oo company struggled to find its footing. the shares are up 21%. it is happening. >> wow >> amazing >> thank you for watching power lunch. >> closing bell starts right now. it is a time for the closing bell everyone. i'm wilfred frost. it is wearing off a little as the tension turns to argentina a preview of what to expect coming up. we are live to discuss >> i'm sarah just when you thought earnings season was wrapping up think again. we have a major slew of reports coming up. we'll bring you the numbers from game stop and more

plus $450,000. that's how much a new drug costs per year the company ceo tells us what's behind the price tag the closing bell starts right now. good afternoon a very warm welcome to you we'll get to stories in just a moment let's check in on the market a nice little pop in the last hour or so over 100 points. s and p up three quarters of a percent. we were low for most of the session. started picking up a few hours into trade the fed may have played a part in that but not drastic change >> a new view towards the fed. the s&p rebounded by .8% as you can see everybody is now higher s and p and nasdaq on pace for their best week in more than nine months. fourth day in a row gains.

let's get to the top stories we have breaking news now from washington >> despite being over shadowed from the fed chairman and vice chairman it still provides clues about the direction of central bank policy here fed officials were upbeat it shows a lot more concern about downside risk than were revealed than when came out in early november they worried about the tighter conditions, slow down in global economies and sectors like housing and autos that are most sensitive to interest rates. they worry quite a bit about tratd in paris and mentioning it in the minutes the fed will probably hike again in december. they raise questions how much hiking the fed will do in 2019 a couple feds think tit is

already at neutral they would drop the phrase further gradual increases. they will emphasize it increases on the economy and on the outlook. of i think it may say the dovish outlook has some support on his committee. rate hikes coming in december but we don't know what happens after that, sarah. >> so we have a minute and we have speech yesterday and we are digesting all of it. how much of a change is it is it a change in tone a change in policy what has shifted in your mind if anything >> i think this change was coming i think this change came a little sooner. i think the market may have forced their hand on this. i'll tell you, i think they are always going to go in december of course that was a decision made maybe back in the summer when it became certain they will go again in december i think they had the idea of

going to three pretty all t automatically in their minds i think it's really the big change i think it's a half a point maybe, maybe a quarter point beyond where they are going to go that's the shift if they were going to go to 3 and look around and have a debate i think they may end up stopping short of neutral and having that conversation >> okay. thanks very much >> sure. turning now to the other big story wall street is watching, the g20 summit we are live now with the latest. toorm cocktail reception tomorrow world leaders are arriving now some of the big question marks going into tomorrow including and the president tweeted about

that raising questions about what exactly he has planned saying because of the gm layoffs he is considering changes. something to watch on that front. also this idea of a possible china tariff truce there has been some talk that we might not be able to expect a full trade deal here but what we might get is a truce between the u.s. side and chinese side in which they simply agree to stop raising tariffs and work on a frame work for more meetings in which they can come up with the final deal over the coming months here in argentina there is an idea of congressional opposition between canada and they are expected to sign this agreement tomorrow but will congress approve the deal it is still very much an open question we'll see how leaders back in washington respond to all of that that very important dinner on saturday night between president trump and the president signaling today as he left for

argentina he was unsure about whether or not he wanted to cut a deal with the chinese on this trip an official confirmed for me today. that is an interesting signal. the hawks are on the ascendants or fig yurd oured out how to ge themselves invited to the dinner this is a city that is effectively on lockdown and also some significant protests. we'll be following that as well. >>. >> in the mueller investigation will be to the trade talks and what you made of some of the meetings that president trump has cancelled separate from meeting him.

>> sure. you mentioned cancellations. he cancelled the meeting with putin. he said as he got on the helicopter today he said he thought it was a very good time to have a meeting with putin he got on air force one and took to the air apparently he got a briefing on top officials, decided to cancel that meeting with putin. that's another question mark i where does the russia relationship with the united states and russia, where does that go now? such a bombshell development on the eve of the president's departure. the president's aids expressing frustration that they would make a dramatic move as they did to have michael cohen plead guilty. i think it will create more uncertain tichlt uncertainty. he might not come to any conclusions with anybody and not do any deals

he might be very motivated now to have a deal and get positive news out of this trip. we'll find out more when he lands. >> very quickly, can you do some interpretation when he says i'm open to making a deal but i like the deal we have right now, what does he mean he likes the tariffs he has in place? is that what the deal is >> i think what he means is what we have in place now is the deal we have. the president seems to like what hi sees to be the upper hand on them agrees not to do anything in the future might rob him of a weapon to at least bringing the chinese to the table >> okay. thanks very much we'll continue the discussion today. kate principal investment strategist and christina hooper

and new york stock exchange trader jonathan from meridian. very good afternoon to you all i'll start with you here a big rally yesterday. we thought it was short lived. a tremendous amount of volatility i think everyone is anticipating information coming out of g20 what's going to happen there and what are they going to add to this i think investors pulled away from this market today letting it trade on its own. next week will be important. in between there some more fed comments will come out and that's going to dictate our markets. december is a short month. we have really only three trading weeks.

