>> atlantic goes overweight on bank today, bac. bryn >> another value area, the energy names follow the financials >> reiterate on the financials with josh. >> good stuff. "the exchange" begins now. thank you, scott hi, everybody. here's what's ahead. magical comeback new deal new streaming see. k near all-time high we'll speak with disney ceo bob iger in just a few minutes as shares of rival netflix are down again today. and big business, a blockbuster drug for biogen and mcdonald's big miss today. plus, it gets worse for wework, a payout for the founder is raising eyebrows. we'll have the details for you. we begin with today's

markets and dom chu has the numbers. >> the dow and s&p 500 up about 89 points positive pretty much all day long s&p 500 holding above that 3,000 level. traders are debating whether we're just justified at being at new highs. oil markets, oil prices, up 1.5% reuters is citing sources at opec at their december meetings could mull further production cuts you can see here, we have been locked in a pretty decent trading range. wti crude and we'll end here on shares of lyft the company's co-founders are

speaking and they said that they see a serb path to profitability for pre-tax income a year ahead of expectations. those shares have reached almost 9% to the upside lyft hit an intraday high on the ipo. et's halved that. welcome to the exchange, everyone i'm kelly evans. three big corporate stories. under armour announcing its founder and ceo kevin plank is handing over reins to coo. and mcdonald's falling short of estimates. more on all of this. courtney regan is following. the mcdonald's

kate, both earning and revenue they missed. >> same-store sales for the u.s. came in at 4.8%. still a pretty big growth number but lower than analysts predicted. some of this drag is due to competitive pressure that's when the big chicken sandwich were going on don't forgot, mcdonald's waited to get in on plant-based meet. they're testing beyond meat in canada burger king, biggest competitor in the u.s. has teamed up with the impossible burger. they have seen a lift from that and mcdonald's not there yet. >> as you said, overall, the comps are growing same-store sales this the u.s. by an enviable amount. a pretty good number overall i heard analysts this morning saying, look the problem is, they're only growing from ticket

price, traffic is still negative are they going to have to resort to something more in the fake meat category or other propotional activity to ramp things back up >> i chatted with morningstar before, you'll see a premium chicken offering from mcdonald's in the near-term they're looking at the fl flexatarian market one more thing, this is a short-term disruption, the reason he's pointing to is the mcdonald's technology pipeline they have made a lot of acquisitions particularly around the drive-through. around 70% of their sales in the u.s. come from the drive-through. he thinks it will pay off. >> 70% of the drive-through -- thank you very much. kate rogers.

let's get to courtney now, the surprise announcemt under armour today that kevin plank, its founder, is going to step down as ceo >> yeah, that's right, kelly so 2020 is going to be a new year with a new ceo for under armour as patrik fisk takes over that top as ceo founder kevin plank does intend to remain pretty involved. >> f and foremost, this is my decision to get to this decision, patrik and i complement each other so well. the ability for the business the last time we talked with you, the company is moving from defense to offense >> we believe we have a strong plan in place and we now want to free up kevin to be more strategic in terms of how he thinks what he does and allow me to do what i do with more freedom as well.

we think it's a perfect combination. >> regardless who's calling the shots under armour has some work to do to reinvigorate what's going on in north america in sales. slight decline for this year in last earnings. the stock price is under some pressure as you mentioned, it's up today on this news >> court, it's up 5.5% what do you think that's telling us how the street views kevin plank eagle departure from this slot >> i think what the street is seeing, what frankly what we have heard from the analysts and notes out today, it's saying this is continuity for the company. that's good thing. weknow that patrik fisk has been a key part of this transformation plan and as you mentioned kevin plank has been

very involved and will remain very envolved. he was largely the heir apparent, appearing with mr. plank at many, many interviews he's the operator. kevin's the vision guy that will continue the street likes that. >> they like the clarity on succession courtney, we appreciate it on under armour shares today. we turn to biogen and what an amazing story this is the shares are up 28%. off the highs, we almost have never seen a move like this for a company this size. >> biogen will apply early next year for approval for an alzheimer's drug

