the holiday. we actually have my rugrat here, too. >> are you ready for christmas yeah >> that's something we'll watch closely. guys, have a great thanksgiving weekend. we'll see you on monday. one or left in this holiday shortened trading day. it is time for a special "black friday" edition of the "closing bell. can santa claus, also known as father christmas in the uk, save the rally? plus today is gearing up, but are consumers out in droves always wait fog cybermonday? instead a closer look at retail shopping trends. >> i'm sara eisen in for kellie evans. apple oofrg subsidies.

is it another bruise for the shock? we're live in the showroom to see whether cars are actually moving off the lot a special "closing bell" starts right now ♪ i want to be a billionaire so frik'ing bad ♪ good afternoon this is a different lunchtime "closing bell" on black friday welcome to the show. first of all, a check on the markets, trying to avoid a four-day losingstreak. it doesn't look like it. >> is father christmas santa claus? >> i said santa claus, aka father christmas. >> do they say a father christmas rally? >> it's probably still santa claus. we probably stole that from you. i don't know

seasonal rally takes the debate out of it. >> we should point out energy stocks, oil prices plunging to the lowest level in more than a year dom chu is in the middle of the action at the nyse, in the middle of the children and wilfred following -- >> so at the top, what is happening -- oil prices are down severely, we're seeing some of the biggest drags so far this year, post 8 over here with the group, just trying to find out what gtse is we're shaving more than 30 points off the dow so oil prices there having a huge impact. exxon mobil, you can see off by about 2.5 points, so call it about 16, 17 points, shifting over to what's happening here, goldman sachs, post 5, one of the biggest point drags as well.

over a post 6, which is boeing, one of the biggest drags, those shares off by 4 1/2 points, again over by 30 points being shaved off we know there are still issues with regard to that air crash in indonesia, so those stocks are four of the biggest point drags. back over to you. >> oil is getting crushed again today. jackie deainge his has the details. >> a 7% slide to the down side hitting a one-year low this is the second part of the oil shock. the first was the iran premium coming off the market, now the fundamentals are playing a more important part nothing is changing on the demand side. so the market is risking a glut

situation again. that's what's pressuring they prices down further. the stock market/oil correlation back in full swing when oil prices drop, big owl pulls the market down. it's this relationship that works both ways, and is expected to be a theme as we go through the year while about $50.53, that was the session low. that's close enough to be considered tested. we've seen this before you test the level, it doesn't take long to necessarily break it oil is down now 30%, guys. very significant move here. >> absolutely, jackie. 50.88, wow, a huge move in oil again today. investors are now awaiting a big meeting in brexit. wilford has the details. >> it's a summit meant to sign

off on the brexit deal that meeting on sunday, al bet it ahead of that most nodably gibraltar the spanish prime minister wrote -- our positions remain far away while may said in parliament that british sovereignty will be protected. despite that, it's still assumed that may and eu commissioner will manage to smooth things over tomorrow, allowing the eu 27, including spain, to approve may's deal on sunday then focus return to, by far may's biggest challenge, getting her own deal approved. we're getting -- still in distance. >> the gibraltar thing is so bids

>> now, as we head to some 3/4 deadline, there's so many small pockets of disagreement, and issues of importance to the various european governments, it's hard to imagine how this will come together. >> spain doesn't still claim gibraltar. the most recent referendum 99% voted to remain part of the uk so the overall status is not in dispute. what is in dispute is the spanish p.m. says they don't want automatically the new uk/eu deal they want to have separate talks to try to change perhaps the status the interesting thing is we've been so focused on the irish border issue for so long, and i think the criticism from the uk side, even from chancellor merkel of germany's side, why

has the spanish taken so long to britain this up. therefore the market is saying they think it's a bit of a domestic thing, and he'll still go along on sunday, but that by no means is guaranteed even if they get through it. >> it seems complicated, territorial, there's, what, 600-page agreement >> 585 pages and another chunk. >> you've read it, right >> not all. >> i want a briefing on the fishing rules. >> the french are threatening to deal with that, but the chancellor seemingly has the everyone on the side but parliament will be even harder. >> see what happens this weekend. stocks started sharply lower. the s&p and nasdaq, just for a reminder, they're in correction tore torrie. kenny polcari is here from

o'neil securities. he thinking the worst is over, at least he did on wednesday. >> i think the worst is really over i think we'll move into the yearend rally. it may not take us to highs, but i think we'll rally. >> will is rescue still come >> i do think there will be a santa claus rally. i don't think it will be as strong as maybe we thought it was back in early october when we were talking about before all this disaster happened i think, look, the markets -- we discussed this, too, the markets have a lot of internal damage to it individual names have gotten battered about, so part of it will be a bounce rally, and part will be a focus on the consumer and the holiday spending i think we could see it rally 3% to 4% here, is about where will be jeff, what's your tame in terms

of a chances of a seasonal end of the year rally. >> it's not any rally from now until february it's the last five trading days of the year and first few trading days of the new years. the importance of the santa clause rally is if it extent show up. it's a negative indicator like we have in 2008. as to the issue of whether it will appear or not, i think along the lines of what kenny is saying, i think we're seeing the worst of it. we're looking at some bottom testing with relatively light holiday volume we still have the march and february lows holding in, and i think if they hold, not necessarily all three major indices, but at least if all three don't go through that, we're in good territory for a seasonal really, even into q2, the best three quarters, of next

year so i'm looking for up side. >> if you're looking for seasonality to be a predictor here, black friday, i know it's low volumes, low liquidity, but usually it's an up day this is the worst performance so far since 2010. >> which is a bit concerning actually i thought today after wednesday, the dow -- on the day i expecteds to the markets on the plus side today. maybe not huge so i'm a bit surprised, but i think this weak jess, they're making a big deal about the collapse in oil, but i think they're very good for the global economy, very good for transports, for airlines, very good for truckers, for the consumer it may not be good for the producers for sure, and those producer names are taking the broader market down, but when you think about the impact of global prices, there should be positive coming out of this, so i think we'll rally. >> kenny, jeff, thank you very

much have a lovely weekend. we've got quinn patrow, and jack burugian. good afternoon to all of you clearly today is less negative than earlier in the week, but what does it mean in terms of what to expect as volumes pick up next week >> i tend to great with kenny and jeff i discount our action today, and our action from wednesday, just because light vogue, nlume, not of people trading at their desk. so i'm not going to put too much weight in what we're seeing today, but overall it's been a rough week for the market, a rough month. i think we'll see more pressure here, but next week, a lot on the calendar we continue with earnings season g-20, powell will be speaking,

