breaking brexit news the pound plunging as theresa may's top brexit secretary resigns. we are live in london with those details. markets right now, the dow moving lower as it extends its longest losing streak since august and crude realities. oil did snap a 12-day losing streak while nat gas pulls back from a four-year high. it's thursday, november 15, 2018 you are watching "worldwide exchange" on cnbc. good morning

welcome to "worldwide exchange." i'm dominic chu. brian sullivan is on assignment today. let's get a quick check of the markets. we are pointing to a slightly lower open the dow off by 35 points the s&p by 5 the nasdaq by 1. futures pointing to that lower open after the dow closed below its 200-day moving average yesterday. first some breaking brexit news. the pound is plunging right now as prime minister theresa may's top brexit chief hands in his resignation. let's get to willem marx live in london with the latest dominic raab stepping down means what for prime minister theresa may? >> it means she's under a great deal more pressure in the last few moments another of her cabinet members has also just submitted her resignation after saying the deal you put before the cabinet yesterday does not honor the result of the referendum it doesn't meet the test you set

out from the outside of your premiership. so you get a sense from that language how many challenges lie ahead for theresa may, both within her own party but also within the parliament behind me. in terms of her own party, if you have members of her cabinet, of her government resigning their position, that allows them to vote against her proposals. if you're a member of the government you're not allowed to vote against a proposal put p e forward by by tthe government these people resigning today, it means they now can vote in the parliament against theresa may's proposal once that comes up for vote, likely as soon as early december we've seen the pound plummeting on the back of some of these resignations theresa may is expected to speak in the next half hour to the house of commons and take questions. it will be a hostile audience with thorny answers. >> willem, just shed some light on this for us what exactly is or are the main

sticking points? it seems like this deal, this draft proposal that theresa may, the prime minister has put forward, it took a lot of time to craft what is it that people do not like about it >> two issues. they seem to center around the situation in the island of ireland, the border between northern ireland and the republic of ireland. under one of them there's a backstop, something that was agreed to back in december, whereby if the uk and the eu cannot agree by 2020 on the terms of a new trade agreement, that would resolve the issue of the irish border, which both sides say they want to keep open, if that can't be resolved a legal back ststop kicks in. that backstop keeps not only northern ireland but under the terms of this draft agreement but the uk cannot yuunilaterally

be exited without approval from brussels that's something that a lot of brexiteers have said they are far from happy with. >> willem, one more point here there's been chatter that theresa may is facing, like you said, a hostile parliament what is the sense or likelihood she stays in power and her government lasts through this process and comes out the other side >> for her to be essentially fired by her own party, what you need is 48 of her 315 conservative party mps in the house of commons would have to formally submit a request for a motion of no confidence in their party leader if 48 of those 315 send a letter to one individual who chairs a specific committee, that would

automatically trigger that process. she would have to win a majority of her parliamentary mps in order to maintain grip on her party. if that doesn't happen, anything could continue after that. would have a number of leadership contenders within err own party. the other alternative is if her coalition partner, this is a small party from northern ireland, they're unhappy with this deal. if they decide to stop supporting the government when it comes to crunch legislation she will lose her parliamentary majority and that will make it impossible for her government to continue that could see a parliamentary-wide vote of no confidence and we could see even a fresh election >> thank you very much, willem marx for those details now let's bring in boris schlossberg from bk asset management as we talk about the pound, we know the drivers here.

it is brexit it is this idea that the uk is not coming to terms, not coming to a deal. how important is this for global markets, the idea that the pound is not stable, not where it needs to be in terms of a total reserve asset, if you will >> i think it's important. not necessarily because the pound is being a reserve asset, because this creates massive instability in the european theater as a whole if we have an unruly brexit, it really creates massive recessionary pressures in european union as a whole. britain is a big market for europe that's one thing that's been going on the europeans don't want an unruly brexit as much as i think most of the people in the uk don't want it. because the germans and french want to continue to trade with the brits at current terms the fact they have not come to terms -- i think the irony of this whole thing the deal is getting scuttled because of

