is going for if that works, i think the investment will pay off. the biggest investment nordstrom ever made in the store >> yeah. they've got a lot of climbinthas appreciate it. that does it for the exchange today. i'll join tyler and melissa for "power lunch." now i can talk they gave me the signal. welcome, everybody kelly, we'll see you in a minute welcome to "power lunch. i wonder what this is that's -- i thought it was the grill of an automobile maybe a lincoln. earnings buffet, ladies and gentlemen, on the busiest day of earnings season. sinking twitter is tanking and tesla is surging we are gearing up for amazon

after the bell tesla is not only stock revving up group one auto soaring to record highs. after its earnings report, the ceo will be here to break down what's driving profits later, the wework water cooler tensions are high for employees with thousands of layoffs. many might be heading for the exits with empty pockets we've got the details on that as "power lunch" starts right now welcome. a mixed bag we got for markets thanks to earnings the dow is in the red. the nasdaq is the only one that is higher right now by just about half a percent let's look at what is driving. the dow held by back 3m.

vice president mike pence with some harsh words for china and for some of the companies doing business there >> kelly, it was a highly anticipated speech after being twice delayed due to development o s on trade it was hawkish speech. the u.s. maintains an adversarial view of china and its economy and actions oversaes ev even though washington wants to keep engaging. >> america is reachi ining out hand to china. we hope soon that beijing will reach back this time with deeds, not words and with renewed respect for america. >> in critiquing china pence took a swipe at nike and the

nba. >> inciting with the chinese communityist party and silencing free speech, the nba is acting like a wholly own subsidiary >> the vice president says u.s. stands with demonstrators in hong kong. the president said the issue was china's to handle. it was interest ing seemed to be playing bad cop as trade talks and trade deal signings are just weeks away >> you make a very good point. at the last part of what you said this is the first time that the administration has come out in a kind of more full throated way critical of the way china has been dealing with hong kong. the very thing they the administration was criticizing the nba for doing. >> exactly this had been a few that the vice president was expected to be delivering for months this censure on the human rights

record the escalation in hong kong and ensnaring of a lot of american brands in that process gave the vice president quite a bid more fodder to use in this speech and specifically a dig at nike saying that the company is a so called social activists and that seemed to be a play toward the president's base where he has criticized nike as well. >> thank you very much today, is the busiest day of earnings season of all with 46 s&p 500 companies set to report. we're seeing a big divide between the winners in the center on how to digest this earnings buffet. let's bring in bob and steve bob, let's kick it off with you. this season so far has been pretty good, really. the number of beats is running roughly where it usually does. maybe a little above >> that's right. about 83% of the companies are

beeting. that's typical 14% are missing. it's been some high profile misses i note a theme to these misses or the ones providing poor guidance if you're in automotive business, industrial business internationally and heavy ple presence in china you're probably providing disappointing guidance >> you have everything that was looking not so forward to trade issues that is taken it a bit on the chin but if you look at the earnings they're all back ward lookings aren't earnings a lagging i understand -- indicator. what's been good is the consumer >> visa will be after the close. we'll hear great things from them

they want a reason to dive back into technology and a reason to think about where growth is going to be coming from. you need tech to perform you need any kind of tech to perform whether it's software, hardware, whether it's consumer facing yes, i think it has to get better by its nature for the market to move on. >> technology has been strong. land research did very well. it's still not entirely clear picture here not automatically bad news if you have exposure to china >> i make it easier for myself reinvolving around investment. recession fears have lessened. the powell issue has lessened. across the board things are looking better than they did a month ago. i think the key here, recession

is off the table looks more like slow growth in 2020 than recession talk back to you. >> slow growth but nonetheless twitter tanking following a big earnings miss. blaming a glitch in its advertising technology and wanting shareholders to expect head winds user growth did take off >> we broke out of this range that we have been in of 9 to 15%. we look at this as a validation of our strategy.

i'll start off with you. i want to go into the map bug and how long you think this could be a head wind for this company. >> it's interesting is this map bug is a technical glitch that minimized twitter's ability to target advertising and report back how well those ads were doing. it's key they added twice as many new yearsers in the quarter than projected. to see advertising slowed down is this a glitch they can limit to one or two quarters of impact or some bigger challenge to their advertising. >> michael, there's going to be a launch of the new version in 20 i'm woernndering if this will b

permanent head wind or a fixable problem. >> i don't think it's permanent which is why we stuck with our buy rating on the stock. i didn't catch us as much by surprise that had contracted and it could use it my gut says this is probably more temporal. i think it's a challenge for the stock is you basically had an overt lower for the fourth quarter.

