we think they are starting to hit their stride at this point it's called elon are getting tired at this point. the company is generating positive cash flow they are taking market shares from competitors and developing products that are well out in front of their competition from our perspective, we see them continuing to extend their lead here. it really going through a full transformation >> all right thank you very much for that that does it for the exchange. power lunch begins now thank you, dom here is what's new at 2:00 walmart delivers on earnings the stock hitting a record high and it's not just e commerce boosting its business. we'll explain. another record day for dynamite disney the stock is now up more than 12% for the past week. is this as good as it gets for share holders.

later, stop trading. that's the message to the aging generation we'll tell you why it could be a warning sign power lunch starts right now i feel so good being part of the aging generation yo boomers out there i'm standing tall with you all here is where we stand stocks are taking a breather from record highs. the company gave a grim out look saying it's facing increased economic pressure. we dive right in now with walmart. the retail giant and d ow component hitting all time

highs. same store sales strong. online sales surge 41% and they are seeing strong growth in snacks and beverages and fresh food digital and grocery growth drivers are the key. does the stock still have room to run let's talk about that. groceries have been a big driver they're the largest grocer in the country and not by a small margin now they are going to orders and delivery and they will put it in your refrigerator. >> sure. 56% of walmart sales in the u.s. come from grocery. just to put that into p perspecti perspective. they have been scaling up their infrastructure on the back end for years now. it got the point you can pick up groceries from 3100 stores in the u.s. they will deliver your order from 1400 stores earlier this month they launched an unlimited grocery delivery option where you pay $98 a year which is a little bit less than

an amazon prime subscription but you can have as many grocery orders delivered as you want clearly stepping ahead within that category. >> they have been a disrupter not just in grocery but in digital. >> yes >> digital is a big part of their grocery business >> they called that out continuously this quarter. that 41% growth online a lot of that is thanks to grocery which is a low margin business to be in. i think that's the one area that investors are kind of looking at is margins >> thank you very much hang around as we bring in joe feldman. he has a bullish rating on walmart and increased his price target from $125 to $130 joe, welcome good to have you with us as luck would have it, at an

ve event on tuesday, we have the ceo, doug mcmillan of walmart. he's our lead off guest. becky will interview him what would you asking him? your first question if testifies hitting right there. >> first thing i'd want to know is how he will continue to integrate the digital side of the business with the physical side and how does he expand beyond grocery to capture more wallet funds >> what will be the key to that? he mentioned increase of sale of general merchandise. do they not have the right mix there in general merchandise how do they need to change that business to attract consumers? >> i think they have the right mix. it's matter of getting the product in front of consumers. maybe doing a better job when doing an online grocery order of presenting more general merchandise or things that might be topical or seasonal at the

time they are starting to do that with grocery i know they are doing things like mom's going to pick up the groceries, her child has a party to attend, why not buy the toy and have it at the car at the same time. >> i was going to ask you, joe, if you went back and dialed back the clock six years ago, it's very risky to bet against the biggest guy in the room but would you have guessed that walmart would have made the kind of transformation, the kind of evolution that it has from where it was six years ago to where it is today, what do you think? >> candidly, the makings were there but i don't think a lot of people would have guessed that >> i don't either. >> you see a lot of retailers dealing with it. it's tough for them to turn things around as quickly as they have and become a much more nimble

company, to think like a digital company, these guys have been a very good job. really strong management just throughout not just doug mcmillan but all the way down i think that's the quality of kwau walmart. >> thank you very much we appreciate your time today. you have an out perform on walmart with $130. thank you as well. don't forget to visit cnbc.com disney plus having a strong debut. more than 10 million people have signed up despite some hiccups, it's been magical. plenty of unknowns remain. subscriber loyalty disney may be at the top of the world but could this turn out to be disney. >> great to have you both. i think the question for a lot of investors is given the run we

have seen since they announced the pricing plan we have seen a huge gain in market capitalization how much of that is warranted at this point ten million is a great number but this is baking in a lot >> we can put multiples on the traditional business we know it's probably a work around investors are describing something like 80 million. clearly a lot from the valuation side is being put on disney plus service. >> do you agree with that? >> it remains to be seen how large lit be netflix has $150 million still using cash flow per year and you have a whole new suite coming in. you have amazon and disney who just entered hbo max, peacock which is comcast streaming service coming

out next year. it seems so far we're not seeing a lot of profit. it's om going nly going get more competitive. >> we're not going to see profit for i don't know how long. >> five years. >> he said don't look for profits until 2024 and they are looking for 60 million by that point. that's basically a million subscribers they are signing up. >> that's the number of subscribers that netflix has in the united states currently and they are not profitable. >> they don't have a pay one window disney has that component. for everything it green lights for, disney, pixar, marvel, they get paid for that and it continue on their service and they continue to get paid. it's slightly a different structure for them

