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good tuesday morning welcome to "squawk alley." i am carl quintanilla with morgan brennan and jon fortt stocks are well off lows of the session, but obviously in the midst of a big selloff across the board, major indexes down 1%. s&p and dow erasing gains for the year nasdaq in correction territory, hitting the lowest level in seven months, back under 7,000 every dow stock in the red, despite some individual tech names trading higher like

facebook and nvidia. mike santoli is back at post 9 how is the picture filling in for you? >> seemed like there was itchiness to buy the opening down print, with some of the hardest-hit tech stocks. not the worst to see that. everyone gets caught up in what are proper tactics to see a low forming. but the market has been quiet in its oppressive selling it hasn't been this panicky flush. if we need something like that, it hasn't happened yet i don't know that you need it. it has been going on two months. you had a lot of untouchable stocks that have been humbled. i think this process is under way. whatever started two months ago is happening in terms of the correction process now it is taking on a flavor of on watch for significant slowdown in the economy as opposed to valuation stuff, oil crashing, trade frictions. >> when you say humbled, some

software names, master card, microsoft haven't been dealt the hand that others -- >> that's true you have some that are preserving gains paypal was up 6% keep mentioning sales force, adobe. the reason is that they're fellow travelers with the faang stocks and essentially the market has been searching out and trying to target those stocks that still have a lot of stuff under them >> they won't rest until everyone is destroyed? >> i don't know if it is everyone you have to get rid of the idea there are safe places to hide in your favorite names. >> what do you make of the fact that semis are leading the rebound today, and some cloud names punished yesterday are also pretty strong today looking at workday, lamb research is chips, texas instruments, another chips stock, but wayfair, cloud

retailer zen desk was down yesterday. it is a weird mix of semis and smaller cloud names. >> semis i would say they topped months ago, they led the whole thing down, they were weakening as a leadership group, well before the rest of tech did and the market did seems as if people are in there with legitimate sense of maybe it is overdone to the down side. with other names you mention, i think it is one of those -- they're longer term, stock up trends are intact, nothing changed really with fundamentals if you want to view it as opportunity to buy tomorrow's leaders, this may bea chance i am low to extrapolate much from one morning of activity there's a ton of noise in it it is with the oil names or you want to pick one bank that's up or something like that >> okay. so we're talking about one day, one morning of trade but if you look over the last couple of weeks and what's been holding up

relative to the rest of the market, it seems to be some of these more rate sensitive, more for lack of better word boring sectors, like utilities and staples, is that part of a bigger rotation that could continue until the end of the year >> it has been under way a couple of months i would call it not so much value but quality or stability or defensive stocks. that's been the preference everyone is missing verizon, mcdonald's with new highs. there are places people perceived a high i don't know if it is something that touches off in longer trend that says that's the kind of market we're in. if this develops into something of a more significant deeper downturn, that's about the only place that's going to be the island >> and is the fastest hair trigger on that front a downgrade of a major name that's

credit exposed as opposed to incremental developments in trade discussions or something out of a fed governor. >> i would think it is either a downgrade or credit markets continue to tighten, continuing to act up. whether in fact credit rating agencies ratify that or not, less relevant than if the market itself keeps getting squeezed. you're in the year end zone, people are shrinking balance sheets, don't want to take on new risk, it can perpetuate. it reminds me of late 2015 we had the big selloff in august, and yellen was determined to hike for the first time in the cycle december that year and we got it in. and the market was up off lows, wasn't in a distress spot, you got it in and that was it for a year in terms of fed rate hikes. not saying we're there again, but it is familiar. >> small cap biotech