i think they can see better user growth next year around japan and the olympics your next update may be another estimate revision slower >> you totally hit on my uninformed mind. it's a political year and you think twitter will be the platform where everybody will play it feels like it will be real show me kind of stock. the form of you based on the 12, 18 month view of the company i think it will get righted. we're not talking about

facebook, google or amazon where they build credibility over the course of multiple years it's for a company like twitter. you probably have some rebuilding >> this is so unexpected because this story has been very different for twitter. for so long it's all about the user growth. they started to grow users they show they have advertising business that worked that's why they show they are users and disappointing on advertising was such a discrepan discrepancy. >> it came out of the nowhere. >> yeah. >> julian, thank you now to the big earnings report after the bell. q3 results from amazon will feature sales from prime day where sales surpass black friday and cyber monday combined. the company is expected to show more signs of growth after it spent over $800 million in

speedier delivery the last couple of quarters as well can they turn things around. >> going into the important holiday quarter that we're talking about operating income here the build up we saw in 16, 17, d.c. where house build out took a lot longer than anticipated. it will be interesting osi wh ie what they talk about the clear focal point is on operating income in the short term >> the journal has a big story today about amazon selling

bangladeshi products on its website that other retailers blackballed a few years ago. if amazon says it's going have to spend billions basically policing its site better, how does that affect your operating forecast income? >> amazon is such a behemoth every year i think that's part in parcel of who they are they wouldn't impact my operating income on more than i think they will spend on building out fleets in one day deliveries >> cost is always the main focal point for a company like amazon. the cost of building out that infrastructure you have in your forecast, you're expecting lower costs for the quarter. why is that?

>> i think that there might be some flow through from revenue i'm a bit higher than my colleagues on revenue. perhaps on an absolute dollar basis i'm below the streak on my operating income q4 might be higher with the products they have plus the same day delivery build out could push it a little bit lower because they spent so much building out that infrastructure, i don't know if it will take as long as it took years ago. i think that will be a welcome story along with a reaccelerated top line >> thanks. >> thank you very much coming up, you thought this was peak auto. check out the shares of group 1

auto now nearly 100% higher on the year up next, the company's ceo will join us and we will get a read on the consumer from the ceo as well of the kimco realty group tesla shares soaring on pace for the best day in six years. stay with power lunch. - [spokesman] if you've tried college but never finished, (group cheering) 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.

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tesla shares shocking wall street phil breaks all the numbers down >> a trio of reasons of why tesla posted this profit most analysts were expecting them foes a loss for the third quarter. three things many of them were fully counting on. maybe they were counting on all of them but not some, lower operational expenses higher gross automotive margins and deferred revenue from advanced driverer systems that tesla has been charging customers for and as they roll those out, they are saying we're going to recognize the preferred revenue. tesla shares having the best day since march. there were some questions on the call about the new factory in

dmie a china and where things stand there. here is elon musk on the wall >> we're planning to build in shanghai we hope to announce the location update -- in fact, we will announce before the end of this year >> we've got more tesla coverage tomorrow morning on squawk box you do not want to miss the interview with chairman robyn denholm. this is our chance to hear from her since she has take tennesn chairman position. elon musk was stripped that position after the troubles he ran into on social media you don't want to miss that. >> thank you very much tesla not the only auto stock rising high. group 1 accelerated record highs today with the back of a strong third quarter. the stock has nearly doubled this year so far this morning the car retailer

reported record quarterly revenue of $3.1 billion. that's a 7.9% increase year over year powered by strong growth in used vehicle sales up nearly 9% from the same quarter a year ago. joining us now, returning for a power lunch exclusive is group one automotive president good to have you with us >> thank you >> how do you squeeze 8, 9% growth out of an overall market that is flat, 1% or so and in many ways is declining in sales. >> yeah, actually we just kind of rolled with the market which is a stronger used car market than a new car market right now. there's a lot of supply and a lot of good value in these cars. we rolled with that punch. also, we put a lot of emphasis for more than a year now on parts and service and there's a big universe of units in operation out there for our

brand. we drove this quarter with parts and services >> why are used cars so hot and where are the used cars coming from are they off leased cars or what >> off lease is the primary increase in supply new vehicle sales have held up pretty well. trade ins are a big source for us it's all kind of a cycle i would say the off lease cars are probably what's really different from the market this year compared to two or three years ago. >> are sedans dead >> not completely but 68% of our sales are truck and suv and it keeps going. there's still some brands that do a lot of sedan business, honda, toyota. it's not completely dead the market demand is clearly shifting toward truck and suv and crossover. >> does that shift to used cars

