit. >> and after the break influential michael spencer joins us to talk about the market volatility and his take on the latest headlines around the progress in brexit negotiations w> later john calamos telling ushy he is seeing opportunities in the tech space. don't go any where

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and ask how you get xfinity mobile included with your internet. plus, get $200 back when you when you buy a new smartphone. xfinity mobile. it's simple. easy. awesome. click, call or visit a store today. >> good afternoon. big news on brexit sterling has rallied on the news far full agreement u.k. prime minister needs backing for the deal at home as well which was always going to be difficult we'll get a glimpse of how hard

it will be if she gets them to all agree on her deal the market will begin to price in a full agreement from a similarly split parliment. despite today's jump still in the range of 137 to 142. the u.k. banks are all up in the u.s. it is up 4%. european banks like it too it is up on its u.s. adr it is probably the most defining moment since the vote itself we will really see whether or not she can sell this deal she spent so long negotiating back home we could see a big move from

where we sit now it is upwards depending what happens >> basically this is make or bra break moments. >> it is for her deal and her government as well >> already seeing people come out. heavily criticizing it that's why you saw sterling jump as much as 1.5% and now give back a lot of gains and tomorrow morning 9:00 a.m. eastern time is that cabinet meeting which will be covering us very closely. we have flexion group ceo michael spencer. good afternoon to you. thank you for joining me >> thank you pleasure to be with you. >> i have to start with this do you think it's likely theresa may holds things together and that the cabinet back her deal >> this is one of the most

important treaty commitment the united kingdom is making since the second world war this is very very important as an under statement the fine print will be critical. any oppositions right now as to bl or not it will be supported bay cabinet or how they respond is candidly premature. we are all expecting what would be described as a soft brexit. the real key issue is the detail around the backstop. if the doesn't have the u.k. never then she will have a problem because it may be that

reare signing up to a deal that doesn't resemble what we an tis tated. >> to you think we'll see have if she moves to are ward with her agreement. >> i think clearly if the deal is perceived by the market as being a proper deal the parliment and sterling could rally easy to 135 or 137 if it looks like she won't get parry men tear support we are moving into unfloknown territor. >> in terms of broader market volatility, what's your view in terms of what we have seen with the october sell juf pick up

do you think it is a little bit softer the level of volatility can you see so on and so forth spiking in the months ahead? >> i mean my personal view on markets is that we have seen outside of the u.s. a clear peak in global ek with ity markets. the u.s. has held down extraordinarily well they are not far from their all time highs personally i am nervous of u.s. market evaluations they are historically high it has been extremely strong but to an extent it is driven by a significant pact of the trump tax cut. it will be much lower next year. also the rate cycle has changed. i think to me rates are critical here if you believe u.s. interest rates are going up not with standing that it is in the short run. i think equity evaluations run a

threat >> you just sold your company next to cme group. what do you think about the opportunities now for the combined group do you think that the market share in trading your area of expertise to the u.s. investment banks have peaked and should be made by relatively smaller firms? >> the it is unique in the financial industry what we have had is very strong exchange groups and very strong businesses of which it was one of the biggest it is the first time an exchange group has bought and taken over a large otc group. they are enormous technologies and i think this is a deal that will be viewed in the future as

an industry trade -- an industry trading deal i think to change the efficiencies that can be driven from a client point of view. >> we are trading essentially flat on the s&p. it is down the dow is down 0.6% it is slipping now in negative territory. the dow jumping 60 points earlier today at the moment in the cnbc interview that he talked about trade we'll tell you what caused that positive reaction for markets. plus ge, neweal dnews, we'll break down the news right after the break.

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the nasdaq holding onto positive territory let's check in on individual market movers. starbucks planned to cut approximately 5% of global work force. layoffs would impact 350

employees. it is marketing and tech ceo johnson says the company is trying to narrow it and 0.8% off the back of that news. it has performed very recently it is up but up in the last three months also quickly mentioned with mad money. he seemed pretty relaksed about the china u.s. trade tensions. it is saying specifically china business is in china for china and excluded from the u.s. china kind of trade issues, a similar turn to what we heard with her interview last week. general electric planning to

sell majority of holdings. baker hughes which it combined with it will allow ge to maintain a stake and provides about $4 billion in cash for the company. cash is king when it comes to ge as it tries to turn itself around right now they were looking to do this stake but locked up until july 20 it can move faster >> this is the timing given that it was doing the big interview but the reaction to that was down because there weren't enough clear answers and certainty going forward. i guess that it's not majority owned and it is away from what is a big negative. >> it is reflective.

