on major averages. >> up 280. might have been 600 if it was a done deal. the whole market is captive to headlines. tremendous amount of headlines >> yep thank you for watching "power lunch" >> glad to have you with us. "closing bell" will begin right now. welcome to "closing bell". i'm courtney regan i'm on the floor of the new york stock exchange disney posted higher but facing a big test after the bell when earnings will be out we'll be speak with the ceo about those results. >> i'm wilfred frost let's have a look what's driving the action potential roll back of tariffs between u.s. an china sending stocks the record highs but now cautious headlines took a little bite out of those gains. trade bellwethers helping lead

the charge and treasury yields surge as markets are at record all time closing high territory for the major averages joining us for the hour, stephanie link good afternoon to you. today is what trade headlines that push us higher but with that rise in yields is improving sentiment. >> three thing it's trade and obviously the roll backs on tariffs. potentially. we'll have to see how that works out. earnings earnings are better. 2% better than expected. not great. flattish overall but next year even though numbers have come down still looking at 10% earnings growth. maybe the story is third quarter, fourth quarter is trough in earnings and most important to me what is driving the risk on trade is global growth stability if you look at german factory orders, you look at german pmi services yesterday, you look at italy's pmis, they are not great but stabilizing. that's causing yields to rise

and with it the cyclicals sector >> big final hour here thanks for being with us let's drill down on the other big stories. kayla tausche is covering new developments in the china trade notice,. mike santoli has his market scoreboard kayla, we'll start with you on china. >> reporter: we had a little bit of a whiplash in the last hour earlier today we learned there was an agreement between the u.s. and china on the roll back of certain tariffs for the this phase one deal now reuters is reporting that there is not a final decision and that there is some internal strife which is what cnbc had been hearing senior administration officials tell me they working to secure a deal with china by the end of next week and even if they can't meet that deadline they want this deal sign sooner than later. they feel letting the deal linger opens it up to risk

reuters is reporting that the u.s. has offered to co-host a rescheduled apex summit here stateside in january given the desire testify the white house to tie up phase one and expected to be signed before then if it does happen kaykayla, i guess the key tn is who within the administration may be trying to block this? >> reporter: two weeks ago we reported peter navarro was not happy with the direction of discussions, that felt like phase one was too weak and he wanted china to recommit to the ip language from back in may it had abandoned in order to secure this phase one deal. my reporting from a few weeks ago of that he was alone in that fight and that most officials had gotten on board with what the president wanted which was to tie up this phase one of discussions to get a large amount of agricultural purchases, to get certain concessions from china and de-escalate the situation and roll back tariffs going into the

election year and pretty much everyone was on board even as navarro was agitating internally we're waiting for the full rutter story to see who this time is fighting it. >> thank you as always let's get over to mike for today's market dashboard >> run through real quickly. a new hope as the industrial sector reaches a new all time high what does history say? clap if you believe in this revival of cyclical and value stocks that have taken hold. the happiest place might be wall street looking at visit sentiment very much brighten in the last several weeks. end game or not, macro data that weighs in on where we are on this expansion this is the s&p industrial sector we've gone tremendous progress for a while. when you reach a new high and i have five dates here, when you reach a new record high after not reaching a high in at least

a year, so one of them was right around here in 1995. that was, you took off to the up where side there after that it was in 2006 or so you had a little more of the bull market to go in 2007. then 2013 that was a straight up year so the point here is that you've not actually had this happen a new high in the industrials after you've not had one for a year and had it been a real market top average forward going return for the s&p 500 after you hit a high in the industrials is something around 16% according to nautilus research that sets the the scene for what you can expect after we got one of they moves. >> steph, where do you stand on the industrials? is this encouraging for you >> it is encouraging i'm overweight it's painful to be overweight. you get stable growth globally to get the dollar to go up quickly as it did. the positioning is still off

side i still think people are chasing and not believing, so to speak and caterpillar was the tell when they reported numbers, lowering numbers dramatically and the stock ended green. can you imagine if boeing starts to do well once they get the 737 mack one of the biggest names in the xli, so if that gets going i think industrials have another leg up as well >> something we'll be watching for sure interesting chart. very long term treasury yields seeing a big spike. mentioned at the top of the hour let's get to rick santelli with the bond report. >> reporter: hi. 24 our check, why did i pick five years only one that's up ten basis points october start to 30 year bonds auction today. tens and 30s were over 10 basis points they eased back a bit. we're up 40 basis points on the month. absolutely amazing from the beginning of october to where we

sit now. if you look at the dollar index since october 1st, double bottom, closing up 98 since mid-october. back to you. rick, would you now classify the shape of this curve actively as steep or still kind of just less flat than it used to be >> reporter: no. we're three and a half basis points from the steepest of 2019 historically it's been steeper but i think considering central banks and all their tinkering with interest rates i think it's a victory on the steepening curve. >> great thanks so much why banks are performing well and hitting record highs as of late let's sends it over to bob pisani who is on the floor of the exchange with what's driving this move to record closings >> reporter: record highs here take a look at the s&p 500 we left a few points, internal opposition to white house trolling back tariffs. i don't want to take that away

from the rally that yield rally pushing jpmorgan, bank of america, bunch of regional banks to new highs small group industrials like united technology, 3m, okay terri -- ok caterpillar new high general electric might be at a two year high. transports confirming the dow industrials at new highs one group not liking these yield rally we're seeing home building stocks, kb homes all the other ones down 3%, 4% and that's again going on since the beginning of the month >> 52 minutes left for us to hold on to those gains and have record closes for the three major indices. roku getting slammed after the company's outlook came in below expectations and growing its average revenue. in the midst of heated streaming

wars the company sees opportunity. here's what the ceo had to say on cnbc earlier today. >> we're a central partner for those service. we're a great way to launch those conversation that's our business. our business is connecting end users that are watching television with the streaming surfaces that to reach those users. >> one of those services is disney plus which is set to debut on tuesday net flex ceo gave his take on the competition yesterday. he seems to think the more the merrier. >> i'm not say we're worried we admire them i'll subscribe they have great shows. they are a wonderful competitor because they understand creativity we learn, we observe, we watch them we admire the heck out of them >> disney will be top of mind as earnings report will be out today. we'll bring you those numbers

after the close along with a big interview, disney ceo bob iger as soon as those results come out p.m. looking for to disney earnings and that interview. back to that comment by hastings he said he's happy with stick with zero advertising going forward. there's always a question as others tart to mix and match revenue and advertising it makes it harder for others to mix it and bring in advertising >> sure. absolutely when he said the more the merrier i get it i agree with him at what cost what price do you have pricing power? fine have the content. disney and netflix will be the leaders but what will the profitability look like? it's one of the reasons i pared back my disney position. i'm still long on the name i do get concerned about expenses and guidance for 2020 i think we'll get 2020 guidance and that will be the key metric

for me how much will they spend to get subscribers. >> what about roku steve said he's not sure the street understands what roku is. >> i agree to some degree. it's up 300% year-to-date. it doesn't have a multiple it's expensive it's one of those stoings this environment that the market does not want any blip, any hair at all on earnings or guidance will fall and that's what's the theme attorney general's this go around is if you miss heaven help you because the stock goes down double digits >> i wonder if bob iger already subscribes to netflix and maybe subscribe to hbo max we'll ask that an interview with bob iger >> stocks on pace for another record close where should you put your money to work now. >> later the ceo of amc entertainment will join us to break down his company's