december 21st is a large end of the year rebalance i don't think we'll see a lot of trading activity next week should be important. >> so the two big fear factors over the last ten week sell jof. where do we stand on both of those issues today >> one risk has a data to bid. it confirmed what we heard yesterday that the fed may be likely to take its foot off the accelerator. the news that pete is coming to dinner with president trump and president should give us all pause and assume that the situation will get worse it's almost like having your mother-in-law come to your divorce settlement negotiations. >> that's amazing. >> very very good metaphor kate, blast yowhat's your view t

are at least the expectations very low >> i don't think it is quite as bad as having your mother-in-law at your divorce proceedings. i do like that analogy i think overall both sides are trying to position for the longer term and are trying not to cave too soon that's why i think not only don't we get a lot out of the g20 meetings but when we get to negotiations some time next year they are long, protected and a lot of struggles and stumbles along the way. more volatility there. i think the market may be relieved if there's nothing bad coming out especially with the possibility coming that there could be more rhetoric and more escalation from the g20. >> how is the market set up? >> i think a nonevent coming out of this week would be the best thing our market can really get. we have seen so many different headlines showingus how fragil

this market is to all of the different headlines that we get. so it would make investors feel a little bit easier. >> how are you positioned going into the final month of the year is it worth trying to chase any remaining gains that might be out there? >> you know we take a long-term perspective. for those that are tactical this is a time the stay put and have a little dry powder on the si sidelines. we saw it with the tech selloff. i expect the same occurrences in the coming weeks >> i wanted to ask about the banks in particular. they are the worst performing group today. earlier we saw the ten-year yield drop to the lowest level now everyone is singing a new dovish tune. does it mean the financials are a no go? >> i think the financials are attractive i think in the same way investors really read way too

much into comments that we were below the neutral zone and that there was more to go they probably overreacting on the positive side today that we have fewer in the pipeline i think we could easily see the fed continue to be knew answered and continue to aim at that neutral rate that means we are likely to get back and forth i think the financials benefit when ever we see a pick-up in long-term interest rates and they anticipate more rate hikes as opposed to fewer like it is doing today. >> just quickly, when you sent us your notes you're saying the upside 2750 we are pretty much exactly there. is that a sign if we close above that >> i think so. it is about ten points lower at this point we got through it earlier and stayed above it for a short period of time we tried to get through again.

cou couldn't get there i think 2750 is a good level >> that's right. >> it is spot on, bang on. >> bang on >> we are one point above. that's why i didn't. >> thank you very much still to come on the closing bell, stocks have outperformed and they say investors should look for more upsides in two specific regions he'll lay them out ahead and shares of apple lower again today as wall street worries about iphone sales the latest analystic cut they join us live after the break. we always want to hear from you. you can reach out to the show on dw dwiter -- twitter, facebook or send us an e-mail. the dow is up 78 point we'll be right back.

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welcome back we were up over 100 points positive territory there are the winners there. boeing up and pfizer and merck doing well another wall street firm cut expectations for the stock as reports of soft demand for the budget it is by cutting your price target from 225 to 250 why are you making this move today? >> yeah. i think so our team does mostly surveys at the end of each month.

on this month's survey one of the smart phones remained a week overall. within we saw much weaker demands than we anticipated. that's what lead to us reusing our estimates today. it is knot america oj based. the demands for phones, but what we saw that surprised us within the survey is one, it was higher that the new expensive phone consumers were or were some of the older iphone models. the xr had more than we thought. that is what really changed in

our model. we took iphone sales down for 2019 and 2020 based on weaker xr demand than we expected in north america. >> they did come out apple said it was one of the top selling phones does it have anything to do with the fact that apple announced it will stop reporting the exact figures for shipments? >> yeah. i think they were trying to feed into the xr. it hasn't done as well as we thought. it would have been more and they gave better promotional activity in terms of what you had to put down to get the phone. it is not off to a great start that's what lead to our cuts today. >> could you price target get

lowered again if the relationship with chien thna wos >> yes it could we have 25 billion there buy back we think there's over 700 million users. we think the long-term growth is quite strong still on the short term it is shifting faster and it would impact our price target >> do you feel like you're a little late to the party for this downgrade relating to this particular reason? it feels like quite a few of your competitors have done so already. do you think it might have found a bottom on xr demand? >> yeah. i think it's a fair point. we cover suppliers what we have done here is we do it more demand driven to try to get more color, more choices on the iphones.

so more demand related where i think you see quite a few supplier related order cuts. it did play into our thought process. we cut their estimates also. >> just to be clear you think it's going higher from here. you still see it at 225. >> yeah. we have a one-year price target methodology. looking at longer term we think a lot of weaker iphones out of the gate demand is priced into the stocks we kept it and our price targets still represent a buy rating where the stock is today >> all right good to get color on your downgrade today. yes, just joining the wave that have really turned on this stock. >> i wonder where he came out of jim's hat. >> he was in the hat >> he was in the hat

>> every day it feels like under 40 minutes to go here before the closing bell. stocks have made a big turn around today and dow is up 69 points not quite the game busters rally we saw yesterday it certainly feels like a post fed continuation >> it sort of coicncided not a massive move a bio tech company released its first drug to market find out why it costs $450,000 a year before discounts. and also coming up nick burns joins us with the two key tests facing president trump and nes e sto uranthmo tyo moy. ns? ones that make it fast and easy to analyze and take action? how about some of the lowest options fees?