>> that's right. >> mike, thanks. look at the faang names, apple is the big laggard today, down almost 3%. some of the others are coming back in the green. bring in former twitter ceo to talk about the selloff the past several weeks. welcome back always good to see you z. >> good to see you as well. >> curious to know your thoughts on not the selloff itself, how changes in credit and equity valuations the past few weeks are changing the way business is getting done in silicon valley the way budgets have to be changed, hiring plans need to be changed, if at all >> i would say it is probably less magnified, less amplified than you might think it is largely in the financial sense here, the perspective has been that everything was fully priced, not just in the public markets and with big faang names but with a bunch of new issues,

everything from the twilio which has been performing and others fully priced that's extended into private markets where valuations, late stage growth are through the roof i think people have been expecting somewhat of a pull back probably some anticipation and hope that there's a little more pull back in private markets because things are so exceptionally priced i think in terms of budget and forecasting, people are feeling like look, everything was a little out anyway, this is probably for the best, and it is business as usual on the financial front. >> dick, a number of factors are being ticked off in terms of why investors are selling out of tech, possibility of regulation, more focus on privacy, what happens to data moving forward you have china in a trade war, possibility of slowing growth globally what's the thing you think is

the biggest risk for the sector? >> it is all of those. and you can keep going regulation both at home and possibility of regulation abroad increasing number of countries wanting to talk to executives of some of the companies. when you bundle those things together, you just have to look at it, admit that everything is fully priced, risk was certainly und underpriced. i think we're seeing the weight of that piling up on companies and causing a pull back. >> speaking of culture issues and how they're sometimes showing up in stocks, i spoke to paypal co-founder just yesterday, he was talking about how this is playing out in silicon valley for companies considering what to do next. take a listen. >> i think silicon valley, the original question, a little

reckoning. some companies like a firmer saying we always had a true north. good time for us to be in flares, people come to the companies more they want to come with a true north. ones that thought they did but lost there or have not been able to communicate down, or ones that had it are scrambling to recreate a sense of true mission and ability to say no to certain things, even if those things are very profitable. >> catch the full conversation on my fort knox podcast this weekend. how much is that conversation picking up speed and volume among investor circles and founder circles where you run in silicon valley about the idea that these issues can have an eskt effect on how they show results. >> the short answer is a lot i'll say a couple things about what max had to say. max speaks so seriously,

whenever he could read your fortune, you would throw yourself out the window, it sounds so foreboding the second thing i would say about what max was saying, it is true i would say from five years ago, a rush to get into companies that were going to deliver the most financial success, and there's a bit more of a return to hey, i want to go to a place with, you know, with a moral center, with a sense of self reflection and real sense of purpose, and i think we're seeing a bunch of these companies or several with a need to do that >> where does that leave facebook >> i'm say this about the facebook stuff that article in "new york times," when you're a juggernaut for ten years, and things are constantly going your way, and you haven't had one of these existential moments, that can cause employees at the company that haven't had to deal with

that stuff to be frozen in tracks and wonder what happens now. at twitter, if there was a negative article about us in "new york times," we called that tuesday. you build a sort of resilience for those sorts of things. and you build a resilience for a couple of reasons. one, the company and people in the company start to realize we have been through tough times before and came out of it and everything was fine, and i trust that leadership will be forthright with me about what's going on and then secondly that look, even though they talked to 50 people, after a few more days, you find out perspectives on what happened in that conversation, and that's one side of the story, no disrespect to authors of the piece, they spoke to a number of people, but we're hearing from former chief security officer, that's not exactly what happened. long way of saying once you have been through this once or twice or a few times, folks in the company build sort of a thick skin about it. if you haven't been through that before, it can be a real

existential moment and i think this is a real moment for moral courage and self reflection on the part of the team i have every anticipation that strong, resilient folks like sheryl sandberg and mark will stand up >> we had a former board member on and said it is a complicated company, everybody understands that, but that he had confidence in zuckerberg and sandberg do you say the same? >> for sure need to, you know, i think that the company has gotten where it has gotten by being super competitive. everyone knows that mark is hyper competitive, wants to beat those guys, beat these guys and the next guy and they've done that, did a great job with coming after snapchat with instagram stories. now mark said the other day he's

at war or the company's at war, if you ask around, people would tell you they're at war with the company in the mirror. it is going to be a real moment for moral courage there and digging deep and figuring out who they really are and what the moral center of the company is. >> dick, sometimes here on wall street people get the idea that if it is rattling markets here, it is on everybody's mind everywhere in the country and across the globe, but silicon valley often marches to the beat of a different drum. i look at pure storage its results have its stock up, despite other things happening in the market. what does o would rattle silicon valley from operational perspective? is it potential demand issues that could come from abroad because of trade pressures stock movements don't tend to rattle companies in isolation that much, right >> i think you're correct.