fomc minutes, i think it will all set us up for a rally. second or third week of december we'll start to see it. >> jack, what signals are you expecting next week, either from president trump or president xi, or jay powell? >> well, both of those things are being prison by -- if you look at the inflation front, all of that inflationary pressure we heard by about the ceos have disappeared, so now you have energy 20%, 30% lower. getting what the next quarter we'll start to see great numbers, and operating numbers will increase. all of that is not something that's being factored into pricing right now. the other things, as far as inflation goes, and it's not being talked about, if you take out tariffs, then we're really dealing with disinflationary

pressure if we see a good headline out of that g-20, we are literally one good headline away from seeing the market snap back 1,000 dow points in a couple sessions. it will be that kind of rail will that portfolio managers who did not take advantage of the et second 10% dip, will be looking for work in january. >> in terms of where you think yields are, we're talking to rick earlier in the week, saying the likes of the ten-year probably peaked for a medium time horizon what is your take? >> i think he's absolutely right. a lou of that has to do with the fact that there's no inflation out there. i think that's what the long end is telling us. too much is being read into the fact we're looking at a global slowdown no, we are looking at a lack of inflation. that's essential what the bond market is telling jay powell and the fed. i would not be surprised to see

the yield curve floatten. >> quinn, why are you watching financials what signals are you getting >> i guess i'm the odd man out, because i am not optimistic. in fact, one of the things that concerns me is the general optimism regarding seasonality, or the fact that we've, quote, gone too far the selling pressure in some key areas, everybody's focused on technology, and i realize that's been brutal, but the financials have lagged, and they are speaking volumes in an environment that's supposed to be very beneficial for the banks, in addition their quarterly reports have been exceptional, yet they're all selling off. my concern is that that sector is giving us an indication that there's more pain to come. i think it's a result of what's happening in europe, with the likes of deutsche bank and possibly counter-party risk, but

what concerns me over all else is the psychology, the emotions, everyone has become so complacent it's a so% dip, a buying opportunity. i think we'll be sadly mistaken with that idea if we do get a bounds like just the other day, it's an opportunity to sell. >> jonathan, quick final word? >> listen, i think our economy is healthy and it will stand for itself when you look at overall trading volumes, we'll see this rally event. the economy will help us get there. >> excellent final family snap there, jonathan. >> thank you. thank you to all of our "closing bell" exchange today. up next, we'll head live to the mall of america, the nation's largest shopping mall and take the pulse of the consumers here am i pronouncing mall right

>> it's mall, not maul, but not your first. it's down another 2% again. >> what's my worst >> schedule? not so great i can think of a million. >> we're back in two ♪ a moment of joy. a source of inspiration. an act of kindness. an old friend. a new beginning. some welcome relief... or a cause for celebration.

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[ready forngs ] christmas? no, it's way too early to be annoyed by christmas.

you just need some holiday spirit! that's it! this feud just went mobile. with xfinity xfi you get the best wifi experience at home. and with xfinity mobile, you get the best wireless coverage for your phone. ...you're about to find out! you don't even know where i live... hello! see the grinch in theaters by saying "get grinch tickets" into your xfinity x1 voice remote. a guy just dropped this off. he-he-he-he. the holiday shopping season officially kicking off today our courtney reagan is looking at what is expected to be a positive shopping season what have you seen at the mall >> hi, sara. what we're seeing is definitely traffic picking up i don't think it's even hit its peak you know where it was strong online sales up 28%

that actually makes thanksgiving day the fastest-growing day in retail history online. that's impressive. so far black friday sales are also on pace to grow 28%, which means we actually could meet or pass last year's cybermonday today. here we talked to a lot of shopper. they're far from done. as a matter of fact some are making multiple transcription. -- trips we started at target t. >> went to h & m, victoria's secret i think we'll go home first, probably eat some leftovers, and probably think about to go again somewhere else >> i spoke with steven lobovitz. he says traffic is building through the day, more consistent than last year

didn't see the lull between 7:00 and 9:00 a.m. that they saw last year macy's tells me it sold 40% more coats this year, diamond studs are selling at all price points. they already sold 35,000 air fryers namerator looked at the discounts and set the discounts are deeper by 47.9%, compared to 45.2%, but driven by four big retail that are really dropping the prices more. that's office depot, staples, j.c. penney and target there's a lot more shopping to do i've got to go tear care of that -- just kidding, but i'm tossing it back to you guys. >> thank you very much for that. meantime best buy is hoping to be a one-stop shop for consumers, and frank howland looks at the new strategy.

hey, frank. >> reporter: good afternoon. we've seen people lining up, deciding they didn't want to shop online, they wanted the in-door experience best buy hopes to be a one-stop show and expect home devices to be among the best sellers. also video games like this nintendo switch, and of course flat-screen tvs, always popular. an expanded toy selection in best buy this year you'll see legos, you'll see barbies, "star wars", all the traditional tours that people once bought at toys "r" us now that that store is closed, best buy is hoping to attract those shoppers best buy up about 1% today they reported earnings before the bell on wednesday. they had a beat on eps, and revenue, us coven store sales, more than 4% the shares are down about 8%

all that stock market uncertainly, that has wall street worried, but you see these people lined up over here, they're not worried. they say they're here and looking for black friday deals >> get out, get the experience, socialize a bit. i notice it's gearing toward everybody staying home, but it's still nice to get out and see the crowds. >> the market is going down right now, but i'm still spending stuff. >> i'm not nervous about anything, no, no i'm happy. i'm happy to be heap i'm happy to be able to buy something and get something on sale. >> reporter: that's just what best buy was happy for they're offering free no minimum shipping, also same-store delivery options and in-store pickup in just an hour >> frank is getting it in real time for people. thank you. >> reporter: yeah, people aren't very worried about it out here

>> they sound very confident and happy. we're going to continue the conversation with joe renzlo, the health of the consumer there's clearly some optimism. is there therefore room to disappoint on the expectations for the retailers? >> well, good morning. i think that's possible. as -- jobs growth, you know, the best has been in decades we're starting to see solid indications, but like you're saying, there are risks out there, not the least of which has been a weak stock market i mean, right now, we see with the consumers for some time, the consumers is more and more hardened to what i call macro noise. that's the political environment, or in this case a

potentially weaker stock market. i think what will will make the difference as far as the stock market is how does it track over the course of december you know, if it stays weak, that's probably a bigger risk. right now it's probably okay. >> jo, what type of traffic are you seeing today >> we're seeing great crowds, great energy there are thousands of people out here we actually opened our doors at 5:00 a.m. to 3,000 consumers, so definitely excited to kick off the season here. >> what's hot in terms of stores at the mall? >> you know, across all the categories, i walked back apple, lululemon, disney, all the categories are thriving. you know, people come out because of the tradition of black friday we don't have a lot of the door busters here, but they're coming out because of the event

families come back year after year and are excited to see familiar faces. >> brian, gauge for us how significant the falling oil prices could be for the u.s. consumer. >> i think that's a big positive what's interesting is for most people it's a positive it means simplistically less money filling up their car with gas. as i look across the country, we do have to be mindful. there are certainly areas that benefit when oil prices are higher if you look over the last couple years, there were periods of weaker spending. i think a lot of that had to do with oil prices being weak so yes, ma'amly speaking oil prices are good for the consumers, but we have to watch out, there are parts of the country that definitely benefit from either the jobs growth or the wealth creation that comes as a result of that. >> jill, what do you see at the department stories all of them have been working so hard at beefing up online sites.

