that i am taking pains to make sure -- you want to hug? let's hug it out >> i will pass >> generally i don't get a final trade of the direction that's down smile direct they report on november 12th, everyone is buying the calls >> thanks everybody. thank you, scott hi everybody, here is what's ahead. earnings season starts with a bang positive economic comments we'll break it all down and we'll tell you who's left out of the party today. amazon could disrupt in a major way. that would be a big boost to its bottom line. the analysts behind this call sees several ways amazon could make over the industry, he'll join us. another company gets into streaming. tick-tock moves in to facebook's backyard that's all ahead we begin with this big rally and

dom chu has the big number for us that will rally is one of the reasons why people are feeling better dow industrials up right near the session highs. we have been hovering 1% higher for the dow. the s&p 500, you can see right there clinging onto that 3,000 levels we have been hovering above or below it you can see the nasdaq, one and a quarter percent as well. one of the reasons why the nasdaq is doing well technology specifically, what's happening with the computer chip stock. that's semiconductor etf stock over 2% today and yes, we are going to put a star up there that's a record high for the etf, we are now up here for the december lows. 54% from that level. big move for semiconductors. one more place, health insurance companies. united health group. good earnings report

good guidance. carrying anthem. cigna is up 6% as well a caveat here, if you take a look at the longer term of these guys, they have all been on a downturn >> back over to you. i am kelly evans, welcome to "the exchange" everyone. we see from johnson&johnson and charles swabs, these are not just beats jp morgan saw record revenues and jp morgan says consumer is strong it is early but do these reports mean returning a corner and having better results. more in stanley investment management it is great to have you both here jim, first flush off, we have learned a lot from day one

surprisingly >> this is very much counter consensus right now. there are three macro risks that's out there first one is u.s./china trade war and the second is brexit and third is global growth what we are starting to learn right now as far as u.s./china trade war, looks like we are moving into a truce. non negative event >> i am not saying positive yet. >> breks xit is a non-negative event. are we ready to price in at the end of the mid cycle correction. is this the end of the mid cycle reaction whether it is a fed or china or fiscal or monetary >> drum roll, please you think we are turning a corner here? >> i am thinking early days. the way i phrase it. is the worst behind us for now

>> okay. michael, what do you think i know you are cautious about the environment, do you see recession risk out there >> we are seeing beginnings from all the easing that's taken place. we have seen u.s. money growth which shows the fed easing is working. they're not pushing at a string. we are seeing housing stabilized housing is stabilizing so that's a good sign. we have yet to see a good strong base improvement for s&p to break out and continue to move higher and led cyclical leadership, we need to see earnings, we have not seen that >> it is going to take us a couple of weeks to federal governmegov figure out if that turns positive or not. >> we'll need to hear positive guidance and global economy or

continue or begin to improve we have seen a couple of data points improved and china's pmi improved and so we would need to see a broad base improvement we need to see a weaker dollar or the yield curve steepens. a lot of things need to happen >> it was interesting jim that a lot of the banks where you would expect most of the pressure to bear they had concerns of ne interest margins and a lot of them shook aoffense better than expected a lot of concerns price in are the numbers themselves telling us the core economy never decelerated to the extent of the manufacturing surveys >> i would say it is over stated ism went down a lot. look at where it was a year ago. isms are up 60s. a lot of the reasons why the ism went down this year because we had a lot of pro-cyclical and people spent a lot in '18 and

they retracted in '19. we take the 61 ism last year to now. >> to translate this into what investors should do, you like emerging markets and high yield could be misprised price? >> high yield in particular i think it is the most missed price. >> what do you think looks most attractive here. >> we still remain cautiousness. >> we want to be more patient and gets through earnings season earnings season typically starts off strong and you see fewer beads as it goes on. >> well, it did not help that retail brings up the caboose >> i don't want to get too excited over today just yet. >> you want to wait for a little

