good morning it is 8:00 a.m. at fitbit headquarters in san francisco, 11:00 a.m. on wall street, and "squawk alley" is live ♪ ♪ ♪ ♪ good friday morning. welcome to "squawk alley." i am carly fiorina with morgan brennan and jon fortt at the new york stock exchange. record highs for the s&p and nasdaq earlier in the session, dow on pace to post the best gain in about a month on the heels of a

good jobs number, decent ism bob pisani has more. >> we are starting to break the new narrative out there that we're going to have a slowdown in 2020. remember, the recession narrative have gone away, worries of three, four, five months ago, no more. gdp is 1 to 2% now economic numbers are starting to suggest maybe the slowdown narrative is not a good narrative any more we're taking the edge off the slowdown narrative that's why things are moving up. we not only have a strong jobs market, markedly strong revisions people weren't anticipating then weak manufacturing. but new orders were generally good still 49, above expectations that's what you're looking for, new orders stock market is a discounting mechanism for future stream of earnings represented by the new orders ism not getting worse, that's the key. here's what you need to think about. what will it take to move the

market higher, another 5 to 10%. three things very important. first off, see bond yields move up more. good sign of modest reflation. we're not getting that yet that's holding back. trade. we have to get december 15 tariffs off, a deal, comprehensive deal seems elusive. at the least, guess those december 15 tariffs off. how about this one this would move the market earnings come down into 2020 instead of 10% for 2020, now 0 to 5%. if that changes, people say wait a minute, we're not going to keep dropping numbers, boom. market goes much higher from there. the important thing is we're seeing the breakout beyond the old highs here remember, 3025 was the old numbers, we're now breaking out above that 3025 number what we see are breakouts of sectors and individual, even country indexes. the s&p 500, a new high. also europe, europe, africa, far

east, new high what a surprise. japan at 52 week high. ewj. the basket of japanese stocks. individual sectors in the united states are starting to break out as well. there's the value index we like to talk about, a lot of financials in that qqq, heavily tech weighted semiconductors breaking out, this is an equal weight semiconductor. and new communication services new high we are complaining about s&p is at a new high, big market cap names like apple have been moving those indexes we want to see broader breakouts now. the next thing you're going to see the next couple of days, a lot of individual stock breakouts that frankly we haven't seen yet now you're seeing broad participation in the market. we haven't hit that yet, but carl, we're heading in the right direction. back to you. >> all right we'll keep our eyes on it. we'll talk media here with

apple. the launch of the streaming service apple tv plus. we begin with m and a. google agreeing to buy fitbit for $2.1 billion joanna stern is here and dennis berman why is this so interesting >> this is so interesting because it is fitbit which has been an independent company, gone out on et cetera ownits ow. now google is like time to gobble them up, go after the apple watch. this seems to me about the apple watch. it has 51% of the market at this point. google's android wear os, probably don't even know the name of it, got no market share there. you have fitbit, acquire fitbit, look at the wearable space for them, see what happens >> that's why i'm going to disagree with you a bit. apple is so far ahead here, i think google has to worry about

huawei, worry about samsung. apple makes this look easy with the apple watch, with the air pods and what not. but i think google and others are proving it is just not this isn't a gimme remember when samsung came out with a watch, you don't hear about it nobody is breaking them out in numbers as being a significant source of revenue while quietly apple built a $25 billion business around wearables and home google has to get its own android house in order i think that's what this is about. >> core to apple watch success is fitness tim cook said that on the earnings call. fitbit, probably no other company, maybe garmin, running companies doing a better job in fitness, workout space, fitbit is the one to have the issue with google, they bought over fitness companies before, bought fossil, tech from fossil before, bought misfit, a start up in fitness and wearable

