>> i like verizon here it's pulled back with the other high dividend players but i'm sticking with it. >> weiss. >> baba. it's trading down. >> doc. >> 59.50 calls in verizon. >> good stuff. thank you. "the exchange" starts now. >> scott, thank you very much. welcome, everybody, to "the exchange" and here's what's ahead. the dow hitting an all-time closing high the s&p and the nasdaq less than a half percent away. if it closed right there it would be an all-time high. so what stocks can you buy with the market at these lofty levels we've got a shopping list for you. plus the greatest credit card launch in history that's what goldman's ceo said when it released its apple card. now the company is being investigated in connection with that launch. we've got the details. and balance sheets are growing and growing and growing. the stunning numbers on the huge amounts of cash that companies

are holding and what it means for the economy. we begin with today's markets and dom chu. >> tyler, we're near the highs of the session if you look at the dow jones industrial average we're just about flat at the lows of the day we were off about 163 points in the blue chip index at the highs we were up about 20, so right near those best levels boeing has a lot to do with that it's adding about 110 points just by itself more on that coming up if you look at the overall picture for one of the dynamics traders are watching, it's the relationship between the s&p 500 dividend yield and that of the 10-year u.s. treasury note you can see that walgreens boots but the 10-year treasury yield about 1.95%. the s&p 500, that dividend yield is 1.8% at this stage. so is there more relative value in bonds or stocks that's a big one you just saw that walgreens boots alliance chart this on reports that kkr could

be interested in making an offer to take this company private it could be the biggest leverage buyout in history. you may recall, tyler, that just last week cnbc reported that kkr was in the mix to possibly look at walgreens boots alliance. still, that stock one of the best performers in the s&p 500 today. back over to you. >> thank you very much stocks, as dom pointed out, have erased most of their losses with the dow hitting another record high so which stocks do you buy in a lofty environment like this one? bill smead knows, art hogan knows. gentlemen, welcome to both of you. i know you both came armed with picks, three each. bill, i'm going to start with you because dom just mentioned one of your picks, and that is wall green boots alliance. what do you see there, down 8% year to date but up 6% today. >> you know, you've got to love the wall street analysts'

consensus because coming into this recent rise on these rumors, there was only one analyst on wall street that recommended buying the stock, even though they filled 23% of all the prescriptions in the united states, have 17,000 attractive locations not only in the united states but in europe, and generate massive free cash flow and have profits that have been mostly affected by the lack of new generic drug approvals. that's the number one source of earnings growth for the company as you get a lot of -- they make a lot more money on generic prescriptions than they do on branded drugs. ironically i love watching all of these wall street analysts who have gotten caught selling the stock in the low to mid-50s, now looking at this leverage buyout possibility and poo-pooing it because of texas utilities leveraged buyout didn't work. well, they didn't have a 16% owner that's chairman and ceo, didn't own $5 million of

marisource bergen and didn't have the stability like they do in walwalgreens. >> so where do you think this goes quickly >> as a long-time owner of it, we were depressed enough about our life at 55 that we wouldn't be shocked if somebody paid $75 or $80 to try to take it off the table while things are depressed. >> art, let me turn to you and ask a general question and then go to the specific the general question is when you have a market that is setting one record after another as we have basically seen over the past couple of weeks or months basically, what kinds of stocks do you look for? and one of your picks stands out to me, rianna pharmaceuticals because it's almost a quadruple for the year. >> the things you look for are what hasn't worked biotech is just now starting to catch a bid. the financials, the industrials, the transports, just now catching up to what the big

three have done. you actually wanti to look where you can broaden out. the -- so what's moving now? i think it's really exciting to see the transports, 52-week high i think the financials are catching a bit here and that's not just the money centers, that's going down to the regional banks i think you want to look where it's going. >> and this pick >> there's a couple of drugs, one is a neuromuscular disease that's deadly. they're in phase three looks like phase two went well and they have another one for chronic kidney disease so it's speculative but certainly showing some great promise for a couple of diseases that don't have any cures. >> bill, back to you and lets get your next two. occidental petroleum down big year-to-date and masarich.