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kenyan partners has approximately $25 billion in assets under management. they began with large cash position waiting to put to work. where are the best opportunities in the market right now. let's bring in josh friedman very good afternoon. before we get into the specific opportunities we've seen a big increase in yields today and over the last month or so. are you concerned that can lead some companies into some stressful positions? >> i think we've actually already seen some increase in stress in the market if you look in the bank debt market the a debt trading below 80 cents has tripled. the amount below 90 cents has increased substantially. after years and years of low, low interest rates i think that lenders have been willing to do without a lot of the protection they normally get and we're starting to see the consequences of that already. this could be the nudge that

drives those bonds down further. >> to a worrying conclusion in terms of creating a major recession or just individual stocks with specific issues? >> i don't know this would be the cause of a recession i see recession a cause of price decreases. price decreases is what happens as a result of overreaching and credit underwriting what we've been seeing for the last couple of years >> you just closeed a joint venture in real estate it looks at all sorts of different kinds of real estate is everything a good opportunity in that area or do you have to be very specific when you're making these choices >> i think our assumption on that particular fund is we're pretty late cycle. cap rates might increase we have to be selective. that happens the to be a joint venture with a company that literally sees thousands and thousands of projects every year as a contractor or as an owner's rep and from that vast network of deals they see there are certain ones they see as

outstanding investments. we're in a market where bank debt is hard to come by for construction related projects. investment capital is need on the equity side. but i think we have to be extremely selective at this point in the cycle >> looking at the equity markets, record all time closes expected for the three major averages, the vix under 1312.75, is there some complacency do you think in broad equity markets as well >> there's been a complacency in general whether in the private markets or public markets or equity markets or in the debt markets. unfortunately that's what happens when yields get solo people are forced to take risks. sometimes they take foolish risks. the other big transformation we're seeing is that more and more and more business is being done in the private markets, really without southeast public market protections it took a public filing to sort of unmask some of the issues surrounding wework, for example and we're in a market now where

number of publicly trade equity companies is about half of what it used to be and over half of the high yield bonds were placed in the private market not in registered offerings i think we're starting to see the implications of this transformation from public markets to private markets >> what's your take on soorms? -- consumers >> the consumer has been strong. continued to stay strong even when we have seen fluctuation in corporate ceo confidence and unemployment remains low u.s. my is pretty strong but we're not an island. it doesn't take much to change that sentiment >> sounds like there's a lot of concerns and you're key message has to be super selective. what are the top selections in your mine of the 25 billion we mentioned where is the bulk of it at work >> we're involved in some of the bankruptcy and distress situations the largest ones

you've seen in the marketplace >> you were involved in pg and e. >> yes for specific reasons including the way post-petition claims such as the recent fires get treated in a bankruptcy. we're involved in puerto rico, we're very involved in caesar's which is out of bankruptcy but only beginning to work through some of the operational issues where we think there's a lot of opportunity. and we're taking a good look at a lot of debt that started to drop in the current environment because that universe is a lot larger than it was earlier in the year three times as large we're look we're being patient. we have to be patient. >> general electric was a position you were linked to. is it past the worst threats to its future >> general electric is pretty opaque we never had a large position but brought about a lot of questions. we haven't been involved in it so i'm not up to date on it. it's pretty opaque

>> lou floated a number of 25% pull back in the market if elizabeth warren became president. do you have a view on that >> i certainly think if elizabeth warren becomes president i would say that a lot of market participants will definitely get scared. it's the nature of the way market participants are. there was a few weeks ago as she was climbing in the polls the market would go down when she drops in the polls the market goes up it will affect confidence. >> your one of those participants that would get scared >> i would get scared, sure. that's being realistic it's not a political statement that's an observation about what i think will happen to the markets if her probability of election increases dramatically. >> we heard a lot of wealthy individuals speak out about the wealth tax and their opinions as she put forth in a 60-plus page paper. what do you make of her policy >> i don't have a lot of

judgments on it. i know how difficult it is as a practical matter to administer even an estate tax in this country. it's hard to see how it's implemented. the there are constitutional implications as well i haven't focused on it a lot. a lot of my friends say it's unlikely to become policy but i don't have an opinion on that. >> thank you for joining us here we have just about 39 minutes left to go before that "closing bell" sound take a look at major averages. they were higher but pulled back on some news that negotiations aren't as smooth on u.s.-china trade dealings dow is higher by half a percent. after the break, don't fear date night. that's what one firm is saying we'll explain what that means coming up next >> disney due to report earnings after the close days ahead of the launch of disney plus. we'll speak with ceo bob iger about the quarter and all things streaming. that's after they report

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welcome back to "closing bell". time to get word on street b bank of america raising its price tar he get on citi it could transition the stock

tube stored stock. ubs upgrading match group to buy from mutual. don't father date night. the fundamental drivers remain intact evercore downgrading twitter to underperform. it played a key role in causing technical bugs last quarter. here's what the analysts said last hour when asked whether the amount of money spent by twitter mattered if it kept hitting its daily active user targets. >> they can sustain the growth we're seeing now however, i think this is a key takeaway profitability matters as well and that's really where you're going to run into the challenges revenue can sustain itself bust doing so will require a level of

investment that, again, we don't think people have come to grips with yet >> shares are down 2%. what do you make of twitter? >> i owned it. i had trimmed it ahead of the quarter. had a little piece after the quarter and i sold it. i think between now and end of the year it's dead money no catalyst. they haven't fixed the bugs. we don't know when they will fix the bugs they will. but have to spend an awful lot of money so you don't get that positive operating leverage at one point the stock was up 40% year-to-date i want to own a quality name you have a little bit of time. it sets up well for 2020 into the elections and japan olympics, but i think we have time >> citi note is interesting. they trade towards the bottom end of the spectrum. but also traditionally compared the to history they always have done so. there needs a change a catalyst

in order for them to catch up to jpmorgan multiples and they think it could be the american consumer >> i knew you would focus on the banks. too tempting for you this is a good note. it's true. it is cheap at 1.05 times tangible book. the stock you is up. has done quite well. it remains to be seen if they can gain momentum. they do have a new head of consumer seems the to be making a lot of stride but the this is a show me stock. this company has had execution problems over the prior years and that's why it trades at a discount to the group. i own it i like it. i'm nervously waiting to see if we can see better results ahead. >> jpmorgan doubled that about 2.1 times which is a huge gap. you can imagine some catch up even without that much difference in terms of returns just a bit of a trade going on in the marketplace but we shall see coming up we got your last