space, nothing came of that. >> dennis, it is amazing to me all these big cap tech companies, google included, have come under antitrust scrutiny, we have investigations playing out. big part is m and a, they have been gobbling up smaller companies. google specifically is being looked at for advertising business, not for hardware or potential wearables business the fact they make an acquisition like this, facebook and amazon have been making acquisitions despite scrutiny. what does is say about how we think. >> moving beyond any one company, looking at the overall scene of things now, valuations for public company as we're seeing here, s&p at an all-time high, nasdaq at an all-time high, this is a very opportune time remember we talked about recession overall, in the summer it was coming, it was coming it hasn't come part of this is just generally speaking it is a great time for sellers to get out there if there are opportunities to be

had, companies would be remiss not to take them as sellers are willing to sell, give more valuations it is either sort of get on or get behind that's how i view it >> don't worry, doj won't find out about this they have no idea. they're going to slip under the radar. >> what do you think a google based fitbit needs to provide to be competitive with an apple watch? >> go back to jon's argument there, it is hard to say. >> saying it is hopeless >> it is not hopeless, definitely not hopeless, but seems to be that there's been a lag in android wear space because both hardware but also showing a need for software, right? apple made a point on apple watch. there are other reasons, it is a good watch, you can get notifications, health and fitness were core to some of those sales. you look at the market, people have come to apple from android because of the watch >> the good and bad news is that android and ios ecosystems

aren't competing if you have an iphone, probably in the market for an apple watch. android phone, in the market for something. the ecosystem is fragmented, there's no clear place to go to get the best of that google can afford to bring possibly that together, but it is expensive to control distribution do you do more retail, what do you do >> it is asymmetric ecosystem stickiness, right? you agree, dennis? >> that's a fair point i have a question for the best tech reviewer out there. what's on your risks >> my apple watch is down this morning. >> that speaks to some of the streaming video issues we're talking about, right, sort of all verse all now, and the effects will be incredibly interesting. >> speaking of that, today is the official launch of streaming service, apple tv plus stock above 251, all-time high

on tim cook's birthday can the television service be a leader the way you described the watch. >> today is tim cook's birthday? that's what we're celebrating here i had no idea. >> not celebrating. >> maybe the release of the morning show is celebration of the service. i have not watched any shows i plan to binge them all weekend. i think for me and anyone that's going to consider getting the service, it will hinge on how good the programming is, despite that it is free, that you can get this service for $5 a month. even if you bought an iphone or products, you're getting for free it hinges on using it if video and original series are good. >> carl, you have been in this business a long time there are now at least 15 paid streaming services do you think all of those can really co-exist? my view is that looking at the big picture, the disinter

mediators will be disinter mediated you wind up back at choose your own cable bundle. >> if everyone has a different business model, does there need to be traditional winners and losers >> this is the problem of the ecosystem as large, it is for the company's needs more so than for the consumer needs any that silicon valley taught us, joanna knows this, companie that are consumer first prevail. right now, i don't think that match is in there. >> i think the winner of the streaming wars seems to be the companies. consumers do not seem to win here the confusion alone on where we find the content, confusion on what hardware device gives uhal the content. >> what did heath terry tell us, 20 cents an hour do you think the consumer is getting a raw deal on streaming? >> is the consumer only watching

netflix? >> increasingly so i don't think we'll have disney plus, discount apple hbo max on the way, peacock, all these services that will fragment where content is. no one will be able to go to netflix to find what they want they're looking at a variety of different services for content they want. >> we sort of wind up back exactly where we started and the interesting thing is that the lower end at the pure ad supported models where you see so much more advertising than you would have on traditional broadcast tv, and they have data they're collecting that makes it more powerful we're back where we started, 1950s, 1960s, advertise supported television >> the pendulum of a la carte and back is crazy. >> look at your cable bill i still have a cable bill, looking at both things, cable is

looking pretty good. >> god bless you >> i love to have cable. >> good to see you coming up, today's biggest earnings mover is down more than 20%. what's the stock and why is it getting an update today? over at da davidson, we have the answer a tndhe analysts behind the call after this break.