northern ireland northern ireland actually voted to remain within the european union. so it's just incredible that all of this is really being done as a matter of politics rather than economics. my thinking here is that cooler heads will eventually prevail. i don't know what the proper scenario is. it's clearly pandemonium and chaos now. it's likely we may go to a general election at which point all options are open i think if they can't come to term with this particular exit on brexit, we might have to have a second referendum. i think it's a long shot right now, there is a lot of people who don't like the idea, but the choice for the british people will be complete expulsion from economic activity or a chance to rethink this deal. as this deal stands now it's heading towards a calamity for the uk market. >> one thing that we're noticing with this move here, i should note that euro/sterling, a key pair in the foreign exchange

market to watch, 88.21 that's up almost 1.5% at this point here we're seeing some movements in the british markets. domestic uk companies are taking it on the chin meanwhile you have multinational european companies doing well. take us through that dynamic >> it has to do with the weaker pound because the multinationalists get the benefit of the -- they source everything in pounds which is weaker but sell everything abroad and earn very, very high exchange rates in return right now they are still benefiting from this open trading environment. so it's -- you know, to that sense the multinationals in the uk are doing well. the question is what will happen if they have an unruly brexit? are all the multinationals in the uk have to leave because they won't be able to function with the rest of the world

remember, the main negotiator is two things, a customs union and financial services pass-through, meaning all the banks in the uk could do business in europe. those are two things vital to the uk economy if they don't have that they don't have a uk economy in my opinion. that's why this can be a cataclysmic event. i think the politicians don't understand the economic consequences that's why it will have to be a revote to see if they want to do brexit again or come to some sort of terms. >> i know brexit is the news of the day. this adds more fuel to that dollar move that we have been seeing, pound weakness is not contributing or helping that matter the dollar seems to keep rising at this point. what do you see trend-wise playing out there? is that strong dollar trend still intact >> this is ironic. yes, the dollar is stronger, but for idiosyncratic reasons. it's stronger against the euro

because the euro is having problems with the uk and italy it's stronger against the pound because of problems with brexit. if you look at dollar/yen it is not strong it is trading on risk-off relationships. the dollar story is mixed. i'm not bullish universally across the board dollar. the dollar is strong for specific reasons against particularly wearrencies even against the commodity dollars, but all of those are actually rising against the dollar so it's not a universal story on the dollar >> all right boris schlossberg, thank you sticking with the currency side of things, cryptocurrentries is getting crushed. bitcoin plunging below $6,000. it's down nearly 60% just since january. by the way, the overall market cap of bitcoin at one point this morning below 1$100 billion in corporate news, uber pumping the brakes as the company prepares to go public. kate rogers has those details.

>> good morning. uber reporting a loss of $1 billion in the third quarter, up 20% from the previous quarter but also down 27% from a year ago when the company posted its biggest loss in the wake and departure of travis kalanick bookings were up just 6% that's the third straight quarter of single digit growth the slowdown could be attributed to uber's efforts to diversify including expansion in food delivery with uber eats, as well as bikes and scooters. uber eats it says accounted for $2 billion in gross bookings in the quarter. last month uber announced it would expand uber eats to cover 70% of the u.s. population the latest financials come ahead of the highly anticipated ipo which is expected sometime next

year some bank efers say that could value uber at 1$120 billion >> kate rogers, thank you very much for that. to your top three stock stories today. cisco systems first quarter results beating forecasts. the company citing strong sales of its flagship network routers and switches, but trade turmoil with china remains front and center for the company here's what chuck robbins told jim cramer last night on "mad money. >> we implemented some price increases as we said we would. we didn't see any difference in the momentum we saw before that and the momentum after that in the quarter. we would prefer that the tariffs don't get increased to 25% in january. my belief all along has been once we got through the midterms that the administration would focus on this we're beginning to hear positive sound bites around this i'm optimistic that we'll get to some resolution >> cisco says it is looking to

move manufacturing to some other countries. berkshire hathaway is doubling down on the banking sector they took a new $4 billion stake in jpmorgan chase in the third quarter. they also invested in oracle for the first time ever but shed holdings in walmart. all of those stocks are on the move this morning. dan loeb is getting a big boost in his fight for control of campbell's soup proxy advisory firm iss says investors should back third point's slate of nominees for the company's board. third point owns a 7% stake in campbell we are just getting started on the show. up next, fed chair jay powell is raising the red flag what he said about global growth that is getting wall street's attention today. and later retail detail. we get a double dose of earnings before the opening bell. ore key things to watch when "wldwide exchange" comes back after this break loud