and you're up 7% it is a 58 cent move in the stock. it speaks to how much value it is all right. time far cnbc news update. >> hello here is what's happening at this hour everyone. the e-cigarette maker says that it will pull popular flavors such as mango, cucumber and fruit to reduce surging teenage use. the number of confirmed cases of a mysterious polio-like condition continues to grow. cdc confirms there are 90 confirmed cases. another 252 possible cases are under investigation. the tsa and the airlines expect a 5 to 6% rise in passengers traveling this

thanksgiving over 2017 they say they are prepared for the increased load with more staff and new technology >> we are expecting all time high for 2018 thanksgiving travel u.s. airlines are planning for 30000000.6 people to travel during the travel period it's up from 29 million travelers last year. >> leave a lot of time >> that's the news update this hour back to you. >> thanks very much. see you next hour. we have 28 minutes left in today's session. we have seen a little bit of selling in this final hour of trade. we are down 168 points at the moment let's check into the individual biggest movers p let's start with you >> moved the markets early on saying ongoing discussions, take

a look at trade related sectors. immerging markets, metal stocks all moved up on that they are still in the green. it is not enough one of big problems is oil 12 or 13 days in a row oil companies are getting hit badly. your marathons, whiting is here. carrizo. natural gas rallying natural gas companies like range resources have been up at times when these oil companies have been down. want to know a big day for home builders visa had very good earnings overall. they are rallied nicely today. back to you. >> thank you we are watching the action there. what are you seeing? >> we were positive when apple was positive as apple has lost steam today we have seen the nasdaq really struggle as well

apple on pace for the fourth straight day of negative trading. hasn't seen that since september. one of the biggest movers is higher following earnings and that it is really executing when it is cost cuts and also maintaining dividend retailers notably weak as we are moving into black friday it is a week from this friday. a lot of them already putting out their sales to generate sales before thanksgiving. that's one of the sectors that we are seeing that continues to be under pressure here back to you. >> thank you very much for that. thank you to bob as well coming up john calamos joins us

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welcome back to the closing bell big tech names may be scaring off investors. our next guest sees opportunities in the space let's bring in john calamos. he oversees over to $23 billion. thanks for joining us today. >> my pleasure >> we had peter on the show earlier it sounds like you would take issue with that >> take issue with what? >> that the fang trade is dead >> you know, i think the way we are looking at it is the concentrated fang trade is we are now looking at it as a broader opportunity in technology not just the fang stocks >> so more broadly is your main take away at the moment despite

the recent pull back we have seen in volatility that you're still attracted to u.s. equities >> yes we are i think what we are seeing is a much more volatile market environment, but our sense is from an economic perspective that we'll be stronger for longer in this period. we are going to have the volatilities definitely increased here and will continue to increase going forward. >> i think there's many factors. one of course is hopefully the gridlock here in congress is positive because this market has been striving on good fiscal policies we want that to continue the debate on that going forward

will decrease volatility sit also a factor that will be factored volatility. the geo political risk is at risk as well it is every headline that is increasing volatility here it is not certain ly hopeful but we don't think it is extremely high here. we are looking at a more positive market going forward. a bit of a sideways market i want wouldn't let it sell off at this point. >> we talked about tech stocks but where we yould see it?

>> i think the large tech companies may have an issue with regulation going forward it has been debated a lot. we are seeing finance shows. we remained positive on financials going forward in here obviously the banks in there could be positive going forward. we have seen commercial loans increase in here we are looking at health care as well in here so there are opportunities in there. >> what do you think has held back the bank stocks that you just mentioned they have compare today the s and p 500 given up all of the trump post election games. what's been holding them back? >> i think it kind of held them back a bit in here.

>> what about evaluations more broadly relative to the rest of the world. >> it is significantly different. the growth is so much different. obviously the otherparts of th world are not growing like the u.s. but the evaluations here really with our growth and the earnings growth that came out and the gdp growth had been positive so that's been very positive for the markets where as what we have seen is gdp growth in

europe they are having difficulties i think it is due to the fact that the global market is not growing as fast as many anticipated although we think it might be changing coming up next year >> thanks so much for joining us this afternoon >> thank you very much >> thank you >> we have 17 minutes left of trade. the dow is currently down by 115 points the high plus 124. we have softened in this final hour of trade. nasdaq is even negative having lead the gains earlier in the session. white house economic adviser says the u.s. restarted trade talks with china we a have details next. >> the most important stock to

the market he'll join ucong uonhes mip t closing bell we are back right after this short break.