it's really kind of a shocking turnaround adjusting the drug didn't work, they stopped those clinical trials what happened in december, they did an interim look at the study. that was on 1700 patients. in march, they announced they were going to stop the trials. between those two times, they got more data. and as of today, they say they had data on more than 2,000 patients 300 more patients and patients who using higher doses of the drug it met the goals on those high-dose patients it looked like it will work this is such a big deal because so many people have alzheimer's disease. >> a real breakthrough for this, obviously, that would be massive. the wall street reaction, by the

way, mixed the news today doesn't agree approval and seeing a lot of these questions remain everyone seems to be saying, look, we don't want to get too far ahead of ourselves. >> that's right, because the stock has been -- we also have another graphic here, the failure in alzheimer's disease 9 99.6%. this has been a tough area the skepticism is engrained here but because of that, everybody's saying, wait a minute, is this real can this actually work more data in december, everybody will be looking at that and see, can this really help. >> we appreciate it. biogen's ceo will be on squawk tomorrow ver text up nearly 4%

another great development. we'll talk about the impact on the company and the industry from that one ahead. meantime a news alert on facebook kelly, mark zuckerberg will tell lawmakers tomorrow on capitol hill that facebook isn't the ideal mess enger for lib ra. the written statement that the house financial services committee released ahead of that hearing tomorrow, zuckerberg will continue to defend their push for lib ra. saying he believes that facebook should be putting power at the hands of people. also, in this seven-page statement, zuckerberg said he doesn't believe that libra will compete with solvent currencies. he said that monetary is the province of central banks and

not of libra now, zuckerberg will be testifying tomorrow in the hearing tomorrow that's just behind me. though the hearing is focused on libra and housing. you can expect he'll be questioned on everything from election interference to this expanded ooent trust investigation. he'll be in the hot seat for quite a while. >> we'll talk about this later we turn to another day of drama for wework sources to cnbc said, wewor valued between $7 million, this company was valued 47 million blr softbank will make an offer and the deal sounds like it would include a big payout for fo former founder adam neumann.

duncan, there's a couple of aspects of it, first of all, what adam is getting to walk away from his involvement here second, what this tells us about softbank, if you add this up, $15 billion into a company that's now worth half that amount >> i'll talk about adam in a moment this calls into question of softbank's whole strategy. they're turning people like adam into the second coming of jesus christ, it's a terrible strategy the buyout of adam, i think it's a bailout of adam. they're offering a tender offer to share holders adam's finances are probably a big a mess as wework's were. at least half a billion dollarsened along with jpmorgan. i don't view this as a bailout i think he has a billion dollars

of debt coming out of this it's more of a wash. >> what you're saying, institutions are the shadows of men, they reflect their creators, that's true of wework and adam's own personal life it sounds like if softbank is taking control, reports the two co-ceos are going to leave, does that leave the former sprint chairman in charge of this company? >> you know, you're making really good points the two co-ceos know the mince marcelo doesn't. he's a tell com guy. he turned around sprint. he stopped the bleeding but he didn't create a really good company. before that, he was running a low-margin business brightstar also in the phone business what did he know about wework's business noa lot. i think this is troubling sign

they'll have to do major cuts at wework they're stuck with rents and leases that they can't get out of quickly >> i wonder, too, if they just pushed through with the ipo a couple of months ago, because even at those lower valuations they would have raised the e we canty, we talked about they $2.5 billion of cash, will this now be enough? >> pushing through a terrible ipo with numbers bordering on fantasy is not a way to solve a problem. i think that would have created much deeper issues the broader question is,what