they have strong earnings to deal with cit ion a new consumer payments business. shares are higher, the stock up better than 65% since start of the year global payments ceo jeff sloan joins us in a cnbc exclusive here at post nine. jeff, good morning happy friday. >> thanks for having me. >> tell me about this year of m and a going on in payments there's a lot of action on the tech side, we have paypal and apple making moves you guys in the core payment space have not been idle what's driving you >> there's a lot of scale in our business that's what drives the ability to make investments so that we can partner with people like paypal, visa, master card, apple, amazon. we need to get bigger and do those things i think that's what's driving the transactions you're referring to. >> how much is the global consumer at large the underlying fuel behind this and how much is the digitization of money in general? >> we stand at the intersection of digitization of payments and

cloud based software i think we're in a good space. overall, we depend on a healthy macro environment. we announced yesterday that same store sales were up 3.5% for third quarter in the united states our biggest market health of the consumer is important to our business. we want people to spend more what was surprising yesterday was health of the british consumer which probably for the last three quarters in light of brexit wasn't so great, but that rebranded to mid single digits for third quarter. >> how much risk in the rest of europe, the part of europe that's still going to remain part of the eu, some of which had a lot of economic turbulence as you head into 2020, is that a real concern >> not really, jon we had good performance in europe throughout the last year. our business ex-the united kingdom, that's been a trend seeing with brexit, consumers hung in there. only weak spot was uk.

and that rebounded business in spain and continental europe has been strong, business in ireland as well we're pleased where we are. >> has the discussion, the round trip on libra made you think of payments differently >> anything that brings a billion plus consumers potentially into the financial system is something good for global payments. whether libra is ultimately successful or not, we want more people to participate in digitization of payments, buy more things using phones, regardless of what the currency is i think it is topical, but anything like that benefits us because we are the beneficiaries of developments in the ecosystem. >> tell me about technology you expect to significantly advance in payment space in 2020, whether it is more payments through wearables, whether facial recognition, what's going to be the latest >> i think the most important trend in our business, john, is omni channel commerce, buying something on the phone or online but on the phone, pay with your

face or thumb, get it delivered via grub hub or doordash to your door or pick it up yourself. we have 20 of the top 40 quick service restaurants in the united states using global payments hardware, software, payments in thrive throughs. today, the consumer expects frksless no cost e-commerce. shouldn't be a difference between the virtual world and physical world that's a billion for global payments. >> the argue that the consumer gets promiscuous, great for you if not great for grub hub. i love that promiscuous thing. jeff, thanks for being with us >> thanks for having me. >> they're never going to live that down. today's mystery chart is pinterest getting crushed, down 21 and change, spenexpenses mor than double for the story. we're breaking down results with an early investor and analyst o gredod ia nute

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welcome back to "squawk alley. take a look at shares of pinterest getting crushed, despite beat on earnings, miss on revenue, slowing sales growth are what are driving the stock down, down about 21.5% pin tres sa pinterest said expenses doubled. welcome to you both. cameron, i will start with you as an investor and shareholder, surprised to see 21.5% move lower? >> i am. i work with the company as well. we all held a lot of puns, today is a pin tastrophy i think most insiders didn't

sell out of shares, long term, people are optimistic about the company and stock. >> anything about numbers that were reported or move in stock today that would change your investment thesis, hold, sell? >> i don't know if i can recommend on the stock. >> you personally. >> i think it is a great name to hold in you believe in the story, great management team, tight nexus between user base and e-commerce and strong international growth and user growth, it is well poised. >> the international is what people have issues with, want broader spectrum of advertisers. fair >> i think what people don't understand, some companies like twitter have a lot of users, pinterest users tend to be in western europe, uk, australia, canada highly monetizable markets you'll see it play out the next few quarters today is a tough day for the stock. no question.