>> disney has a tremendous content infrastructure in make sure, they make it netflix has to go buy it and build it >> the content between the two is very large. that being said, disney has these brands in which content exists >> they have the existing library that is there and it's deep as the ocean is they have come in at a very attractive price point i think we would all gree. >> it's hard to say no to whatever it is >> it's hard to say no to an incremental $7 a month if you have two kids and that's the last retail price. she laughs

>> i'm guessing by 2024, it's not 6.99 >> i think in two years you'll see pricing power. netflix raises its price every two months it's just the way the marketplace is going before you know it you have your streaming bundi inles rivals wh you paid for cable before. >> for every regular subscriber they are losing on the declining legacy business. that's more money they are pulling in >> they still generate $8 from the eco system those faced all the same secular head winds >> much more than the streaming subscriber but it's grown. that base is growing

>> how much are they willing to wait through that hand off with this kind of valuation already in the stock that's the question question >> you're buying into the idea there's start up at disney you want to value that it's trading at a high multiple. how much of it do i want my dollars to go there versus the traditional business >> the only other thing i point out is for netflix and the u.s. the coast to generate a new subscriber is increased substantially. it used to be 30 there a$30. today it costs them 200 plus marketing per net subscriber >> that's what cable costs >> we're going to have to leave it there thank you so much. coming up, fidelity warns

baby boomers they're stock portfolios are too risky how should they invest elizabeth warren out with a new campaign ad. it will air on cnbc taking on billionaire who is oppose her wealth tax two of the billionaire mentioned in that ad are firing back power lunch will be right back this piece is talking to me. yeah? so what do you see? 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. i like what you're seeing. it's beautiful, isn't it? yeah. td ameritrade now offers zero commissions on online trades. ♪

mplgt welcome back

now is the time to stop trading stocks hi, bob. >> very interesting. some baby boomers may be too heavily invested in stocks fidelity found that many 401(k) account holders had stock allocations higher than those recommended for their age group. 23% have a higher percentage of equity than recommended and among baby boomers it's higher 37% have too much in equity. what does all of this mean it mean a small subset of investors might want to pay attention and rebalance their portfol portfolio. it may mean that fidelity and other fund companies need to re-examine the way the funds allocate between stocks and bonds. fidelity recommends a maximum allocation of 70% of stocks. if you retire at 65, you live another 20 years, having a

higher allocation to stocks may make perfect sense longer life spans mean investors could hold riskier assets a lot longer >> all right, bob, stick around for us is it really a warning that this long live bull market may be running out of steam or is that the code in here at all. let's bring in chief investment strategist what do you think of this suggestion that boomers are over invested in equities it does surprise me a bit. >> it surprises me, tyler. i have to think they are talking about diy, do it yourself inv s investo investors. we find our investors generally are -- pair portfolios are designed in context of their risks, risk tolerance. their objectives and goals and way under 100% of their --

portfolios and objectives. in this particular point in time with interest rates as low as they are, if you can get 2% and achieve that on an annual basis over the years, the lucky thing is you'll double your money in 36 years on the other hand if you can get 6% on average over the years, you can double your money in approximately 12 years the average return, price return of the s&p 500 since the end of 1997 up until last weekend including the tech bubble, the housing bubble, all that kind of stuff, the financial crisis. average return of the s&p 500 is 6% that's before dividends are considered we have to think that stocks are important. it's important to consider their goals and objectives

we would consider the professional experience adviser to help them make their decision >> bob, i'm curious here i'm more heavily invested in equities perhaps than the models would suggest. i do think the returns, you m r never go wrong if you bet on america. that's kind of my thinking there. i'm curious if you look at fund flows as i know you do and to etfs and mutual funds it's been heavily into fixed income. not just for a little while. >> i think that is certainly there. i think the problem is people are very concerned about future and that what they see is a lot of uncertainty they trend is to put more money into bonds don't kid yourself there's still a lot of money in stocks much more than fidelity thinks people should have the bottom line is it makes perfect sense. stocks that out perform bonds