welcome back keep in mind tilray is up about 550% from july ipo we have the tilray joining us on a first interview. we'll have much more stay tuned for that. >> you don't want to miss that national economic council director when he talked about current trade talks. here is what he had to say you can see market reaction as he wasspeaking it is very positive. we now know that we will in fact discuss trade at the g20 meeting in argentina we didn't know that.

there will be many things, security matters and so forth on that list. trade is going to be one of them right now we are having commune kag cases at all levels of the u.s. and chinese government >> it's worth about 60 points. that's a little bit of a delayed reaction from the initial fee. certain lay big market impact. lots of factors out there. they are effecting the markets i think it has been one of the biggest ones you can frame it as a little s disappointing. we haven't held onto more positive gains given positive information than we did earlier. >> we are having the frostbite discussion, something i thought was frosty in that interview today it was his comments in regards to peter and they also moved to the market last week when he said his remarks are way off base and that he thinks he

did the president a great disservice >> we have about 11 minutes until the closing bell the dow is down 83 points. the s&p is down 1 point. the nasdaq slightly higher >> crude oil dipping below 55 bucks. we'll discuss what's driving that drop next how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online.

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8% below $55 a barrel. remember, it hit a multi-year high >> rising output and u.s. production climbing to 12 million barrels a day. it is pumping out nearly 33 million barrels. some saying we are back to where we were. prices dropped to 25 bucks the president is out there saying he is watching oil prices he said he doesn't want them moving up and he is willing to remember when oil was falling close to $50 many said they thought it would hold. a lot of those are surprised to see this continued drop. back to you guys >> certainly some surprise about the extent of that today a lot of people mentioning the u.s. dollar as well or is it supply and demand? >> you can tie them both together the stronger the dollar is the

cheaper to buy the supply dynamics seems to be the primary thing they are focused on >> thanks very much. up next we'll be back with the closing count down six minutes left of trade. the dow down 53 points finding a little bit of positivity into the close. >> and after the bell, where to find value scott black will join us with his top picks. closing bell will be right back after thisverage and still may aftesave you money on monthlyy premiums and prescription drugs. these are affordable, all-in-one plans that help pay for do visits, hospital stays and emergency care. but they also include prescription drug coverage. in fact, last year humana medicare advantage prescription drug plan members saved an estimated $6,900 on average on their prescription

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the s & p 500 is just negative you can see from that chart we had higher points. we got towards the lows in the last hour. we had a nice little climb we certainly lost the peak of the day's gains as we approach the close. it is up 0.8%. it brought some of the u.s. banks higher with them today on news of brexit it is up about half of 1%. energy is health care staples. it is on the point of energy we have year to date for you

it shows the scale of the pull back that we have seen in recent months they are incredibly sharp. it is around that $55 a barrel. we'll see if she is pull it together she has not got that back home yet. >> it will be a very big move. >> it depends if it goes well. what has been the main take away >> take a look do you want to see what a problem this is? all of the oil companies are getting hit badly. there is the stories showing up on the stock market story

>> oil problems, specific company and sky works with global slow down issues. >> it is a good day for banks. >> outside of gold man >> yesterday most of the big banks were still down. the big problem here is we have been noting the weakness, small caps have been performing worse than technology stocks they are down about 12% since the end of september the nasdaq down 10%. what is this signaling we are not quite sure. the obvious implication is some how it is signaling that small caps and particularly the u.s. economy is not as strong as 2019 >> a lot of debate about whether it is sending an accurate

signal the u.s. is still a place to inves. there is a problem with that decline you're seeing. >> and this is to strengthen the economy. it can hurt equities too >> ringing the bell here forbes for the urnnder 30 leade. as we end the day we are down 0.4% on the dow. the s&p is down. that does it for the first hour. back to you. >> welcome to the closing bell i'm morgan brennen cnbc senior markets commentator. as stocks settle it was a mixed session. the dow up triple digits at one point. down triple digits at another.

finishing the day down about 99 points right now we have 25287 is your level there. s&p closing slightly lower down about .10. the nasdaq finishing the day just about flat. it is flat to the upside it is up just about 1 point to 7,200. the russell also ending the day lower. trade talks rebound in tech stocks it is all in focus today marijuana company tilray about to report earnings as well a first on a cnbc interview. as soon as those are released and joining us today to talk about the market day michael block here at post 9 leading the dow today while boeing was the biggest decliner advanced auto parts was the winner coty was the lagger. what do you make of the trading action today