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shares of dollar tree up 6%d missing on sales gave a weaker fourth quarter guidance but stock is doing well find out more on mad money tonight. jim cramer will speak with the ceo of dollar tree at 6:00 p.m. eastern. shares are lower by more than 5%. they fell about 9% that day as well it costs about 450,0$450,000 a

before discounts joining us now on a cnbc exclusive thank you very much for joining us >> thanks for having me. great to be here >> just remind us first of all exactly what it is and what it treats >> yeah. it is an r and a interference, a novel innovative medicine and it's being used and aproverprov a disease which is caused by a bad protein being made in the liver. so our drug is able to stop it from being made. it basically helped stop the

symptoms of the disease. >> the approve has been pretty disappointing. >> we are talk about seven weeks after the launch i think it will be important to look at the results we have at the fourth quarter this is a terrible disease we are very excited about where this is going. >> people see that and it's a little eye popping >> well, you know, this is really true with many and there's only a few thousand of these around the u.s a reward system that is in place is that after decades worth of

work and billions of dollars that it takes to bring these medicines forward that there is some type of reward. patients aren't paying these prices we have had extensive discussions. it is important to know we have value based and we actually put money back into the system >> what is important is your financing needs coming up. talk to us about how important you are about meeting them >> yeah. we are not plan to go dofully financing any time soon. we are a very well capitalized company. we have 1.7 billion there cash we sobviously have product revenues that are coming in. one of the reasons obviously at

the end of the day we are invesing so heavily in our pipeline is we have five programs in phase 3 in addition to executes on a global launch this is an expensive business. it takes time. it takes investment to ultimately bring these important medicines and to deliver that type of value to shareholders. >> thanks very much for joining us >> thank you >> he is joining us there. >> yeah. time for cnbc news update. over to you. >> hello, guys thanks so much here is what's happening at this hour everyone. russia brushing off the tweet that he was cancelling at the g20 summit he said putin would have several additional hours paul ryan delivering one of his final speeches ton house floor. he thanked voters for supporting him along the way. any time i get to swear in a new member like we just did it

brings me back to the time when i was first sworn in here in 1998 i remember just being awe struck the first time i walked down the center aisle that feels still never goes away i still feel it when i walk onto the floor each and every time. american singer nick jonas arriving to kick off their prewedding celebrations. the couple left to reach with their relatives and friends. they are set to tie the knot on sunday we wish them all the best. you're up to date. that's the news update this hour back to you. >> both have massive followings as well. >> absolutely. absolutely >> you're more of a nick jonas fan. >> i'm not really of either. >> i know they rank highly in

those. >> they do >> they have more than we do >> see you next hour >> thank you 28 minutes to go in today's session. let's look at the biggest movers of the day bob is here on the floor as always we are up at the nasdaq. let's start with you >> it is about tariffs and the fed. let me show you what's happening. remember the president came out and said they are close to doing something with china maybe not. a market lifted and sort of move today the downside the fed announcement came out. there was a discussion about a variety of threats we have people coming on the floor here then the market lifted of course on the fed commentary. trade names moving here. take a look at boeing here up about 3% it will typically move on a trade name it went all the way to 343 crude oil is back over $50 that's a nice muhub. chevron, exxon moving to the

upside it has been up the last couple of days. that's that nice move up here. up about 5% so far this week elsewhere health care hitting new highs. want to look at the new highs list pfizer, merck, hca, all 52 week highs. finally, one group not breaking out. you have a problem with the banks here we have a ten year below 3%. you had a problem breaking out back to you. >> thank you very much for that. let's sends it uptown in the nasdaq >> watching the nasdaq it was fractionally positive for the month here with one more trading session left we'll see if we can see more gains tomorrow that is a big move back after what we have seen in terms of the impact of the tech drag. today dollar tree is a biggest gainer with those earnings

reports. tech overall mixed the faang names were trading we are losing a little bit of altitude here. apple and microsoft today are actually the drags they are still apple on top as far as market cap. we have health care highs here as well. express scripts at an all time high as it approaches possible close of the merger with cigna it is expected by the end of the year >> thank you very much for that. still to come, oil dipping below $50 a barrel for the first time since 2017. what's driving the wild swings ahead. up next, morgan stanley and chief global strategist will break down key items he is watching and where in the world he is telling investors to go right

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>> welcome back to the closing bell 23 minutes left of trade we just left the highs

at the dow we are up 56 at the moment there are the sector at the top. we have -- >> it's like a two way tie >> materials >> energy also up there. the screen flexion next to us in >> you need glasses. >> can you read it >> i can >> anyway. we can move on investors are watching were general teen th argentina. joining us is head of immerging markets at morgan stanley to talk about what he will be watching and the potential spillover effect it could have on broader markets and economics. how would you characterize how high the stakes are if. >> i think the market is now

sort of rising in some sort of a cease fire it is some sort of a soft agreement and if you don't get that then obviously there will be a lot of isappointment. sit not as if there is one event. but this is a steady war which is going to play itself out over the next few years we'll speak act the implications of that and who could possibly lose and benefit from the deglobalization. >> so who could benefit from this and who are you optimistic about? >> i think negativity around mexico and if you look at the

other factors it could be one country which could benefit quite a bit fromthe rising trade tensions between the u.s. and china. mexico was the big loser from china china. so i think it could be from u.s. china trade tensions i think in southeast asia as well you have countries like vietnam and malaysia if you speak to companies now they are telling you they are inclined to diversify. they want to diversify now no mat wlaerps this is a battle and china is in the cross hairs

of the united states now >> who are the biggest losers? >> china is the world's largest exporter i think china is the big sort of loser i feel the chinese currency is very over valued. i think it is bound to be weak over the next few years. some of these others have already adjusted and so they possibly have much more upside compared to china. >> that said to what extent is immerging markets tied to whatever the u.s. dollar does? >> well, i think it is very tight. that's always the case that relationship hasn't broken down the sort of good news maybe that the dollar is pretty expensive just now on pretty much every