does it do to all the market a professor scott galloway penetrating insight into the wework fiasco, we may be watching the mother of all ships from growth to margin, the lyft announcement is systematic of that >> in a positive way >> no, venture peoplwa to invest in exceptional companies not normal, boring companies and so, the public market may overreact to what's going on and the venture people have to find some alternative we're working on it. you probably saw the story about a direct listing alternative to the normal ipos, really i'll call a hybrid, and we might find a way around this type of mess just want to comment, investment banks said wework were worth $

billio ere was something really flawed in the whole process of public offers of wework. >> duncan, appreciate your insight. great to have you here. >> thank you take a look now at shares of disney, up about 2 .5% after a series of blockbuster announcements. a new partnership with verizon for a free year of disney-plus the release of a new trailer for the next "star wars" film. let's get to julia in beverly hills with a very special guest. disney chair and ceo bob iger. julia? kelly, thanks so much. we're so glad to be joined here by bob iger on such a busy day kelly mentioned your big announcements. you just came from stage here at vanity fair where you unveiled a

clip of the mmandolorian. can you give us a sense of the early demand of disney-plus? >> we started allowing people to sign up for subscriptions back in the middle of the summer. and we also launched a somewhat quietly in the netherlands but without original content and i can say without being very specific that the reaction to the product people tried to netherlands has been robust. it's heartening to see how much interest there is in what we're bringing out which i think speaks volt yums about the brands and the content under those brands both the library content and the original there's a lot of excitement and a lot of anticipation. >> everything's ready to go for november 12th in.

>> yes, everything's ready to go we could launch today. lot of people right now at disney who probably had heart palpitations >> so, you just announced this big deal with verizon, a year to verizon subscribers of disney-plus, is this a marketing tool, are you going to be losing money on this? >> verizon is making available to their customers one year free of disney-plus and it's a wholesale deal to us so we'll get paid for that. they'll also spot us with a lot of marketing this isn't just a marketingpla i think it will have a significant effect in terms of jump-starting subscriptions. >> how important is this kind of deal to minimize turn? this is the first time that you had to really worry about turn on a month to month basis.

>> we have created incentives for people to subscribe for more than a month, but it's a month to month subscription. for instance, there's a multiyear subscription that can be brought we're trying to give the consumers the flexibility to sign up for longer terms. >> apple came in and priced its service alt $5, what do you think of these services launching around the same time, are you worried about competition limiting your pricing down the line? >> we're not worried about competition in terms of ricing we have such an unique app, the library, the original con dent that's being made under those

brand umbrellas. we're different than the other services out there we're not fixated on the competitive things. >> five years down the line, how much of disney's business the direct to consumer streaming, does this take over and become more important than your cable bundle business? >> as our projection suggests, the impact on the bottom line and our engagement with consumers, it grows and it grows and this is the trend we're seeing in the world. you look at the way people are consuming media today. i see numbers a lot now on hulu because we control hulu. the consumption of programs on hulu, and programs launched on fx, abc and freeform, you look at the audience, there's another audience out there and there's a migration that won't slow down

but speed up in the direction of direct to consumer over the top services. >> you have direct to consumer, espn-plus, looking to buy more rights, nfl sunday ticket rights, looking to buy those >> i won't answer specifically to the question about the nfl package but we know the nfl is really valuable, but the answer is yes, we'll be looking to buy more rights for espn-plus as they become available. down the road, the linear channel is still very valuable to us. that's at a time when we believe the shift from the consumer perspective is significa enough to warrant that. >> i have to ask you about china, in the main stream media, with these nba tweets sparking such backlash, i'm curious, china, such a big business for you, what is this all means for

you in your business and your approach to everything from the movies you distribute there to your relationship with your theme park there >> well, i think what we've learned if anything from what you just described is which what happened with the nba is that any entity expressing anything in public today about something that's considered complex or controversial has to proceed with real caution, it's a cautionary tale. i'll be extremely cautious here in this interview. at the walt disney company, we infuse values in the stories that we tell we design those stories, we tell those stories to be universal in appeal for an audience that's global in nature when we do that we think very hard about being culturally relevant and culturally correct. much so than being politically