>> very tentive as you would say. you kind of waivered around the flat line a lot. you would look not knowing where the market has been recently and say it is about flat half is up and half is down. not a big move the dow is down mostly because of one stock not big deal. we are seemingly at this kind of somewhere near a make our break point. i think it's the nature where it's not doing much but the failure to bounce hard i think is making people nervous here. >> the headlines on china, were they too small of aheadline and not significant enough for them not to take stock from or is it such a weak market that even the biggest risk factor wasn't enough >> i felt it was a little bit

without too much substance behind them in terms of renewed trade talks. we are talking about after the dow went down 600 points on a day we get reports of a phone call on friday >> it doesn't necessarily seem as if it is a lot of momentum behind whatever trade deal is happening. >> in terms of where we go from here what's your view in terms of the general level of sentiment out there and whether you can be buying it >> i have been positive on u.s. stocks now i got more positive. days like this -- >> why >> why did i guess more -- >> yeah. >> we haare seeing this. i woke up and futures up around 16.5 points. you know, here we are closing the day. they are down. what's going on here there is a pain. it is all about that i got more positive. i thought the pain that subsided

sure enough that happened. we have a new wave of pain and it is oil. i have been negative on oil far while. i said i have been underweight far long time. when i start reading about the third quarter outlooks everyone is getting more positive on energy i am seeing these maybe there's a bottom here. not quite. however a day like today i look and say maybe it is time to look among the wreckage and finally get more positive. for today it is all about pain >> is $55 oil or 65 if you're talk about what gasoline prices are tied to, is that really so bad? will it be a net positive for the consumer >> we are talking about the stock market here. if you would have asked me what's your favorite trade i

would have said retail i said it happened realtime. i feel that way, yeah. it should be good for consumers. the problem is looking at the markets here and everything going on there's a pain. if guys were buying energy stocks they are not happy right now. they is being felt in retail stocks and tech stocks and everything else that they owned. >> i think as a general principal a major market falling 27% down 12 days in a row, i think it gives people the sense that something is broken here. it doesn't necessarily mean it is a bad thing but they want to see it stop. you want to see markets find some kind of equalibrium after a while. it does tend to get better than average returns. >> the market figures that out >> i was about to say all of that historical parallels. you can see oil as well. does it remind you of any

moments in the past? >> we were tracking this kind of action in late 2015 as well. oil was crashing on a much steeper path for longer at that point. it was a global problem. you could see it was becoming a demand problem as well >> and the gut check becomes is this a macro issue is chinese stimulus going to be enough to get demand going let's not forget about that as well the other thing we need to think about, is this 2013 or february 2016 the correct answer is it is 2018 we have to look at the closing low and 2672 nasdaq closed with 7050. i have to respect the levels and say maybe we are headed to retest that. >> let's talk a little bit about china. sitting down with scott earlier

today with a note on the trade tensions with china. >> i think we are going have no choice but to do this to some extent >> we are going? >> yeah. i think we do. the farm community is very important to the united states of america when you're looking at this so it can potentially be rotten crops they are not spoiled what are they going to do they are going to have a very loud impact as far as what the administration does. >> what do you make of that? there's lots of question marks about whether things improved with the u.s. and china. basically it will be china that throws in to towel rather than the u.s. >> i think you're looking at how negotiations might go. did we actually think it was just going to be from the chinese side crying uncle at the g20 and saying whatever you want we'll do it?

i do think he has an ear to the agricultural community there might be some kind of a sense that it is a high policy to allow tariffs to remain while we sort of wait to try to have these winds or whoever else. >> i don't know that i totally buy that argument. if we look at that we are shipping things like soybeans right now. we are doing it to places like south america first and then to china. >> yeah. with all respect it sounds like somebody is crying out when they have a court going on. that's what's going on here. >> getting hungry. >> blt >> no trading places today yeah i'm coming out and saying this is here and we can worry about our farmers as we should all we want the trump administration is also

throwing money at them which is more than he we is doingthan might be getting hit by this you know, there is something to be said where you say look, what are we really talk about here? i think we are going to see something saying the same thing. they are hoping by year end we get a little more clarity on this i don't know if it happens at the end of the month it helped this morning i think we are in for another wave of that >> is there a silver lining when you see excellents frcomments ty aren't really getting hit in china yet. might not help the chinese economy but it is okay still >> yeah. the idea that chinese consumers had come to buy from u.s. companies remains pretty much undisturbed. i think it's a net positive. people saying that might be a card that they hold and

something like that but it doesn't seem like that is in the interest of the chinese government to do that. it feels like more of a depravation feel meg has details. >> hey tilray coming in it is up 86% for the prior period they reported an adjusted loss it is compared to the year over year period. they aren't enough to compare here the company is also reporting the total. tilray up more than 1% back over to you >> thank you so much for that. 2% not really anything to speak of there it is typically moving in those directions we'll see what happens