bit more clarity >> guys, thank you >> appreciate it today one of the stocks not participating in earnings rallies today. goldman sachs, the stock is trailing behind the rest of the financials after earnings failed to impress major questions still hangs over its transformation to more of consumers like companies, goldman's shares are fracture lily lower. >> you did a lot of coverage on this transformation. what does this quarter tell us >> you see goldman's revenue is down 6% or so. >> what did jp morgan do >> here is the funny thing, is goldman is trying to be more like jp morgan >> exactly >> we want to emulate that who's the big winner they want to emulate them. director retail. version of jp morgan in a few

years. what this quarter shows us they are still in transition and revenue is down and they're plowing money into businesses and yes, they still have to invest and come back basically here we are and stock is down at its worse at 3.5%. >> jp morgan have more than doubled. goldman share is up to 15% the firm makes less revenue than it did in 2010 as it moves towards putting more of it eggs in the the basket of the apple card, market, the consumer, it is really early days for those businesses to show fruit but at the same time, it is traditional strengths. how are they executing there >> you have to weave this into investment banking corner which is ipos. this tells you the reason why they're getting into retail business they want steady and investing and lending which is kind of a weird segment if i can say that.

this is a way they can put their live equity into public equity state. uber and trade web that stung them to 67 million and a quarter. for my money, if i want to buy goldman sachs because i think the these are the best, it is not like that i want them to hold public or a proxy, a handful of companies in public confidence >> do investors want them to be a consumer driven company. do you think they'll make them pull the rain back on the transformation >> some of the nay sayers are saying, what would you want it to be? they got some critique basically that costs $1.3 billion. they're building a business. this quarter illustrates why they're building a business. they have to they don't have any other choice all business lines are negative in terms of revenues and

investor banking trading was a little bit up. basically matching what it was a year ago if they don't do this, they'll be in trouble. >> when the best players in wall street does not think it is sustainable. >> what does it mean for everybody else we appreciate it very much >> speaking of bank earnings, john shrewsberry will be at closing bell today that'll be around 3:00 don't miss it. here is what's ahead on "the exchange." >> the administration puts economic sanctions on turkey we'll look at the ramifications here and abroad. amazon's ehealthcare push, a loo at what they could do and how much it could be worth for their bottom line. another company gets into the streaming war.

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welcome back turkey says the fight is aimed to create as safe zone to resettle some of the millions refugees are hosting skeptics are not so sure and

questioned the president tru will that help for calling for the violence and what are the longer term implications here? welcome to you both, ryan, we'll start with you, what is happening in this region especially now as we watch russia's influence here. >> well, the most immediate thing that we are watching is turks are attempting to build a buffer rezone that meant to extend most of its frontier. it is been hosting at some costs for many years the buffer zone is designed to cut the supply roots between the syrian democratic forces and their local offshoot and a group that turkey considers as a terrorist organization inside pu turkey itself.

they are finally doing it after been given a signal by the united states that the u.s. won't move to block this maneuver this as behas been long before and they finally have a moment to carry it out. >> reaction to the president's decision to withdraw is sudden and bipartisan in nature and everybody seems to be upset and especially republican senators writing, i am curious of how you think this alters the balance of power here at home as we watch a lot of the carnage as it plays out since those u.s. troops have left >> president trump got a political crisis in washington he does not have a political crisis with his base most of the base voters are happy of the idea of ending the endless war. this is a d.c. problem for president trump. what he's trying to do is get ahead of congress by putting out sanctions now, sanctions that

you have symbolic values but also buy him some time to get ahead of the sanctions training congress and slow things down before -- >> ryan, what concerns should we have of where this leads turkey in terms of alliance of the u.s. and involvement with nato and its ties with russia explain to us the different ways this could mplay out now >> the russians are moving to exploit this as much as they possibly can that being said, there is limits of how the russians can we place the americans or build on this momentum between the two at the end of the day, turkey and the united states still do need one another turkey is still an porimportant member of the nato of alliance there are plenty of gradient of attention that the two of them can play out

arm's transfer or an arms deal is another place they can play out. turkey and the united states don't want to break up turkey no longer viewing the nato alliance. it is looking for backup options. this northeast crisis is part of the reasons their thinking have evolved to include other powerful partners like the russians the russian influence is moving in the direction moscow wants but only so far as they could go >> this is creating a political crisis in d.c., perhaps a republican leadership but not with the base. senators and others need to come around to this new point of view that seems to be providing support for the republican party which is to say increasingly isolationist that we theneed to focus here at home >> he does have trouble with congress and a lot of mainstream