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the red flag on global growth. here's what he said at a conference last night. >> i think this year has seen a gradual chipping away at that picture. you see a bit of a slowdown, not a terrible slowdown. you still see solid growth but you see kind of growing signs of a bit of a slowdown. it is concerning >> growing signs of a slowdown and it's concerning. let's bring in james liu from clear n clearnomics. jim cramer has been beating the table for a while that the underlying economy may not be showing signs of strength in all the places you want to see jay powell now is echoing some of those same sentiments what does that mean about fed policy going forward in this data dependent fed world >> we think this is one of the most challenging investment environments in a long time. the reason for that is there's a big gap between short-term and long-term economic expectations.

in the short run maybe things are slowing down a tad but things are still healthy unemployment is incredibly low inflation is starting to tick up things look good you get to a longer term view and it's clear that we're probably fairly late in the economic cycle and there are some slowdown concerns over longer periods across the global economy. so the question is how should most investors basically bridge that gap >> how do they bridge that gap what kind of a paradigm? what kind of an outlook and what kind of a strategy do they employ if that's the kind of economic environment we're dealing with >> a lot of investors have focused mostly on u.s. equities over the last ten years. for good reason, u.s. equities have outperformed other asset classes. but more balance will be needed to bridge the gap between short-term and long-term expectations going forward certainly areas of fixed income that were out of favor over the last several years with rates so

low, those wiareas we'll have t tread more carefully looking at em stocks and international markets, they're beaten down but so much cheaper than u.s. markets. so we still favor u.s. markets, we think they're strong by also international diversification is important. >> so it's cheaper, so should we be looking at emerging markets or beaten down other developed markets? >> we think so in the u.s. we expect close to 10% earnings growth over the next year. we're trading at a 16 times pe multiple emerging markets are seeing faster earnings growth and are trading at a 10 times earnings multiple significantly cheaper. for most investors who are still too long or overweight u.s. equities, to shift into international markets over the next 12, 18, 24 months, we think that's the way to do it. >> does the strong dollar matter

for some of those inveszme ments we have in the nfrt near-term a weakening trend in the oil markets. >> the dollar is a bit of complication we see volatility in places like oil, like the dollar, right now in the markets we think dollar growth will cap out. the dollar should stabilize and like you said, it's really sort of the actual commodities, the actual hard facts about global economics like oil prices that will help a lot of countries longer term. >> james liu, thank you very much for joining us. coming up on the show, weighing the risks china, oil, trade all top of mind for investors how do you navigate all of it? we're breaking out our protection playbook coming up. later on in the show, trending today the oxford dictionary named its word of the year it is sure to have everyone in the office talking orwi ehae"etns what it is when

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♪ i'll help you carry on ♪ ♪ lean on me ♪ mmm... ♪ lean on me... ♪ mmm... ♪ lean on me. let's get you caught up on the early market action. futures indicating a flat open the dow jones down by 3 points the s&p off by 1 the nasdaq actually up about 15. we did see some communication services stocks higher yesterday. so that's something to watch there. perhaps that trend plays out more today the pound is the story of the

morning. as you can see there, sterling seeing its biggest drop in nearly two months after uk prime minister theresa may's top brexit secretary stepped down and another cabinet minister just in the last half hour or so steps down as well so let's bring in chris rupkey chris, this doesn't do a lot for sentiment. especially in places like in europe is this a concerning factor to watch here does this lead to perhaps more weakness ahead not just in the uk, but spilling over into the eu continent as well >> yeah. people are concerned this week really with world economic growth especially overnight when powell spoke about world economic growth in the last week, we have negative surprises on gdp in japan and now germany. so the u.s. is the strongest in the world. 3.5% in the third quarter, where i guess japan fell 1.2%.