dramatically in ten years. why shouldn't people put more money in stocks than bonds remember the age thing remember invest in bonds what your age is. 60 years old, you should have 60% in bonds that's crazy if you'll live to 85 or 95 years old a the numbers are all wrong. vanguard should go back to the drawing board and start redoing the recommends -- recommendations. >> how does that jibe with the old saying there's cash on the side line still? >> i think there's a tremendous amount of cash on the sidelines. as bob and tyler were saying, a lot of people have been putting money into fixed income as opposed and taking money out of the equity market. i'm not really sure what fidelity is looking at i have not read the report i don't have access to it but from what i can tell from the

very well vetted news services, including yours and others, it would appear there's some other thing they are looking at. we suggest on the broadest basis, for the beginning of a consideration 68% global connects overweight the u.s. with the balance of that portion in equities, in international, developed and emerging markets. all of that in coordination with the individuals tolerance to risk and goals and objectives. the real risk we would see here today we think there's more risk in the bond market than there is in the broad stock market as the s&p 500 at this point. based on technology and globalization in creating opportunity. you have to make your judgment from there

>> all right thank you very much. >> thank you coming up, why ibm is making a big push into weather forecasting. can big data warn us about big storms chips have been hot lately that's next on power lunch through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from finding out what's selling best... to managing your fleet...

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welcome back one och of our next guests saysa different chip maker could hold the key to the semi stocks next move matt, what's your bellwether chip stock right now >> we don't want to lose sight of what's been going on in micron technology. the stock really hasn't been acting well lately historically it wasn't correlated to the smh. over the last four years it's been incredibly correlated especially in a directional basis.

when the smh made a new high in november and held that high, micon made a lower high and start over a little bit. it seems to be forming a classic head and shoulders pattern if you see a further break down in micron, it will be a lot more discriminating on which stocks in the sector. >> definitely need to stay on alert. >> our focus is on those companies in the higher growth markets that we want to be in. gaming, data center, ai, autonomous vehicle

gaming and ai continue to be the key growth drivers and looking really strong there. there's a growing number of blockbuster games that are coming out on the market that are embracing their tracing technology that has a incredible amount of realism. the stock was almost at 300 bucks last year. now it is strongly moved back above 200. it's out performing the broad semiindex by 20% i think there's more room to run. >> all right we'll see those results later today have to say about that thanks a lot more more trading nation head to our website or follow us on twitter. melissa, back to you ahead, elizabeth warren bringing her fight against american billionaires right here to cnbc.

his response next. we have details and wework losses ballooning. the company shedsing more a million dollars in the third quarter. we'll speak to one expert who says wework cannot be fixed. it was sophie's big day.

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wheeveryone is different.ta, which is why xfinity mobile is a different kind of wireless network that lets you design your own data. choose unlimited, shared data, or mix lines of each and switch any line, anytime. giving you more choice and control compared to other top wireless carriers. save up to $400 a year when you switch. plus, get 50% off when you buy any new lg phone. xfinity mobile. click, call or visit a store today. welcome back on capitol hill senator lindsey graham says neither he nor president trump watched the impeachment hearing stressing he believes the president will not be impeached >> this whole thing is a joke. i'm not persuaded by the quid

pro quo argument nothing happened here. we're not going to impeach this president over this. we're not going to legitimize a hearing where you can only call democratic witnesses it's over. mpl supporters blocked highway across pakistan in a effort to pressure their president to resign their ended their sit in in the capital. china inviting international observers to a test of its mars lander as it pushes for inclusion in global space projects it was conducted at a site outside of beijing china plans to launch to mars next year. you're up to date. that's the news update back to you. thank you very much. let's take a check on the markets. the dow is up be 12 points

the s&p 500, that index has been 13 points. we're unchanged. we have the nasdaq and the russell down time for today's power movers we begin with canopy growth. the company losing more money than expected an dispiappointing on revenue as well other marijuana stocks getting burned the chicken producers are rising u.s. trade representative confirm that china will lift its ban on u.s. poultry. it estimates that could be worth a billion tldollars in sales per year elizabeth warren is out with a new campaign ad running right here on cnbc the ad targets billionaires. >> it is time for a wealth tax

in america i've heard there are some billionaires who don't support this plan. >> the vilification of billionaires makes no sense to me it's bull. >> it's warren's latest shot at her war of words with leon cooperman. he joined halftime report earlier today. he respopnded by highlighting hs film he did double down on his prediction the market would drop more than 25% if warren head to the oval office and said if this lady wins, we're in big trouble. welcome to the show. bryan schwartz she went after four different billionaires >> that's right. it's the latest salvo. this is going to be war.