what's going to turn them around >> well, if you look at a long-term historical perspective, in many ways we are at the absolute antithesis of 1981 when inflation was 11%, treasury bonds were 15% and the ownership of common stocks was at 60-year lows at about 10% of u.s. household assets. so we think it's wise right now for companies to exchange cheap debt for assets in the ground. so oxy has fantastic assets in the ground for all those naysayers about them buying anadarko, go back and look at how chevron was thrilled about paying $33 million to buy anadarko before oxy outbid them. if they think it's worth $33 million, how come anadarko plus

oxy are trading for just a little bit more than that. you can basically get anadarko for $33 billion and oxy for free oxy was a $54 billion market cap. now, all of this has been exacerbated on the downside because carl icahn, who likes to take a big position in a stock and shove them around as an activist likes to make a 50% gain in 18 months and then buying this precluded his ability to do that so he is very frustrated and selling the stock. and the traders and the algorithms all find that out and you get this cascading decline macerich is one of the largest owners of attractive malls in attractive places. >> we're going to have to looift the leave it there art, interdigital was your other choice. while stocks continue to climb, corporate spending is not according to pwc

corporate balance sheets are holding more than $2.2 trillion in cash. that is the highest number in decades. why aren't companies spending and will we see some trend continue dean, welcome. why are companies sitting on cash do they expect bad things ahead? >> there are at least two main reasons. number one there's a lot of worry and uncertainty about the trade war. you've got these companies that are being hit by the trade war having to use that money to pay off these tariffs. the second reason is these big companies that have a lot of cash, they're looking -- they're waiting for the economy to turn over so they can get ambitious, go out there and put some money to work. they think a lot of these valuations for private companies are looking a little high. things have gotten a bit rich in the market and so they're waiting, holding this cash hoping to see some opportunities open up and then put that to work everyone is looking at 2020 expecting if there's a downturn

a lot of these companies are weaker than maybe the market realizes and they're looking to be ambitious and looking to really step in there and make some big purchases once things take a downturn in the economy. >> so they're waiting for a moment, but not investing now because they wonder whether demand is going to be there but at the point at which the economy rolls over, that's where you would expect to see them spend more >> you've got a bit of a bifurcated market. big companies have a ton of cash you have private equity with a ton of cash. these companies have $2.2 trillion but then you have small businesses that are really struggling so these businesses that would be buying new equipment, investing in new technology, they're not doing that a lot of them instead are hiring more workers because if the economy does take a downturn, they can just lay them off if you put in a $1 billion, $10 billion, $20 billion investment in new equipment, into new technology, you can't really take that back but you just hire a couple

thousand more people, the economy turns over, you can lay them off and that cost is off your books so there is two things happening. one is fear and uncertainty. the other is companies with a lot of money waiting for that uncertainty to play out and then make a move and buy. >> dion, thank you very much for your insight today >> thanks for having me. >> you bet we'll have you back. here's what else is ahead on "the exchange. >> coming up, wall street regulators probing goldman sachs over what they say may be discriminatory credit practices with its apple credit card plus, alibaba's singles day sets a new sales record despite concerns of a slowdown in china and potential boycotting of u.s. brands. and wait until eighth. a look at the new pledge some parents are making when it comes to kids and cell phones.

this is "the exchange" on cnbc 7 plan 3w4r5 it was sophie's big day. by the way, she's the next mozart. as usual we were behind schedule. but sophie's enthusiasm cannot be dampened. not even by a run-away donut. we powered through it in our toyota prius. because a star's got to shine, no matter what. it's unbelievable what you can do in the prius.

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. welcome back to "the exchange." the new york department of financial services is launching an investigation into goldman sachs over allegations of sexist credit decisions pertaining to its apple credit card. one technology entrepreneur said in an expletive-laced tweet thread that despite almost

identical financial status, he was awarded a credit line 20 times larger than his wife in response to the allegations, goldman says, quote, we look at an individual's income and an individual's credit worthiness based on these individual factors, it is possible for two family members to receive significantly different credit decisions. we have not and we will not make decisions bossased on factors le gender for more i'm joined by marty mosbey from vining sparks and cnbc banking reporter hugh son hugh, what do you make of this goldman was saying we were looking at individual people, not looking at linked accounts and that now they say we're looking into these anomalies that seem to have cropped up. >> this feels like inadvertent algo bias.