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less than 30 minutes left to go here. here are the three things that are driving the action optimism over potential roll back of tariffs between u.s. and china. cautious headlines this afternoon have pared back some gains. trade bellwethers heepg to lead the charge and treasury yields saw its biggest jump since the 2016 election >> time nor a cnbc news update with sue herera. here's what's happening. a new york judge has ordered president trump to pay $2 mill thrown settle a lawsuit alleging he misused his charitable foundation to further his political and business interests. new york's attorney general filed the lawsuit last year and said the court's decision today was a major victory. closing arguments were delivered in the trial between the state of new york and exxonmobil

new york filed a lawsuit last year saying exxon hid the true cost of combatting climate change from investors causing them to lose 1.6 billion a lawyer forex on called the case meritless more than 2 million pounds ever chicken are being recalled in eight states due to possible metal contamination. arkansas based simmons group issued the voluntary recall for fresh and frozen chicken products produced from october 21st through november 4th. and take a look at that. christie's in switzerland is auctioning off a blue diamond ring it's expected to fetch between $10 to $15 million it will be auctioned off next week in geneva like the perfect size. not too big. not too small. >> what a gorgeous ring. >> not too expensive >> price is just right >> i like the way you think will >> i'm not sure my bank balance

does >> thank you very much we have about 27 minutes left to go let's sends it over to mike santoli. he has his second dashboard. >> clap if you believe that this outperformance in recent months are value stores cyclical stores markets playing offense can last let's look at the three month chart of a handful of these cyclical value groups. that's the s&p value etf, the ive, semiconductor index which has been a clear leader, banks and against the s&p 500. you can see all these groups have outperformed handedly over the last three months. look at the same four on a longer term one year basis and you see there's still some more come back that needs to happen before you can say that these are true leaders semiconductors far and away, growth cyclical, obviously, part of technology not pure value but you see the rest of them, banks pretty flattish in terms of the trend

everything is nosing in the right direction. i still think there's this reserve of reluctance to think that this is the trade for now of course the big stock growths can work yields going up. people getting used to the idea that global economy is inflicting higher. still not at the point where the market said yep this is the way it's going to be >> i lean towards value. i definitely lean towards value. i'm clapping but cautious too because we don't know if this will have legs or not. is this a false start for global growth i'm betting it is, stabilizing and we'll see better growth next year but it will take time. these stocks are up 20%, 30%, 40% from its lows. i want to see more measured. on pullbacks i'm buying not examination. >> we see pick up in yields help the dollar recover a bit of strength

but off that high 99 would that start to worry you again if we got up to those levels on the dollar >> for sure. that was a head wind across all the companies i heard from all multi-nationals had problems with the currency. that's one of the reasons you can make a bullish case if you think the dollar will pull back or stay here you can own the multi-nationals and why you would buy on weakness. big question mark. >> thank you we got 25 minutes before the bell and we could see record closes for the dow, s&p and nasdaq up next we got your last chance trade. >> plus we'll be getting earnings from disney, activision and many more after the close. we'll get reaction from disney's results from bob iger. here's a check out on the earnings scorecard poedcompanies on the s&p have rert "closing bell" will be right back ♪

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this is a derivative call from air products this morning air products reported earnings, stock is up nicely today they have volume and pricing and raised guidance. no one was expecting this. linde will do the same thing 900 million in synergy and additional 500 million they are buying back stock stock has lagged air products by 12% year-to-date it's a catch up trade and expectations are low enough. i expect the quarter to be solid. >> these travel stocks are getting whacked. >> yes a lot is because of the competition or changes in the seo from google. expedia not as well positioned booking holding is much better we'll see tonight. i still believe in the long term theme of this sector i think expedia also had some

company specific issues as well. so let's see i think bookings hold sag better operator but i live and die by my recommendations. i don't get them all right >> shares are down about 8% or so on the weakness from the other names. we'll find out more after the close. we have just about 20 minutes before the close bell southern dow and s&p as wolf mentioned are on pace for record closings. we'll watch this carefully this is the last commercial before we take you into the close where we bring you uninterrupted coverage of trade next later we break down disney's results with bob iger. he'll join us coming up on "closing bell"

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just a bit over 14 minutes left in the trading day. we're now in the chloeing bell market zone. this is commercial free coverage of all the action. >> mike santoli is here to break down these crucial moments of the trading day. today we got stephanie link here as well. let's have a look at where we stand with just 15 minutes left to trade we have slipped in this final 20, 30 minutes s&p is now only up one tenth of 1% it stands at 3080.1. that's just high enough for a record all time closing high dow is in record all time closing high territory nasdaq at 1484 just below it's all time closing high. mike lost some steam in this final hour that headline from

reuters perhaps the earlier positive activity on removal of tariffs may not be confirmed >> the backdrop, for the prior two days the market has been going sideways, digesting the gains. perhaps a little bit fatigued and grabbed that headline this morning about a possible agreement of rolling back tariffs as a nice little excuse to push higher and stretch to see how far this rally could go. there wasn't a lot behind it except that reliance on theoretical. narrow market all day. basically an excuse to sort of settle back a little bit i don't think it changes the overall structure. the market still looks like it's in good shape. >> any kind of a deal is it more psychological? if we have tariffs rolling back moving the ball forward? >> it's hard because we don't have the details we won't know a lot of the details even if we gate resolution more psychological >> fair enough >> i think that the cyclical

stocks that are trading nicely they are holding in today which is kind of encouraging i would expect like if we didn't think something would happen they would roll over pretty hard they are not >> ralph lauren beating the street's estimates better than expected positive comparable sales in north and asia they were below expectations hong kong fell 27% compared to 22% increase in sales in china for ralph lawen. ubs calls it impressive. the solid result will cut some bearishness to rereceives but slightly lower full year earnings guidance may signal the brand is driving earnings growth shares are up by more than 14.5%. seems like ralph lauren has been getting its house in order, getting inventory in line, be careful about brand management and unit price increase that

says something about the brand >> less promotions and better gross margins and better operating margins. they are getting their house in order. stock has not done much. today but not much year-to-date. it has legs to go higher >> look at the saw tooth move. this used to be a stable brand there's so much doubt about separating the cyclical from the global trade effects to the secular move the market just doesn't know what the correct site to be on. >> that stock is up 15% today. we got 13 minutes left to trade at the moment. the dow is up 168 points set for a record all time closing high travel stocks have been crushed. >> reporter: a couple of factors in play but one is the growing competition from google. that don't challenge these online travel operators like expedia and trip adviser there are shared concerns about