voters that means staying in power to get through this crisis. he generally found a way in the past to buy back support from congress i think he's trying to do that at this point however, we have done the cycle so many times that sooner or later it is going to be hard for trump to bounce back that's why it is important for them to demonstrate he's willing to do something to preempt to some degree and try to gain control of the situation before congress takes all the power away from him. >> what do you think this is and how is this likely the play of democratic debate tonight? i would assume this would come up of the questions will be asked. >> the democratic debate do not spend a lot of time on foreign policies so far. the name event of the democratic

debate tonight whether it is pete buttigieg or amy klobachar or somebody coming up with a new or important message from the democrats that you have not heard before this is an opportunity for someone to shine we have been focused on biden and focused on bernie sanders and elizabeth warren all of these candidates are at their peaks. somebody needs to break in the turkish situation is an opportunity for one of the outside candidates or dark forces who finally makes the move >> we'll be watching that. gentlemen, thank you, appreciate it coming up, tik-tok is proving more than its 15 minutes of frame. we'll look at how the giant company is luring users. is the company immune from challenges that could face

thousands of lawsuits. here is a look at uber, the stock of nearly 3% now up 9 paers % in the past wek alone. a nice move. "the exchange" is back in two. - [spokesman] if you've tried college but never finished,

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and now we need to get back to work. [ applause and band playing ] only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ welcome back to "the exchange." >> now is up 272 points right now. let's go more to bob pisani.

it is not just earnings helping the move today >> yes, kelly, stocks are really up optimism on several fronts. earnings here. jp morgan is the key here. more importantly consumer side was side loo look at this consumer's strong and jaime dimon reiterated that. consumer remains healthy combined with balance sheet and low unemployment levels. number two the prospect of a brexit deal, that almost lifted the markets in the morning there were some kind of risk premium in the market due to brexit it is hard to quantify and especially how much that risk is the fed cite a hard brexit as a significance risk. the global time editor and chief says friday's meeting did

represent a break through and both side had a strong will. the global time considers for the communist party. really three different pieces of news helping stocks today. >> kelly we'll see if we'll go back to the highs before the closing or enough let's get to sue herrera for our cnbc news update >> hello everyone. felicity huffman reported to the federal correctional institution in dublin, california for her 14-day prison sentence in a statement from her representative, she says she's prepared to serve the term of imprisonment for her role of the college scandal. president putin arriving to the united arabs for his first visit there. he was met by the powerful crown prince russia is working with opec to control production to try to help raise energy crisis thousands of french firefighters are protesting low pay and difficult working

conditions it comes two weeks after a similar protests by police in the streets of paris >> no date on when the memoir will be published. it will cover youth of tiger woods holding his championship of all time. can't wait to read that one. that's the latest update back to you. >> thank you, sue herrera. here is what's coppiming up. tik-tok is moving into facebook's backyard and approaching its employees. those challenges are not stopping johnson & johnson california's governor is staying very busy. that's all ahead on "the exchange."

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and accessoriesphones for your mobile phone. like this device to increase volume on your cell phone. - ( phone ringing ) - get details on this state program call or visit strong session for the market today dow hanging onto 262 points with 1% moving higher than major averages nasdaq is out performing of 1.3%

today. 102 points there as i said about 261 for the dow. the highs of the sessions were 332. let's get you catch up on several stories. it is time for our "rapid fire" today. >> welcome everybody first up news from vietnam the scene shows the infamous dash line extending into the china sea. many other countries including vietnam says no, that's not how they see it. they claim sovereignty within that line. so in this case, this was just one quick kind of scene where this was a background map as the characters walking by. it is not that it is just the chinese version of this film that shows this image.