and germany is 0.8%. >> so you're a financial economist, you tie gogtogether n of these theories in economics with the way they play out in real-world financial markets anything that would lead you to believe that the u.s. is headed for a downturn sometime soon the markets are acting in a constructive way to the down sidownside that the economy may be slowing down what are you seeing? >> it's chiming together, especially when you get major hedge fund owners talking about stocks will crater in a year and a half or so i think what we're running into is a natural time limit for an xh economic expansion people have been thinking about this for a year. the longest economic expansion was ten years under clienten exactly ten years to the month this current expansion from the great recession call it finishes up next june

so people are saying, well, it was ten years back then and it failed, now it's going to be ten years next year, when is the recession coming >> that old saying bull markets don't die of old age that's what everyone keeps telling us here. you're saying there's a finite -- there's a limit to how far the economy can go given the time frame we're seeing. >> people are wondering about it some of my colleagues are saying they're not going to call a recession in the year 2020 but they're going to say maybe it's a growth recession. 1% growth, slow growth maybe the odds are 40%, extremely high in 2020 they don't want to say it will turn down but everyone is scratching their heads and wondering where will the growth come from? the jobs and tax cut act, that's going to finish up next year as well >> so let's put some balances at the end. you're a financial economist let's take a look at what you think is the most constructive

data point that you're seeing about the u.s. economy, and what concerns you the most. >> for every traditional recession we've had, it's always been the fed federal reserve, federal reserve. they raise rates too high to fight inflation and cool down the economy. at the moment they're only at 2.25% for the fed funds rate the prior rate hikes that caused a downturn the last two cycles were 6.5% and 5.25%. we have a long way to go before a traditional recession can take place due to higher credit costs. >> all right chris rupkey, thank you very much for that. we are not totally bearish >> not yet coming up next, crude realities. oil snapping a record 12-day losing streak, so is the worst over for the energy market we're drilling down ahead. and later we're talking turkey thanksgiving is a week away. we have a startling stat that could be good news for your

waetnd yll aour dinner plate those details when "worldwide exchange" returns. now i'm thinking...i'd like to retire early. let's talk about this when we meet next week. edward jones came to manage a trillion dollars in assets under care by focusing our mind on whatever's on yours.

breaking brexit news, the pound plunges as a pair of theresa may's cabinet members step down. markets now. the dow looking to snap its longest losing streak since august and trending today oxford dictionary announcing its word of the year we'll tell you what it is. it's thursday, november 15, 2018 you're watching "worldwide

exchange" right here on cnbc ♪ that music is a big hint on what that word of the year is. i'm dominic chu, brian sullivan is on assignment we'll hear from him in a couple moments. kate rogers has your morning headlines. brexit is front and center this morning the british pound is plummeting after two days of theresa may's cabinet members resigned among them the uk's top brexit secretary, dominic raab. raab says he cannot in good conscious support the current brexit draft deal. jerome powell says the u.s. economy is performing well but he's eyeing potential risks ahead including a slowdown in global growth. powell added that he's happy with the state of the u.s.

economy. and uber's financials hitting the brakes the company reporting $1 billion loss in the third quarter, that's up 20% from q2. the company is expected to go public sometime next year. some bankers say that ipo could value the company at 1$120 billion. back over to you >> thanks. let's check the other top headlines. phillip mena is in new york with those. across california wildfires still burn strong with search teams continuing their search for victims. the death toll now up to 59. 56 of them from northern california's camp fire alone the number of lives lost to the state's deadliest blaze likely to skyrocket with nearly 300 people still unaccounted for stormy daniels lawyer is out on bail after he was arrested on suspicion of domestic violence los angeles police brought in avenatti following the alleged

incident on tuesday setting his bail at $50,000. the alleged victim was unidentified his estranged wife confirmed through her lawyer that she is not the victim and has never known him to be physically violent towards anyone avenatti denies the aiccusation. he says he looks forward to a full investigation and is confident he will be exonerated the attorney rose to fame after representing stormy daniels who claims she had a sexual relationship with donald trump, something the president denies he's also been a frequent guest on cable tv and an yoult spoout critic of mr. trump. the time tally for florida's elections are due at 3:00 p.m. eastern time, but democrats are working to get that pushed back. bill nelson filed a lawsuit to extend the deadline and a judge is considering his request to count thousands of ballots that were rejected from mismatched

signatures. in the georgia governor's race, democrat stays zcey abrams scored a partial victory in court on wednesday when a judge ruled ballots must be counted with minor discrepancies right now uk prime minister theresa may is making an address to parliament. we will listen in on that conversation and bring you details and headlines as they become available to us here right now. so as we take a look at some of these developments on the brexit front, she's talking about this idea the pound is off its session lows it's only off by 1.5%. 1.2796 the last trade there. theresa may addressing parliament we'll bring you highlights as they become available to us. the futures are pointing to a flat open. the dow up by 15 points. the s&p up by 1. the nasdaq up by 23.