>> what's your take? not really sure it was a broad consensus. it is a loss and not too bad for people to get concerned. >> never been about what they have been doing. it is obviously a very insignificant company right now. >> and revenue of course will be in line. >> yeah. >> dow is down at the moment michael, there's a momentum that can come behind them they had a phenomenal run. jeff sessions is out >> yeah. i think sessions out could definitely help. we are seeing this creep up. there is a tense private market activity in companies you haven't even heard of that are the next tilray that are coming

down the pipe. i can't mention any names here i have figured out how to get into jurisdictions around the world. this is a wave of the future >> let's get back to the broader markets according to bank of america. stocks have not found their bottom yet michael says despite the u.s being the most favored equity region he remains as investor position does not yet signal the big low in asset markets this is kind of related that we haven't seen despite the pull back with enough volatility. >> it is not in this data anything to say that professional investors that they are very negative and they are sitting in thelatest

it is not as much of a sense you would be buying aggressively >> i assume you don't agree with that statement >> it is always music to my ears what's interesting is in these surveys tech comes in and we learn there's less tech than there has been since 2009. it was an important year i think i was around it. what i could say is this i hear things like that. i said once again, i could be bullish here and say we need to retus it causes more pain. there's a lot of shaking out

going on it doesn't make sense. nothing. it is a long time coming the pain has been felt maybe there's more pain to come. go check it out and figure out what you want to do. personally i'm saying negative energy stocks. >> let's move onto a different factor folks on the u.k. do you think risks in europe are overor underpriced at the moment? >> we are getting to the point where they are a little underpriced. it's like we are in range and getting close here what i can say is i have been negative there i look at germany's leadership challenges it won't be twoo years it will be out two years

>> i don't see a need and they are certain special situations i say we have a little more downside there >> i guess it is also influencing what the dollar is doing. strong dollars ahead >> without a doubt took a little bit of a pause today the dollar index did that's the main way i think it gets conveyed into u.s. investors. >> yes >> at the moment >> michael block thank you very much for joining us today. another volatile day on wall street coming up explains what he sees bargain buying opportunities in this market. >> up next tilray ceo will break it down on a first interview don't go any where

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it is $65 million. it is an increase year over year an adjusted loss of 1 cent per share. the company only ipoed only free analysts are covering it we don't have enough to give you a street consensus it with was bought by $8 billion it has been keeping the stocks steady over the last few days. back to you. >> thank you >> shares of cannabis stock are moving higher. they are down 4% after hours a first on cnbc interview we are joined by brenden kennedy. >> thanks for having me. >> so revenue grew in the quarter. stocks trading lower right now you surprised by that move >> no. we are excited and pleased with

our continued business momentum. all of that revenue for this quarter is medical we look forward to next quarter when we'll start to see canadian adult use revenue in that earningsreport it is with the legalization. how big of an impact has it had over the last couple of months >> the biggest challenge is there is so much demand. >> it's a good thing we have seen it before in places like washington, colorado,

california where it takes 6 to 12 months for supply and demand to take some sort of equalibrium. it's not unexpected. we are increasing not a fast as we can it is with our facility. it will come online here just at the end of the year. like every company we are moving as fast as we can to meet demand around the world it's whether it is michigan, utah, missouri or the departure jeff sessions. are you increasingly optimistic? >> i'm hugely optimistic not only with what's happening in the u.s. but what's happening around the world it went from not talking about

medical cannabis in about eight weeks. it legalized cannabis and they will pass a few laws to do that. in country after country around the world we are seeing continued march towards legalization and medical cannabis and adult use in the u.s. and michigan passing adult use two very conservative states utah and missouri passing medical. you mentioned the departure of jeff sessions. i also think there was a house election in the texas 32nd it is a loss and a lot of bills to coming onto the floor of the house. it is over the last several years around the medical cannabis legalization. we are looking forward to that change in the house of representatives. >> i was in italy last week.

looking to make purchases. when you look at this that's happening in many markets around the globe is the u.s. behind the ball right now >> i think the u.s. is behind in that you're seeing companies such as ours generate massive amounts of revenue in other places around the world. you're seeing several very large companies that are going to be difficult for u.s. companies to catch. it is capacity, brands, products all outside of the u.s it puts the u.s. at a disadvantage like you said, there were about 35 countries that have legalized medical cannabis it is clear to me how we go from 35 to 40 to 50, 60 countries around the world and the next two to three years and if something doesn't open up the