i'm wondering how many in-store traffic they are seeing. >> we have macy's nordstrom and sears, especially macy's does a lot of black friday deals. we have a lot of online stores that have come to brick-and-mortar, which keeps the experience innovative. we've had 25 new retailers just this year alone, which shows the thriving demand of having new, exciting experiences in the shopping environment brian, topics >> you know, on spending, you know, like a nike or lululemon, a lot of innovation in the athletic space, and i think the -- and a company like tapestry, very well positioned

here the stock has beat up. i think the housing market is still in good shape and most importantly people are spending it on their homes. >> thank you both for joining us >> thank you we have about 32 minutes here before the closing bell we are closing at 1:00 p.m., an early day, and a triple-digit decline. off the worst levels, but still down 116 small caps is outperforming, the nasdaq was up earlier, it's negative now coming up we'll talk to a top retail analyst on which stock he thinking will be the big winners. >> and just how much consumers are willing to pay forho tse giant red bows back in a couple minutes y? thank you clients?

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my feeling is most people are playing it as a slowdown. >> looking into next year, we expect this level of volatility to persist it's very typical of late-cycle behavior. >> no signs in tow, it's a way to build your wealth. >> there will on the moved towards resolution, this can't go higher. >> we have 29 minutes left. >> up at the nasdaq for us >> let's accents wait the posit

kind of mode we are seeing some take a look at what's happening. as you can see there maybe it doesn't speak so much to the bullishness, but it's understandable among the consumers staples are ones that we typically would watch, and some other likes in clorox and elsewhere so definitely something to watch. >>dom, thank you very much uptown now to bertha coombs, at the nasdaq almost 4% losses? >> that's the big loss take a look at the russell 200, down 2% for the week, and really leading the gains today.

we have chips today, a -- just edging out of the -- but the big gra drag, has yesterday to demp a -- close out. thank you, bertha. sue herera has a news update. >> hello, everyone tijuana's mayor has declared a humanitarian crisis and is requesting aid from the united nations. about 5,000 central american migrants fleeing violence and poverty arrived in the mexican border city last week. they are hoping to eventually make it into the united states u.s. border inspectors have been processing only about 100 asylum claims a day at tijuana's main crossing to san diego. president trump threatened yesterday to shut down the

entire boardrder into the u.s. there is word that john allen chau wanted to bring christianity to the island bermuda upheld its earlier court ruling it was made after the governor challenged it. the vatican welcoming today a 64-foot christmas tree the lighting ceremony comes in two weeks. so how tall did we say the white house was? 18 >> i think it has to be a minimum of 18 feet >> the vatican still quite comfortably ahead. >> i don't remember rockefeller, but the white house has rules.

you can only get into contention to get into the blue room of if it's 18 feet or more. >> i love this thanksgiving has passed, and we get to focus on christmas. holidays are great >> see you next hour sue herera back for us at hx we have 25 minutes until the close. 0.4% on the s&p, nasdaq down, all three sharply lower for the week as a whole. >> what else, the price of oil toal that actually help drive an au ses boom? we'll talk about that next on "closing bell. if you're waiting patiently for a liver transplant, it could cost you your life.

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including the latest movies and box sets from around the world. ( ♪ ) we even have live sports and news channels. ( ♪ ) and your free wi-fi will start shortly. enjoy your flight mr. jones. world's best inflight entertainment. fly emirates. fly better. welcome back to "closing bell" at this earlier lunchtime. auto makers and dealers are wishing and hopes for a yearend surge. >> reporter: hey, wolf, black friday is not just for the malls, but here in lyle, illinois, they have the black balloons to mark their black friday sales event leer.

really for all of the brands, this is when they ramp up. it used to be two low-volume months in fact, these months are critically important the reason we're showing you this is right now, the industry is just lightly ahead of the all on sales pace from last year it looks like you will see for the fourth straight year autosales in the u.s. top 17 million vehicles they've all had a nice bump, if you will in the last week or two.

does it pert vehicles, but we've already seen the interest with suvs finally the red bow it's about $500 to $700, depending on the dealership and how big of a bow. >> you have to pay for the bow i didn't know that >> reporter: you think they throw that in out of goodness of their hard no, they don't some people request it there's some dealerships where you can rent it for them just for the presentation they're hewlett, and not that easy

>> a different story about the carlos -- renault has gone a bit of a reprieve this week. what's the latest on whether nissen, mitsubishi and renault will keep their alliance >> i think everybody says they want to remain together. the question is, how close will they be? renault would loves to a mercker between the two automakers nissan, has a presence in the u.s. and china, the two biggest markets in the world, they don't want a mercker always amazes me how you see renault really not outside of europe.

>> reporter: no, that's right. joining us now, jamie albertine. how much of a boost do you expect this year for the holiday shopping season for autos? maybe you can roll it into the monthly payment. cars are under a tremendous amount of pressure when you add on the to that, and we do allow that just on this topic, we're seeing a substituti substitution are consumers opting for that option that's been a key trend.

and we see that blading in everybody is reporting that on the flip side. interest rates are going up. what portion of these sales are finance sales as opposed to outright purchases >> it's a great question, a key point. for roughly in some indications 95% consumers. you know, leasing is a bit of a lower percentage, closer to 30 or so percent of total transactions, but what we are seeing is there's some wiggle room with respect to a 1% move in rates for an auto loan really only amounts to $15 or $30 on a monthly payment. will they not option that additional premium package i think that's the offset for

right now. >> the stocks have done well the market has gotten hammered the last month, but auto makers are up 10%, but still down for the year what's the thesis? >> i think there's scarcity value in terms of high growth. a tesla, which is extraordinarily volatile and a fun one to cover, but evs are growing massively. that's a high-growth story carvana has broken through, basically a nationwide presence in online only sales, so there's scarcity value, if you will. high-growth stories, and we look at some suppliers that are, if you will, poised or maybe able to leverage into technology or autonomous vehicles overtime i think you can find your pockets in terms of secular tailwinds, and that's where people are most focused.