i think the global trade issues, combined with global regulation potential and concern that because maybe america is shifting stan shifting stances and positions in the world, other countries will feel free to go after some technology companies in the context of more rigorous regulation trade and regulation will have a real chillingeffect i think across the board >> dick, before we let you go, given the topics we are covering in the conversation, tech rep in the public markets now, does this change the narrative for all of those maturing private companies to go public next year >> probably. i have to imagine it does. certainly would make me think twice if i were running one of them >> finally, dick, you are, hate to give away secrets, you're a

savvy investor, you made good calls on specific trades the past couple years. do you have one now? what are you interested in >> you know, i think sometimes it is best to stay on the sidelines, keep your mouth shut. i tell you, i do think there's a little amazon being thrown into the mix on the take down, that crazy profit number last quarter. i know the stock was down on forecasting retail weakness, but it is hard to imagine that company doesn't continue to do extremely well, aws, amazon web services isa cash machine. i still love amazon amidst the rest of what's happening in faang stocks >> you know why i like talking see you soon >> thanks. and tech stocks are getting beat up with the nasdaq down more than 15% since the record

high dom chu is looking at today's recent drops, what it means for broader markets. >> jon, i want to highlight some conversations you have been having the past couple of hours about beaten up names on the momentum side of things. dick talked about amazon, one of the names catching a relative outperformance versus the rest of the market, down a lot as of late, but 42% of stocks in the s&p 500 that pulled back by 20% or more. so if you are wondering where the fundamental value deep buying will be or short covering, it could be in some names. 213 stocks in the s&p 500. this is a sampling to give you an idea of the momentum type sectors we are dealing with and still are dealing with today sales force.com. something you mentioned, cloud providers, workplace solution providers, fallen 24%. maybe this is on a shopping list netflix, no surprise online streaming company down 36% from its record highs.

could it be on a shopping list as well, kind of like what's happening with facebook today. it is down 39% and we're seeing some of that bid come back. then lennar. lost 42% and nvidia 48%. in the selloff, possible selloff, could see some buying interest, could be in some of these names. 40% plus that have fallen 20% or more following recent highs. >> thank you big numbers there on that wall all five faang names in a bear market down 20% from recent 52-week high is this a buying opportunity in tech or is this just the beginning? here to discuss.

bruce vitles bruce, do you think there's more pain for faang and big tech names to come? >> there's no sign of a bottom yet. typically you see panic, capitulation that said, past two days had steep down openings. that's a sign of capitulation on the short term i wouldn't be surprised if we caught a rally in here longer term prospects, we need to see the market settle down. need to see improvement, and i would like to see down side momentum that's been so strong for the entire period broken that would require one day or two days when up side volume exceeds down side volume by 10 to 1 or more haven't seen one of those days the entire year. >> brian, in your coverage, do

you see buying opportunities now? >> well, obviously you would rather lower prices than higher price. let's clarify when you look at what's going on with facebook in particular, those issues are mostly specific to facebook. some read through to google in that a lot of what happened there is also to some degree happening at google, but nowhere near as badly. it is important to separate that out. >> when a stock is down 39% from recent highs, is that more attractive or -- >> i have $125 price target and sell recommendation on it. >> brian, talk a bit about facebook you'll acknowledge the initial cambridge analytica stuff didn't hit facebook as hard or as long as people expected the fundamentals in terms of advertiser attention to facebook don't seem to have crumbled, though overall growth is an issue. what is the real argument for