correct. cultural correct is important. i'm not going to weigh in very specifically about the events of the last few weeks. >> in addition to abiding of values, we were just learning about mark zuckerberg's testimony on capitol hill. lot of focus on whether the tech companies should have to abide by the same rules on the content they distribute as disney does, abc does, when you think about the rules you have to play by, you think the tech companies should have to play by the same rules? right now they're exempt >> we're all subject to slander laws, for instance, you can't say anything about somebody. it's the broadcast regulations

the most evident in the united states, some cable entities and other content creators aren't subject to the same rules, a bit of a double standard that exists here on content depending on what platform. should there be a level playing field? yes. i think broadcasters are constrained by regulations regulation for tech, what's discussed about tech regulation is broader than content. i do think that technology companies, those that are most scrutinized have done a lot of good in the world and changed our world in many respects for the better also a negative side to it, a lot of bad has been done it's up to governments of course, not companies like us, to carefully scrutinized the

negative side of it and to the t extent it gets negative, it should be looked at. >> just a final question about your perspective on the health of the american consumer right now, you have so many connections to consumers at the people, a people >> we'll have earnings november 7th. what we've seen so far, the recent few months since we had a last earnings call, still relatively positive as it relates to the american consumer, both in terms of travel and advanced bookings >> thanks so much, bob, fur yoru time >> julia, thank you. we'll have more reaction to that interview in just a few minutes' time. also coming up, the first of

its kind drug to treat cystic fibrosis and it got fda approval five months ahead of schedule. the company's ceo inusjos about r pamuch this is a game-changer foents today we're using the ibm cloud to run new analytics tools that help us better predict and plan a patient's recovery. ♪ ♪ ultimately, it's helping thousands of patients return home. and who doesn't love going home.

pacifica: ted! goin' oneighbor: yes. takin' it off road station wago pacifica: ted! goin' you know it's an suv! i know for fact your suv does not suck. why is that? it ain't got that vacuum in the back! we got to go. ♪ vacuum in the back, hallelujah! ♪ welcome back to the exchange huge day of earnings tomorrow will be even bigger we hear from boeing,

caterpillar, microsoft and tesla. 83% are reporting above estimates. today's big jump in harley-davidson are pushing the s&p value to a new intraday high the value is doing well, we saw the banks in particular outperform last week something bigger going on here >> you know, i think kelly, what it really tells you expectations were low and it didn't take much for these companies to get going. you know, maybe there's a few babies that were thrown out with the bath water and we want to gravitate it back. that being said, growth continues to slow, you know we think economic growth in the u.s. will be a little bit slower next year than this year growth-oriented companies will do well. >> right, look the popular trade

for a long time has been, you know, tech software, we talk about how those are underperforming right now. is it possible that what you're saying about growth is maybe a little too pessimistic >> expectations got to high for growth-oriented. the leadership hasn't shifted to value wholesale. it shifted to the defensive. utilities, staples have been doing well recently. investors are saying it's not just about growth, you know, a little bit more defense than growth at this point. >> and interest rates. when you see utilities and staples up, they're thinking about lower rates for longer look at the spread between the 2s and 10s it's almost inverted how does that reconcile? should have defensive names

outperforming when yields are perking back up again? >> we think yields will pick up again. so timing does matter. if you get yields back in that 2% ranger in the ten-year, we would feel better about fixed income >> thanks very much. good to see you today. let's get to sue herera. hello, everyone. here's what's happening a to this hour. white house deputy press secretary hogan defending the president's impeachment inquiry to an alynch zblg the way you guys have been treating him from day one. what the president has done for the african-american community i'd love to have that

conversation because there are many things that he has done defense secretary mark esper meeting with saudi arabia's king to reinforce u.s. military support for the kingdom. to bolster saudi's oil facilities after they were attacked. and the judge allows justicie smollett's lawsuit to proceed. police maintain smollett staged that attack but the actor says it was real. you're up to date. that's the news update this hour kelly, back to you. here's what else is coming up on the exchange ahead, wework's adam neumann on a very interesting payout

coming his way. not playing around, a look at hasbro's very rough quarter. and the ceo of vertex on the company's new approved drug and the huge market it can address that's all ahead on "the exchange." and call 844-214-2424.