>> thank you, jamie. happy holidays. >> thank you. as we mentioned oil prices are crashing, gas prices are dropping ahead, we'll look tathe impact that could have on holiday travel, dining and shopping. if you're turning 65, you're probably learning about medicare and supplemental insurance. medicare is great, but it doesn't cover everything - only about 80% of your part b medicare costs, which means you may have to pay for the rest. that's where medicare supplement insurance comes in: to help pay for some of what medicare doesn't. learn how an aarp medicare supplement insurance plan, insured by united healthcare insurance company might be the right choice for you. a free decision guide is a great place to start. call today to request yours. so what makes an aarp medicare supplement plan unique?

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we have 13 minutes left of trade this holiday-shortened week, currently down a half percent on the dow up next a couple retail picks on this black friday one you might expect to hear and one probably not "closing bell" black friday edition continues after this something is transforming and our world.. it's the longevity economy - americans 50+ driving 7.6 trillion dollars... of economic activity every year. right before our eyes, aging is unleashing exponential growth... ...in every industry. are you ready? we are. a-a-r-p is teaming up with business leaders and innovators... ...sparking new ideas and real solutions.

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welcome back to "closing bell" applause here on the floor for leiutenant general pete oz monday and some marines here to celebrate. >> and santa, of course. >> and santa, of course, as well they will be ringing the bell, which is nine minutes away >> bring the kids to work. there's candy. it's not just for the kids >> i'm reaching only. >> i had to make this show i only cut one or two kids:00 people buying on black friday. we wanted to check in on what black friday stocks are worth purchasing as well here are some picks. retail analyst welcome back. >> hi, happy holidays. >> what's the top pick this

holiday season >> my top pick it wouldn't be retail. if i say amazon, tapestry, the reason for these i think there has been a massive am of fear as it relates to global national companies coming out of asia and the rhetoric in terms of the stocks that have multi-national presence. on the flipside up until this past week, there was an incredible am of comfort on the u.s. consumer and the u.s. department stores him we want to take the -- we want to take a lot of trade it's black friday. we are seeing promotions those are not going to stop. on the flipside, these other companies, these stocks have been way too battered. for the next year, i think that's where you want to be. would you be impulsive on amazon if it hadn't pulled off its highs? >> as a company, absolutely. i get to answer that from where

the stock is today so based on where it is today and the information we have, sure thing if it was $2,200 today, it would be a ditch situation one thing my team and i spent time on is the real dwrit they're becoming much more mall, less retailer so they no now a fee collector. it's interesting it's important it will be a hard pill to swallow, they have better sales, better profits we will stop a year, two years out, mathematically it will be a higher margin, they are collecting fees. what's happening right now isn't any stock. you need to get comfortable when sales slow. >> i thought you were going to say a nike or lululemon or under armour that's what everybody likes right now, it's cold weather they benefit, sports is still seemingly an upcycle

>> absolutely behind nice, there are some, there are not. at the end of the day if we look at the stocks, nike has held relatively well him some of the names, some of the stocks have been demolished and they have been really hurt on the idea that asia demand is going to slow, costs are going up i think the reality it's overblown, it's a fear that's hard to dispel as long as there is that cloud of fear, stocks get hurt the reality, there will be pressure to include. still like nike. i stilly the already a lot of things happening, the reality, it will be hand bags, these companies that have seen a beating, not because of numbers, because of fear. at the end of the day, the twimpbs between stocks and companies, right now, 2004

talking about stocks. >> well, a lot of them have been hit. thank you for joining us we have five minutes left. we'll be back in two minutes with the close ♪ ♪ ♪ ♪ ♪ comfort.

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ask your doctor if eliquis is what's next for you. your neighbors. you like them. they always remember everyone's names. your kids love swimming in their pool. you like them. if you forget your trunks, they'll loan you some. they have a section in their stock portfolio just for pool stuff. everyone likes them. you like them. but you'd like them better if you made more money than they do. don't get mad at your well-liked neighbors. get e*trade. welcome back to the "closing bell" two minutes after trade, we will start with a look at oil prices, they continue that sharp slide the week as a whole down over 8%.

a big slide today. that's way in terms of the sector performance we will look at next. energy down some 3.5%, outside of that, nothing too significant or negative. you got communication services down a bit health care and staples holding on to a little bit of gains. it's very much the energy that's the true lagered of the day. the dow is down, it's close to its low. which was right at the open. i'm sending off into the close three-quarters of 1% the nasdaq there down about half of one percent let's flip and look at what the nasdaq has done this week as i bring in dom chu at the close, even tow today is not too negative it shows that dreadful performance. s&p down a little better for the week as a whole.

significant declines for the week. >> you are witnessing the beaten unfang stocks will catch a discount bid amazon was in the green at one point. known if it still is we saw netflix seeing green action as well it becomes whether or not the beaten unones will find stability. it will be the entire week going up to opec meetings. so beaten up energy names, technology names, beaten up technology services names, all of that, though, i would point out, there are acouple bright spots, if you take a look at those falling oil spots, transportation stocks, they're actually doing pretty darn well today, they're out performing overall, those small cap stocks are performing transportation stocks out performing >> that might be a decent sign that somebody is trying to find

a bottom here. goldman sachs in particular is having a good week >> there we go goldman certainly having a tough week there goes the bell. we're down to close to 192 we slide off at the bell the november foundation. that does it for the first half of the "closing bell." sarah, back to you welcome to the "closing bell." wilbur ross will joan me in are a moment the shortened day on wall street, some selling into the close like we saw on wednesday, the dow finishing with a loss of 177 points s&p 500 closing lower. more than .6 of a percent. the nasdaq lost a half of a percent. the russell index, which was higher all day, actually closed

lower. it was a pretty brutal week. holiday trading. nasdaq deposit going out with a decline of 4 and a quarter percent for the week and for the s&p almost a 4% loss as well by the way, crude oil down almost 10% for the week. it was down today another 6% it was a mixed bag from the retail stock on this black friday shopping day. we will check in on how best buy, amazon, target are faring, which means you can be buying, best buy had a dip all the rest were lowered for the tweak. apple the biggest loser. ross stores was the laggard. joining us to talk about the week kevin o'leary and nancy what do you make of the price action yes, slow volume, low liquidity? holiday trading?