metric the dollar is possibly at the top end of this historical trading range. for the next few years we expect the dollar to sort of be softer. i think the big story is that we could be here at a pivotal moment what do i mean by this it has been america's decade on any nature especially on the american stock market. it has tripled this decade many imamericanimerging marketsn nothing over the last decade we could be setting up and getting out the necessary reforms to state some sort of a comeback it could be a pivotal moment internationally. >> for that to happen what if we need the fed to pause or at least calm down on the rate hikes and give breathing room on

the immerging markets? >> that's true it will happen sooner rather than later that is absolutely true. i think we are seeing some signs of that already. as we pointed out the u.s. dollar is really the key global markets and general outperformed the u.s. is when you have a weak dollar the fed, they have a bit more to go but the dollar is very expensive today. i don't see that much outside left for the dollar more than, you know, like 45% let's say over the next few years. i think the downside could be closer to 20% or so over the next few years >> thank you very much >> thanks. we have 17 minutes left of trade. at the moment the dow is up by 38 points or 0.14% the s&p is flat ad as is the

nasdaq shares dropping and rated at hq we have more on that coming up >> plus we are counting you down to big earnings after the bell hp, dell technology, workday and more names we'll bring you the numbers and instant analysis later on the closing bell so lionel, what does being able to trade 24/5 mean to you? well, it means i can trade after the market closes. it's true. so all... evening long. ooh, so close. yes, but also all...

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welcome back to the closing bell individual market movers this is down 4.6% as their hq was rated by jer plan authorities. the important thing to note here is it was not relating to the much talked about scandal relating to the deutschebank it is down 478 plkt year to date >> wow

a dramatic fall. >> yeah. >> i'm watching shares of campbell soup. it was supposed to be super dramatic it turned out to be a big nothing. that's because ahead of it the big proxy fight was reached. he added a few members of his proposed board to the official board of campbells the next question is who is the ceo of this company. they had an interim ceo. they promised they would have an announcement before the end of the year the wall street journal put out a report saying she rumored to be the leading candidate i reached out to the company and got this in response basically it is premature. it is given that the board selection process is ongoing it includes a number of highly qualified internal and external

candidates we do expect that. not surprising >> it is overall a loss for him? >> a win in that the math didn't add up that he would actually win the proxy vote so he made -- he certainly had the momentum if not the winning hand in this bid. the fact that he got some of his people on the board. >> i don't flow know if people n hear the bells that is being rung by santa santa claus on the floor here. the coca-cola christmas related team will be ringing the bell

which is 11 munsinutes away. crude oil and 'lwel dive into that move next here on the closing bell do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online.

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crude oil trading higher below $50 a barrel for the first time since 2017. >> like you said, we haven't seen that since october of 2017. it is significant technically and psychologically. the drop came because the market is worried about oversupply. all of them are at or near record levels. no sign of a demand up tick. that's what pushed that price below the $50 mark then we saw headlines that russia is showing willingness to cut the crude output levels. we know opec does this they do it every time. also keep in mind a cut isn't really a true cut because it's from an inflated base which is what you have here

there is also politics you play here president trump not going so tough. will they pander to the president and what does he want exactly? he asked for lower oil prices. maybe they will just leave things alone or maybe a cut is pandering to the president giving the producers here in the united states more market share. definitely something to think about before december 6th. >> okay. thank you very much. back at the commodities desk here decent day for oil up a little bit. it has been playing into the markets. doing well today we are essentially flat for the dow, s&p and nasdaq as we approach the close sh is five minutes away >> seeing red there again after a big rally earlier. after the bell we have a slew of big earnings coming your way we'll break down nbeumrs coming up later on the closing bell . your joints...

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♪ i'm 85 and i wanna go home ♪ ♪ just got a job ♪ as a lifeguard in savannah ♪ ♪ i'm 85 and i wanna go home ♪ ♪ dropping sick beats, they call me dj nana ♪ ♪ 85 and i wanna go don't get mad. get e*trade, kiddo. welcome back to the closing bell about two and a half minutes left of trade. the key take away really is that yesterday's fed inspired sugar high did not continue today. it went lower but did not continue in such resounding fashion. it coincided and they continued the same message yesterday

that is december's rate hike looked pretty likely after that next year much more data dependent and therefore a little more interpretation for next year compared to this year so far what does it mean? we are essentially flat nothing too negative the s&p and the nasdaq both down the russell is down .40 as we approach the close sector performance, health care also doing pretty well as is communication services technology down. it is also low as. the likes of goldman sachs not doing stoo well this is a back about $50 first time they have been above 50 this month.

>> chevron up 5% on oil the last couple of days it's still about the fed it's still about tariffs the president talking about, you know, he would like to make a deal on china. the market rose. look at all of these little circles here the chinese side, not just the american side. you saw the market lift on that. it's not normally a market mover but they started talking about a little more about threats and tariffs that are out there, slowing global economy a lot of people took that to mean the fed is signaling they might be a little slow >> it doesn't capture that started selling off. the coca-cola bear got into it i think that's why this is the christmas party for

new york stock exchange today. >> earnings expectations will rise and we should get some kind of rally on monday if that happens. >> sugar high. we will have to wait and see the nasdaq is technology and here at the big bell there is father christmas himself that is the macy's santa claus we are down 27 points. back to you. let's take a look at how we finished up the day on wall street it is act which willy in the red. stocks started off lower they turned higher late in the afternoon after the fed minutes and were unable to hold their