this keeping the stock down long term >> here's the thing. i think most investors misread cambridge analytica with respect to implications. many thought that all of a sudden there's a threat to users or advertising spending directly because of it. it was never going to be that simple users have been reducing usage consistently since before that cambridge analytica incident happened it is not clear that caused acceleration advertisers were always going to be limited by the fact that facebook already captures a disproportionate share of wallet there's only so much growth through digital advertising. the bigger consequences of cambridge analytica, let alone what came out recently, is the costs the company will have to incur are probably greater than anyone expects they have 30,000 con tent moderators, outsourced there's no way they have enough.

hundreds of thousands is the right way to think of the kind of numbers they need that's a risk on the down side what other regulations will follow. >> do you think guidance on basically security has been undershot by four-fifths >> i'm saying i think that most investors even now are looking at guidance as a conservative number and i think because facebook, and this is again a point highlighted by the times article. it might represent what they think the number should be, but it is clear they don't have a complete handle on the company, which only increases risk to the down side. >> before i let you both go, bruce, stocks are in a strong seasonal period, whether you talk post midterms or holiday season, the dow down 450 points

now. how would you categorize this. are we going to be bucking a trend? >> seasonality is important but doesn't always work. we don't give it a lot of weight in our office. in any event, i think the market has to show signs of capitulation you need to see some evidence of a bottom forming so far we haven't seen that. i would say caution is advised >> all right thank you for joining us today big retail names, target, kohl's, lowe's, best buy and others slammed by earnings a couple days before black friday. courtney reagan has those names covered and more >> busy day and week, carl the retail stock movement you're suggesting would show the group is turning in awful quarters going into the holiday shopping weekend kickoff. but that's not what's happening in my purview. expectations were high after a

strong retail run that started last holiday season. investors are wondering is the best behind us target earnings missed by three cents. comp. sales fell shy, digital sales grew 49% the strongest metric they turned in traffic up more than 5% in the quarter. they reiterated the full-year forecast says if it performs to fourth kwaeft expectations, it will have the strongest annual comp. growth in a decade margins are being pressured. the cost of filling those online orders and bringing in more inventory for the holiday quarter. i asked the ceo brian cornell if he believes the consumer is as strong as he has seen, his words on cnbc back in august and reilt rated that in october. he said today, the consumer is healthy as we enter the fourth

quarter. unemployment is low, gdp is growing. said our traffic is growing and comps are accelerating i asked again is the consumer less strong? he said we see no change in the consumer environment there's best buy, ross stores and kohl's they posted positive comparable sales. however, ross stores holiday quarter guidance is well below the street kohl's only raised the low end of earnings guidance lowe's, tjx mixed third quarter reports. and missed on fourth quarter forecast so mixed bag to be sure, jon but not all bad. positive comp. numbers are something that retailers want to see and really have been continuing a positive comp. trend for most of them >> good insight, watching the actual numbers coming up, much more on the selloff in stocks.

is today's trade a historic buying opportunity or red flag for your money resqwkllscuss next mo "ua aey" still to come presenting the internet!

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we have red areas in the states and europe as well. >> similar strategy is used by european investors major averages are closing in

negative territory french equity index lowest level since february of 2017, and germ germ german dax, down 1.5%. where are we seeing losses technology, so much of what we are seeing in the united states. this is the european tekch index lowest level in 17 months. they're down more than 5% amid negative sentiment on demand and technology and financials, part of the selloff today, a two year low for european banking sector. deutsche bank hitting a new all time low in today's trade. within autos, sharp losses the french government was asking the automaker to look for leadership while carlos ghosn is

under arrest corporate credit being tested in europe it shows credit default on high yield bonds continue to widen. politics, interestingly enough, haven't had impact on the european market in 2018. but quick note on brexit, british pound at session lows. coalition partners say a deal won't pass same time, bank of england says the risk of no deal brexit is uncomfortably high and predicted the pound volatility would continue for the rest of the month. pound at 128 european commission is expected to react to italy draft budget tomorrow and the purchasing index is due friday, will shed light on higher raw material costs and