there's no place on the application to even put your gender into the goldman apple card process they do not know if you're male or female. so we have people who are used to being considered a single financial entity, in other words a married couple and they spend everything through and they have shared accounts and pay for everything, all the needs of the household through their credit cards and yet are being treated in a disparate fashion that's the gap in expectation that really hurt them this weekend. >> and another tech entrepreneur who was wrapped up in this, steve wozniak, he has many billions of dollars. >> apple co-founder. >> apple co-founder and presumably his wife applied for a card and got a lesser credit score. >> and he had the same issue it doesn't matter if it's goldman sachs, this is apple we have our name on it, we need to fix this issue. right now they have somewhat of a pr issue. >> yeah, they have a pr issue. marty, let's turn to the

question of what sort of damage this might do to goldman, the brand, as goldman pivots a little bit into more consumer-facing banking activities away from big investment banking and merchant banking and so forth. >> one thing this makes it obvious that there is a bank behind the apple card and it is goldman sachs. once that all happens, you start to focus on goldman sachs as the bank is regulated and needs to make sure all this doesn't create any bias. it is an algorithm so what it does to goldman, it's going to require them to invest a lot more money than they probably expected in the sense of making sure the technology -- you kind of get all these bugs out of there so that's the part of the process that will affect the overall global investment thesis is higher investment costs as they ramp this up. >> how is it -- how is this credit card going for goldman, apart from this obviously banana

peel that they have hit. how's it going and is it material to anything the bank is doing? marty? >> it's been going pretty well when you start looking at the number of customers that you're actually seeing take this card the reseptemberivity of the brand, goldman is trying to get into the consumer area in a much bigger way when you look at the overall business, it's a small part of the business and smaller amount of profit that it's producing in 2020 but it is an investment area like we're saying, they're probably going to have to spend more money to catch up with other credit companies that have been doing this for decades. >> the stock right now is at 220. it suggests that maybe you're a little lukewarm on goldman and

maybe you have others you like more. >> if you look at the recent uptick as the apple card came out, we felt like the current price was getting close to what we thought the inherent value was for the next 12 months we do think that the money centers are getting a little crowded because that's the popular play right now if you roll down to some of those super regional banks where people are worried about interest rates and credit, neither of those are materializing into those events. so regions financial, fifth third, citizens financial group are three we really like and think will be rotated to as we get a little overcrowding in the money center banks like goldman. >> hugh, do you give goldman -- this was an algo gone wild and this is egg on their face that they need to clean up one way or another but not malevolent >> i would agree with that they knew in advance, we just record on cnbc.com, they knew this could be a potential issue. in other words, they knew by offering individual accounts, that people in shared households could have disparate outcomes.

basically i talked to an insider and his opinion was when apple does things, the first iwatch barely did anything and now it's doing ekgs every issue in the tech world, every iteration will be better than the next. goldman and apple in conjunction will fix this and ultimately i think this will pass. >> hugh, thank you very much appreciate it. marty mosby, thank you as well. boeing shares are moving higher as the company gets more optimistic about when its 737 max will get the green light for service again. the details are next. plus alibaba's singles day is done. "the exchange" is back in two minutes. i'll get that later. dylan! but the one thing we could both agree on was getting geico to help with homeowners insurance. what? switching and saving was really easy! i love you!

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endorsed by aarp. learn more about why you should choose an aarp medicare supplement plan. call today for a free guide. shares of boeing surging midday after the company had some positive comments on when its 737 max may return to the air. phillebeau was in chicago, chilly chicago, with the details. hi, phil. >> a snowy day here, tyler the timeline that boeing has laid out this morning gives them some hope or gives people who are bulls in boeing hope that this plane could be back in commercial service by january. here's the timeline they're laying out certification flight is likely to happen late this month, early december after that they expect certification by the faa by mid-december that gives them clearance to begin delivering the max again to airlines and then once the airlines have the max, they will

have their pilot training rules set by mid-january so depending on how long it takes, they could have those pilots trained, have the planes ready to go and voila, you begin commercial service the reality is southwest and american have pulled it from the schedule at least until early march. we'll probably get an update from united in the next week or two. there you see boeing expecting commercial service to begin in early january. tomorrow boeing will be reporting its october orders and deliveries the focus here, tyler, what has been the impact in terms of max backlog. has it changed at all. have we seen airlines either cancel orders, convert orders, we'll get all of those numbers tomorrow from boeing. >> they will be interesting to watch. as you point out, the idea that the jet may itself be certifies as air worthy and safe is one thing. the ability to integrate it into an airline's schedule is totally another. >> correct it's not going to happen overnight. the other thing the airlines are