a recent change in google's algorithm that pushed their search engine results down resulting in less traffic and that certainly increased the need the to spend more on advertising further pressuring margins. booking holdings the largest of the three is seeing its stock drop ahead of its earnings currently down 8%. analysts expecting a rise in profits and revenue. but there will be concerns about the health of its home rental platform, growing competition from google and also the impact of the hong kong protests on its bookings in asia where it has a large footprint. back to you. thanks so much we talk earlier about how some earning misses toledo massive drops. is this an example of that >> yeah. especially because last quarter they raised guidance so now this quarter they are lowering guidance. there's not a lot of confidence in this management team and execution. not only did they miss and lower guide but you have execution problems nobody wants to touch something like this. >> it's not affecting the

broader belief that the consumer is still strong. >> it's almost -- it's kind of like retail. it's northwest of a reflection of the macro it's really about structural things going on in these industries >> it was interesting the google algorithm had a big impact about the searching and how much lower it drops >> google goes the from friend to enemy >> having an impact on a lot of different companies not just expedia. look at yelp grubhub. all these companies. they are certainly gaining some share for sure >> something for us to watch on a lot of these companies pair of gaming stocks will report after the bell. let's go over to josh lip the tennessee. >> reporter: let's start with activision they are looking for 23 cents on ref view of 1.16 billion publishers new version of call of duty the looks be off to a strong start commentary of new version of

overwatch when that launches that game is the basis of activision's esports lead. tick 2 analysts want to see 1.68 on revenue of 926 million. i want to see more how relatively smaller gains are being received too for example borderland three back to you. josh, thanks mike, these guys had a bad start but recovered in the second half >> they are trying activision in particular is trying to come back a little bit. it's interesting, because i think the common wall street wisdom was don't worry about fortnight, that kind of was the timing when these stocks did peak a couple of years back. >> interesting because best buy when they were looking at the back end of the year, they pointed to gaming and i know some of that is more hardware. pointed to gaming what they anticipated being stocks going into the end of the year i think that's interesting to

watch because that actually pulled down their expectations for some of their results for the back half of the year. things ended up stronger perhaps a follow through there as well. steph what do you make of these stocks >> it all depends on what your pipeline looks like. take two has a good pipeline activision has a good pipeline next year. it's what you're willing topay for that nafgs this year, the valuations aren't too stretch they had a nice run. expectations are sort of high. i wouldn't be surprised to see a little bit of a selloff. if you have the pipeline and products people will come and use them >> those two names will be reporting after the close. a busy session after the close, including dropbox reporting at 4:00 p.m. which is getting pretty close we have a look what to expect from them. >> reporter: dropbox has been undergoing a reinvention this year part nearing with slack and zoom and trying to win over

enterprise partners. it's still trading below it's ipo price of last year they will have to show investors it's reinvention is attracting more paid users and making more money from them. the street is expecting earnings of 11 cents per share. >> thank you mike your take on this one, which has struggled to kind of convince more people to pay for the more premium services. >> it was interesting. from the very beginning when slack was listed, seen as a similar story. everyone knew it great brand recognition for an enterprise software stock. could they get people to pay for premium and get the street to really put a big multiple on that so far no. met with a lot more skepticism than expected but sort of trying to find its level as well because a lot of other high flying cloud stocks have been selling off. this one is off its lows >> has more rival than slack

slack getting rival from microsoft than not to be kind of overlooked but there's a lot of dropbox type offerings out there. >> absolutely. that's why the price increases if they lead to churn that's what we're looking at. will consumers and customers go elsewhere. that's the big number the to watch. the pricing and the churn. >> let's remind where you we stands with the markets. we're still set for record all time closing high on the dow and s&p. s&p is pretty close because the last hour or so of trade we have seen markets pull back earlier in the session optimism we might see some tariffs reduced or a move ahead of signing of phase one and roundabout 2:30, 3:00 reuters and "wall street journal" headline suggested that's not been fully agreed yet. the nasdaq will not be quite at record all time closing high territory. s&p up 0.2% and enough for a closing high

>> we're watching on the s&p 500 is 3,078 julie boorstin has more. >> reporter: with disney plus disney's big streaming service expected to launch on tuesday we're expected to hear on the earnings call what to expect from that service. we'll be sure to hear some questions about how that investment is streaming, will way on disney's bottom line and how its tv business is faring in light of disney's focus on streaming. disney's revenue is expected to grow 33% while earnings is expected to drop 36% disney's share hit an all time high this summer they are down about 4% since the company's last earnings report in august. guys, back over to you >> i know that park attendance was a bit disappointing in the last report. what are the expectations for this time around >> reporter: look, i think

tinting commentary about the parks in the last earnings report was that bob iger said they didn't manage the launch of the new "star wars" areas as the galaxy edge land as well as they might have and that they were really focused on trying to make sure they weren't too crowd but as a result they didn't maximize for attendance sort of walking that fine line and making sure -- they didn't want to drive people away but wanted to make sure the experience was a good one. be interesting to hear what they say thisquarter about how thos galaxy edge lands are doing and how the parks are faring around the world. >> we're looking forward the interview as well coming up just after the earnings come out with you and bob iger do we have special guidance and expectations from the company as subscribers for disney plus or have not revealed that yet >> reporter: here's the thing. they've given ballpark guidance on disney plus when it comes to revenue and

earnings numbers, disney does not give revenue and earnings guidance we're looking directionally what he can say about the health of the consumer and see if he can give us any insight into how subscriber numbers are doing so far in terms of early sign ups they've been offering early deals for that disney plus business >> thanks so much for that four minutes left to trade mike looking at goldman sachs preview note they expect 11.3 million disney plus subscribers by the end of next year. that's still quite a low number when you look at netflix numbers. maybe one they can beat easily >> that's relatively conservative in term of the range of what you think traction would be from the outset, marketing power of disney i don't think anybody disputes customer context they start out with in advance. also going to tell you it's not going to be a big mover of the needle financially for a while even if they get beyond that 11

million number because of the size of the company is so huge it's not an earnings story >> stephanie there was a nice move up in april then we stayed range bound for shares of disney what's holding shares back what would you want to see >> i think it's expensive. it's going to cost a lot of known get these subscribers and take time. to mike's point to see the content really evolve. that's what the tissue is. how much have numbers come down. numbers have come down by about 8% which is why the stock has fallen about 10% in the last two months or so. i think expectations are lower heading in to the quarter. the big question, what is expenses, how much do they have to invest to get this thing to grow >> as we look at the last couple minutes much trade, s&p and dow set to close high. nasdaq not quite >> it was a pretty good day.