and parts and services does that tell you anything about the health of the u.s. consumer or the economy? >> well, i think it shows a little more inclination toward value seeking. the price of new cars has gone up some people are keeping their cars longer and some see used cars as a better relative value. yeah, there might be a subtle message in there of a little more value conscious market. >> greg has a piece where he talked about peak carry and automotive weakness and the new cars come up everything from 3m to germany's gdp slowdown is it true that new car sales are topping out. how strong do you think the used market and dealers continue to be >> new vehicle sales peaked out

about two years ago at 17.5 million. we have been kind of vacillating around 17 million since. for this recent quarter the retail market was up a couple% our new vehicle sales were up 2.9% as a company this quarter the new car market is softer than it was two years ago but on a historic basis it's still quite strong our business model is diversified with used cars and parts and service. i think with people working and low interest rates the auto market will stay pretty good for the near term. >> thank you very much >> thank you very much the dow falling a little bit today. which 11 sectors should you ride for the nec lxt leg the popeyes chicken sandwich is a job creator

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welcome back stocks still inching toward record highs with the busiest day of earning season under way. which sector could be the next to break out todd, you have 11 sectors to choose from. which one seems set up the best to you >> i like kmoocommunications the best here. you already seen a move in technology we have the top ten holdings in xlc in terms of holdings netflix came out we had comcast earnings were solid. we have google and facebook. if you look at the chart right now you can see much like this

overall market a lot of consolidation, a lot of back and forth. higher low, lower highs. a lot of frustration i do think this consolidation resolves right here. through about 52 watch that xlc i hold the stock myself. one trade if you want to play one of biggest holdings, alphabet earnings are coming out on the 28th really just a stones throw from all time high. there's a chance that the buyers will take us through >> a lot of those charts like like they are trying to crack the ceiling. yould would you be looking for the leading sectors? >> i think over the next 12 months the energy sector could be one of the better performing. it's less than 5% of the overall index that's unbelievable to think where we were ten years ago. if you look at the larger cap e and m, i think the most

attractive here, we get a deal with china you're seeing production slowdown which should hopefully tighten supply and demand dynamic and post the 2016 collapse and oil prices. most of these energy companies have become capital allocators focusing on repairing the balance street aheet and returns to shareholders. i think there's a lot of catalysts to drive to the upside not to mention the geo political risk going on in the middle east which i don't think is being properly reflected in stock prices today >> all right a little bit of a contrarian call ahead, wework deal would be good for the co-founder but bad news for every other employee. we'll explain, next. a retail reality check the ceo of kimco realty will

join us live to discuss the state of the consumer and why the return of popeye's popular chicken sandwich could help spice up the jobs market all this when power lunch returns. i consulted with your grandmother's doctor.

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welcome back here is your cnbc news update. he's concerned isis will regain strength after isis prisoners escaped. >> i have stated several times i'm concerned about the risk of

the increased violence and instability we have seen can lead to that isis fighters who are increasingly able to escape or set free. >> the white house is planning to instruct federal agencies not to renew their subscriptions to the new york times and washington post. this escalating the president's war with the media dow jones reports white house press secretary said in an e-mail that it will be a significant cost savings with hundreds of thousands of taxpayer dollars saved how about this world record. the question is why. a nine member team broke their own record of most layered bed of nails the men lied on top of each over with four to six inches of nails placed between them as an audience watched not to put a point on it but that looked very painful >> going to produce the worst

case of prickly feet >> why would you want to do that in. >> i know it's the world record. >> how about the poor guy at the bottom of the stack? who wants to be that guy >> i love that woman's reaction. >> got to look at his reaction stop >> i'm glad they got the record. all right. thank you. let's take a check on the markets now. we have the dow still lower. >> how do you follow that? >> i don't know. just with a straight face, i guess. s&p fi500 as well as the nasdaq are higher wework's co-founder will get $1.8 billion pay out big news for neummann but bad

news for staff the employees could be on the chopping block they would walk away empty handed here to dive in deeper is the corporate governance expert and professor at new york law school good to have you both. >> this sounds like this goes way back to the very first board that allowed all of this to happen >> i think that's right. i think we're seeing is a symbol that things were going wrong from a long time ago it's a kind of story where everything that you would not want to have happen to a company, to the board, to management, to the ceo is coming to fruition with the work. it points to something is amiss

and corporate governance whether it be an oversight or p indecision making. >> why did early investors allow this to happen to a certain extent they allowed it to happen was it because this was supposed to be a unicorn or so much money to be deployed around the world because interest rates are so low they had to put it somewhere and there you go, here is my chec check? >> they more than just allowed it to happen this is their responsibility as a board. there's no other way to describe it than gross mismanagement. they took an extraordinary risk betting they could do an ipo even if investors hadn't rejected the financials which they did immediately, but say the market had weakened. we would still be in this scenario just a gross mismanagement all around i think it comes back to the board. ceo is very ch aarismatic.