it is everywhere >> somebody dropped the ball on this one >> this was deliberate, don't you think? >> i am sure some artists did it deliberately >> but it got passed all the eye balls that had to see this before it makes the theaters >> a lot of hollywood place that comes up do you say okay we are definitely going to take it out. do you take out the nine dash line or oh, i will leave it there and no one here cares. >> it had nothing to do with the movie or the plot. take it out. >> no. i read a lot >> have you seen "abominable" yet? >> like the nba and lebron says, there are wider range of issues and bigger things at play than what you can say here in a tweet or a statement or anything else. there is a probably a reason why they deleted that particular

scene from there if you are a business person, are you going to comp to it. we know the nba kind of has. they kind of walked back a few of their statements and put a little bit of a sensor on some of the people who have been saying what they said. is it the new world order so to speak that every business out there has to tiptoe and be around egg shells? >> it seems like it is the new world order. >> this has been going phenomenon for yea on for years though >> the hollywood issues. movies have been sensor for cend for a long time. >> i mean that's an easy one the nba, i thought china over reacted. this is a sensitive issue for vietnam and some of the other countries around that nine-dash line

>> absolutely. >> the issue too, if we are talking about an issue where it is chinese propaganda within china is one thing when it is beyond their borders and starts to decide whether it is as drop down menu where you are picking a flight to taiwan or a t-shirt that's sold by gap or displace of advertisements. because of the nba issue, now you have this much bigger awareness by the public of the kinds of ways. that's why it is hard for these companies to take a stand on any of this is where they do business a lot of times. >> maybe the u.s. government someone else needs to come in who is their job to be able to police this a little bit better and giver th them a cover. they're going the see we are trying to sell movies or sneakers sort of relatedly, the viral social media out tik-tok had been competing for users and facebook i

facebook, instagram. tik-tok moved into new office space in mountain view, california the office vacated by facebook's whatsapp's team. in silicon valley which is righteous about a lot of u.s. issues should the talent have any qualms about going to work for a company owned by china that s sensors contents >> if what you are doing is offering employees more sensory working some where else. here is what i would say remember not long ago there was a big case about possible employer collusion in silicon

valley who agreed not to poach each other talent because there was an unspoken rule there and there was a lawsuit saying that was collusion and keeping workers compensation down. this is the exact opposite if you have a moral issue with china then don't go work for tik-tok. it is simple as an employee i want the option to be hey, i will take 20% and go work with china or not have the option at all. it is better for me as a worker. >> once upon a time. this would be the company kind of a company that facebook would either copy or buy and so now they're trying to copy tik-tok look at the diversion, the dirc difference in success. i was reading 546 million people have subscribed to tik-tok just this year were400,000 subcribe

>> i know meg is a big fan of tik-tok. >> i am still trying to figure out snap chat. >> johnson & johnson sort of shocking thing here meg, it is not just 13,000 lawsuits related to this. you add up all of their exposure, we are talking about upward of over a 100,000 lawsuits >> this is a lot, a lot of them are coming ahead right now you are seeing opioid trials and overdose trials.

>> or at least reduced >> exactly >> j&j is dealing with this on all front. if you look at the quarter, oh, i am not thinking of litigation. looks like everything is going great for johnson&johnson. it is trailing by 15%. >> however, it has stalled this year but it still has not -- i would have thought, if wall street is worried of exposure of litigation, it has not i think today's earnings report is testament to why the stock has not gone down. yes, it gone sideways for a year and a half or so i would have thought it would go south way. >> it goes down every time you see one of these decisions or stories. it comes back. does it come back as much as it should >> the growth that you may expect to see a stock like johnson & johnson.

we talked to their cfo this morning could they come to an agreement, they said they're open to one. the first trial is set to kickoff on monday. we are looking for headlines to see whether we'll see some kind of big settlements >> healthcare, one of the worst performance sector this year >> the debate is tonight >> look at the chart, it helps over the last year you will see why it is up 9% >> meanwhile in the streaming war, it seems like every content creators are coming out with their own streaming service. distributors are getting involved amc introducing online stre streaming. it is at 4.5% today. >> sign me up. >> i am serious. i love movies and old movies