it was pretty weak given the index at highs earlier now gone to negative fewer stocks up than down on the new york stock exchange today. now those that are up are the ones you want to he see cyclical stocks are the high beta stocks working, low volatility because of that big aggressive move up in yield is compromising those defensive names. that's still intact but very needed magnitude of moves. >> just two minutes left to go let's sends it over to rick santelli a big move in maturities part of it is europe's rates are flying but also stocks pulling rates up look at the combination chart. you can clearly see strength in stocks putting up yields three basis points away from the steepest of the year year-to-date to a 20 year chart we're a long way away from a

steep curve. bertha, closing over 8400 that's pretty solid for the nasdaq. >> we're off the highs but still seeing big gains for the tech sector in particular qualcomm one of the big winners on strong volume after it beat 5g is the big driver now just about 7.5% from its 2000 all time high hit agnew high today baidu a big gainer that stock has struggled lost market share to tick tock speaking ever advertising, advertising giants alphabet today also hitting a fresh all time high. even as the other fang names like amazon, facebook and netflix still haven't taken out their 2018 highs >> couldn't figure out where we were on tariffs. so we came well off our highs. good day for banks and industrials. yield curve steepening, helping the banks overall. metal names moving up. very nicely.

ak steel moved up. some of the other big metal names move up. saw some health care stocks move up like cardinal health had a good day some of the other ones tough day for gold tough day for housing stocks there's the dow jones industrial closing the day up 185 well off the highs new highs for s&p. welcome to the "closing bell". i'm wilfred frost. >> i'm courtney regan along with mike santoli >> let's check in on where we close record all time closing highs for the dow and the s&p. the nasdaq chloeing at 8434.5 was just a record close itself by fractions of a point but very close to one record closes for the dow and s&p. nice little tick up in that

final. minute of trade which offset some of the prior declines in the final hour so financials led the chart higher >> russell 2000 higher by .3 percent. we'll get result from disney, dropbox, booking holdings and zillow we'll break down those numbers as soon as they cross and have a live interview with disney ceo bob iger joining us to talk about the market day is stephanie link and jeff stout joins us. all right. mike we got a record for the dow and s&p but like you pointed out sort of lost some steam. you thought markets are looking for an excuse to go higher >> look the market is in pretty good shape we've had a 7% move higher to a new high in the s&p in five weeks. that's pretty decent little run and up 9% since the loss of

august so that tells you that the trend is okay, the question is whether it just gets a little bit tired in the short term and i think if you look at sentiment maybe it's time for a rest but correct so to speak sectors that are working, cyclicals and move in bond yields show the capital markets are relaxing >> moving bond yields -- what would you make of that and what does it -- how does it form your positioning? >> i like most of the sectors except utilities and consumer staples. portfolio managers i talked to do not believe this rally basically all year they had to put money to work so they put at any time to work in the defensive sector what's important here is you had the transportation index make a new all thyme wasn't the dow make agnew all time high that's a dow theory buy signal. so i think the market trades higher until year end and we'll have a pretty good 2020.

>> year end s&p target was 3,200? >> 3,200 i've been saying it for a year >> now we're getting close >> when we get into 2020 >> 3,200 we'll watch that stephanie we mentioned this earlier the vix is below 13. that shows a lot of complacency. is that a warning signal >> you worry when it's down low. i still think, trying to digest trade. trying the to digest earnings. whether or not earnings are dropping now in 3 q or 4 q, i anier with what does it set us up for 2020. maybe we do 7%, 5%, a lot better than flat. i think we'll have more confidence as well we'll have better visibility one way or the other will trade. that's a good thing. i'm very encouraged that the cyclicals have hung in there today. >> my sentiment at the moment,

building towards more confidence and optimism whether you look at very short term trader sentiment might be a little bit aggressive. longer term fund floss and things like that people are not positioned for a big move in the fourth quarter retail certainly not >> perhaps this is the sanitized rally. is that pushing towards 3,200. >> tom lee thinks this secular bull market can go to 2032 and i'm not that bullish but if you go on another seven or eight years. the problem is there's not many of us old enough that saw the 1949 to '66 or '82 to 2000 secular bull markets most cut it off at '87 to stephanie's earnings point, using $177 on next year according to my work a fair market multiple in authenticity rate environment is 19 times two

earnings run the numbers. >> we got our first earnings report of the evening out and it's on bookings holdings. >> third quarter earnings coming in better than expected. this is the largest online travel operator. $45.30 adjusted versus estimate of $44.70 estimate the stock price at 1,925 perhaps puts into perspective these earning numbers. slight miss, but it's a beat on earning that the stock is moving on you can see up 4% after losing as much as 8% in regular trade responding negatively to disappointing results from its peers. expedia as well as other online player trip adviser so far stock responding positively to results that earnings calls starts at 4:30 p.m. eastern and we'll be

on it. and the impact geographically speaking given the hong kong protests >> mike, not great but not as bad -- >> clearly this was set up for some kind of relief. the stock was over $2,050 a couple of weeks ago. you lowered the bar. >> another earnings report a big one. disney >> reporter: disney beating expectations on the top and bottom line. company reporting adjusted earnings per share of $1.07. 12 cent beat analysts had been expecting 95 cents puerto rico share. revenue coming in at 19.1 billion up 34% from a year ago quarter and compares to expectations from analysts of 19.04 billion and better than expected results driven by the studio as well as parks and resorts. want to break out these numbers. studio division showed 52%

increase in revenue to 3.3 billion while the studios operating income increased by 79%. looking at the parks and resorts division, that division saw 8% increase in revenue, and a 17% increase in parks experience in operating income and then even if you look at this direct to courtroom international division snaflts have been smagt what kind of loss it would post and it posted smaller than expected operating loss so smaller than expected and also just looking at the median networks division that's up there with parks and experiences, those two the biggest in terms of revenue and it grew its revenue 22% in the quarter also better than anticipated. i will be sitting down with disney ceo bob iger. that's coming up

we'll talk to him about all of this >> thanks so much for that in term of the individual sentiment cable is a little belined. biggest beat essentially not too much difference >> not too much. much better cleaner quarter than last time. last time it was very noisy. acquisition effects from fox that's why it's well received. >> up 3.3% we'll leave the broader market discussion there stephanie link thank you for joining us we have to go to break after the break we'll break down disney's results with the ceo bob iger an exclusive interviews coming up when close llbe returns don't go anywhere. vious. sometimes, they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets

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>> being with. disney's earnings just out a decent beat on the bottom lynn julie boorstin joins us now along with disney ceo bob iger julia, over to you >> reporter: bob, thanks so much for joining us here right ahead of your earnings call. big beat on the top and bottom line i know lots going on this quarter but really what drove the upside surprise? >> solid quarter for the company driven by great performance in our studio is tremendous lineup of films this past year and in particular this past quarter and then parks and resorts and consumer products had a great quarter as well. those are the big drivers. >> i know there's a lot of focus

on streaming you've been investing there. that division loss less than expected as we get ready for disney plus to launch on tuesday can you give us any updates where that streaming service stands and how you plan to get it out to subscribers? >> it's ready to go, i'm glad to say. we tested it in the netherlands. it was quite successful. product in the netherlands didn't have original content but extremely well received not just in terms of number of subscribers but user reaction to it very navigable elegant. great access to our brands and our story telling. that was very positive we've had a tremendous marketing effort across the company with great synergy efforts and very innovative marketing effort outside of the company the product is getting ready to go meaning there's a lot of original contents available. a lot of library content

people will be pleased with it >> any news you can give us about any distribution deals there were questions whether i could download it from amazon. >> we have distribution deals with a number of different entities we're proud to announce a deal with amazon. we have deals with apple, samsung, microsoft, with lg, with google. so significant, significant progress in terms of distribution deals and amazon being the latest one >> amazon interesting because, of course, they have their own content as well. frenemies in this mays >> one way to look at it hulu about six months since you announced that you were taking over full ownership. >> full control. >> full control of hulu. how has your tragedy for hulu evolved. >> the strategy for hulu is evolving we have a big announcement to make today and that is we're going create a huge fx presence

on hulu. fx a highly regarded channel number of different accolades particularly in terms of, you recognize the quality and boldness of their programming since 2014 277 emmy nominations, won over 55 emmys what we're doing is three things first of all, for the first time fx will be creating original series for hulu, in fact we'll start with four of them. four in production now they will be available on hulu starting in probably late march. we're also going to enable viewers to watch fx shows on hulu soon after they have air on fx, just a few hours later then we're taking approximately a library from 40 series 17 which are relatively recent in nature and making them available on hulu and that's over 650 episodes of television tremendous presence. this will do a number of things

both for fx but in particular for hulu and hulu subscribers and at no extra cost essentially we're taking premium content and adding significant more amount of premium content to hulu. >> do you have any sense how this could help drive subscriber adoption to hulu >> we're not giving any specific guidance but i think it's a really good thing because of the brand, fx represents, meaning the power of its programming the quality of its programming i think it's a great thing for hulu and good for fx >> everything you're doing right now putting that will content on disney plus you have more content available on hulu, i have to ask, though, how this is changing your perspective about the health of the traditional tv business and how you can imagine these new businesses cannibalizing or putting pressure towards more cord cutting. >> very interesting what we're seeing that is that viewers now have access to watch programs in so

many different ways. what i mean by that is if you look at the accumulated rating say a hit show on abc throughout its run in basically the traditional space and live versus live plus three and live plus eight all the way through its presence on hulu some of our hit shows on abc actually triple their ratings within a month of the initial broadcast. so i think people are, who believe that the viewership of programs is going down, not necessarily correct. viewership programs are actually either staying the same or rising but they are just being spread out over time and over multiple platforms when we look at our company, we look at a company that has live linear channels and significant television production and creativity capabilities and we have a platform in hulu specifically but also of course with disney plus

so we have the benefit of creating and owning our own shows. airing them in a significant way on the initial channel, linear channel whether it's a live network or live cable and satellite channel and then capitalizing on consumption on new platform notably hulu. >> i understand your sbdo you are advertising supported and streaming sbdo service may be strong if you look at the health of the tv bundle, espn most valuable and people say what's holding the tv bundle together at what point will the value people are getting on streaming means tv bundle loses its appeal and are you going to be part of, you know, damaging your bread and butter >> well, we don't believe that what we're doing is really damaging our bread and butter, to use your words. what we really are doing is a couple of things first we're giving consumers an opportunity to watch sports in new sometimes considered more

modern ways. morven ways. we're also establishing a path for us to continue basically success or profitability should the initial or the traditional business model be disrupted to such an extreme that it's a necessary transition we have to make so we're prepared for that mvbd model is still very important to us and to others in the business drives a lot of revenue. drives a lot of profitability. drives a lot of consumption. we talk a lot and quite candidly about erosion. we're sublosses, he they continue which is all the more reason why we're doing what we're doing >> the competitive landscape just last week halle berry max unveiled many details what it's doing including a focus on younger viewers including to kids content and millennial viewers and much higher price tag than what disney plus

launches what do you think about that as a competitive impact >> we're not focused that much on competition we're focused on making sure the product we make out is successful from a bottom line perspective and consumer perspective. we got something that's incredibly unique. i talk about it a lot those brand disney, pixar and "star wars" and national geographic and 30 seasons of simpson, great library content, great original content under all those brand banners. nothing like it for a price of 6.99 a month which is incredible or 69.99 a year or bundle three service espn plus, disney plus and hulu for 12.99 a month that's a good deal >> reed hastings says he doesn't consider subscriber count a measure of success what's your measure of success >> a kbafrgs things. we'll be focused on subscriber

count. individual consumption will be of interest to us and profitability. >> profitability, of course. do you have any updates now that you're seeing people signing up. >> we're not seeing any specific today about how many people have signed up early and we're not changing our guidance. >> reed hastings said he will subscribe to this. have you subscribed to apple tv plus are you watching your rivals >> nice to hear reed say that. that's a ringing endorse mernts. i'm a netflix subscriber i can admit that i also have availed myself of apple tv plus as well. i got that free as i got a new device >> just a last question. >> that's a good idea. >> there's a lot of talk about how many different people are watching at the same time and reed hastings for many years said he wasn't worried about piracy or password sharing what's your approach to password sharing and piracy >> similar to what others are

doing. something we'll be mindful of. we're set up a service that's family friendly. we expect families to consume four live streams at a time. we'll watch it carefully with various tooshlgs technology tools that we have available to us but it's obviously something that we have to watch. >> thank you so much for take the time with us we appreciate it and tuning into your earnings call which starts shortly. guys back to you thank you very much. and mr. iger what do you make of this, mike some new headlines coming out. they are distributing disney plus on amazon fire device bigger x presence. >> positive to have the distribution through third parties. it was going be hard to find overall message, you know, that he's sending and i think is the way investors are looking at it, zero sum game we're playing. we're not expecting the new stuff to fully cannibalize the

old stuff. that's how you make the model work disney collapsed their cash flow production made this massive acquisition. very somewhat the noisy messy financial for this year. now they have to get off on new metrics and die what success is. >> the testing of disney plus has gonedown well in hold left-hand. interesting the way he frames it clearly they have got linear tv. three sbdo offerings just a couple of years how many people are cutting the cord now. disney plus launching on tuesday. the stock is up 4% they beat on eps more warnings, activision an take two is out. >> let's start with activision eps of 32 cents, the street was at 23 cents. revenue of 1.2 billion

beats on the bottom and top. the guidance is a bit light relative to expectation. q4 activision calling for 1.15 on 2.65 billion. analysts were looking for 1.28 the year also a bit lighter than what the street was looking for. calling for 2.17 on revenue of 6.33 billion just quickly looking at the segments activision 209 million blizzard 294 million better than expected king at 500 million. a bit light. they do call it a new me the trick here mobile version of call of duty that hit october 1st company saying over 100 million downloads in its first month take two very quickly. gap eps of 63 cents. not comparable to 16 that the street was looking for they do give guidance here gap eps of 1.29 to 1.49.