some of them on wall street, some of them not it seems every time she puts out an ad, a tweet, many of them feel like they have to respond there are others on wall street who are trying to say the these guys, don't go there because you're playing right into her hands. clearly they're not -- they will keep responding in kiebnd as we talk today >> you think the ad is effective. she has come out and said business should not be afraid of a warren prez den sidency. do you believe that? >> i don't i think it's effective as a political tool on the substance i think it's deceptive and disingenious.

this really energizes the base. >> where does the disingenious comes? >> i don't think she tells what it means to pay your fair share. i would argue she's not presenting the facts that they are. her 2017 income, the top 1% accounted for about 19% of all income they paid over 35%, i believe, of all income taxes if you expand that out to the top 5%, they account for about 35% of income and they pay almost three fifths of all income taxes when you look at the data and professor warren is a harvard law school professor that believes in data

it says the rich are doing more than paying their fair share it's not just income it's not real estate taxes that's only at federal level it's not what they are paying on their real estate holdings at the state and local level. she is being disingenious about certain portions of the population paying their fair share. she never defines what the fair share is >> it's how this episode tieing together the idea that all politics in this country are very tribal. they are very us versus them it can be the deplorables versus the elite and this time it's the billionaires very issues the people >> elizabeth warren is trying to win a primary. we're not at the point, at least from her perspective to win a general election she wants to get to that base

voter. she thinks this is working for her right now. on the one hand they are probably concerned if she became president but there's the other piece of this which is other administration s have been business friendly look at president trump. even look at president obama they may not be happy. >> if she does win the primary and becomes the democratic nominee, does she pivot. does she become more moderate? >> that's a tough one for her. one of the attractive qualities of her is she comes off as

authentic. once you impressipivot, you los authenticity at a practical matter, she needs to pivot back to the center. she has to want to attract to suburban voters who are turned off and african-american voters. i think she has her work cut out for her. doubling down on this message in the short term it's fine longer term she could regret it. she's coming out with ads against billionaires it's difficult for her she's made it so clear not hedging anything she has been very, very clear as to what she wants to be as a candidate and the next president could go onto be president

who knows. >> this debate leon cooperman inspiring new merchandise to the warren campaign her newest addition, a billionaire tear's mug it favors a warm salty beverage. >> that was one of the fastest selling items that they had coming off of their website since last night >> $25 for a mug >> fastest selling item since they started the campaign. >> this really played into her hands opinion i thi hands. they would have been better off served not taking the bait she's strolli introlling them as

highly effective >> he was crying over the divisiveness of politics in this country. both bryan, our appreciation to you. to the bond market we go and rick skrchecking the action. >> it's been soft in terms of interest rates the last several days you look at today you can see it's been sliding off session. if you look at the three day chart, we have been three days straight we have gone from the low 20s into the 30. when you think about the movement and the context of where it started, it's aggressive if you put a july 1st chart together with boon yields and

u.s. 10, you could see the patterns are identical and we seem to have run out of gas. some of the issues have plagued the german car industry. some of the numbers coming out from japan it's apparent that many are looking for them to continue to melt away and finally the dollar index which really recouped a lot of its negative october stocks seems to have lost its mojo as it slowly moves lower. you can see how it was moving nice sideways. back to you. thank you. wework multibillion dollar rescue package from softbank might not be enough to save the company. one expert says there's nothing left to save woman: my reputation was trashed online. i felt completely helpless. my entire career and business were in jeopardy.