>> the employees that will walk away with options they thought would be value and now under way and may never have value, what is the possibility of a major legal action against the board, against the ceo, against maybe even softbank? >> i've been thinking a lot about this it's hard to see how the current shareholders would take legal action it would to have egg on their face they were there for this the potential share holders were the shareholders in the ipo. they are the ones that did their job in all of this they are the ones who shone a light. >> they have no standing

>> no standing no legal leg to stand on hard to see potentially if you are a share holder of we, maybe a lawsuit for waste but very hard standard. it would be extreme and very hard right now i think for a lot of them they do own stock maybe tinder and try to save and salvage what you can let's not forget that earlier this year wework did lay off a number of employees. the employees that are left survived that initial round of layoffs and they probably saw some of the writings on the wall >> henry do you think that investors, early investors whether it be pe firms will have learned from this example? >> i think so. this is extreme. this is softbank which has

always been incredibly aggressive and i'm sure they have learned lessons that they need to be much more disciplined about what they are doing but in every cycle you get companies like this where for many, many years is the most aggressive and most hyperbolic. >> the source of the problem seems that there was this dual class structure or super voting class where adam neumann controlled the company and later had to be bought out that's why he had this big pay out. do you really think that investors will learn to the point they'll say no more with this dual class nonsense i don't know >> i don't know about that i think this wave of companies over the past ten years there's been a swing toward the belief in silicon valley that the founders tend to be very

important. you want to keep them involved lots of companies feel like there's so much adverse pressure in the public market that it makes sense to keep control with a small group and the founders now we're seeing the other side of that. that said the reason the company had a 47 billion dollar valuation was allowed to go as fast as it was was because in part softbank kept continuing to provide capital. the founder can't force that no matter what control he binations that led to disaster for employees and everyobody else. >> we're going to leave it there. all right. coming up, on the tasting menu the future of ride sharing, eye popping jobs growth and a five hour workday we'll be right back.

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welcome back we have a news alert on ken fisher the investment manager. >> these are according to some headlines crossing fisher investment ken fisher will not be speaking in the near term to large audiences. he said that there process would be impaired to a certain extent. that's a direct quote if ken fisher were to step down this comes after more than $2 billion worth of assets have been held from fisher investments amid some of those comments that he made at a recent conference that were seen

as lewd and offensive to some people who were there. we have reached out to fisher investments for comment and have not heard back >> what do you thip nk he means when he says our process would be impaired? i can see the marketing because he is a visible presence >> a lot of these firms have sort of he man clauses where you have someone like ken fisher who has been the face of it. he's dictated how the investments would be allocated and been the visionary behind the strategy with these firms you have a key man in there with people are very concerned i think it would do more harm than good if you lost that he man in a situation like this now, we have seen in the past where that hasn't necessarily been the case. it's interesting that they have come out and said that especially as 28ds billion dol in assets have been pulled they still have about 100

billion in saassets at the firm here is a taste of some of the other stories we're watching today. morganbullish on uber and lyft. it favors uber over lyft due to its global reach uber is down around 26% while lyft is down around 40%. >> that is interesting they highlighted the single market in the u.s. poses a greater risk when so many bullish people on lyft and investors say it's because of the u.s. focus that they prefer it the return of popeyes chicken sandwich is sending it on a hiring spree. they will hire 400 employees with the re-release of the chicken sandwich the last time it was on the men you, popeyes sold out in two weeks and people waited in the drive through line for hours

shares of restaurant brand are up nearly 2% today more people, more chicken, that's what we need. >> is it going to be enough? >> who knows >> it could be two people per store just for the sandwich. >> i kind of want to try it. i do i'm thinking about it. working 9:00 to 5:00, try 8:00 to 1:00 a german company is encouraging employees to work five hours a day. it did ban cell phones and discouraged small talk the company ceo says employees still produce the level of output this falls in line with studies that show people average five productive hours of work i guess the three other hours are filled with nonsense >> there's a will the of down time we got to start this culture change >> i just ordered some boots online >> why don't people work eight hours productively though? >> no.