both those calls by the way starting at 4:30 eastern back to you. >> josh, thanks so much for that as you can see trading down. activision trading down a little bit. still to come mike santoli will have a check on investment sentiment and wale tax the battle is on bill gates said he's willing to sit down with elizabeth warren while alexandria occasio-cortez has joined in on war race, earlier criticism of jaime di n dimon. is the monolithic view of emerging markets obsolete? at pgim, we see alpha in the trends driving specific sectors of outperformance. where a rising middle class powers a booming auto industry... a leap into the digital era draws youthful populations to mobile banking and e-commerce... trade and travel surge between emerging markets. every day, our 1,100 investment professionals

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breaking news on gap ceo art peck is stepping down as ceo. the company's chairman robert fisher is part of the founding family will step in as interim ceo. the company is also giving us updated third quarter comps down 4% and lowering its fiscal year guidance remember, of course, gap is planning to spin out old navy a division that's been its strongest division for quite some time and that will happen

in 2020. shares of gap are trading lower by almost 10% on the news that art peck gap ceo will be stepping down. >> that's a surprise to the market >> it is this company it's not a surprise this company has been struggling trying to find its footing, figuring out what it means outside of old navy and what those remaining brands will look like art peck evers expected to lead that company, the company that was left this is a bit of a surprise. i'm somewhatsurprised that the reaction is in this way because we know gap has struggled. down 11% is a pretty sharp move. just the uncertainty and the way that this is wored seems a bit more abrupt than perhaps we had been expecting >> down over 11% in after hours. let's get over to mike >> you know the markets right now might not be the happiest place right now but investors are getting happier as the rally rolls on take a look at the weekly american association of

individual investors bulls versus bears as you would expect people, their opinions to market when the market goes up they are more bullish so you're up around 40% bulls. that's the upper and near the upper end of the range for a while now. if you go back towards early 2018 not super extremes. higher than that shortly after the 2016 election and that peak in january 2018 as well. now here you go is the bears as you see on the low end of the range. basically fits within an idea of a market edging to all time highs. not outright contrarian bear signal you look at other measures like theoptions market. when this is low traders are very bullish not buying hedges and speculating. this week you saw real low number lowest in over a year and over here, good buying opportunities when people panic that was back in august and september. something to keep an eye on.

i do think tactically people are getting more comfortable with the market you want to look at that to see if it gets overdone. >> we'll go over to diana oleck with zillow earnings >> reporter: solid beat on the top line more than doubled to a record $745.2 million well ahead of estimates and company's own guidance stock is up 12% on that. that was driven by outperformance in the premier agent segment and improved margins and decide low advertising business advertising business is profitable but the new ibuyer business, decide lowis using that ad business to fun its home buying and selling business. investors have been watching it closely and took a hit in q2 saw revenue of 384.6 million 55% increase from q2 q3 of last year it reported just $11 million in revenue

during q3 zillow offers purchase 2291 homes sold 1211. it launched in eight new markets in q3 and will expand to los angeles by the end of this year with plans to be in 26 market by 2020 zillow launched a new flex pricing plan for agents where they fee only after the deal has closed it's being tested in a few markets. >> diana thanks very much. up 10% after hours comprehensive summary. is this a stock that gets affected or not really >> not as direct i think that thetransition in the business model that diana was talk about has been the pre-occupation stock has struggled since they did go into bidding for homes. it's a controversial stock people are convinced not the way to go. >> up 10%. up next another shot fired in

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welcome back dropbox numbers are out. >> reporter: it was a beat on the top and bomb line. shares are bouncing around in after hours. currently down 2.5%. up as much as 6% investors may be waiting on guidance some are scratching their heads. we don't get that call until the analyst call at 5:00 p.m revenue coming in at $428 million better than expected $423 dropbox has beat every quarter as a public company. details is in paid users metrics better than the street forecast paid users number 14 million thanks very much for that down about a third of 1% time for a cnbc news update with sue herera >> hello, everyone here's what's happening. top u.s. diplomat george kent told lawmakers during a closed

door session last month that rudy giuliani, the president's personal lawyer conducted a campaign of lies and incorrect information against marie yovanovitch before she was recalled from her post as ambassador to ukraine. a transcript of his testimony was released just a short while ago. the number of vaping related lung injuries has soared to more than 2,000 according to the cdc. that's an increase of 163 cases from last week in a related development juul says it will no longer sell its mint flavored e-cigarettes one much hits most popular flavors especially with young people chicago police chief eddy johnson says he plans to retire at the end of the year he acknowledged that the job has taken a toll on his health and i had family he led the department for less than four year and is currently under investigation after he was found asleep at the wheel of his suv. three new inductees into the national toy hall of fame. match box car, collectible card

game the gathering and coloring book all getting the nod among a dozen toys considered by an advisory committee. surprised it took so long for the coloring book. better late than ever. >> even the match box car. >> senator elizabeth warren isn't letting up on billion injuries tweeting at bill gates i would thereof explain how much you would pay. i promise it's not 100 million this comes after bill gates pushed back on warren's tax bill >> when you say i should pay 100 billion then i'm doing some math of what i have left over >> gates tweeted to warren i respect your commitment to address wealth inequality. jamie dimon also weighed in on

elizabeth warren on tuesday here on "closing bell". >> you really have to ask her what she really means. she used some pretty harsh words. some say vilified successful people i don't like to vilify anybody. >> that caught the ire of alexandria occasio-cortez. billionaires are asking for a safe space >> i'm going to say we talked about the this at length yesterday. but we played senator warren clip from today into the last break when she was saying billionaires are whining whether it's bill gate, ja jamie dimon say they are willing to pay more tax but it's the way it's levied especially if it can destroy capitalism again, i just highlight -- always read the full transcript

and watch the full clip and get a full idea of what's being said by these individuals the wealth tax threshold just keeps getting lowered chris van hollen wants to raise taxes on those with more than 2 million. >> reporter: it applies to married couples making over $2 million. it works by raising the rate on wage income and capital gains by 10 percentage points that means the top individual rate would go from 37% to 47% and rate on capital gains would move up from 30% to 47%. this hit top 2% of taxpayers compare that to senator warren's ultramillion injury's tax would affect just 75,000 households. she set the bar for her tax worth above $50 million. bernie sanders is net worth of