welcome back a couple of stories that should be on your radar today time for rapid fire. there's been so much news today between earnings and all the corporate stuff and disney's ceo bob iger was just on air he was asked about what the competition disney faces in the streaming wars listen to what he said. >> we're not really worried about competition in terms of pricing because we have such a unique product, one service on one app, disney, pi which, ar, marvel, you add to that the simpsons and not only the great library and the original content, we're very, very different than any other service that's out there while we view the others as competition we're not fixated on the competitive side of things >> netflix shares down 3%.

this is music to investors' ears dom, you want pricing power and he's suggesting that they'll have it. >> listening to that entire interview, first of all, bob iger knows what he's talking about because he's such a seasoned media veteran out there. every time he speaks it's very clear, it's easy to understand and he's got a very important point for it >> better or worse in august 2015 when he talked about the subscriber loss at espn that sent the stock down. >> he has a way of speaking to that audience and he does it in a professional way he sounds like he knows what he's talking the streaming side of things, he's trying to put investors in a position where they believe in the product. >> but each of those streaming services could say, well, we're not worried about the other guy

because we have "stranger things." >> "stranger things" going to transcend like cinderella? >> they all unique content i do think investors have spoken so today, disney's market cap is twice that of netflix. >> wow. >> remember a year ago -- >> we were talking the exact opposite. >> netflix had topped disney where are we today investors have spoken. disney is worth twice as much as netflix. >> that's quite an achievement. >> to your point about cinderella, and stranger things is fantastic but kids get hooktd on these movies. you have kids, they want to watch the same thing over and over again some of the commentary around here, millennial churn through program more quickly than

younger -- >> we haven't talked about the record-setting ticket sales for "star wars:the rise of skywalker. >> this toy company needs some help, the china tariffs are hitting hasbro hard. they missed on the top and bottom line. shares are down 15% today. on "the call" ceo warned that hasbro may have to pass on tariffs price to consumer. >> reporter: tariffs are the issue. what i find curious about this, is whether or not it us does have an impact on sales. part of me wants those tariffs to go through -- these are toys, these are things that you'll buy for your kids before you kind of

sacrifice -- so, will that actually dampen things in my mind i can't foresee a situation you'll put off 15% giving that toy to your children i understand it's hard for a lot of people to buy those toys. by don't see hasbro taking a major hit from the tariffs >> the retailers were like, we don't, we do, you end up the shipping costs we s warehousing costs. we see today with hasbro just how expensive it. >> they're moving their production away from china if those tariffs go in, only half of their products they'll projected coming from overseas, they can kind of mitigate the tariffs somewhat

>> we talked about the u.s. and the china, that's the decoupling we got to talk about some wework, the story of the day, it faces this culmination today, as well, according to sources wework's board has picked softbank as its savior over jpmorgan so softbank has put in the amount cnbc confirms former ceo could walk away $1.7 billion in equity and debt robert, is he the only winner here i mean, is the outrage going to grow or what happens now >> the outrage is definitely going to grow. he'll become exhibit a for the world to think the rules are different for the wealthy. this guy destroyed how much wealth and ended up with, you know, six homes, multiple commercial buildings, a

billion-dollar payout and part of this is he took out a personal loan and now he's telling the company you have to pay that back. plus, $184 million personal consulting fee i mean, yes, it's ens pensive to get rid of a founder within they control the votes. there's just no other way to get him out unless he agrees to do it he didn't care about the optics about this, because he was already not well liked in the world. whether you're elizabeth warren or anyone out there in politics this guy you're going to hold up and this is why we need to tax the wealthy. >> they are obviously all different. $185 million consulting fee. what is he consulting on he ran the company into the