u.s. i think the u.s. is at a disadvantage >> you mentioned your competitors kind of racing to supply all of these new markets. it creates catalysts for growth. i want to project ahead a little bit. where are they headed? even if you're one of the biggest ones are we talking about essentially a commodity provider of something that many many companies that will be try to go deliver and exactly what are the economics of that? >> you can't talk about this like a crop. it would be like talking about abi or comparing the price of weight this industry will be about brands it will be about cpg brands and others whether it is beverages

or edibles it is rare you have seen it develop overnight. i think it's 150 to $200 billion industry and so it's rare that you see something this big immerge in country after country around the world. so i think it's, you no, i, i think it's at least $200 billion industry five years from now, ten years from now i think that's the opportunity it is a long term growth story and about creating companies and brands that consumers love around the world >> thank you for join us >> thank you for having me >> it is down around 2% in after hours trade. >> up 500. >> yes let's put it in perspective. >> thank you

>> we have a news alert. meg has the story. >> hey the parent company has announced it is acquiring for $280 million in cash. it is a very influential space a pretty interesting combination we are looking at here it expects this deal to close during the first quarter here. it is between health care investment firm. back over to you >> thank you up next, we'll break down the charts to explain why we could be on the verge of a market bottom. and later we'll hear from one technician that says apple is the stock tt hawill determine when we'll see another rally on wall street. we are back in a coupleov of minutes. don't go any where

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and three: these are the only medicare supplement plans endorsed by aarp. learn more about why you should choose an aarp medicare supplement plan. call today for a free guide. >> could we see a rally? we have more there >> for people looking at a very particular kind of chart set up to give some indication as to bl the market might be trying to carve out some type of a bottom. let me mark it out for you here. this was a low from earlier in october. this was the late october low. this if in fact the market turned up from here folks are anticipating that perhaps we would get some kind of recovery like that in which case this total formation would be called

an inverse head and shoulders. it is ahead and shoulders that's a dangerous topic formation. it kind of held above the other lows what would have to happen is the s&p would have to lift pretty sharply and exceed this level here it is about 2820 so all of that stuff is a little bit not necessarily showing this is what's going to develop this is what people might have anticipating right here actually it is something perhaps similar in march we kind of went below. if we bounced up there maybe you had some shot of creating some of these i do think it's been a big topic of discussion this week almost too much people arguing that perhaps too many people are kind of wishing that this is how things develop from here. today picked up. it was huge. >> it has not been anything that

has felt like activity where a lot of folks on either side of it, i guess one way to think about it is we have been flocki knocking these around the market is waiting for the others to make the first move. >> unintentional >> hello again here is what's happening at this hour president trump marking the start of the new year at the white house. he helped light a ceremonial as he marked the religious festival >> we are gathered today to celebrate very special holiday observed by buddhists throughout the united states and around the world. hundreds of millions have gathered with family and friends

to light the >> taking video of his fire ravaged neighborhood in paradise, california shortly after it was destroyed by wild fire house after house completely levelled by the so called campfire when he gets to his home it is completely gone. the san francisco 49ers inviting the football and cheerleadingteam to their monday night game. they joined the 49ers for the national anthem. most of those students and staff lost their homes in the campfire the 69ers have raised more than $100,000 for the victims of that fire you're up to date. that's the news update this hour i'll send it back downtown to you. >> okay. great stuff. thanks very much apple closing low today after goldman sachs lowered the price target and it continues the down week for apple.

it will get hit fairly hard following a forecast from supplier >> joining us now to discuss why he thinks it could be the key is tom, editor of the market report great to speak with you again. >> thanks. >> it was less than a week ago we were talking about apple and sort of this idea that based on your chart as goes apple, as goes the broader market given the downturn we have seen in that stock in recent days what's your take now? >> i would say it just in a slightly different way i would say when the price plot of apple disagrees with a price plot of nasdaq 100 you should believe apple most of the time that apple usually ends up being the one that's right it is troubling to see apple going below the october low where as the rest of the indexes have not done that it is troubling, however at the same time apple has not yet gone below the february low while the

nasdaq 100 did which do you want to pay attention to there is a lot of reason to expect apple to stop the decline here it is down touching the 200 day moving average it filled the gap that it left on the august 1st earnings report and so it is a very flies pla -- very nice flplace. when you have just now gotten to your 200 day moving average it is tough to make a push down through it when you expended all of your energy just to get to the starting line. >> what do you make of the wti oil chart at the moment and bl it has implications for broader equity markets >> it has big implications for bond yields. it tends to follow the path of oil prices with a lag time of about three weeks. it is pretty reliable indicator that the correlation to the