gains into the close the dow closing lower by about 26 points. the s&p less than a quarter of a percent. the russell 2000 act which wiuad lower first. we broke that win streak that was three days on after that big rally. we have a slew of earnings after the bell today we will be monitoring results for us from workday joining us to talk about the overall market day is stephanie

the dow is tracking for the best week there two years >> yes it was always a bit of a late rally attempt. i think people are trying to spin this little term by the fed after the fed minutes into a broader theme. you have treasury themes coming down maybe it would be for the extra attempt. i don't think it changes the overall story. we built this little up trend off of last week's lows. i think you kind of had a lot of people who are now believers in the idea that it was some kind of a good thing last week. the market is still in this ten spot it is bracing for whatever kind of headline going into the weekend. >> if we did get something positive do you think it would be more meaningful or something

long lasting than the high yesterday which seems to be a one day affair >> yeah. i have said far while i thought trade was more important than the fed. what's happening is we don't really know what the earnings implications are for next year with an additional 25% on the tariffs, right so that's the big question mark. you can say the market is cheap all you like earnings have to come down probably in the 4 to 5% level. i think it's very very important. quite frankly it is an event that's why i think the market sold off today it was defensive lead from the beginning. it was very very defensive i think people are really waiting for that we have opec next week will be very volatile. you want to pick your spots very

carefully. >> is technology a safe spot to go back into >> the companies that have already reported >> yes >> what i have been doing is anyone that has strong fundamentals but the stocks are down from where they reported earnings, like i bought a bunch yesterday. i think it is interesting. it is in the a cheap stock right? you have to pick your stocks there. i think intel is very interesting as well. i'm also looking at facebook because it seems to have stabilized and that stock is quite cheap. >> i was thinking back and this reminds me a lot of when when i was ten years old. >> yes >> there is some comparisons out there. >> yes as i watched christie brinkly who was at the closing bell,

yes. two 10% corrections and then at the very end of the year as the feds seemed to signal it was down the market took off to the upside multiples got rebuilt. treasury yields went from 8% down to below 6. it is a different environment. i do think there's a case to be made that all the market needs to feel is that the fed is going to be a little more wait and see. i think that's about the next couple of months to figure if that has it. >> did you get that as an investor yesterday >> i thought it was very measured i think that they have been. the comments have been kind of calming down and little more dovish why wouldn't they be data dependent? they are also shrinking the balance sheet? it is telling streng on the

labor market and inflation certainly wages are rising out of the 3% range this entire time at the same time some of the macro dating is lowing down. >> i think we would still be able to handle it very well. the consumer would like it a heck of a lot. i don't get freaked out so much by waging even though it is a big component. you have oil prices down 30% it is every commodity is down. >> the manufacturing numbers have been on the losing streak too. not in a dramatic way. if you look in terms of data it has been a pretty soft week or so >> all right workday earnings are out let's get to those numbers >> workday seeing a strong beat on the bottom line 31 cents adjusted versus the 14% and revenue beating expectations at $743 million. this is the enterprise cloud

company that specializes in human resources software the company says it is benefits from welcoming more fortune 500 customers and for more customers and companies moving to the clouds shares are up but it has had a nice year up about 42% in 2018 back to you. >> thank you very much for that. a decent job there >> yeah. it has been a very strong area kind of enterprise software. >> and we have another one john has those numbers for us. >> coming in line for hp revenue up 15.37. 54% and strength in notebooks

here is a big part of the story. operating margin is expected i'll also say that the guide just about in line we see the stock positive after hours for q1 19. it is for the whole fiscal year. net revenue was up 10% in constant currency. the printing was up 8% in constant currency. the cfo also on component prices it is good but at the same time it is

mostly offset by a stronger dollar also the september tariffs were factored into the guide. they haven't and those effected desktops mostly but they were able to mitigate those they haven't factored in the possibility of any further tariffs from here. the pc upside he said was driven by trends in gaming and just the upgrade cycle. so many have held off on getting the newer pc now they are doing that and spending money on it leading to what could be a positive holiday season >> yeah. they have been in that performer. thank you very much. >> not involved in the name. it's in the a surprise we saw it from microsoft we have seen it in the data as well so that piece is in the a surprise i like that printing up 8% that's a higher margin business. the fact that it is down 15% from its high you get a lit it

lift i prefer the growth stories better than the value names here >> in growth it is definitely sales force. i was buying it as it was calling that i think that the trends are very strong there i think workday has held up remarkably well. it outperformed since the october peak in the technology sector it has outperforms i like the fact that it is continuing i think it's on the margin not as owned as much as sales force. the other one is service now that company has all of the right tickings if you will >> she was on squawk ally today. game stop. >> take a look down sharply at about 11%. they beat on estimates by a nice margin reporting 67 cents. rev fle revenues of 2.8 billion.

shares are lower almost 12% because of the guidance for the fourth quarter the company now sees the earnings coming between 255 and 275. the street was at 304. sales down 2% to 6%. the street had forecasted sales for the fourth quarter would fall more than 3%. the problem seems to be hardware in the fourth quarter. the ceo is talking about how the fourth quarter sales will skew more towards hardware than initially planned along with under performance of video game titles they are updating that and as you can tell below the street's expectation and disappointed back over to you >> thanks for that >> mike, this hasn't even held up well today. >> no. i mean sit is a long-term decline. it is about five times the earnings because the market assumes it will erode over time.

it has ban story they pulled some rabbits out of the hat. they got into the wireless stores so it's been a tough business to preserve or whatever >> you never want to read this as the top quote in a press release from earnings. under performance of certain titles >> all of the gaming stocks have had a tough time this earnings season for sure. this company people have been speculating they don't take themselves private someone will come in and do something. it is not trading on fundamentals you do need to see an announcement of some sort. >> yeah. >> it is some sort of value added announcement we haven't gotten that >> the company is a little bait of data. it is unclear if it works all that well. >> they are evaluating all aspects of our business. not strategic options.