pretty weak overall? >> yeah, we're in a correction this there is a buyer strike. a lot of people are doing tax law harvesting this time of year you get outside moves in stocks. but, in general, even if you look at apple which is down what 24% in a down 10% market in 2012 the last big route, it was down 40% in and up 10% market so i don't think things are as dire as it might look on a day-to-day basis >> kevin, what's your take we're looking at a over a 4% decline for the nasdaq >> that does situation things are pretty dire. >> well, i think those that look at pes and the market and overall earnings, which is good, actually start talking about next year's earnings, which looks like right now they'll be up 8% any speculative stock trading

above pe is starting to be corrected. the markets are at a 14% 9 pe, i find relatively good versus cash or fixed income there is fang and apple stores a self inflicted wound i had to dump the stock when that happened. i think people are continuing to do it. so i don't think apple is a good index of what will happen in the overall market i like quality names now with good cash flows and decreasing leverage on their balance sheets they will be good for next year, i think. so we're going back to boring good old cash flow as a multiple and how people invest. >> on that note, consumer staples, utilities and health care ended higher on the day a defensive kind of tone. >> i was going to say to kevin, you like the strong cash flows, you look at the oil for the moment, there are big deals. if you look at the european name, total is over 7% on the

yields at the moment >> oil is really interesting it's the one sect contractor, the way i look at it between the price of $45 and $45 per barrel. they are subsidizing the other ten sectors of the s&p the balance sheets are now investing with basically no returns. so other input costs benefits low energy so it's not necessarily horrible if you are going to invest in energy and the names that i own are mobile and chevron, which have spectacular balance sheets and very, very strong, strong cash flows, and, indeed, lever annual significantly in the last four years but if you are going into the speculative space, small players and the shale players, you are going to get a lot of volatility here i might add, in the next three years, 36 months, lots of debt will be coming due for all of those companies that borrowed heavily and invested to build out their infrastructure that's going to really be tough on smaller energy companies.

play the balance sheets that's what i say in cash flow i trust. >> what about you, nancy, what looks safe in this environment i would note health care has emerged as a safe haven trade. now it's higher in the s&p this year 8%. >> we sure like that space from and have for a long time we were defending it when hillary was tweeting about higher drug prices i would say a couple of things look, if you are cynical, you could argue that the oil move and president trump is certainly taking credit for it as a tax cut, which it is, but you could argue that it is a back doorway to influence fed policy. if oil prices come down as we expect and they will stay at these levels as we expect, then inflation is going to be 1% lower year over year in january. that will probably influence fed policy but to kevin's point, we own all of those high quality stocks our portfolios have really appreciated relative to the markets and in an absolute sense

in the last six weeks. but i would argue that apple is still a quality holding. this is a company with huge cash flow, growing the dividend, buying back share, yes, the transparency issue will probably be viewed as a bungle in the long term, but they are trying to redirect investors' attention to services a and the growth in that section of the business we all knew that iphone sales were flat. right? that they were not growing globally so i do think you can let this one settle down and then step back in as all the growth investors have run for the exits. >> now, trade tensions hitting stocks here at home and overseas, chinese stocks tumbling on a report in the "wall street journal," saying the u.s. government avoided telecommunications equipment due to what they see are cyber security risks kevin, clearly as we approach

the 20s, do you expect lasting easing of these tensions to come this side of the new year? >> first of all, the wally story is about six-years-old there was an intent of a private equity firm out of boston. they stepped away from a deal there because of the concerns of the government's raised about the code inside the chips in wawe equipment it's built into the market my attitude about the china issue. it is a coin issue at this point, is i am a proponent of continuing to apply pressure for two reasonles. there is two big issues. if we can get some kind of compromise on ip theft, that would be really good for the markets and secondly, we need access to their markets and this is an administration, love them or hate them, that has finally taken this issue on after 11 years of ignoring it i deal with this every day in my small companies. every time we innovate and get a

ogood company going in north america, we see it knocked off in 36 hours out of all online services out of china. it's frustrating if you are a company in amarillo, texas, you invent something a goods or service, it's knocked off and you own the patent i am a proponent to continue to squeeze chinese heads until we resolve this issue why? because the upside for the s&p is phenomenal some i'm willing to take the pain keep it going all through 2019 i'm okay with it the market will bounce around, but i want to resolve this issue once and for all >> all right backing up the president's strategy, nancy. you know the market setup, it doesn't look very optimistic headed into this widely heralded meeting between committees xi and presidents trump what would be a when a bullish catalyst for market were it to come out of it next week >> that's a great question, sarah. i do think it was interesting we

saw the chinese vote on rockwell collins to approve the merger. the timing was interesting to me i don't think we are going to get a catalyst resolution out of this meeting i think we will at the margin see indication is it the kudlow or navarro policy is the president going to do something symbolic or kevin argues something much more stringent. i agree we need to get the ip issue under control and we've let it go for decades. i also know that china has a lot to play with right? they cut shyboring by almost 200 basis this year. we'll see if that has an effect on rallying that economy, which will give us some cover in the markets in 2019. i can't tell you sitting here today what the catalyst will be or if trade is even going to be the issue over decelerating earnings >> yeah, well, it certainly hasn't comforted the market. so far, china had another spill

overnight, shenzhen fol falling more than 3% markets have been suffering, there is optimism for the consumer here's how he characterizes it >> i think it is a very favorable consumer spending environment. record low unemployment. i think consumer confidence remains quite high clearly, the customer is out there shopping and i think that we're going up against a positive comp in the fourth quarter of last year as many of my competitors are as well i think everybody is ready for that >> everybody is optimistic about the consumer, kevin, and expecting the best holiday sales in years and yet, retail has been in a pretty rough ride over the past few weeks. do you have any pickles in the sect contractor? >> well, first of all, i'll go as a consumer first. i got my own look-see over 37 companies that own their own websites, smaller sales, average size a company 26 employees had our best quarter ever in q3, are

in the middle of our better than best quarter now so i'm not you'll that worried about the consumer domestically. i think there are cross currents in real estate i am a nordstrom fan i like companies like walmart that are taking on online and investing there. target is a favorite i mean, look, there is volatility there but the core demand, the consumer demand has never been stronger and so you know some retail names will be pretty good buys when you see the q4 results early next year. the consumer is on fire. i know that for a fact li i live with it every day >> which area of the consume do you like most? >> if the consumer is in great shape, obviously, debt service levels are at 40-year lows if you look at the benefits from the tax reform bill, we will see

another boost of consumers about 60 to 80 billion in refund the balance sheet looks outstanding. yeah, we expect to continue to see that we have been adding to things like starbucks walmart is our largest holding we own nordstrom and actually we have been adding to home depot on the housing story we think this is a great time to be in there and fedex as a way to play the consumer is another 21 of our largest holdings so we think you get good spending through the first three, first half three-quarters of the year. then we start to see a fade. not a cratering of consumer spending at that point. >> okay. guys, we'll leave you there, thank you both very much stla santa claus is just behind us. did you see that i want to ask him if he gets cold for the christmas.