>> i don't get it. if you believed in pinterest before, what has changed yes, they're figuring out how to get the public company footing but they have strong underlying members, fundamentals, half the market cap of twitter. that's why you say it is a buy >> definitely i think that yesterday's move or today's move created a big time buying opportunity for pinterest, and really the opportunity is what you're talking about, it is international. today, the audience for pinterest is 70% international, 30% u.s., but monetization is only 10% international, 90% u.s. a company that had three quarters as a public company, has done really well, encouraged by improving trends when it comes to international monetization we understand today is a tough day for the stock, we say take advantage of it, which is why we're upgrading. >> what do you think of the fact that spending did rise, cost in

expenses were up 94% year on year surprised by that? >> i wasn't surprised. i look at pinterest through the lens of roku two advertising based models that have similar levels of sales, and similar levels of profitability. both are advertising based business models, i am confident over time they'll have much bigger margin, generate free cash flow over time. why i am comfortable recommending pinterest despite short term increase in expenses. >> cameron, same question to you. >> it is funny, they creased expenses year on year, indicated narrower loss as an estimate between 10 and 30 million, down from 25 to 50. scale of over a billion in revenue, losing 10 to $30 million this year is light, indicates the company is on path to profitability fairly easily in the next 12 to 18 months which is a different story than other tech ipos in the last few months. >> kevin, seems that ben

silverman's personality plays in that >> we talked about this ipo day. >> he is not a hype guy, right >> no. >> the reality of increased spending as they try to expand to international markets, that hits you in the face you know, growth number being lower than you wanted hits you in the face. he is not telling a hyped story around how well they're going to do do investors need to factor that in, and what are the real significant tells in ben silverman that investors should look at if they want to get excited. >> things we talked about, user basis growing, overall ad growth, that's a large increase for a company this scale at this point, and hopefully you're going to see it continue in the next year. ben is a steady operator he is not a big hype guy, but also not going to lose the forest for the trees he is the kind of person that builds the company for the

future he mentioned on the call they made tweaks to algorithms, made the site more usable i think they'll learn from this and move forward. >> biggest risk to the buy thesis >> the big risk, that international monetization doesn't play out like we think it will. they survived gdpr regulatory concerns are not a concern. incredible visual platform, just in early days of monetizing it done a good job so far, will continue to do a good job over time >> thanks for joining us, cameron, tom >> thank you when we return, two very different streaming strategies in focus as apple tv plus launches, netflix releasedhe t fill being "the irishman" in theaters more next. sophie's enthusiasm ct be dampened.

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i am sue herera. here's your cnbc news update at this hour. senator elizabeth warren promising to spend more than $20 trillion over the next ten years to provide government funded health care to every american without raising middle class taxes. most of the cost burden is being put on businesses and the wealthy in her plan.

syrian president assad says president trump is the best type of president because of his transparency on annexing middle eastern oil. in a tv interview, said all american presidents are criminals, but president trump at least admits the u.s. wants the oil in the middle east turkey and russia launching patrols in northeastern syria. the joint patrols did not fly russian and turkish flags on armored vehicles. chick-fil-a issuing an apology after sending a promotion about national sandwich day, november 3rd which falls on a sunday. popeye's says their popular sand starts november 3rd when they are open back to you on "squawk alley." morgan, back to you. >> sue herera, thank you.

we have two very different streaming strategies being launched both by netflix and apple. julia bo jul julia boorstin explains. >> apple tv plus launches and netflix is releasing "the irishman" in handful of theaters before it starts to stream on netflix the end of the month it may seem like two different moments, but apple and netflix are focused on the same thing, big bets on premium expensive content to differentiate them in the streaming wars apple tv plus $5 a month service, free for those that purchase an apple device, is about prestige content it is launching with just nine titles, but they're from the biggest name hollywood creators and movie stores apple will add more content, but the appeal is fewer, better options. the challenge of betting exclusively on premium content is that reviews of the flagship morning show with reported $150

million budget for the season drawing 59% on rotten tomatoes netflix, "the irishman," directed by martin scorsese is probably the most prestigious known for the streamer not known for quality of originals but rather for quantity. "the irishman" cost about $160 million to make, aiming to draw awards attention with nearly perfect reviews to help draw film makers and subscribers to netflix. netflix is trying to shift focus to originals as some of the most popular shows that are licensed, including friends and the office are leaving the service. the two companies are playing the long game. apple tv plus is a bonus for consumers buying products and into the subscription ecosystem. jon? >> all right we're also getting news on tick tock what's the latest there? >> reuters is reporting the u.s.