china growth concerns are impacting businesses across europe back to you. >> seema mody, thank you. let's get to sue herera for a news update. >> good morning, morgan. good morning, everyone here is what's happening at this hour north korea destroyed guard posts in the demilitarized zone today, comes after the two koreas agreed to destroy those near the heavily fortified border. dramatic footage trying to save people from the woolsey fire the pilot struggled to find a safe place to land, and losing fuel had to work quickly to save several people and two dogs, all of whom were trapped meantime, the camp fire is still burning in northern california officials hope heavy rain this week could help quench it. then the worry is that rain would trigger mud slides a new report finds the best time to buy a home is the day after christmas.

analysis shows buyers that closed december 26th got the biggest discount below full market value. speaking of christmas, it is beginning to look and sound like christmas, especially in new york city. saks fifth avenue unveiled the holiday windows. ten story highlight show and first ever digital display followed the big reveal. a great time to be in new york city if you can take the crowds. that's the news update this hour back downtown to you, morgan >> holy smokes, that looks great, but the crowds, i don't know >> yeah, it is beautiful. >> a little bit to lighten your day, the images. >> exactly >> sue herera, thank you. as we head to break, look at the major averages, down 1% or more the dow down 467 points. 1.8% nasdaq down 1.2, breaking below the 7,000 mark s&p down 1.4%.

all s&p sectors are in the red more "squawk alley" back after a quick break. ♪ ♪ i'm all for my neighborhood. i'm all for backing the community that's made me who i am. i'm all for my theatre, my barbershop and my friends. because the community doesn't just have small businesses, it is small businesses. and that's why american express founded small business saturday. so, this year let's all get up, get out and shop small on november 24th.

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interesting session here

obviously we saw a little buying in middle of the morning dow is back down 478 phillies sox index is positive apple below 180, and -- >> that's a six month low for apple. at least where it is trading see where it ends up closing this action of clouds stocks, semis doing better than others, i wonder if it has to do with commentary we heard from companies, including pure storage, ceo which we will hear from shortly, about it doesn't seem like demand for this transformation of data center is completely lagging we'll see how much is u.s. strength versus overseas >> worst performing sector in the s&p are energy stocks after wti broke.

transportation is down 2.5%. what's leading it lower is industrial facing commodity facing freight names union pacific, kirby, et cetera. that's an average to watch if you put any stock in there let's get to the cme and rick santelli >> good morning. and thank you. i've had several guests in the last week or so as the deterioration of credit has caught up. it has been one of the unique factors of 2018, that the stock market which has been leading the way to many other trades in other sectors is really the catalyst for what has occurred in the credit markets. and that's unusual usually the credit markets reverberate first. why is that important? it is important because in order to profit or to understand exactly how deep the correction in stocks is or how detrimental

to the overall position the credit markets may be poised, we need to understand exactly what happened i think it is pretty easy. buy backs. the gift that keeps giving think about it over the years we had interest rates at ultra low levels. and companies chose to use some of the hoards of cash to buy back stocks, or even companies with hoards of stash chose to borrow to buy back stocks because rates are so low rates are so low many kplancomplained about the d raising rates, but they needed to, whether it was establishment of zombies, there's new wave companies. jim grant talked about them today. many of them have great cash flow but aren't really profitable they have been allowed to exist because of low interest rates. buy backs. think about it you borrow, you buy, you buy up here, now your stock is down

here any wonder that the feedback loop from dropping stocks into the credit complex has created this very quick catch up by the credit markets if you look at barkley's, high yield or investment grade securities, the index for high yield investment grade, last couple of weeks the line shot up dramatically do i think it is something to worry about? it is always something to worry about. but in big prices in the past, it was always about don't borrow short and lend long. many companies that created many of the crisis couldn't get their hands on cash now, even though they were cash rich in the bigger picture this animal is something completely different how will it ultimately work out? when stocks get a footing, my guess is credit will not only stabilize but move to tighter levels quite quickly jon fortt, back to you >> see how long it takes to get a footing. thank you, rick santelli