the difference here is this is a clear brand. i know what i am going to get when i go there. these are movies have been in the theaters for the last twelve week os or so and there is a historic library beyond that what am i going to get when i go to netflix i have to have something in mind when i go to netflix or amazon >> i think it is the brand itself you know what you are goin going -- you are going to get movies or theatrical releases that they're available from all five of the major studios. it is all advertisements >> the timing is the key issue for me if this is going to be in the nice sweet spot right after the theater but before it goes on demand or dvd or hbo or show time this is something i would pay monthly for. if i can wait a block buster

movie comes out on theater to see it on my own couch and pay $6 or $20 a month, i am not going to buy it. >> i looked at the list of movies that are available right now. they got "lion king" and "story iv," those came out over the summer >> it is before they're out on demand on like my platform >> it is not like you are paying of this instead of netflix you don't have to sign up this and pay for a monthly fee. >> i don't go to theaters anyway i can wait >> i don't either. >> i don't think amc theaters is trying to shoot themselves in the foot here. >> i think it is a smart move. >> some of the biggest business programs in the country from harvard and mit are reporting decline of the number of mba applicants that degree is down 9%

a major pull back from international students international applications u.s. business schools dropped nearly 14% this year, guys. we are seeing now people going to online degrees and counter cyclical all my friends went to business school in their recession. it is a bull market out there, you can get paid to advance in your job instead of having to pay a huge price tag >> it does not take a rocket science to figure it out >> they're saddled with so much debt anyway and coming out of graduate school. i have been saying for years, the kids should be getting engineering degree because that's where a lot of the demand is for infrastructure and other things in this country right now. an mba is not the hot ticket it used to be >> i wonder how much signals and all of the economic things you are talking about. it is a good job market.

how much of it is a shift appearing for young people >> not management consulting not all those ones when i was getting out of college you needed that columbia business to be a wall street banker or you needed that to go work for m-- i was speaking to a friend of mine who says he got a daughter going to college school it is like 80 grand a year right now. i don't know how you make that back you will need a much bigger paycheck >> nearly 50 business schools are asking president and congressional leaders to over haul immigration policies for high school workers. they can't get applicants and

bring them in from everywhere and get them into these programs thank you, guys. appreciate it today. bill, meg and dom chu. a 65 couples we are speaking of ne needing insurance. >> yesterday's regulation imp t impacting the dental industry. we'll drill down on the one with the biggest impact, coming up. adp helps canyon ranch place the right people in the right jobs, so employees like dave can achieve what they're working for. - [spokesman] if you've tried colleg(group cheering)shed, snhu lets you transfer up to 90 credits toward you bachelor's degree. - [woman] it doesn't matter how old you are, you can do it, you can finish. - [spokesman] finish your degree at snhu.edu

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medicare's opening enrollment begins today it is a good time to review options. our correspondent sheryl epersen is with me now big day of the debate. average couple this year expected to shell out $285,000 in healthcare in retirement everyoeven if they qualify for healthcare >> one of the things you need to do is figure out how healthy are you and what do you spend meteor shower money on in terms of healthcare and drugs your health status is key in determining how much it is going to be spent. medicare kicks in at 65. if you retire early, you got to figure out how you are going pay for those healthcare cost. tou you have to consider how your

income is to keep your premiums down >> what are some ways people can save money on this you have to know what you are getting in medicare. original medicare is part a and part b part a covers hospital visits and part b covers out of patient visits and there is part c it is more of a hmo where you can pick your own doctor you want to make sure you stay in that plan to keep costs down. that changes depending on how healthy you are and illness and what medication your doctors have prescribed. you want to look at that every year that could change and you want to be in the lowest cost plan that you can and still provide the drugs that you need. if out of pocket expenses gets to be too much, you have to figure out how to pay for that >> we are talking about united health which are doing well today. what options do you people haves these days when they're looking

at those medicare advantage place. what do they offer >> they offer a variety of plan. this is the time if you are not sure of your plan, you may want to switch to another you can join this period of open enrollment from today until december 7th make sure you understand what's covered or what's not. we look at how healthy you are and if you do not retire yet, can you save something >> yes, you can. put that pre-tax money in the hsa that you can then use for retirement to cover for these medical costs that may be quite high look at weather your retirement income can be reduced for the formula that medicare uses if you have roth accounts or hsa accounts, or if you have a cash value life insurance policy, that money is not considered in the calculations that's something you want to look at, too