>> he does look like father christmas. >> exactly, thatitself the british name there we go. now, for years, long linens and crazy deals have been a staple of black friday retail we send our boarders out across macro north america to get a gain on black friday shopping. crude falling to the lowest levels we will see how much more the commodity can sink and the impact the drop will have on other sectors this holiday season when we come right back.

it is black friday of course, we are covering it from all the angles. courtney reagan is in woodbridge mall frank collins is in a best buy with how it's one-stop shop plan is working >> we are comparing amazon and online competitors in real time. julia boors stin is outside california with new digital strategies with playing out. courtney, let's start with you. >> well, mastercard spending pulse is estimating black friday sales could be around 23

billion. that's 2 billion more than spent last black friday. they also believe that the sales volumes will be about 40% higher than another average day during this year's holiday season a 60 jll shopping survey conducted open the east coast has that shopping center group reporting initial traffic was stronger at its location over all, traffic is about the same as we seen last black friday online sales, though, hitting records, according to adobe, thanksgiving online sales up 28%. now making thanksgiving the biggest or fastest growing retail shopping day in history, mid on potential pace to pass last year's cybermonday. they say shoppers are most engaged with kohl's, best buy and macy's and kohl's said they had a record online sales, they

hit 60 insta- pots per minute. back over to you, guys. >> i thought insta-pots were the gift of last year. the gift that keeps on giving. it's a pressure cooker you could use one. it's for people that don't cook. >> actually, i'm quite good at cookling my signature dish courtney, thank you. let's go out to frank collins. i thought that was yours, how black friday strategies are working out for them frank. >> reporter: whoever said black friday was dead didn't tell all these people we seen lines outside the doors before the doors even opened best buy says this year as you mentioned, they want a one-stop strarnlgs they say personal electronics, tvs, video games are expected to be the best sellers. they have an expanded toy section, that means can you find

barbie, shares closing up about three-quarters of a percent on what's shaping up to be a busy black friday the company reported q3 earnings on wednesday before the bell they've had a beat on revenue and a growth of 3% on comp store sales. still the stock, like much of the markets, really struggled all years ago down 8%. if you look here you can't tell. best buy says they're trying to compete with e-commerce sites. they're offering same day delivery and one-hour pickup if you come to the stores they say they will have more deals on saturday and cybermonday. they want shoppers to shop early and often. back to you. >> i would not have guessed can you buy barbies at best buy. frank holland, thank you to have an update there. we have been comparing prices on electronics across the internet. we have the best dealsful deidre, what have you found? >> if you are avoiding the

malls, the best deals may be elsewhere. insta- pots, they are still hot this year. this is one product, though, where the price varies widely. amazon does in this case have the cheapest at $70. target 97, 95, walmart, nearly $160 best buy, which has been beating amazon on products online does not carry that brand next, i know you are in the market for a tv. i did work for you the 65-inch samsung 4k smart tv is the exact same price amazon and walmart and best buy we look at the shipping options. it is best buy with the edge delivering a day earlier than amazon sarah, you are looking for a waffle maker they a tied for the best price both have free two-day shipping. go with walmart if are you not a prime member they are keeping it competitive. the question is, how much is it costing them, guys >> i have to say, thank you for the reset.

but 65 inches wouldn't fit in my apartment. >> there is enough sales for the smaller screens. they're trying to get the big screens out the door on black friday in thank you for that meantime, julia boorstin is outside target, julia. >> reporter: well, target, well, this target here is very quiet this morning things have started to recently peck up a bit. the company did get a jump start on brid by opening stores on thanksgiving today target shares are down another 2.5% after tumbling 13% between tuesday and wednesday on earnings that fell short of expectations now target's strategy is all about integrating digital tools for brick and mortar stores, including for the first time, they are offering drive up a free service of items ordered that day brought to new your car in the parking lot target is featuring double the number of toys it had last year to fill the void left by toys

'r' us they have 2500 new and exclusive toys they are featureing 15 tvs and half our select video games to better compete with amazon, target is offering free two-day shipping on thousands of items and same day shipping through shipped. as for the stock, target has had an average return of half a percent from today, mid, through the year end on the past eight years of averageful over to you. >> all right julia boorstin, thanks very much at target. let's have a discussion on these names, liz dunn and jerry storage, of hudson's bay a former ceo glad to have you ack >> glad to be here. >> we ran through target and an so amazon do you see a catalyst in

particular >> this will be the largest black friday, online sales are off to a spectacular start the bricks and mortars are doing rapidly online it will be a good period for sales. it hasn't been sales that are holding back the retailers in terms of their stock prices. there has been a concern about the future will next year have a reception? some more concern about tariffs. >> margins, too, it's got to be with everything. >> the third topic and this is real is that margins are being compressed by the shift of their sales from bricks and mortar to the internet because just like amazon doesn't make a whole lot of money selling products delivered to your home. neither does target, walmart, anyone else. they make economics work sow see margins compressed in the case of target, we saw their results, their mash gins got crushed. they dan make up through improvements and sg&a. walmart seen margin compression. they included their cost

structure to handle it the overall bottom line margin stayed the same year over year so that will be a challenge. not online sales they will make money doing it. >> this holiday season, is there any particular subsector of retail goods you think consumers are really going after >> i think the consumer is shopping broadly they're interested in apparel, consumer electronics instant pot. the air fryer is actually the gift of the season but it's really very, very broad. i think we saw that coming out of third quarter earnings or i guess we're a little bit more than halfway through the sales numbers were very, senior strong but to jerry's point, just the margins are very much in focus and where we are in the cycle. >> jerry, you are the former chairman and ceo of toys 'r' us. everybody wants a piece of the action frank holland is saying best buy. >> walmart was the biggest they will get a lot of extra

business of course, amazon has been the most rapidly growing in toys like every else and they're getting a big chunk of the business there is a few other players like kohl's have dabbled over the years. it's not natural i don't think they will grow that much. everyone else that has gone toys, they will learn, this isn't a game for amateurs. they will get destroyed. they won't be in the business next year. >> what's the your take in sub sector on toys is it a big swing factor with toys 'r' us gone >> i think it is for those retailers, i think walmart, target, amazon, certainly have a lot of opportunity i agree, i think eighth little reaching to add it on to, you know, to concepts that aren't known for toys but it's certainly a business, like target, it's very, very focused and has upped its game in toys in a number of locations that overlap with closing toys 'r' us stores. so i think it's a big opportunity. but it's also a very competitive

category and so not for amateurs, as jerry said >> jerry, i just want to come back to this headline point about margins. are we going to get to a point where they start to improve eventually or is that always going to be this start of fighting cost price pressure between online and -- >> this is a gig deal and a big issue. margins a lot of it may be lost forever from the retail billions what retailers are working on is this all channel model we have other options, it's home delivery that's so excruciateingly painful. but if you have buy one pick up in the store, if you drive to the store to pick it up. you are the consumer the retailer came for you. so that makes sense. over the long term, there will be a lot of different ways to interact with the internet and the stores, some will be much, much more profit annual for home delivery over time as the volume grows and grows and grows, it's all about the economics, logistics

and root density the root density will increase and the cost per drop will go down a bit. it will always be less profitable when the customer goes to the store he gets the product. >> nice to see you as well looking up air fryers right now. there are a lot of them. it's leak you could fry things yourselves that's the insta-pot she says the air fryer is the new insta-pot. you don't want to make french fries at home? >> i'll prices are plunging. what that will mean for thanksgiving travel next. sales of apple's latest iphone models not living up to the hype t sheteps it is taking to try to boost those numbers. don't go anywhere. we are back in a couple minutes.