on the treasury side of things our own bond markets are showing a sign of movement at least on the ten-year treasury note yield, moving slightly lower, 3.10%. two-year at 2.85%. let's check on the asian markets. in the overnight session, the nikkei in japan off by 0.2%. the shanghai up by nearly 1.5% let's see what's happening in the early trade in europe. we mentioned before what's happening with the ftse 100, getting a bit of a bid slightly marginally to the upside there as the pound weakens, helping some of those large uk multinationals. the dax is relatively flat the cac in france off by a third of a percent switching to the energy market nat gas pulling back after soaring to a fresh four-year high crude just snapped its longest losing streak ever let's bring in brian sullivan, he's live in the heart of america's energy boom, that's corpus christi, texas.

what's the sense out there, 12-day stretch of losses for crude snapped, we're seeing weakness take over again >> dom, good morning i think around here in these parts, as they say, they have gotten so used to these volatile swings in oil. 120 a few years ago, down to 30, back to 100, back down now all the talk is on something else, it's on natural gas, but also lng, liquefied natural gas. it will be a big day today on cnbc, it's a big investment. we do not talk about that lightly because they are launching the first ever pure ship lo shipload from the lower 48 of liquefied natural gas from cheniere energy. if you don't know about lng, this is what you need to know. this will be potentially the biggest global energy shift in 10, 20 years

we have 1$100 billion in investment that is in the united states already you have shale boom, that's oil, but when you drill for oil, you kick off natural gas it's tied to that. new china ties, we talk about a trade war with china most of this lng will go to china. that will mitigate some trade issues, and a lot of people fear russia's influence we start shipping them natural gas, that could change that. here's the thing about lng there are currently three export terminals in the united states after today we will change that number to be four. one we're at will open up today. there are another 13 pending applications for export terminals and five in prefiling. three now, 18 to go. four after today there's a huge boom. when you talk about a boom, you have to talk about a potential bust

we were here last night and spoke with the ceo of cheniere energy i asked do you worry with all these plans for all these plants that there's going to be a bust? >> what i worry about is that we don't build fast enough. so our customers have an incredible demand growth forecast in china's case they're growing demand by 50% a year so if we're not there to fill that need, they're going to get it somewhere else. >> a $15 billion ten-year project. we'll show you on cnbc today that i love big ships, i like water, oil, gas so we'll show everybody all that today. >> looking forward to that coverage brian sullivan, thank you very much for that early wakeup call. let's talk more about the crude collapse joining me now is the nasdaq energy analyst, tamar esther 12 days of losses finally

snapped. we're down again is the path of least resistance to the down side for oil still >> i think there is more downside we talk about typical bear markets for oil, they are typically 30% selloff from peak to trough. what we have is in line with a technical average. it's not warranted from a fundamental perspective. i think fundamentally some degree of price softness is warranted from the october highs because we swiftly moved from being in a state of undersupply to a state of oversupply, but we're not terribly oversupplied. this is not the glut that plagued the market from 2014 to 2016 the marijuagin is not that grea. >> federal reserve chair jay powell spoke in dallas last night talking about this idea that there might be some signs that there are slowing points in the economy.