>> right so people think it is a long-term loser. people thought that for a long time >> let's talk about boeing shares finished higher today by about 2.5% after cowen named it the number one stock pick. the first aid that the recent headline risks looked overblown and they have a potential to deliver extended cash flow ramps. shares of boeing higher by about 16% or so by this year i mean boeing is a big winner last year as well. what do you think after that >> i think it was of wanting to take the opportunity and a very well known fundamental story >> don't you to see a trade compromise >> 100%. 100% that's why you can't buy this without knowing what the pieces are. it is a free cash flow story

so i think that's what it is going to trade on. i think you to get through g20 and then kind of assess the situation. >> is there a risk in indonesia. it is the share price related was only brief >> i think it could be a big potential problem. we'll have to see whose fault it is it wasn't boeing's issue and then indicating they have changes in this plane and the mechanisms in terms of the nose issue. we don't know. it will take a long time to sort itself out it is another head wind. i think the bigger issue is trade. >> you hit the technology. we hit some of the industrial stocks what about the banks we saw the yield go below 10%. what will it mean?

>> well, i mean you need a steeper yield curve. you really do. i think there's a lot of question marks with regards to rates. that's number one. number two even though they are buying back stock it doesn't seem to be a catalyst to own them at this point i own a bufrnch of them. if you don't have a catalyst and now you have rates going in the wrong direction it is great you won't see a recession. but that's not enough to get them really going i don't think. >> interestingly we saw it steeping i mean the correlation was so strong for so long with what the yield curve was doing. it is more of if they can have a quarter of two of decent earnings the fear is loan growth and whether credit qualityworsens.

it would certainly lit bank stocks before they even hit the books of the banks >> and we have goldman sachs financials >> why not a lot of big bank ceos >> as always, thanks very much >> i have to mention as well the floor today. look at this ensemble. >> yes >> a lot of spirit >> christmas is real there's now a giant reese's butter cup here as well. investors are watching the meeting saturday with president to see whether a trade agreement can be reached with kind that. we'll preview the meeting next >> it sounds like time line and

international bank in money laundering scheme. the deutsche bank investigation ea rl. the closing bell back in a couple of minutes. xfinity mobile is a new wireless network

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estimate of $1.50. so a 6 cent beet on the bottom line just back to the total revenue both of 14% driven by licensing revenue growth of 17%. shares not doing much here back to you. >> thank you very much for that. president trump is on his way to the g20 summit. we have a preview of what to look out for hi, eamon. >> yeah. the president is a few hours a way from landing here.

it gave all of the diplomats a little something to ponder in terms of a u.s./china trade deal here is what the president said earlier today. >> i think we are close to doing something with china i don't know that i want to do it because what we have right now is billions and billions coming in the form of tariffs or taxes. i don't know but i will tell you that i think china wants to make that deal. >> it gave them something to talk about the president saying he thinks we are very close to a deal. that seems to indicate maybe we are getting close but the president saying in the same breath i don't know if i want to do that deal all of that providing a little bit of uncertainty here as we go into the first night of g20 events and the first full day tomorrow the president has got a long

list of meetings one he won't be taking is with putin saying he is cancelling because of the russian incident involving the navy that meeting scratched from the list he will meet with abe and a number of world leaders here before that dinner. >> all right thank you very much. >> the president >> eamon always clears something up for us. >> the president joining us now the former ambassador to nato he lays out two issues, one, michael cohen's guilty plea and trump's meeting with the chinese trade war. i'm wondering if they are related at all and whether the

president's posture changes given the news today on michael cohen. >> certainly i think that the reason president trump cancelled the meeting with putin is because of the revelations of michael cohen this morning i was happy that the president cancelled because it senlds a message to putin that he can't break international law. you may have seen in the president's comments the opening round of those negotiations. he is a negotiator he told the wall street journal earlier he is happy to stay where we are or to get a deal. he is trying to put the ball in china's court and seeing the amount he can get from china across that table on saturday night. >> what do you think the president's time line is for a

deal with china? is he focused on dragging this out? what's the time line >> i doubt that the president is going to drag this out far year. he is trying to get advantage of the chinese. he should be chtrying that. they are will offer a guaranteed commitment they will import a certain level per year i think what they are more interested in is trustructural change sit a cat and mouse game between strong governments i think what the president has is the silent support not so much public but a lot of governments around the world who are also victims of chinese trade practices.

certainly the east asian in japan and south korea feel that way and a lot of koreans feel that way sit a right thing to do. let's see what he comes up with. >> nick, recent wall street journal interview with the president he was asked what it would take he said if china opened to u.s. companies. he said i don't care about other companies. i care about the united states does that provide any sort of guidance of what it might take which would not be structural overhaul but just an idea of buying more. >> i think that's what the chinese have been trying to do now for several months they have been trying to tell the trump administration they will buy and will kplicommit to purchase it's not enough for what's ailing the u.s. china

relationship i think the president would be right to stick to his guns on some of those structural issues. i also think what's interesting about these negotiations that the president has kept the chinese off balance. i think they felt they figured them out as some kind of business deal maker when he first came into office but both on north korea and also on the trade deal i think he surprised them a little bit it's not a bad thing to do there a negotiation. i think both sides are ready make a deal if the conditions are right. >> i wanted to go back to meeting with putin that's not a ground breaking thing to do to cancel a meeting. do you think putin fears the western alliance anymore