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are you ready? we are. a-a-r-p is teaming up with business leaders and innovators... ...sparking new ideas and real solutions. so, what are you waiting for? welcome back oil prices falling again today, down by nearly 8%. jackie deangelis joins us now with what that means for holiday travel. >> reporter: it means that gas prices are a little lower. about a quarter from a month ago. if an average tank is 16 gallons, are you saving $4 most people say that makes them feel better. is it enough to travel more or spend more it's tough to say. but the drop in gas prices have come on the heels of this slide we have seen in oil prices, kwarpt tore date, wti is down 30%. today west texas hit an

inter-day low of 5053. we are trading after hours brent is falling under $60 a barrel this is the next part of this slide. with the iran threat off the table, this is where the fundamental also kick in we're getting back into that glut territory well, the producers got overconfident that prices had stabilized they kept pumping more to take advantage of higher prices, here we are they pushed the price down, how low do we go we are a stone's flow away from 50 they are properlililess cards the same way stocks can take oil down, these two go hand-in-hand and you have to watch them closely. guys >> all right, jackie, thank you for the rundown on a very bearish week for crude oil joining us now to discuss how the recent myths in energy are impacting holiday travel how do you think about the economic benefit or loss of higher oil prices or lower oil prices i mean, prices slump, it hurts

the stockmarket. it's good for consumers, right >> it's great for consumers, i will say it. the positioning of the united states in all this is starting to change. i was actually speaking with steve leishman your checks guru about this the other day the production has gotten so large. the united states is now the number one oil producer arguably depending on the data point. our exports are growing exponentially from zero and can be as high as three-and-a-half barrels of oil per day it depends, consumers get a break. now we have a significant injury harmed by super low oil prices. >> john, what's the big swing factor on the supply fact at the moment keeping these prices weak u.s. inventories are strong. what's the opec questioning? >> we are up to almost 12 million barrels a day. it's been a steady climb a

remarkable climb we're a stone's throw from that 12 million mark. as jackie alluded to, saudi arabia and russia got tricked by president trump. i think that's the blunt way of putting it by giving all those waivers of buy torres iranian oil. you had a flood of russian and saudi oil to fill the iranian gap that never materialized. the iranian oil is staying on the market we are well oversupplied on a daily basis and you add this economic swelling in europe and when we are in an oversupply, the pendulum swung from being massively bearish just a couple months ago to bearish right now. i will warn playing much more to the downside for now until we can see what the opec reaction can going to be. they are circling the wagons, there is talk of clandestined talkbacks to avoid the wrath of president trump going forward

here this has gotten their attention. they're going to react >> thank you john kilduff there. let's take a look at how we finish more broadly on wall street the dow down towards the lows of the sessions the low is 192 at the open it recovered today, sold off in the trade down 178 points or 0.7% s&p down two-thirds of one percent. all three of course down sharply for the week as a whole. the nasdaq down more than 4% this week. thin volumes both today and the last couple trading days. time now for the update with sue herrera. >> hello, hi, everybody. the world expo is coming to japan in 2025. osaka beating out russia and aser by a jan -- azerbaijan. dubai hosts the next one in 2020 in afghanistan, authorities

are investigating an explosion that ripped through a mosque at an army base the country's military says today's blast killed at least 27 soldiers and wounded 57. it appears a suicide bomber was behind it. here at home, fire officials believe a gas leak leveled a house near st. paul, minnesota it happened on a residential street one person was inside that home and was taken to a nearby hospital one tone jushries. and an american sailor was rescued off the coast. a helicopter plucked him from those waters about 12 hours after his catamaran capsized you are up to date >> that itself news update at this hour. guys, i will send it downtown to you. have a lovely weekend. >> back hat hq shares of apple falling as one of the latest iphone model gathers details and what this means next.

>> it's the first holiday season as we mentioned without toys 'r' us we will talk to a maker of one of the season's hottest toys about what it means for his about what it means for his sales coming up. what's in your wallet? at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. you'll only pay $4.95. a moment of joy. a source of inspiration. an act of kindness.

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another two-and-a-half percent after reports that the tech giant is taking a number of steps to cush slower than expected sales, including cutting prices on the iphone 10s in japan and restarting product of the older model the iphone 10 >> joining us the co-founder and managing director of charter equity research. dan, i'll start with you do you think there has been an overreaction to share prices, some of the downgrades, this sort of lackluster demand for the new models >> i think it all started with cook pulling the iphone metrix because tran sparntcy has been -- tran parency has been the issue. demand was thought to be up 2, 3% now it looks look it will decrease five-to-seven i think the over reaction in sterms of skis here in what we are seeing i think we will navigate in the white knuckle story.

it's a net-net the guidance the iphone metrix. now what you see through data points out of asia >> you are one of the few analysts that has hung in there in terms of bullish calls. lot of them have been really negative on this move. and the post-earnings reaction >> good. but if you go back six, nine, 12 months ago, we were there as well it was one we are caving in. we continue to view apple when the trade is 12 times a trough multiple, you look at fundamental on services and where it can re-rate to. we navigate through that period and stay bullish we know baby is going out with the bath water we know it's the bearish center, new york city is bearish apple. >> what is your take on all of this do you think it's the beginning of the end of b people having bullish views on apple >> you will have trading opportunities there, ebb and flow the core services drive

from the phone as we have been saying several years now that phone business is stall and could be running into trouble. you are seeing the first signs of it now. from an organic point of view, if you cover hand sets since '98. they're the latest happenedset to run into this problem they're reacting pretty much like all the other guys did when they hit this issue, they'll scramble a little more aggressively probably next year and subsequently after that when it's clear that price cuts and more advertisement and changing colors isn't going to solve the problem there so transparency is one thing. clearly that shook investors down the news report the flow since then has been negative in this report including the lower priced phones in japan which seems to back up the view that demand is slowing. >> it's been an avalanche of bad news ultimately we think a lot of

this is priced in, in terms of where they've got it we could see it go down another 4 or 5 units ultimately the numbers continues to be the streets maybe have gone over bearish in terms of reading through the supply cane data points. >> if we go some improvements in the tone of trade between u.s. and china, would that be something that could create a short-term buying opportunity and incentive in sales for apple? >> it will incentive i don't think it will the sale numbers. keep it in perspective the worst tone was released in september, 2015. it took them three months to cut forecasts. they cut forecasts september 12 to get their supplier. so they got solid sales for a couple of months it started falling away. you saw the decline and demand on apple and the food chain. this phone, they did nit two

weeks. two weeks after the xr released the slash guide. so this is much more significant. it isn't something you will be able to just shine on and pretend it's not occurring i think you will see apple pre announce lower numbers before they get into march given the arc of the curve here. >> i know you definitely disagree with. that final quick word. >> look. i would say there is a number of model itself out there from excess tax, are you seeing 8, 8 plus you got to look at the whole 750 million active iphones to day. you monetize that ultimately you put that into the model you have a 240-250 dollar stock >> apple down 11% this week the dow's worst performer on the week it is one of the hottest toys of the season we will talk to the kre ceo around lol surprise next.ceo ar lol surprise nexlo surprise next.eo around lol surprise nexceo around lol surprise nexceo around lol surprise next.