does that mean that the demand profile for crude is going to be much more in play? not just from the u.s. but elsewhere around the world as well >> demand is more salient now than over the last couple of years. if you look at the prognosticators they're taking their demand growth in one direction, that's down there's still demand groewth of over 1 million barrels a day so the demand picture is not as robust as it has been, but it's still strong if you look at china, with the natural maturation of their economy and the movement from an industrial economy to more service and consumption oriented, there's going to be a natural slowdown in what they need for diesel but an increase in what they need for gasoline and jet fuel i think that remains sticky even in the case of higher interest rates. >> let's switch to the supply

side we got iran sanctions in play, many people said we were not making a big deal enough about this it's a huge move to global supply yet it doesn't seem like it's having as much of an effect. the idea that sanctions have been placed on iran. how important is iran and those production curbs to the overall energy thesis? >> it's very important a big part of the reason why we moved up above $75 a barrel was because of the iran sanctions. those turned out to have way more bark than bite because of the generosity of the waivers exceeding anything that anyone was anticipating that's a big part of why we're moderately oversupplied. i think it's a big part of the equation we'll have to see what happens in six months. we've seen the trump administration basically in the choice between low gasoline prices and iran choose gasoline prices >> i know i filled up for a lot less that past weekend than the week before. thank you for that

coming up, theresa may addressing parliament right now. a slew of her cabinet members handing in their resignations today. the pound is moving in a big way. 1.2784 we'll have the latest on this developing story when the show returns after this commercial break.

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front of parliament after a slate of her cabinet resignations have happened right now you're seeing jeremy corbyn the labor party leader taking a stand to address parliament willem marx is joining us live outside of parliament with more on this. the headline on this, willem, after theresa may's comments is that treatmeheresa may, the pri minister, says she will ask parliament to back her brexit deal in the national interest. what can you tell us about that conversation happening in parliament right now >> she has given a statement to the entire house of commons, dom. what she's trying to do is defend the proposal, the draft approved by the cabinet in the wake now this morning of two cabinet minister resignations and three other government resignations the challenge for her is to try to show parliament that this is the best option available to the united kingdom when it comes to its departure from the european

union. she said she recognized it's not a comfortable process. she understands some concerns people have about the backstop, part of the mechanism that would keep the uk in a customs territory that is aligned with the european union, but she says this is the only way to move forward that is consistent with the consequences of the referendum vote two years ago, that keeps promises to the citizens of northern ireland and keeps the europeans happy with promises made last december about there being no hard border between the republic of ireland and northern ireland so this is the challenge to make sure there's a majority of mps in the house of commons behind me that will vote this through at some point, possibly early december once the european side and europeans heads of state have signed off on this deal >> we're getting updates from joumanna bercetche she is saying with jeremy corbyn commenting right now this deal does not meet our six tests.

the government is in chaos the government cannot put this half-baked deal to parliament. so how is this conversation going? it seems like there's not a lot of faith that theresa may can get this sold to legislators there. >> i think that's a fair comment. essentially jeremy corbyn and members of his party have been saying for some time now using words like chaotic, using words like shambolic to describe the government's approach to these negotiations the last 18 months or so the challenge is the entirety of the labor party vote against this measure, if a significant number of her own party vote against this measure, if the dup, the small party from northern island that's been propping up her government vote against this measure as well as some other smaller parties, there is no chance that she will have a parliamentary majority that will approve this

at that point there are huge numbers of unanswered questions. any number of opportunities for chaos when it comes to government here in this country and a lot of uncertainties for the market we've seen the pound take a slide this morning we'll see more volatility as this situation unfolds >> i know you'll be all over this story we'll come back to you throughout the course of the day. thank you very much. we want to call your attention now to what's happening with the pound it is right now just hovering near the worst levels of the session. 1.2783 off by more than 1.5%. we'll continue to update that action in pound sterling versus the u.s. dollar. we're approaching the top of the hour the team at "squawk box" is getting ready. joe kernen is live at the nasdaq market site with a look at what's coming up so much drama in the uk right now, joe >> yes it's pretty interesting. it's been going on for a while

i don't know why she -- who am i. they voted for something there's only a couple options, either do it or don't. i am looking for bo jo some day. >> that would be interesting boris johnson emerging back into the spotlight would be a huge deal, right? >> he's in the spotlight think when he meets with trump and they both got that hair. >> yes >> they're meant for each other. we actually do have a big show >> you always have a big show, joe. >> today it's true we have david taylor, procter & gamble -- no we always do. our guests today are amazing ray daleo. katie stockton i like to trualk to look at a two-year chart of apple which has an 8$880 billion market cap it's really -- it went through going the other way, through 1