not the direction we're trying go in. >> i think we ought to have a tent have a ten-hour day four days a week, everybody gets friday off. >> i'm for that. there's less than two months to go until christmas. we'll get a check on the retail at the head of one of the biggest operators in the country after this quick break stay with us free access to every platform. mhm, yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. now offering zero commissions on online trades. we charge you less so you have more to invest. ♪

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welcome back to "power lunch" let's get a retail reality check. ki kimco realty is up 40% this year in trading near 52 week highs. third quarter results met estimates. some top tenants include home depot, whole foods and walmart here for a "power lunch" exclusive is the president and founder of kimco busy dad you're doing a lot here. we're so glad you could be here. it's interesting in a time when people say the mall is dead, the strip mall is alive and kicking? >> we don't have any department store risks. that's a benefit right now typically our shopping stores are anchored bay grocery store, whole foods, trader joe,

safeway, albertsons and authors performing quite well. >> what happens if the malls start to copy your strategy which some of ours are doing great idea does that take away your competitive advantage? >> that's called shadow supply identifying where a competitor could be coming in the nice part how we position our portfolio we actually now have the portfolio that we dream of, of being very opportunistic and looking at the competitive set our rents are below market we can continue to attract new tenants and push market rents. we're at a 40 year low demand sources are very strong our occupancy hit an all time high today we're 98.7% occupied we have a nice spot in term of the retail what's work jim cramer likes to reference watch. we're the largest. >> you can't put k into that

acronym. it messes up the whole thing >> we're very lucky where we're pogsd the portfolio. the other piece of the puzzle that we're starting to unlock is mixed-use redevelopment. we have 400 apartments on our sites. >> apart from it just being sheer brilliance, which is why you're doing so well, you got really good tenants. is that what distinguishes the winner from almost rans in your business in other words, you got to have and that's why you got low vacancy rates and so forth you have winning stores. >> it starts with location make sure you have a location that the retailer believes it fits their model so i like to say we're at the crossroads of value and convenience and convenience today is so critical to the shopper. so typically we're located either on the way to work or on your way home. as retailers evolve they use their store base to distribute goods in a number of different

ways you can click and collect. order online pick up in store have it delivered from a store or going and have a shopping experience that's what target has done a good job >> target and walmart. they are giving albertson and kroger's a run for their money on competing on those multi-platforms. you benefit from the strength of a walmart and target but that doesn't also endanger your other tenants? >> there's a lot of competition today in retail. amazon is known for a while in terms of the behemoth coming into retail. costco, walmart, target are doing a very good job. the grocery store is continuing to evolve. they have prepared foods a store within a store a sushi restaurant or pizza guy or sometimes a brew house. albertson just reported very strong numbers >> you were talking in the last hour about that american dream

place next to met life stadium i hear that they are going to charge $30 for parking there >> what? >> what do you think of this place? it is an enclosed mall but it's an amusement park. >> it heavily weighted towards entertainment. they are going to be drawing from a wide trade area i probably would tag them as more of a tourist destination versus a convenience oriented destination. we'll have to see how it does. obviously it's been in the works for a very long time and a number of different iterations i'm hopeful for them because we need some retail winds today >> certainly do not just yours again, thank you for joining us. great to have you here talking through some place where brick-and-mortar are thriving. check please is next

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check please >> in case you have forgotten today is the busiest day for earnings season. after the bell just to give you a sample we got amazon, intel as well as visa these are all ones to watch. >> you wouldn't think it visa is a bellwether one of the biggest momentum stocks out there if there's a shift it will happen at their expense and mastercard, not just the fang names. >> i want to correct myself. i said it would cost $30 to park i want to correct myself $35 on event days at met life to

park there otherwise it is up to eight hours plus, $24, up to four hours it's about $4. >> they are charging you to park there. >> charge you to park. 33,000 space, however. >> just set the thing on fire. thank you for watching "power lunch". >> "closing bell" right now. >> they don't charge you to park welcome to the "closing bell," everyone. i'm wilfred frost. that's the plunging over 20% earnings majorly disappointment. we're in an earnings driven market 59 minutes not just left of trade but also until more earnings including the big one, amazon >> i'm morgan brennan. let's look at what's driving the action vice president making sharp criticisms of china but saying the u.s. is ready for a new future corporate earnings taking more negative tone with names from 3m to twitter sharply lower and new economic data shows

business investment coming in soft but th