>> the problem we have in the west is that you have had very strong statements from nato, canada, britain, germany supporting the yukraineans you had the statements not from the president. they did say that the united states wanted to see the ukrainean vessels and sailors return the president has not been tough minded about this. i worried if there was going to be a meeting the president's track record with putin is he does not deliver a tough message. from my perspective there is a message in cancelling the meeting. i hope the president will stick with the state department's line >> thanks so much.

up next, mike santoli will make his way back. it is the highlight of the hour. this time of the day important morning signals for the market a slight up tick aits s i what could be the future of airport check in the details ahead. if you're on medicare, remember the annual enrollment period is here. the time to choose your medicare coverage... begins october 15th and ends december 7th. so call unitedhealthcare to learn about... a plan that could give you the benefits you're looking for. it's the aarp medicarecomplete plan insured through unitedhealthcare. what makes it complete? it can combine medicare parts a and b, which is your hospital and doctor coverage... with part d prescription drug coverage,

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earnings at 321 adjusted analysts looking for 314 revenues coming in at 2.52 billion the company raised their earnings guidance to 933 to 935. the streak was at 933. points out softness in the calvin kline business. tommy hilfiger up. back over to you >> did they ever announce a new person to replace for hilfiger >> you love her. you talk about her all of the time >> of course i do. she was a big one. no one can replace the brand halo that she had. i know no one replaced her but perhaps they will ask about that today. >> all right >> thank you very much

>> he did tease it >> he did. he said soon to be announced >> i guess not yet >> maybe the announcement will come tomorrow with jim cramer. >> tonight excuse me. an exclusive interview on mad money. it is whether that teased the new celebrity partner. let's take a look at wall street the dow, s&p lower it is down a third of one% most just slipped as we approach the close. >> here is what's happening at this hour. vice president pence paying tribute to the emergency plan. it is ahead of the world aids day calling it the most successful humanitarian in history. it was reeuated 15 years ago

>> voted to reauthorize president donald trump will soon sign it into law >> federal agents were at the offices of long time chicago alderman he was elected in 1969 and shares the finance committee the purpose of that visit has not been released. nine-year-old morrison needed new shoes. she couldn't find her favorites. she wrote him a letter she said she was disappointed there weren't any for girls but none for boys. curry said they were correcting the situation and he sent her a pair of shoes.

>> it was a long note saying how sorry he was and they won't be called little boys sizes >> invite her as well on march 8th. he went all out. >> curry is an asset for under armour for so many reasons >> of course >> but especially after the cultural problems up until february it is exactly the kind of athlete they need right now. >> he made her day >> thank you very much >> you got it. >> this story made me smile as well it means you need to get shoes as we. >> i need little boys shoes. >> that's true >> size 4 to be exact. this morning's initial jobless claims, we should note things are at low levels could it be an up trend of

economic >> look at those low it is a trend. still certainly low levels and still showing an economy the surveys were extremely strong people saying they feel jobs are very plentiful this is a very notable upturn here this is a low last couple of months this was like 40, 45 year lows of course when the population was much lower again, rock bottom levels. this is a long leading indicator of softness in the overall economy. it is something to watch announcing more layoffs. in case you're wondering that's texas hurricanes i do have

another chart to put it in better perspective that shows you even if it is kind of turning higher it has a sort of jag l moves. the market can move ahead of that as well it still could move. >> and the market is kind of sniffing something out it is giving a nod in the direction of the fact that the economy is no longer running very hot i think it's something you to be aware of >> exactly >> so we will know more. >> thank you very much he will be making his way back

after years of losses. money laundering investigation may not be helpful to that we'll look at the impact on the latest drama on the bank hbo game of throwns six months a you way from returning. >> six months? >> i thought it was finished >> a drama involving the network is occurring right now analyst day. >> nothing is ggbier >> we will get an update

raid id by almost 200 police officers >> saying it will cooperate as it is in the interest as well to clarify the facts and they have been contributing to the pan that investigating joining us now is ed and laura

what in particular does this relate to? >> this days back to -- which was a big money laundering investigation. deutsche is aljed leged to help shelter $900 million through private banks. it isn't so much the detail of what's allegedly happened here it's the fact that deutsche has been bad news after bad news after bads news. it cannot stop this constant flow it is a fact that the narrative is bad how do you gauge this?

sit this one after another after another. it is what wells fargo is to the u.s. it is another and another and another. the difference is wells fargo and deutsche is getting raided by officials >> is it another that the core business is not particularly earning very well right now? it is sort of this as well as all of this other scrutiny >> they will have to work on the turn around plan which has been in place for three years and not doing what it has been expected to do. they will have to deal with a new democratic congress. now here we have this other issue of $150 billion of money laundering >> it feels like you mentioned

wells fargo and with you have malaysia bank scandal. they are not out of the woods. >> they are not out of the woods. the thing is be in compliance. have them looking at elements that come up and the crisis may be ten years ago but ramifications are regulators are more aggress ifr today than they were ten years ago >> the share price i think down some 50% year to date. it is not from precrisis and market share at that time. does it make it harder to turn things around? >> i think the thing is there has been and always been three banks. it is deutsche bank here in the u.s. and i think in frankfort they feel like they have been

let down in the u.s. there is a bit more spirit they seem a bit more bullish that they could get through. london there is also at risk i think they are really struggling there it is hard to commit people but there is a hard core and those people that were there 30 years that will go down if the ship goes down. i wouldn't under estimate that in there certainly they have lost a lot of people and they willprobabl continue to lose that. i totally agree with your assessment the problem is that it's not clear how deutsche can make money. employees can see that and they can see they have a business model. you never have any scandals and you can't see how you make money in the future.