$32 million. there's an appetite among democrats to push the bar lower. >> certainly a lot of people doing a lot of math. coming up next shares of amc dipping today after reporting results before the bell. week break down those numbers and discuss the state of movie business with amcead an.c o amro when you retire will you or will you just be you, without the constraints of a full time job? you can grow your retirement savings with pacific life and create the future that's most meaningful to you. which means you can retire, without retiring from life. having the flexibility to retire on your terms. that's the power of pacific. ask your financial professional about pacific life today. so w>>i'm searching for info

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welcome back amc entertainment finishing lower by 4% after reporting their earnings beating on revenue but reporting bigger than expected loss. saw its a-list subscription movie surpass 3 million. adam aron, thank you for joining us >> my pleasure >> so talk us through why you feel the market is trading your stock down despite record ticket sale numbers and decent earnings >> yeah. actually this was a great earnings report for amc that we issued this morning before the

market opened. we did report an all time third quarter high for ticket sales and ticket admissions to our theaters strong improvement to our business especially in europe. our food and beverage sales are at an all-time record. it was up 33% year-over-year when you adjust out noncash counting change. so we really had great results and the stock actually went right up after we announced. we've been the vick of some short selling. there might have been some game playing with our stock today but as i said most people who follow the company closely thought this was a very strong record setting quarter for amc. >> either way, he some of those that you mentioned clearly you still have an eps loss, and is that sort of a highlight despite the fact you've been outpacing

your rivals but broader industry is under certificate threat, you're having record ticket sales, doing better than some of your rivals but still reporting an eps and your stock price is falling quite sharply. >> we're not measured on eps so it's not the most relevant statistic for amc. yes, there's a loss. but that has a lot to do with our particular circumstance, we got a very complicated derivative security in place that gets marked in the market every quarter. we bought three quarters of our circuit in the last 36 months. whereas most companies depreciation we marked all our assets or three quarters of our assets so our expense is large. as i said, net loss, net inkorjs eps is not the basis of our

worth measured on that measure we had a record of 18. we're under siege. that's really a price that comes out of people realizing that streaming is another way to watch movies in addition to what might be called the old-fashioned way except one thing people love going to the movie theaters they do it over a billion times a year in the united states. and as i said, in the quarter that we reported today we hit an all-time record high forced a missions at our theaters so our business being under siege we're booming. >> but you are also trying to get in on he some of that changing landscape you have amc theater on demand

you're only three weeks in you're diversifying your business a bit how is that going for you >> our revenue right now is about 99.999% in theaters. and, you know, i use the word old-fashioned, but what we're really doing is we're redefining movie going. there's a digital transformation taking place in amc. through the web, through email but especially through people's mobile phones. we're now in constant touch with tens and tens of movie goers every single week. we talk before they come to our theaters while they are at our theaters after they leave our theaters. we are really all about providing a 21 century movie way

with added value of seeing a film >> we'll continue to watch your story evolve thank you for joining us adam aron on the day that amc reported its results >> up next wild after hours earning. we'll take a look at this teoos vers (vo) the flock blindly falls into formation. flying south for the winter. they never stray from their predetermined path. but this season, a more thrilling journey is calling. defy the laws of human nature. at the season of audi sales event. when i lost my sight,

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>> it's been a big afternoon earns. disney higher after beating top and bottom lines by 4.4% activision topping estimates shares are trading lower 2% or so lower weak guidance. bookings holdings missing on revenues but those shares higher workfl the charts with a look at key indicators still to come on the "closing bell." ah, you could say that. so how are things with you guys? great. thank you. thank you, sir. lunch next week? terrific. say hi to the team. will do. call my office, i will. -sounds good. alrighty.

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welcome back let's send it to mike for the final installment of the dash board. >> a constant crush hovering over the market. look at a macroindicators weekly unemployment claims alms a reliable always turned up well before you get to a recession which is the shaded areas. yeah you haven't turned up still bouncing along pretty much 50-year lows for unemployment claims that's good. look at the comparison of two consumer sentiment indicators. consumer confidence divided by consumer sentiment university of

michigan for various technical reasons this tends to peak and turn lower based on the nature of the surveys before you get to a recession and we're still going up for now but it's getting to an extreme basically just says bow it's been a long expansion as the '90s one was got to monitor these but no decisive answers yet. >> yeah the consumer is smolding the key here let's see what happens especially in the all-important fourth quarter coming up next bye-bye beans. one seattle start upupping the ante with fake coffee made the without coffee beans and we do a live taste test when "closing bell" comes back.

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>> announcer: record highs across the board a greenlight for investors tomorrow the sectors to watch, the head pds on the horizon. squawk on the street 9:00 a.m. eastern. as saelts coffee start-up is creating coffee made without coffee beans kate rogers joins to us explain this one hi, kate. >> hi, court, here at headquarters where they make molecular coffee they reverse engineered the coffee bean and they say it's more sustainable for the environment. the product put the product out on kick starter raising $25 there. then horizon veteran ventures backers. impossible feeds are foods with

a $$2.6 million funding round. you're wondering what's in it. they won't reveal too many ingredients but any say it's upcycled agricultural products watermelon seeds and sun flower seeds husks. they love they are coffee in seattle. and people liked it on the street take a listen. >> i like this one better. >> why do you like it better. >> i don't know, it's sort of almost tastes like toasted marsh mallow. >> amazing the taste is real great. it's a lot better. that one looks like more watery. this one like real coffee. >> and of course you're probably wondering does it it have caffeine it does. they have caffeine derived from yerba matta. i trade it myself. i thought it was pretty good but i think you have some samples on set let me know. >> we have the cold brew and the

macha. >> or mocha as i said. >> i said it different earlier i like the cold brew one it's pretty good i don't like the other i have to say. >> it's less bitter, kate, i think the cold brew than a normal cold brew. >> tease efaces like a slightly weak coffee. >> such a range of cold brew from superstrong to not so strong it's right in the middle. >> kate, just to get -- the reason you'd potentially buy this over a normal cup is because it's long-term better for the environment. there is nothing -- not like a new type of veganism means you don't want to have coffee. >> no, which will of that's right high pressure. it's coffee without the bean they had concerns about climate change and what that does to the way coffee is produced today that may not be sustainable long-term. they are looking for solutions out on kick starter they had environmental groups interested in the product for that reason coffee without the bean, does taste pretty good.

as courtney mentioned a little sweeter. that was what a lot of the people out in pike place market had to say it tasted like mar be mallows, it had a little shoeing oer. sweeter and less bitte >> kate, thank you so much we are out of time on "closing bell." thanks for watching. >> "fast money" begins right now. live frits nasdaq market site over looking times square this is "fast money. i'm melissa lee traders are sim teerm. karen finerman, dan nathan and guy adami. records fall on wall street as stocks soar to all-time highest it's the move montana bond market that has us talking we'll toll you what happened in bondland that hasn't happened since president trump won the election plus the one stock to play, gap, zillow stocks making moves after hours. we'll break down the action. we begin with these stocks to watch pont disney shares jumping after the media giant reported better than expected