trying to figure out, what's the public acceptance going to be. it's one thing saying this plane will fly from l.a. to honolulu if you're southwest or somewhere else if you're another airline if you're not going to be able to sell the seats on this, you're going to think how do we slowly bring this into the schedule, because there will be public pushback on this plane. there will be people saying, huh-uh, not flying the max for a while. >> people will check what the equipment is on the flights. phil lebeau, thanks. appreciate it. let's go sue herera for a quick cnbc news update. >> here's what's happening at this hour. president trump making remarks during new york's veterans day parade he praised the performance of the department of veterans affairs as a sign of his commitment to america's military men and women. >> we will protect our liberty, uphold our values and defend our home we will ensure that righteous legacy of america's veterans

stands as a testament to this nation from now until the end of time greece's prime minister meeting when chinese president xi in athens, hailing it as a new era in their relation. xi is meeting political leaders in greece as part of a broader trip aimed as furthering a major global investment initiative inside the european union. and here at home, fewer american kids are getting their flu shots, according to a new study from columbia university researchers examined cdc data from eight flu seasons and found that in recent years there has been a decline in those 17 years and younger being vaccinated you were up to date. that's the news update ty, back to you. >> sue, thank you very much. sue herera. here's what else is coming up on "the exchange. >> ahead, a dog's got to eat why one analyst says chewy is set to rally 26%. instagram's bold likes

initiative comes to the u.s. and will the recent cracks in the ipo market start to heal antiy me soon? that's all ahead on "the exchange." - stand up if you are first generation college student. (crowd cheering) stand up if you're a mother. if you are actively deployed, a veteran, or you're in a military family, please stand. the world in which we live equally distributes talent, but it doesn't equally distribute opportunity, and paths are not always the same. - i'm so proud of you dad. - [man] i will tell you this, southern new hampshire university

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let's catch up on a few stories that should be on your radar. it's time for rapid fire here with their takes, dom chu, contessa brewer, robert frank. the first topic, alibaba setting a sales record on its singles day, world's largest 24-hour shopping event sales last year exceeded the spending by consumers on black friday or cyber monday what are -- >> hi. >> that's an entrance. i like that. >> yes, yes. what are the numbers tell us about it. >> this year's sales topped $38 billion. last year sales were about $30 million. so this is unparalleled. there's nothing really like it it starts with a star-studded concert. this year is taylor swift, last year was mariah carey. this has been a year investors have been watching very closely, watching to see the health of the chinese consumer and if there's any growing chinese nationalism toward american companies. this year american companies did pretty well. apple did well, nike did well,

bissel did well, american jewelry companies did really well. >> so there was no backwash or backlash i guess against -- >> doesn't appear to be, no. >> -- american products. how global is the singles day or is it solely chinese >> it's not solely chinese but it it is overwhelmingly chinese representatives say they don't do a great job which countries are focused, but it's mostly chinese, then american, then spain, for example, some european companies. >> if i went on it from here, could i do it? has anybody tried it >> not unless you're single. >> how could i do that wait a minute, now. >> this is a different show. >> don't you think that they want to get more international business, but one of the problems they're going to have is that the site is not intuitive. it's hard to navigate. it's hard to find out how much of is this going to cost me and what are these units you're

talking about. in terms of making it accessible -- >> so you've gone on it and looked at it >> when they went public i went on it and i found it to be rather difficult i also think it's interesting they're taking a page out of amazon's success and they're really focused on voice and how do we use a.i. -- >> they're bringing it to an entirely different level last year they saw half of their total sales come from live streaming so they're doing what we're seeing happening in america but doing it -- >> where did taylor swift do the concert? >> shanghai. >> so the curious part about this, by the way, if you're looking for an intuitive platform, there are a number of smartphone apps that connect you with the same e-commerce platforms in china geek is one, wish is another one. you'll finding t the same chinese-sourced products on those platforms. i haven't gone down that route.