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♪ here's what's coming up top of the hour. where's the bottom stocks under heavy selling pressure today we are debating whether we are close to the end of the pull back tech bouncing off lows this hour finally time to buy beaten down faang names? john and pete have unusual activity in stocks that could be about to make a big move we'll tell you which ones and do it at noon see you on the half. about 15 away. >> sounds good thanks amazon one of several firms bidding for 22 regional sport networks that disney acquired in the deal with 21st century fox david faber brought us that news this morning >> it is resonating this

morning, carl, the idea that amazon is stepping up to consider potentially being a future bidder for sports rights. you may look at big media companies out there, seem to be suffering because of the perception based on what we reported let's recap it for you regional sports networks as many viewers may remember, to be sold by disney as part of the deal to acquire fox which will close perhaps early first quarter next year that makes timing here important. first round bids were due, and they were put forward by a variety of potential bidders no surprise, private equity amongst them, whether apollo or kkr or black stone making a bid for all 22 regional sport networks the surprising name is amazon, which i reported amongst them. includes smaller broadcast sinclair and tegna unclear what their plan is, whether they're interested in a handful of regional sports

networks given the fact there may be local tv stations available from cox and tribune out there, unclear what the plan would be this is first round. interestingly didn't include fox, the company operating and owning the networks for quite some time. that does not mean fox won't play an important role here. may well show up in a second round of bidding, partnered with private equity if they need to, if the price is higher than otherwise thinks it can handle on its own balance sheet amazon's presence not just here but as reported in bidding for the network giving investors pause. and perhaps fulfilling some views that said amazon would be an aggressive bidder potentially and or competitor for various leagues and sports rights.

the yankees have the opportunity to buy 80% of what they don't already own. they brought in amazon along with sovereign wealth fund earlier i reported blackstone was in the group, that's incorrect. i don't believe it is part of that group but amazon's presence here, all 22 and or a yes, and all 21, very interesting on their part talk to john malone last year. no stranger when it comes to all things media about where this really does end up and again, we're going to have due diligence beginning next week, then second round of bidding, mid december, and then many expect, including malone that fox is going to show up >> all right >> the best buyer is somebody with other market power, right >> potentially fox. >> potentially fox where they are now

where they have been grown and nurtured because nobody wants to live without the fox network, fox news, and oh, by the way, you have to take regional sports or we won't -- you know, it is a bundle i think laughlin is the best buyer. it will be embarrassing for disney to pay 15 and turn around and sell at 8, but i think that's reality. >> talking about the multiple that disney paid and would have to sell at jon, amazon not a surprise completely people trying to understand what would the strategy be for them would they include it in prime, would it be another fee, move in into the merchandising for teams, would they sell tickets, be able to redirect ads on the new platform a lot of different thinking in terms of what amazon may be thinking maybe they're sort of in there to learn and not necessarily will be there at the end

>> can't count any of it out amazon is spending money >> either way as you reported the story, aemmazon which start lower is now up. we are watching shares of pure storage, the cloud storage solution company, beating estimates for the most recent quarter. pure storage announcing a hybrid cloud service and partnership with aws shares up as much as 14% premarket, now up 5% joining us in a cnbc exclusive, pure storage ceo charlie giancarlo. thanks for being with us sorry about the technical problems that caused you to have to join us on the phone. quite a quarter. you raised guidance as well. given this is a market where so many people are uncertain about what's going on, what demand looks like, what gives you

confidence to look into the coming quarter, say it will be strong how much is because your 70 pluplus domestic >> thank you, jon. always a pleasure to talk to you. even by phone. and thank you very much for the question we had a fantastic quarter results were up 34% year over year, and we showed good strength on the market and raised guidance for the year thank you for that context we continue to pick up market share, have a strong set of products as you know we spoke a few months ago about the strength in ai customers were asking for the kinds of value that grew them on premise -- drew them on premise to cloud as well going to provide the same set of services and capabilities and