talk to a financial advisor about it >> we have so many strategies >> sharon, thank you very much >> we should note nbc universal and comcast adventure are investors. that could stratranslate ina extra $72 billion a potential revenue for amazon could this be the tech giant's prescription for success antho anthony, welcome we continue talk about medicare and amazon in the same breath. what do you think they could be up here? >> we think there could be a lot of opportunity for amazon in the healthcare space and really kind of comes to three opportunities. one is in the pharmacy space amazon owns pill pack which provides medicines in ready to

take portions for older individuals. we think there is an opportunity for that in home delivery and acquisitions, maybe they should buy aide we think it is about lifestyle management in this case they could do meals or home healthcare services through alexa. in other words, alexa, i have flu simontymptoms, what should ? >> on the technology space, they're already a big player we think they can exploit those opportunities as well. >> $72 billion worth of revenue, do you think that's the number

here amazon could help american consume healthcare, do you think they face regulatory push back at a time we are talking about the market of power big tech >> oh, that's a great question we have to look at each opportunity each opportunity individually in terms of the opportunity by buying pill pack they have licenses to distribute drugs in pretty much every u.s. state there's no regulatory issue there. the same thing with technology, aws is in the space in major way. there may be some regulatory issues in the terms of medicaid, medicare styles that we have >> all right we'll see you if and when they pursue these various options appreciate you joining me. pinterest and zoom are falling today.

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welcome back today the dow is up 287. the highs were up about 332.

united health a big player to the up side after its earnings today. the nasdaq up 1.4% this afternoon. stay with us the exchange is back your employees must love you. thank you. ah, you could say that. so how are things with you guys? great. thank you. thank you, sir. lunch next week? terrific. say hi to the team. will do. call my office, i will. -sounds good. alrighty. servicenow. works for you. hi, my name is sam davis and i'm going to tell you about exciting plans available to anyone with medicare. many plans provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare, you're covered for hospital stays and doctor office visits, but you

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california governor first named the 2019 legislative year by signing 870 bill sboos ls inw and vetoing 172 proposals. shares of direct smile sunk yesterday. welcome. we wanted you to help contextualize this is this normal to see this much legislation passed >> yes, this is pretty typical and basically there's a comparable number of bills passed every year by the legislature here >> i guess people find out as they go through them piece by piece. what's the most significant from a business point of view to you of what's been signed? >> yeah, i'd say the most significant bill that will be impact businesses broadly is

assembly bill five it will take effect january 1st. it's going to require more businesses to reclassify their workers as employees as opposed to independent contractors that's significant because employees are entitled to certain benefits and protections from over time pay to things like maternal leave, paid leave where as independent contractors aren't guaranteed those things that reclass pi indication is going to affect a lot of businesses here in california. >> especially uber and lyft. we have been talking about that for a while now. >> there's big sort of warning here i don't know if warning is the right word but they are setting new prioritiepriorities

>> yeah, california is often a bellwether for the rest of the country. legislation that's passed here has ripple effects through other states that's because california is the most populous state. for many industries it's the biggest market >> for the tele dentistry law, do people know this is coming because the shares reacted that way to smile direct. >> it's pretty typical in california to pass business regulations. the legislature is heavily democratic it's about three-fourths of lawmakers are a democratic businesses expect there there to be new laws passed regulating businesses and i would put the new tele dentistry in that category something you can expect here. >> you think the incumbents are winning against the start-ups as a result of all this

>> i'm not sure. >> i know. it's difficult to say. it does seem like a win for the traditional industries we'll see how it plays out thanks for your time today >> thank you >> that does it for the exchange power lunch begins right now thank you very much. we'll see over here in just a moment welcome, everybody here is what's new at 2:00 stocks are soaring as the first wave of reports come in better than expected. will earning season take market to new highs ipos unlock zoom and pinterest falling as the lock up period comes to an end for both companies. that puts billions of dollars on