>> why is the stock down today >> it tends to trade downwards going into singles day. >> this is a good day, though, right? >> it was a good day but the last 11 years going into singles day it trends downward this year you have all the geopolitical concerns weighing down the stock but i don't think it has anything to do with actual singles day. >> okay, rah especialel, thank o much. credit suisse is going to the dogs, cats, birds, hamsters, et cetera. the firm initiating chewy with an outperform rating and a $29 price target the analyst noting chewy's expanding customer base and is bullish on the company's ability to maintain double-digit top line growth. also key to the rating, chewy is down 34% making it attractive compared with other e-tailers. >> it's hard to say that with a straight face.

the name of the company is chewy. you go first >> all right so i would say there's a reason why the fundamental case for these pet products companies online are solid the pet business is massive. it's multi billion dollars and growing that fast. for a company like chewy, this is whether or not people can grow into a valuation for a company that has a commoditized product. it's something everybody else can try to get into if they want to. >> but amazon is there i can go on amazon and get my cat food and cat litter there. i don't -- >> you're making the case. >> i know, exactly but i guess my question is the repeatable business -- >> or petsmart. >> it's almost like a subscription, right? does that make those customers more sticky to chewy >> sticky to chewy well done. >> it's getting gooey. >> the autoship adoption here,

this is supposed to be 73% of sales they're aiming for it's that subscription model that's just built in now, it's true that amazon you can do the same thing, but this is tailored to people who love their pets so much that when you say, hey, we're going to talk about chewy and i say would you like a picture of my dog for the segment? it's people like me where they're -- where's my -- look. >> is that your dog? >> if this is part of your family, don't you sign up over and over again for the auto ship because you want the best food for that furst-born dogter >> we're not going to top that instagram testing out a new move, hiding the number of likes a post receives from the public. users, you who is the poster, will still view how many likes you got. it's a change that was first rolled out in canada and is now

in practice in six other countries. it will get under way in the u.s. for some users over the next few days. i guess this is to try and avoid the idea that people's self-image is being damaged if they don't get the number of likes they think they should and they feel bullied? >> depressurization. >> it's competitive. look, i think for a lot of insta users, it's like a video game. how many likes can i get, how many followers can i get the likes is such instant either gratification or depression. i think they're just trying to get more engagement because i think in some ways it could deter people from using the site because they get discouraged that so-and-so just put a picture and they got 300 likes and i only got 100 still the followers is ultimately the real competition and that's not going to change. >> by the way, you're still able to see for yourself what the counts are and everything else and, by the way, if you're an instagram influencer, you'll

still have metrics to back it up when you go shop yourself to a company that may use you as an influencer the idea of the platform changing and looking different is something i think is weird n all of our minds we think we are so clung to this one type of thing. remember when twitter had stars instead of the heart for liking things and everyone got up in arms when they changed it to hearts. >> it could make it harder to determine fakes. one of the ways you determine is if someone bought their followers, if they have a huge number of followers and very few likes. this way you won't be able to see that anymore. >> i think there's a learning opportunity in social media here when you look at how other people are doing instagram and which are getting likes and which are not, there's a way to learn from that. a lot of the artists say the reason why i got attention is because other big sites could see how popular my posts were. so then they reshared it with their followers or whatever. i just think do we really need instagram to be our psychologist

and say, oh, you need to feel better about yourself. i don't know. >> when i go onto instagram and see 53,000, is that likes or followers? >> followers. >> so i follow richard branson, for example. he has a lot of followers. >> yeah. >> but it's not likes? >> he might also get likes >> richard branson, he's interesting. >> he's popular. >> yeah, he's good he's good. topic four, thousands of families across the united states signing on to the 8 until eighth campaign, a pledge to keep smartphones out of their children's hands until the eighth grade they have long had to balance the positives of a cell phone, a useful tool for emergencies and a way to track where their children are versus the negatives. bullying, wasting time on youtube, social media, looking up endless sports videos as my son does. >> we all have children are varying ages my daughter is about 2 1/2 years old. >> a little young for a cell phone. >> yes, but she has a play one and i'm convinced that one of the -- first of all, it's not because her friends have a play

one or her friends have cell phones it's because, and i'm convinced of this, we are often seen around the house having a smartphone in our hands so my daughter automatically uses us to say i want a phone so we've given her a play phone that teaches her things like the letters and numbers. this is not just about peers, this is about how impressionable kids are they want to do what other people are doing, specifically their friends. >> what i love about this is it takes away or at least starts to remove the big excuse which is all my friends have one. we know that is what they say. why can't i get a cell phone my younger daughter is 11 years old. all my friends have it all my friends have instagram. all my friends have facebook, so therefore, i'm the odd kid out i'm always teased. if more and more parents band together and make it less likely they say all my friends have one. >> what do you say, mom? >> i think we should have a wait until eight that's for parents to put their cell phone as way