high availability and strong performance for data analysis both in the cloud and on premise, allow them to choose where to place applications. we're pleased with that. seeing a big tick-up by our customers. in terms of the u.s. and overseas expansion we are seeing a big expansion overseas about 2% year over year in terms of the ratio of non-u.s. and u.s. sales europe has been very, in particular, very strong for us we continue to see good expansion around the world >> a theme that keeps coming up with executives like you who are dealing in this data center transformation and cloud environment is the age-old enterprise concern about lock in seems to be back as strong as ever microsoft, adobe trying to push this open data initiative.

you have sales force talking about being able to do transport between cloud and part of ibm's messaging behind the move to acquire red hat. how much do you expect all of the cloud players to have to have a story around the customer owning the data and being able to move it around more easily versus being locked into a specific cloud >> that is a concern of our customers. it will not be possible for any cloud player to be able to provide a removable data environment. whether it's because -- they're going to have to create that i admit it will be up to third parties and others to create a common environment among the clouds the same data environment

whether it's in the cloud that allows the applications to be able to move from one to the other. so-called hybrid environment >> charlie, this is morgan brennan here i want to switch gears and get your thoughts on the commerce department said it's seeking public comment on whether there are certain emerging technologies, basically considering the possibility of export controls. good idea or bad idea? >> the government always has t keep tabs on it. the question is how far it goes. overreaching is really the important criteria we'll leave it to the experts. my view is that some of the technologies are strategic.

keeping open borders in general is very good for business and for the u.s. >> charlie giancarlo, ceo of pure storage thank you. >> thank you very much thank you, jon mid time, to either sell or spin off assets, tv ratings company nielsen holdings is naming a new ceo this morning. joining us now is david kenny. he was responsible for developing watson and their cloud platform going to have your hands form here questions about ratings accuracy in this era where there's micro targeting. how do you answer that >> even in that part of the

business, and i actually think there's never been a more important time to have an honest, trusted view >> such as what? >> the way we go about individual people and what's going on in their homes. panels are not as proprietary. the data sets can be done without personal information and that gives a trusted environment. >> so you think the fear over data collection and leaks and so forth, mismanagement, tilts in your favor >> there are real advantages >> in terms of the strategic group you have in place, is it still attractive, more now to

take the company private >> the board shares the public share how olders i've been the ceo of a private company. what you actually do doesn't change it's about alignment we have to get on with it. we're going to look at what the right options are for nielsen and get our shareholders in line with what we're doing. >> clarifying for useers in general what your data policies are, what lines you won't cross or share with others >> any company that is dealing with trusted data needs to clarify that nielsen has always done that i think making sure everybody understands what's going on with data is important so it can be

done in a safe, transparent way. >> is it reflective of broader possible consumer trends or is this a situation where nielsen hasn't kept up with competition? >> i think everybody is changing what they're doing nielsen has a great advantage in understanding what people are buying across the board. i believe we have a lot of innovation in tests. >> come back next time and we'll talk about how some of your ex periods feeds that "squawk alley returns" in less than three minutes

the dow down 397 here as some of the losses are shaved away obviously another tough day for the markets. one analyst call that didn't get enough attention was goldman's new target, 182 from 209 arguing that mash guidance at risk will

see. maybe we need to go back to some of those levels. >> it's tricky when apple is changing the metrics that it gives the market, a very important stock. we'll see where that ends up >> tonight we'll get auto desk, foot locker and gap. let's get over to the judge. i'm scott wapner stocks are sliding are we getting close to a bottom it is noon and this is "the halftime report. full details on the tuesday drop no sector is being spared with industrials getting the worst of it plus, several big name retailers get pummeled is christmas over before it began? and another knock against the chips. "the halftime report" starts right now.