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a what now? a satisfaction guarantee. like schwab does. man: (scoffing) what are you teaching these kids? ask your broker if they offer award-winning full service and low costs, backed by a satisfaction guarantee. if you don't like their answer, ask again at schwab. one of the hottest toys that consumers will be clamoring for this season the lol surprise dolls. we got a few these packages filled with dolls, pets, toys. they were one of the hottest toys last year the craze continues with that bigger surprise. a giant package with more than 60 surprises inside. the popularity has driven entertainment sales skyward 300% over 2017 figures. this is a craze. joining us is isaac lerian the founder at mco of mg

entertainment. he said you are a genius what kind of demand are you expecting after last year's surge? >> good morning, sarah thank you. jerry is very kind the sales are incredible right now i got an mpe report. and nine out of the top ten best selling toys are lol -- l.o.l.. we have a brand poosie they made the top 50 we are having an incredible year. >> i feel like they look a little bit weird, dare i say it? >> it's a demo >> it's like a puppy babydoll. it's a little off putting. i'm not with target demographic. >> well, thank you. you are not -- thank you, the target -- the target are geared between the age of 4 to 14 and so it's a world wide phenomenon.

these are selling everywhere, including the uk the number one toy in the uk. >> i know, isaac your numbers certainly outweigh my immediate reaction. tell us how you are selling them is this online do parents like to see it in store what's the balance of your sales? >> it is literally everywhere. but it is also in stores and really l.o.l. is bringing consumers to stores and increasing foot traffic. which is, i have been doing this for 40 years i have never seen something like this to have nine of the top best selling toys i have historical levels, ehave never seen something like this mg is not just about l.o.l.. we also own little tikes, one of the hottest tools is the wonder lab. we have another a conhaving aer. the credit for this success goes

to everybody at mga who is really passionate in design and innovation we are the only toy company -- yeah go ahead >> within the time we have left, i was curious as to your thoughts about how the fact that toys 'r' us is no longer there is going to affect toy spending and who is going to win that kind of market share this holiday season how do you see it playing out? >> yes, the toys 'r' us void, i don't think it will be filled by really one retailer. a lot of people are picking up some of that sales, target, amazon, wal martd, best buy. they are picking up some of the sales. but i'm afraid that nobody is going to fill the whole void and the only reason for that is toys 'r' us was only sold toys and in december they had all the hot toys, but when you go to january, most retailers will cut

back on tear store on their invent ore so there will be a shortage of merchandise, especially hot toys come this christmas. i am 100% sure that the poopsie unify corn will be a number one toy and sold out. >> isaac no, shortage. thank you. >> i the have a 14-year-old girl in me. so i can appreciate what's so fun about it >> if i did, i wouldn't admit it on air. >> thank you so much. >> it's on social media, the twhoel experience. youtube. >> have a great holiday season >> thank you >> way off the l.o.l. surprise facebook shares falling as the social media giant treated from earlier claims that a "new york times" story was inaccurate. the details and fallout coming up first, small businesses are gearing up for the biggest day of the year.

we will head to main street for small business saturday when the "closing bell" comes right back.

they plan in store or online here's how some stores are getting ready. for mackenzie, there is nothing small ability small business saturday in there small business saturday is our busiest day of the year. >> reporter: she has been

participating in the american express holiday since the start. she says nearly a decade in, there is room to shop on small business saturday. in fact that single day accounts for 8% of her overall holiday sales. >> i think people in this neighborhood are trained to know, this is the day you come to support small businesses. they're not holiday shopping but they want to be here to support us it's about the show. and it's like hype. >> reporter: dog products brand crew lala makes bow tie collars, leashes and more, giving back a portion of the profits to on malrescue operatioma o animal rescue operations the etcy store sales on saturday have doubled >> 40% of our customers from small business saturday were first time customers of that 40%, 65% actually turned into returning customers having a day that really shows

the support to the community is really inspireing. it helps us, kind of fuels us for the rest of the year >> now cnbc and survey monkey did their own polling. saying shoppers will spend less. 14% said they'd spend more we often talk about e-commerce, 61% say they prefer to do shopping in person, which is great news for all those businesses on main street. back to. >> you good story. thank you. ahead of small business saturday facebook pulling an about face on a new york sometim"new york e we'll fill you in on the latest next

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facebook admitting to some of the practices the "new york times" reported after initially saying the article was full of inaccuracies julia boorstin has the details for us >> reporter: well, head of communications and policy sharing details, definers, a consulting firm the "new york times" spread disinformation ability facebook's critics facebook posting a note from employees taking responsibility for firing and writing they cast facebook in a seat calling it a menace to society. they quote wanted to determine

if he had any financial information craig also saying that after defineers learned soros was funding coalition members freedom from facebook, defineers prepared documents and distributed these to the press to show that this was not simply a spontaneous movement facebook ceo charles sandberg apologizing. in response the president of soros' foundation tweeted admission that defineers was task to target or smear soros because he publicly criticized tear out of control business model. sorry, but this needs independent congressional oversight amid growing calls for regulation of facebook back over to you >> julia, thank you for that have a lovely weekend. we have a new member on set. >> this is a tv debut for samuel levine. >> sarah's son. >> it's family day here. just because everybody else is

gone doesn't mean i didn't bring my own family. he's going to town on l.o.l. surprise. >> he teams to be eating it. >> it's not supposed to be a teething toy he loves it. >> look at that, very cute, inde indeed have a lovely holiday weekend. >> have a good weekend everyone "american greed" starts now. in this episode of "american greed" -- [ music playing >> long hail the king. the polka king >> when he came on stage, people went crazy >> he rolled into the event on a horse. >> it was just spectacular to see. >> just he isn't content with just being a music star. he's got bigger plans. >> he had ambition and he just went and built himself a little empire