government launched a national security review of tick tock, its owner, a chinese company, it purchased u.s. social media music app musically two years ago. reuters reports there's an investigation into that from the committee on foreign investment in the u.s we reached out to tick tock, haven't heard back yet there's a report that because those cfius reviews are confidential, there will be no official comment tiktok saying they made it clear we have no higher priority than earning trust of regulators and users in the u.s., part of that is working with congress we are committed to doing so guys, i reached out to tiktok in the past about concerns of national security. obviously, tiktok has information and data on users, they said they operate separately from china and that chinese ownership when it comes to things like censorship.

we'll see what it yields. >> and we have seen a tightening for cfius and investigations into others that have access to that data as well. jul julia boorstin, thank you. apple is being cast as an underdog in streaming wars joining us to breakdown the landscape, kay koplovitz at post nine >> happy to be here. thank you. >> do you see apple as an underdog in this, is that the right way to think about it? >> it certainly is in terms of content creation, even though they have big names on content producers, steven spielberg, oprah winfrey, jennifer aniston, they have a great cast of people producing for them shows are unknown. you don't know whether they're going to play or not and they don't really have a library to drive people to their service. on the other hand, they have a lot of devices and a lot of opportunity to introduce people.

for $5 a month, maybe people will give it a try, see what the shows are about. they have worldwide reach to get to but they're lagging the marketplace. they have a long way to go to fight with netflix or even disney with tremendous content. >> one of the conversations we had earlier in the show is the fact that the landscape is getting crowded with all of the services that launched, services that are coming, maybe it is getting confusing or poised to get expensive for consumers. is that the case is it going to be more confusing for consumers? >> absolutely. it is going to be more confusing. one thing i want to point out, consumers don't just watch studios, they watch programs they want the programs now if they have to go to seven or eight streaming services to get the programs they want, there's going to be a lot of disruption in the marketplace,

billions of dollars spent to try to attract those subscribers, and it is a major change in the media market and who are going to be winners. there are going to be multiple winners. what does apple really need to do they're looking to do 100 million subscribers in the next four years, $5 a month, $6 billion on a $250 billion revenue stream, it is a little tiny bit, but it really is a start for them, really in an area they don't have the expertise. but now they have the itunes, they have music, podcasts, tv. are they going to split them up or offer them as a package to device users across all their devices and all of the other ones they'll access, that's a good question. they have to find their way through it they haven't really announced what they're doing with that >> what's more likely in your

mind, a bundle like that or having to buy a library of their own? >> buying a library of their own will be difficult because now the studios all have their own, disney has theirs, at&t. >> and it has gotten expensive. >> very expensive. they can afford it they can afford the expense of it what does it bring to them the streaming revenue, people want to see in the public marketplaces today, people want to see recurring revenue i think apple is going to be pushed more and more to find streaming revenue and recurring revenue in addition to devices i think they're going to be pushed that direction. >> if you were apple, what would you do you have been an entrepreneur in this space, you think outside the box. apple is already determined to offer this not just on its own platforms but on samsung tvs, they're starting to hint at wider play if you were running this business for apple, would you tell them to bundle it together, what >> i think i would have options.