trillion, but it looks like if you -- i'm not a chartest. if you draw a line through it, this looks like a place where it might make a last stand. we have kevin mccarthy on, too, the former leader -- what is he going to be called now minority leader i guess now or whip i don't know in the house after all is said and done heel talk about the craziness going on they have a nice picture here. this is after the demonstration i guess in pelosi's office pelo pelosi has her own issues. like she doesn't have enough there's a block that says they'll vote against her i don't know what's happening in florida. i don't know if you have insight there. >> no just more drama playing out with the political situation. >> i think new jersey was pretty good other than electing melendez again. all we did was push little --

right? it's all electronic. no chads or nothing. >> they have said in florida if you're going to have voter turnout north of 60%, they have to spend more money. you heard yesterday the voting machines overheated and had to be shut down when they were going 24 hours a day >> it happens. >> only recently they gave them the additional money some of the countries there are bigger than states so they are talking about major populations. >> the republicans are asking for ridiculous stuff they want something suresingign people to be alive they're insisting on all this stuff down there >> we know you have some strong feelings about this. >> you're making excuses for me. >> no, no, no. i got the photo from you yesterday. i'm not going to share it. >> that one. yeah >> joe, becky, thank you very much we'll see you at the top of the hour >> running away from us. >> yeah.

walmart is on deck what to expect when the world's biggest retailer reports results. we'll get a top anyst kealta there when "worldwide exchange" returns.

keep your eye on these two big retail names walmart and jcpenney reporting results before the opening bell. let's bring in dana telsey as we look at the walmart story, what is the most important thing we're watching we know in the past it's the e-commerce sales and that growth that has driven the shares >> yes in the second quarter the e-commerce growth was around 40%. we're looking for it to accelerate in the third quarter, reaching around 42%. given they just had investor day in mid-october, they have already put in the updated guidance for the year. so the dollar is what people want to hear about and how sales

have been. we heard from macy's yesterday that the month of october was the strongest month of the quarter and it sounds like tha momentum is continuing as we head into the most important quarter of the year, you wanted to hear that from walmart, too e-commerce, margins, same-store sales at sam's club and at walmart u.s. is what we want to hear about what can jcpenney do to reassert itself as a force or a factor in the retail story >> there's a lot of work that needs to be done this will be the first conference call where the new ceo is on the call leading the call obviously they've had an interim cfo in place as they had changes. i think stability. what are they saying about the levels? what are they saying about margin pressure? how are inventory levels what's happening with same-store sales? how promotions be this season in the face of what there are with a bunch of sears closings which are having going out of business

sales. putting stability in place will be something that could happen after the fourth quarter i think it's volatile right now with the going out of business sales, with stores that are located near and next to jcpenney what are the key things you'll be watching for this holiday season any key trends luxury specialty? >> we want to hear about how digital and physical are integrated the consumer has money we have nearly a full employment economy. we've had some wage growth most important of all we've had very little apparel growth all of a sudden women's and girl's clothing sales are rising faster than they have risen in the past few years i'll look for apparel sales growth and the ability of these companies to drive online sales and physical store sales next week, even though it's thanksgiving week, a slew of companies will be reporting earnings whether it's from gap, l brands

and we'll hear how the season is starting we want that momentum to continue >> dana telseythk u ry, anyove much that's it for our show "squawk box" is coming up next n. when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life.

breaking brexit news, the pound plummeting several of theresa may's cabinet members resign a live report from london. uber posting a billion dollar loss in the third quarter, that was 20% better than the second quarter. and berkshire hathaway betting big on banks revealing a new stake in jpmorgan we'll show you the response in the markets and run through some other big investments today. it's the ides of november. every 15th of every month are the ides, most of them it's 2018, "squawk box" begins

right now. ♪ live from new york where business never sleeps, this is "squawk box. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's look at the u.s. equity futures. yesterday markets down once again. dow closing down by 200 points after being up by 300 points or more during the session. s&p was down by 20 the nasdaq was down by 64. this morning we are starting out in the green with the dow futures indicated up by 44 the s&p up by 4. the nasdaq up by 32. we'll see what happens let's look at what happened overnight in asia. the nikkei was down by 0.2%. you did see stocks higher in china. the shanghai was u