ground and destroyed this wealth what more do they want to gain from him he's the founder, i get it. >> it's a strange one. because the company has changed the landscape. he had this unique insight into this -- >> he built an $8 billion company. that in and of itself would be a success. that's massive but given how much it used to be worth, how much investors will lose, given that -- >> a slightly controversial take to this. >> always. >> because the prevailing narrative on this story has been so decidedly negative for the better part of a year now. every time softbank invested in the company it marked up its own book by a certain amount of money. i'd say, an interesting development here is whether or not softbank in the long term the visionary company that

changes the paradigm of real estate investing, this might be one of the best business-savvy moves that softbank made, force out the founder and the ceo taking over the entire time and do it at a discount valuation. >> and if not did sh. >> if not it cost a lot of money. before we go, have to talk about free food. the san francisco 49ers are upgrading their stadium, season ticketholders can expect free, unlimited food starting next year, it includes everything from nachos and hot dogs only for season ticketholders. atlanta, the new stadium was making the whole point of we're going to have really inexpensive food, now the 49ers going to give you it for free. >> kudos to jed york at 49ers, born and raised bay area

>> free nuggets for thousands of dollars. really >> people love free things and they love free food in particular i'd take free nuggets if it meant i had to watch sports. >> that would get kate in e stadium. >> free sushi, then we'll talk "power lunch" will have the president of the 49ers al guido, next hour. coming up, the fda giving the green light to a cystic fibrosis drug five months ahead of schedule. the ceo of vertex joins us le ne xtiv brighthouse smartcare℠ is a hybrid life insurance and

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by nearly 3% the for the second day in row after the company got fda approval for its cystic fibrosis theirpy the first of its kind. approval came five months ahead of schedule. i'm joined by vertex ceo dr. jeffrey leide in. >> big news that came extremely early. it helps patients breathe easily >> dr. leiden, five months ahead of schedule. were you guys ready for this is the drug going to get rolled out soon enough for patients >> thanks, meg, it's great to be here with you. obviously a very exciting day, or days for the entire cf community and for vertex employees for this day to get

this medicine that can treat the underlying cause of the disease. the simple answer to your question is yes, we're ready we built the appropriate inventory. plans to get this drug out as quickly as planned the cystic pie brow sis foundation has been helpful. >> a drug for a rare disease it's very highly priced. under $311,000 a year before any discounts in the united states that's higher than some on wall street expected. what kind of conversations have you had with the insurance company? >> we have had obviously had many conversations with the reimbursement community. i think they've given a clear message which is, the value of this drug to patients, what it can do for patients they're very

comfortable in terms of the pricing that we have decided on. as you know, we have three approved drugs in the u.s. one was approved in 2012 priced at exactly the answer to your question is we're confident the drug will be wildly reimbursed. >> what is the prognosis for success with cystic fibrosis and what will this treatment do? >> it's a great question i don't have the understand because we're about to just launch this. the average life expectancy has increased from the mid-20s to about 37 years of age today. if we do some modelling with our

earlier drugs. this has also been done inspe independently, we can see models it can improve life expectancy by decades and they also improve the quality of life very significantly. >> this approval was in the united states but i have to ask you about negotiations in europe and in the uk. you've had a tough situation there with the a previous drug especially with the uk and its payer called nice over the price there. with this new approval, do you expect negotiations to be able to move forward where you can get the drug available to those patients a lot of people want the drug there and haven't been able to get it for a while >> thanks for the question very important that we provide access to these drugs for all eligible patients. otherwise there's no reason to discover them. we're pleased with the progress we made over the last couple of years. we sell our drugs in 30

countries outside the u.s we have been able to get access to many patients i'm sure you have seen we signed newly imbour ll ll lly reimburss in terms of the uk situation, it's real-- our talks have intensified. we will be able to reach an agreement. >> that's a great point. thank you so much. it's a pleasure to have you here today. thank you as well. it's a new bipartisan bill designed to lp yheou quit facebook a look another who is behind it and how it would work. ♪