the consumer today wants all kinds of options, and i would say they should get a bundle service together, make it simple for apple device user, or roku or somebody that they're going to be available through, samsung, et cetera, make it easy for the person to get not only apple plus but music and podcasts which they're trying to build a marketplace in more aggressively make it easy for them to get it in one place or if people want one, let them split it off i bet most buy it as a bundle package. won't be very expensive. and i think people would prefer that there aren't just four or five major streaming services out there, there are dozens of them. when you look at disney and espn plus, it starts to add up. the average buyer has maybe four of the services. maybe they'll have six but they're not going to have 20

different bundle services for everything they want the consumer will be confused in the marketplace. the interesting play may be on the outside rail in a race, maybe the universal package because it is not going to cost, it will be advertising supported. i think they're looking at it added plus to what they're already offering so that was an easy thing for people to subscribe to because they aren't paying additional money for it i think it is just -- you have to wonder what happens to the cable operator, broadband revenue surpassed video revenue already, we saw that coming, you could see that coming, was going to happen. with 5g, what's going to happen. there are so many changes in the marketplace now, chaos is going to reign for awhile. as an entrepreneur, i love chaos, there's all kinds of opportunities in chaos

when there's no chaos, it is harder to get in. >> we look forward to having you back to talk about chaos as it unfolds. thank you for joining us today apple, meanwhile, hitting an all-time high. let's bring in deutsche bank apple analyst. the reason why it is hitting an all-time high arguably not just services, just as much outperformance on the iphone side, but how closely are you watching the progress of tv plus in particular and how are you adding it to your model as far as the up side for apple >> sure, yeah, great question. apple tv plus is something closely followed this past weekend, i haven't had access to shows early because i am not a media personnel, but it depends if there's a tent pole tv show that kind of launches a lot of interest in the next six months.

i think near term in terms of revenue because it is offered for free to anybody that buys a new ios device, really it is tough to discern any immediate revenue impact, beyond the next 12 months, could be anywhere from 1 to 3 billion revenue impact annually, depending on the amount of users that pay for it beyond the free trial it kind of depends on the initial uptake i will be monitoring that closely in the near term >> how much do reviews matter? the joker movie got some pretty bad reviews. turned out to be a huge blockbuster. could the same be true of apple and what do you want to hear from the company as far as metrics on viewership, do you think they'll give them to you >> yeah, so on the topic of reviews, they matter near term, especially the apple installed base that tends to skew more educated and wealthier, people

tend to read things before they decide to consume them long term it is about quality of content, even if reviews aren't good, people decide for themselves whether they want to continue content beyond the first one to three episodes that they watch in terms of the metrics that we would like them to disclose, i think they probably will disclose services to the subscriber account the key thing is what percentage of subscribers are paying versus what percentage subscribers are currently on the free trial and tracking that as it trends over time, specifically as we get closer to the one year mark for free trial >> is it possible to start to model in impact of streaming, especially if there's a hint on iphone >> it certainly is possible. the problem is that the services line itself is a number approaching $50 billion. even if you get to call it 100

million subscribers in five plus years, it is really not going to be a material portion of apple's services business or material portion of the total revenues for apple, which kind of approached the $300 billion in the next couple years. so it is something that i will be paying attention to and modeling closely, following closely, but the success because apple is so large is difficult to determine >> one of their shows is called see. we'll see. >> oh, boy >> we knew it was coming one way or another. >> got through 45 minutes without it when we return, we apologize. rick sat down with ed lazear rick, what's on your mind today? >> you know, i talked to ed not only about the recent numbers, gdp, ism or jobs, also trade hrsus business spending heas some unique thoughts

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what we have been seeing, everybody said it was a great report, it was, but that's because people were expectg d rt it is in line with what we've seen the last few months, job growth, three month job growth, 175,000. that's what we have been seeing. wage growth, 3% year over year, about what we have been seeing employment to population ratio, 61%, after where it has been the past couple of months. and finally, hours worked, i always like to look at, stable at 34.4. everything is really on track. i think the important point is one you raised earlier this morning. you said you think the numbers are wrong in the sense that jobs are still coming back, and i think that's true. you look over the past few years when people were writing off the labor market, saying we're there, we already peaked, that wasn't the case. we are still creating jobs at a rate 100,000 above what we need to keep pace with population there are still people out there coming back into the economy