stock market is not nearly as reliable you're not seeing quite the same degree of selling in the further out months it is near term supply and demand issue there is a bunch of supply and it is pushing the prices down. all at the same time this big decline that we are seeing in oil prices, it's really not that big compared to 2014 or 2008 or 2009 it has taken it down to the rising channel line. >> as a lot of us keep talking about how to read the signals of the market right here as to whether in fact it might be bottoming or not what other indicators would you be keying off of to give you a sense of the supply and demand set up right here >> well, first mike that was really nice analysis on the head and shoulders. i agree with the way you described it i'm thinking there are more poo pooing than are believing it

i'm focused on the entering the third year of the presidential term, the year following the midterm elections is up every time since 1933 except for one in 1939 we had a 2% loss in the s & p 500 that year. if we are to have a condition like that there 2019 then yes, we could have a down third year. it is nearly -- it is nearly an up year except that the first two weeks of november are not usually an up year you get a little soft spot adds everybody gets over the effects of what the news is on the election and you start upward. after about the 14th or 15th a little bit later this week we should see it right on schedule. >> i want to bring back to where we started on apple despite those fears or worries about it falling what it means for the market you're actually doing that, is that right? >> i'm expecting it to go

higher i didn't expect this most recent decline but i'm seeing it finding support at the 200 day moving average i'm thinking that's going to work >> okay. thanks we certainly will. thanks for joining us. tom is discussing all things including apple. coming up on the closing bell scott black tells us which beaten down stocks he is keeping a close eye on right now brk.ghafr isrit teth ea each day our planet awakens with signs of opportunity.

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tesla stock trading up more than 2% today. cnbc is giving an exclusive look >> with robotics in automation tesla is looking to drive down the cost of battery packs. we'll take an inside look when the closing bell returns

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5g ultra wideband network with unprecedented wireless capacity that will not only allow for phones to be connected, but almost everything-- transforming how we all live, once again. (bob barnett) as you know, this call today is the first call that we've made on the cellular system. tesla stock prices have been hit by production and manufacturing prices we see how the auto maker is meeting those challenges >> tesla's factory focus on expanding while bringing down the cost of those batteries. one way they are able to do that is through robots and automation this massive factory is going 24/7 and about 7,000 workers here the production right now stands

at about 5,000 battery packs per week that means all of the battery pack needs for the model 3 the director of automotive believes they can bring down their costs even more. >> the battery remains the part of the vehicle it is really really important we improve our efficiency and design so that we make them more affordable >> take a look it shows the cost of battery self-production and most analysts by their estimates believe tesla has a healthy lead and it should continue for at least a couple more years. take a look and keep many mind that lowering the cost of a battery and battery pack is important as the company looks to develop and sell more lower priced model 3 vehicles as though lower priced vehicles come out they will need lower cost battery packs in order to maintain the profit margins. that's the story from here

back to you. >> thanks very much for that clearly tesla still has the lead in some of those areas there's a lot more competition coming in the next year or two years. >> it is how much they think they can scale electric vehicles it is a head start in terms of consumer mind share. what's interesting is for much of the growth the idea of competition was a little bit because i don't think it was saying i will buy an electric car. it was i want a tesla. >> i think the automation robotics piece of this is fascinating too. we have heard about automation in terms of the car production lines but at least from what we saw it looks like those are moving very smoothly and

probably a very big part to play in driving down the costs of the actual battery protection. >> the stock at 33873 up about 30% in the last one month. of course that was off before that is value investing getting harder scott black thinks it may be the case but he joins us next with some of his top picks. >> and coming up tonight on fast money wells fargo says the winter rally is micong winter is coming he'll review what you should be buying stay tuned alerts -- wouldn't you like one from the market

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we have an earnings alert. eric has that story. >> this is an interesting one.

the company beat on earnings at 14 cents a share their guidance was in line the stock having a buy back as well the stock is down 4% it is down more than that. it is almost double digits starting to come back. a lot of people not sure why the stock is down other than maybe they were expecting bigger guidance more than an in-line guide. these are down back to you. >> all right thanks very much for that. now, with high growth stocks falling out of favor could value stocks start to make a comeback? a member of the round table for some 22 years. scott, thanks very much for joining us >> well, thank you for inviting me >> value investing hasn't been the place to be for quite some time is it going to come back in favor now given that we have seen a pull back from some of

the growth stocks? >> i'm not sure because i think there's so many etfs at this point. in the old days when i started there were 11,000 u.s. securities today there are 3,600. securities and the today 3600 ed to it's s&p 500 or industry index. until we get washed out i'm not convinced because things go up and down we have stuck to value for years and done well on aggregate basis but haven't been able to complete with the high fliers, the fangs in the last two or three years. >> you mean the etfs have impacted value investing in what way specifically just because there are more attractive alternative to investors or because they have sort much affected momentum more broadly. >> no, because -- yeah, they load up on the good stocks as well as the bad and there are few in names