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that's what happens in golf nothiand in life.ily. i'm very fortunate i can lean on people, and that for me is what teamwork is all about. you can't do everything yourself. you need someone to guide you and help you make those tough decisions, that's morgan stanley. they're industry leaders, but the most important thing is they want to do it the right way. i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley. pacifica: ted! goin' oneighbor: yes. takin' it off road station wagon? you know it's an suv! i know for fact your suv does not suck. why is that? it ain't got that vacuum in the back! we got to go. ♪ vacuum in the back, hallelujah! ♪ as a principal i can tell you this. when one student gets left behind, we all get left behind. this is a problem that affects each and every one of us. together with ibm, we created a whole new kind of school called p-tech. within six years, students can graduate with a high school diploma,

a college degree, and a pathway to a competitive job. you know what's going up today? my poster. today, there are more than a hundred thousand p-tech students around the world. it's a game changer. w welcome back >> a bill is being sponsored by democratic senators. the problem they have trying to

address is it's hard the leave facebook or any other social media platform the senators want to help consumers move their data more quickly and easily and they have three ways they will do it first, is by requiring platforms to allow you to download your data in a machine readable format second, they would make the platform establish transparent, technical interfaces and give competitors access to that information. third, they would give consumers the right to work with third parties to manage their privacy and account settings >> stick around. i'm joined by manage partner at ventures the idea you can quickly move your stuff off of facebook which is the platform with 100 million u.s. users

>> i think that it's not something that should strike fear this already in the eu exists. this is one of the key components of the gdpr bill. it's also something that mark zuckerberg has talked about in the past i think facebook has thought a lot about this concept if facebook is a 98 out of 100 in terms of their competitive strength, this bill takes them to 90 or 95. i don't think it's a big hit >> there's also this mind your own business act that senator widened introduced last week give this new sort of third party company the opportunity to get in the middle of all of that and the third party -- here's my point. is that bill getting any traction are all of these just different ideas being thrown out there right now? >> i think that some of these

bills are a solution to the symptom, not a solution to the broader problem. the idea that is so complicated to manage your own privacy settings that you need to hire somebody else to do it, that is something that is symptommatic of the larger issue. consumers don't know what information is out there and they want more control over their data this is something that lawmakers will be hitting zuckerberg on. >> the performance of facebook stock is not that impressive lately we're not at the all hitime higs we saw last fall is it because of the regulatory pile on. what happened to fang. what happened to momentum? what's going on with the stocks? >> i think all of the fang stocks, except netflix, are ones you want to continue to own long term i think facebook has become public enemy number one.

part of that is the run up to the election next year we have attacks the on our elections through facebook there's also this discussion around free speech obviously senator warren has made a point to sort of pick at mark zuckerberg's recent speech last week saying we're not going to fact check political ads on facebook i think they made themselves a target and it affected the stock. >> is it going to keep a lid on the stock. is the era of facebook being this must own moment as the competitive advantage mentioned, is that era over >> i think for the next year it might be tough because of the election but i think long term it's company that has a great competitive advantage. this bill of data port nabilitys not going to affect them >> all right doug, thanks very much be sure to stick around for

power lunch for an one of the co-founders of this act. thank yofor joining me today. "power lunch" starts right now >> we'll see you in just a moment here is what's new at 2:00 it's the greatest divide on a the street between the winners and losers big names are soaring or getting demoli demolished we'll break it all down. lawmakers want to make it easier for you to leave facebook senator mark warner one of the co-sponhf co-sponsors will join us this hour for major social media shift. food and football. the san francisco 49ers giving away an array of free food "power lunch" starts right now