until kids are in bed at 8:00. secondly, there are more than 32 million elementary school kids in the united states let's say that you gave your kids a cell phone at 8 years old and then they get another one by the time they're in eighth grade that's two cell phones the impact of this could be huge for the cell phone manufacturers if kids are -- if parents are waiting until eighth grade to give their kids a cell phone and if we're all doing it together, i signed the pledge today because my kids won't have a cell phone until they're in eighth grade, i think. >> how old are your kids >> they're 6 and they're not asking for a cell phone, they're asking for my cell phone all the time >> your cell phone. >> but does your dog have one, that's the question. >> of course she's way more spoiled than the boys are. >> i think we gave our son a cell phone at sixth grade when he went into middle school and that that was a point at which a lot of parents in my down did

that. >> are you happy with it >> he's happy with it. the problem is cell phone use late at night and it becomes an obsession. i'll go down to the basement and all these eighth graders now, they're sitting there just in their screens. they're not talking to each other. >> weird >> neither are adults, by the way. >> i'm sorry >> neither are adults. i see people out on dates and they're both looking at their phones. >> they're on insta trying to get likes. >> dom, contessa, robert, thank you very much. all right, big names in real estate and personal finance jumping into a project that teaches inner city kids to become real estate investors in their neighborhoods. we've got those detas ilon that fascinating story coming right up t do you? i see an unbelievable opportunity. i see best-in-class platforms and education. i see award-winning service, and a trade desk full of experts, available to answer your toughest questions. and i see it with zero commissions on online trades.

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ago and it is now attracting big-name partners in both real estate and personal finance and diana olick has an update. >> reporter: these bronx kids are roaming the streets of their neighborhood but they are not just hanging out. >> the projections of about 188,000. >> reporter: they're scouting out opportunities. the kids are part of project destined, a program that teaches inner city students real estate investing and lets them participate in and profit from real deals. >> this will be like a stepping stone into my future. >> we had to learn how to use excel and make financial models. >> reporter: cedric bobo is the co-founder and chief cheerleader of this programming project. >> there was demand in the marketplace for talent we need to train the talent. >> reporter: project destin has run programs in atlanta, detroit, l.a., memphis, miami, new york and oakland with real estate partners including brookfield, walker and dunlop.

students dive in through an online learning platform that teaches them all the basics from understanding cap rates to predicting profit. then they hit the ground in teams, each focusing on one property and formulating a full-on investor pitch, which they then execute to a panel of experts shark tank style. >> every dollar you invest, expect $3. >> diana is here now diana, what do students get if they persuade the investors that the deal is good >> well, they all get money. look, all the students get cash scholarships with the most, $5,000, going to the winning team now in a new partnership, they will also get personal accounts with acorn, a financial wellness app. we are thrilled to have the ceo with us and cedric bobo. noah, tell us what the kids get but also what do they give to you as an acorns company. >> they get to learn about

financial literacy, save and invest early, automatically and start to grow money over time and see it grow. that's a powerful catalyst for people, especially young people, starting early. >> and acorns must get something back. >> we're building our business as the kids are growing and so it's a mutual thing. >> cedric, what was it, what was the key? your program has grown exponentially over the years what was the key to attracting not just major real estate firms but also personal finance companies. >> you've got to start with the talent we went in and identified talent that could benefit and mobilized it we got them involved in cities across the country we found partners like acorns to help them begin their journey in investing. >> they're going on to get internships and some of them getting brooks. >> we have students interning at brookfield, at walker and dunlop the key to getting students exciting is show them the pathway and give them a chance to make it real.

acorns makes it real for us. >> acorns is not just a saving platform but a teaching platform you teach people how to invest as well. do you think there's enough real estate investment knowledge out there? we talk about stocks and savings account, but real estate is the thing now at least do you think there's enough and will acorns get more into it >> in our portfolios which are diverse fieds across asset classes, we have real estate in our portfolios today so you get a taste of that. i'm a fan of kids getting involved in investing as early as possible. we're big advocates of diversified portfolios and investing in etfs. real estate is part of that mix today which is good and teaching about that is important too. >> and this learning platform, i want to add because it is veterans day, that you do this for veterans as well and that program is expanding >> we started with detroit, where we start everything. now we're around the country with veterans so we're excited to give veterans a chance to learn about real estate. for us we believe real estate is the gateway.