it's harder to find the inefficiencies we own a lot of companies. in the recent quarter 94% of our companies record earnings process. high returns on equity, 17% about even with the s&p 500 with earnings earnings growth and stocks don't seem to go anywhere value definitely has been out of favor process. the one time it got a burst was after president trump was elected. that was the first time that small mid-cap value outperformed the larger indices otherwise you have to go back to 2009 and 2010. but even farmer french would tell that you value systematically lagged since 2008 which contradicts the model back to the the post war era. >> you are come through the market, right now, scott and the specifically looking for value picks. what do you like >> well we give you a small one most people haven't heard of

called herk utilities capital focuses in california on biotech firms and also on you know, technology itself. the stock sells at about 1.9 times tajable book 9 multiple and 10% yoeld and the non-performing assets are 2 million on a billion.6 in assets they work well it's not well followed the market cap is about 1.2 billion. >> a lot of the names you have to encounter in the screens looking cheap statistically are in sectors where they seem to be discounting you know this cycle coming a end or at least the sector cycle potentially ending before too long. what's your call in terms of whether in fact the expansion can keep going to make some of the value stocks actually pay off for you? >> well, you have to be so careful now, michael, because of the ramifications of trade

barriers, things that are involved with supply-side cycle, supply chain cycle like technology, auto related those things you have to worry about because it's not clear what the legislation will be and the ramifications in the trump administration but, you know, the technology ultimately will grow process i will give you one we sold at 118 back in the low 90 baud in the mid-80s. kla a terrific company less than $4 a share on the carbon the balance sheet. the earnings will go up because meterology is a strong area. maybe not growing in double digits but maybe 9, so%. but backing out the cash it ten times expected earnings a lot below the 17, 18 multiple of the market right now it's a fine company. nothing but cash generation with superior technology in meterology. >> overall, stepping back i

guess the message is the value vechg is out of favor for a long time you're in the sure it's coming back into favor. even when you look at recent earnings season you foal like you are picking with the highest growth rate stocks stocks but the share prices aren't performing why should people invest with you in your style of management at the moment. >> well, as the old benjamin graham expression ultimately value wills out. at some point they shake out the speculation. there is nice growth companies out there but paying 90 or a hundred times earnings the greater fool theory of investing there are many companies like tesla with no earnings paying infinity multiple attention and burning through cash having to come back for the market with generating nothing but free cash. ultimately that's the greater fool theory of investing but we hope sanity returns to the market at some point that value will out as ben graham

used to say. but we try to own businesses like warren buffett high returns on equity free cash wsh low multiple valuation was sustainable franchises it's worked. i've been in business 39 years and done just under 14 compounded over that time. but this is the longest perfected of underperformance in the post war era. >> thank you very much for joining. scott black from delphi management. >> thank you. >> well the search is over amazon has a winner or winners for the 2lohq9 ttery processes. two or three winners depending on point of view we explain that next

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amazon's search for a second headquarters turned into a search or for a second and third headquarters kourtney raegen in one of the locations, long island city, new york with the details. >> hi, morgan. this building behind me is going to have some space for amazon initially. cities moving out 1,100 kpees to make way for amazon. a new tech built, some of the

gees will be drawn from there to add to the 2500 azmodan has in the area but it's bringing 5,000 jobs to honk island city if you count all the indirect jobs that's 107 thoup jobs according to mayor cuomo with an average salary of $150,000 about double the average salary of queens county, according to state book they are looking to spend 2.5 billion in the area of long island city and western queens for the development, 4 million acquire sfeet of office space. potentially up to 8 million square feet. they are paying $10 billion in tax revenue in the next 20 years but getting tax breaks to of $1.5 billion new york says they're taking some of that and fumble efunneling back to infrastructure they are donating for two schools and green space. they want to invest in the infrastructure some local politicians and newly elected national ones aren't happy.

u.s. representative elect alexandra oxio cortes is worried about the tax breaks when she says the subway system is crumbling and the strengths residents are concerned but the mayor and the governor are happy about the news back to you. >> courtney thank you very much for that and thank you for watching that does it for "closing bell. "fast money" begins now. "fast money" starts right now. live from the nasdaq market site over looking new york city times square i'm melissa lee. our traders are on the desk. it's the most feared technical indicator on wall street, the death cross. it's rearing its ugly head on small caps it may spell trouble ahead for the market a crude selloff, the worst day since september 2015 as it hits the lowest level in a year how low can it go? we start with apple un