that's remarkable a decade into the recovery >> i couldn't agree more all right. the second biggest topic is business investment, ithas bee on the light side. >> yeah, yeah. >> and many of us, including me, say a good chunk of that slowness or disappointing level of expansion is due to the trade infractions. you have a bit of a twist on that explain. >> yeah. i think the trade issue is certainly important in the short run. the way i would put it is this: trade is obviously an important issue, something we care about, the whole world economy is something we care about. what that does is it creates uncertainty, it changes the way businesses think about their investment environment, they want to see what's going on before they're willing to invest it is not so much that it discourages investment but it tends to postpone it that said, if you look at what happened last quarter with a 15% reduction in nonresidential structures, that's a big number. hard to argue that that's caused

by the effects of china. it just isn't big enough trade with china is just not large enough to account for that >> i hate to push back this is right in your wheel house. my push back would be that there are secondary and tertiary indirect feedback all over the globe with regard to how trade works, even though the direct correlation and numbers with china might be small, the rever better agencies of urn certainty have larger global effects, don't they >> they do, absolutely even what i'm saying >> they do, absolutely. you're certainly right. there are secondary effects. even taking those secondary effects into account, it's just not big enough in my mind to account for -- >> if i'm an investor, and i'm holding back on taking my bazooka of capital because i don't like the business investment level, what should i subscribe that to?

and what should i look to change in the future to make it grow larger, faster >> i would say the major issue right now is we've got something coming up in a year like a political event. it's called an election. that can change things pretty dramatically depending on what happens. if you look at the plans that some of the candidates are putting out, particularly elizabeth warren's plans this morning. >> be careful. >> i'm going to talk about the policy part, not the politics part. if you look at just the numbers of that, even by her numbers, you're talking about increasing taxes by something like 66% to 75%. that's enormous. if i'm an investor and i'm saying i don't believe that will happen, but there is some chance it will happen, that scares me. so i -- >> we're almost out of time. i couldn't agree more. these candidates, monetary

policy might be fascinating fiction reading, but i think it believes in the nonfiction economic world. do you think some of the structurals are working themselves out >> well, europe is trying to use monetary policy to deal with their structural issues. they have had high taxes, high spending, regulatory issues, labor markets that are pretty much impacted. and they're trying to deal with any blip that they have trying to deal with with monetary policy. i think that the negative interest rate policy is not the way to deal with it. >> i couldn't think of a more perfect place to leave this. i like the fact that you don't like negative rates. all of this research trying to find straw in the pile of lead i think is insane. >> back to you. >> thank you. still to come, when life imitates art. how mark zuckerburg decided to

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no matter what. it's unbelievable what you can do in the prius. toyota let's go places. facebook's mark zuckerburg responding to academy award winning screen writing's scathing op-ed posting just a portion of dialogue from the 1995 film "the american

president. >> america is advanced citizenship. you've got to want it bad. it's going to say, you want free speech let's see you acknowledge a man whose words make your blood boil, whose standing center stage in advocating that which you would spend a lifetime opposing in the top of yours. >> sorken wrote the social network. cramer's point was maybe zuckerburg needs to stop talking about big ideas and start talking about how well the business is doing. >> if you want the stock to move. i think you want something bigger than that about people understanding and perhaps embracing facebook. what frustrates me, this argument has nothing to do about just people who disagree with you. it's about how we tell, post, understand what's true and what's not. so free speech, okay, that's an important issue. but that's not what this is

about. >> that gets at the heart of what this debate has been about. the critics side of it has been a amplification. for all man kind, the show from apple. >> next week, disney, uber, peloton. it's going to be big. let's get to the judge. the case for a year end rally. why the final two months could be a big one for your money. it is 12:00 noon. november usually the second biggest month of the year. apple jumping into the streaming wars, launching its service today. the winners and losers in the battle over content. shares of pinterest slammed, falling below the ipo price for the first time, but the stock

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