with acorns they can invest in other areas. we start with high schools in the bronx next week, so we're excited to begin that journey with schools as well. >> fantastic, cedric and noah, thank you so much. back to you, tyler. >> thank you, diana. we should note that nbc universal and comcast ventures are investors in acorns. well, the stock market in hong kong has been sinking as police clashed violently with protesters there over the wl veheatt ws weilha t lesne, next

the index falling overnight following after protests grew violent. instance the protesters were warned the government will not give into their demands. >> if there's still any wishful thinking that by escalatin violence the hong kong government will yield d to pressure to satisfy the so called police demands, i'm making this statement clear and

loud here, that will not happen. >> it's the fifth straight month of protests in hong kong with activists planning more action tomorrow with the likes of peleton, smile direct and lyft, are the cracks in the ipo market beyond repair we'll skdiscuss that next. today is veterans day. we'll discuss the company's veterans hiring initiatives. that's coming up next. ♪ ♪ ♪ ♪ ♪ ♪

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welcome back to the exchange, everybody. here are some of the movers. shares of boeing are jumping after the company said it expect to resume deliveries of its grounded 737 max planes next month. boeing says airlines will be able to restart commercial service, so says the company, in january. shares of tes wila up nearly 3%. qualcomm down 2%

mpblt on this veterans day we're looking at one wall street firm that is doing its part to help former military members with jobs and the market. for measure iore i'm joined by president. we've done this a couple of times before we are delighted you're here tell us about the money market funds that you have innovated along side goldman sachs and what is veteran connection in them >> sure. these two share classes are share classes of the parent of financial square funds of gold m goldman sacks. there's been a lot of

commentary goldman sachs has given us the first half o it haf the trade w they have reached down into our veteran ranks to have a seat at the table for this opportunity to help corporations and municipalities and states satisfy the social governance goals. sg yo >> your company would qualify under that we were talking earlier this hour about the amount of money that companies are sitting on. they're not putting it to work in capital spending not just yet so it's going into funds like these. >> agency paper ultra secure something that is a great word flow to get military veterans involved with. >> you do a lot of work in ipos. that's one of things your company is known for how would you size up the market

right now. there's been some hick hiccups shouldn't have happened. >> as an underwriter in something as you mentioned that drexel hamilton is good at and tale talented, integrity of capital markets are still there. i believe it's the valuations that are adjusted. the rounds of funding a series through b or c or d has driven the valuations and the appetite is finding it. we saw the deal in the normal range or higher and higher valuations i think you'll be fine in the capital markets especially equity capital markets until the end of the year. >> when you look at wework and

what happened there, is there an example of the marketplace working the way it should work here's a company with a lot of flaws. there's been current and form erp employee who is are much aggrieved by the bail out that the company received from softbank and the moneys that adam neumann received, is that evidence that the system works >> i believe so. i believe the investor found that the path to profitability was not going to stand on this one. these valuations were too inflated the registration statement withdrawal on september 30th so i cannot speak to what happens internally since then. i'm not tracking on that post-registration withdrawal i believe that's the whole point

of the capital market s the find the buyers and sellers and where they match up. >> we just reported in the past hour that john ledger of t-mobile may be talks with wework to become the ceo any thoughts there >> you're going to need to find a good ceo but just like when i was in the army, a battalion commander was the guy. he called the shots but he had a good guy behind him. the entire management standard needs to be looked at. now that you want to be a public company, you must perform and meet earnings expectations >> all right pmg p thank you very much. happy veterans day >> happy veterans day to every one. >> we appreciate that does it for the exchange. i'm going to saunter over and join melissa on power lunch in just a few seconds from now.

i'm sure she's ready to take it away : i'm here i'm ready. we'll see you in just a moment here is what's new at 2:00 on power lunch. the boeing boost as the company says it could resume delivery of 737 max as soon as december. a shopping surprise. one top analyst says the holiday season on main street is shaping up to be better than wall street is expecting we have the man behind the call. later wework may be getting a new ceo. john ledger in talks to take the top job. back in september he said he's the perfect guy for it power lunch starts right now let's take a look at the markets now. the dow turning positive barely for the day after being down triple digs.