it is a hard place for people to kind of dig in >> this is with the ecb as easy as it can be now it's with talks of -- >> tightening over in europe if and when they tighten the economy it could fall over it will not. >> on the rates -- >> it helps the banks. >> the issue for them is they have lost market share how do you grow that back by shrinking it no one has ever done that before we'll have to leave it there thank you very much. we have got a news alert on an sec settlement. seem dp seema has the details. >> they have cancelled between floyd mayweather and khaled for

settlements they received. it is the 23irs to charge touting violations involving ico's. they found mayweather failed to disclose payments including $100,000 from. it is touted as a game changer and earlier this year the two founders were seen as promoting a fraudulent ico and raising up to $32 million penalties mayweather up -- khaled up to $150,000. >> thank you smile. one major airline is working to get you through security not with your photo id but facial recognition. and first analyst day in

more than three years. we have more around the time warner acquisition coming un -- up alpha seems more elusive today.

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twirling cards e*trade. the original place to invest online. shares of general motors are still up about 2% since it announced cuts despite krit similar from president trump he dropped another today and phil join us live now. >> we are going to talk about general motors in just a little bit. it has been an interesting week

for a budge of auto makers most interesting is about volvo. the company is saying maybe isn't is right time to launch an ipo. it put ipo plans on hold. a vars here are some. first of all, the major reason cited by the company trade tensions think of it from their perspective. they import cars built in china to be sold in the u.s. well, that's not really happening since there is a 25% auto tariff on these vehicles. those imports dropped off. and the bulk of the vehicles that they sell in the u.s. come from european plants and we could see changes in tariffs there. as a result. the chinese auto maker which is the parent of volvo has said, you know, even though we had a valuation mind of what, 16 to $30 billion, we are putting that ipo on hold for now. >> phil, we wanted to ask you

about delta. law firming this new biometric screening process in atlanta what does it entail. >> it means you can put away the id, boarding pass and smile for the cameras. if you are on an international flight -- that's a key part -- because your passport photo is kept by customs on border patrol, they can match up your face through facial recognition with the manifest and what the border patrol is specking. you just stand there and smile we saw them testing it out it's on average about 2 seconds pastor per passenger, which may not sound like a lot, guys but that means the average plane -- average wide body can board nine to ten minutes faster than you have people taking out ids. >> that's a big deal. >> i love the idea and i hope anything like this that it speed the process up at the airport -- but this is just for boarding at the moment.

>> no, no, it's all the way through. wilf, it's all the way through from the moment you go into the international terminal in atlanta, check the bags using facial recognition you go through tsa using facial recognition and you board the flight using facial recognition. and look, you guys know this through the global entry program when you come in from overseas you use facial recognition for a lot of people they use facial recognition. they don't take out the passports. >> and fingerprints. >> you do have to do that. >> but, phil, smiling is also a requirement, i trust >> i saw a few people who looked scared it freaks people out but they will get used to it. >> it should make everyone smile a good way to lift the mood. >> not approved unless smiling. >> now at&t analyst meeting kicked off top of the hour the ceo responding to concerns about the debt load and we bring you the comments that have a

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for 2019 we bring you the detailsen and the market move right after the break. the car has become an accessory to the smartphone. ride hailing, car sharing, carpooling... mobility services are proliferating. and there's a new generation who don't seem to want to own cars in the first place. it all means massive disruption to the car industry, cities, businesses and investors. i'm martyn briggs for bank of america merrill lynch.

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hours. slightly higher. holding the analyst day. and julia boorstin has been monitoring the headlines joining us with the highlights >> well sarah randallson, at&t ceo talking about the transformation of at&t with the acquisition of time warner and laid out the strategy for the combined company shares rising after at&t guyed to adjusted earning per share growth for the full year 2019 in the low single digit percentage points the company also guided to growth in free cash flow to the $26 billion range. now in light of the concerns about the debt load, stephance

said it will cash flow goes to debt the adjusting earnings ratio of the 2.5 times by year end. stephenson sfoek to the value of combining what's called warner media with at&t's the strength in mobile. >> we at at&t have 370 million direct to consumer relationships. those are relationships that warner media can now deliver content directly to the consumer they can now begin to develop content and packages of content and products for the 370 million consumers. >> there was a lot of talk about the value of over the top streaming and how the ott services will overcome declining revenue from cord cutting. they announce the streaming services will be three tiered. the first a movie focused package and then a premium service and third bundles the two with original content wells warner media and licensed

content. it's going to be fascinating to watch how it fits into the at&t landscape. >> julia, thank you very much for that mike, main take away today, lost the sugar high. >> held the gains. market up 4% week to date. tomorrow it's a vigil. >> why are you calling it a sugar high is it a dovish tilt from the fed. >> no time to answer that does it. >> more of that tonight. >> "fast money" next "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square trader are tim seymour karen finerman dan nathan guy adami tonight it's a night of deals as deal or no deal makes the gu on cnbc, game show host howie mandel will here to find the best deals in the market we start with the other big deal president trump and president xi going head to head at the g20 to

try and find c