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the united states our smartphones warn us up looming storms, bitter cold or seering heat billions lack basic forecasts making the world a much more chaotic and dangerous place. in a historic marriage of big data and computer, ibm is launching graph today. it will provide accurate weather forecast not for a few places around the world but for the entire world >> what you're hearing is the sound as the ibm super computer that runs the new global weather model. it's named after an ancient god that ruled the sky it consists of nine cabinets and has 84 nods in it. the super computer is so fast, this massive model provides new forecasts every hour instead of every six hours. >> we're getting down to kind of

the cellular level of the thunderstorms now where we weren't able to do that before with that information we can now provide better support through criminal decision makers it's big potential business because big companies increasingly need accurate weather data >> any business that doesn't have a weather strategy is missing out on returns be able to predict the weather in advance for retailers, energy company, government transportation businesses is all we do. >> reporter: better international weather forecast can mean more comfortable flights for passengers who are routed around turbulence and even shorter flights >> if we can do a more fuel efficient flight we can save money on fuel. there's a variety of ways that operating on time and efficient manner improves the american bottom line. >> no matter how good the tech and weather model has to prove

i itself, americans will wait several months ibm plan continues to upgrades the model. it can take in realtime weather data from airports and smart phones because one of the reasons why there is good international weather data is because there's not good data from the weather it's weird and out of the way locations. once they get that in there the model will improve over time for a lot of people they don't know if it will rain in 12 hours. >> have you seen that video of venice >> with the flooding now it's more essential now. they were talking about a flight going over the amazon. they are not sure where the weather disturbance will be. they route the planes all the way around it to make sure it doesn't get close to it.

maybe even being able the shave an hour off a flight >> that's big money. >> some of it will be held publicly it will go on your weather app >> all right thank you very much. >> pleasure. >> you have a future as a meteorologist. >> low pressure system coming in on top of all the other problems, wework employees are facing, the big boss may swing by the office for a visit. >> the information reporting that ceo is expected to meet with top wework executives right here in the company san francisco offices.

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the problems are mounting for wework the company lost $1.3 million in

the latest quarter more layoffs could be coming >> reporter: wework updating investors in a call yesterday disclosing $1.3 billion in losses in the third quarter alone. that's more than double the total from this time last year around 500 million in 2019 so far they've seen about 2.1 billion worth of losses also reporting negative gross profit margin. one bright spot for wework, net new desks. occupancy a key metric for wework is down 5%. now averaging 79%there south bank owning around 80% of the company is working on a turn around plan. they are divesting some of those noncore assets

among other things looking for a new ceo after adam neumann's exit on that list, john legere is on that list. information reporting today that softbank, masa son is expected to come here to talk about layoffs. there could be as many as thousands of layoff for wework employees and talking about the company's financials and the plan going forward >> thank you very much so softbank went all in with its rescue-package is there anything to say our next guest doesn't the think so here to explain is eric gordon, professor the university of michigan school of business. nice to see you again, sir great to have you with us. you know, people can go in and save turn around companies that have good business models but your u is that this one doesn't

and basically can't be saved >> yeah. you know, if you own wework, if they delivered wework to your office in a box and you opened the box, what do you see inside? you see over $30 billion in obligations, lease obligations hanging over your head what are the asset the assets are these leases. they are actually obligations. you know the premise we have this business model that we will grow out of the losses kate was talking about into profits, doesn't seem -- it just seems to be words things are actually getting worse. so even if you use wework's own favorite metric, wework says wait a minute only look at offices that are mature. over two years old occupancy at those offices went down 87% versus 90% wework came up with a

custom-made metric they cooked this up themselves they call it location contribution margin. they use that in their registration statement they said pay attention to that. that method, their own favorite metric fell 25%. there is no business model here. they say they are is going to rent space for -- i'm sorry. >> go ahead and finish your thought and then i'll jump in. >> the business model is -- we rent space station for $45 a-square-foot. we'll relet it for $1 a square foot that doesn't make much sense >> sort of the sucker born every minute theory. they have leases on the space, but are they able to fill those leases with customers? that's where the rubber meets the road they may couldn't them as an asset but more an obligation will john legere be crazy to take this job? >> i think he would be crazy because, you know, he's going to

need a job if the sprint/t-mobile thing merges but there are a lot of jobs he could feel at companies with more upside that's a good fit for his aggressive personality this is one that could change his reputation for the guy who took t-mobile not an also ran to really the dominant partner buying spring this could change his reputation i doesn't need to jump at this one. i think it's a little wishful thinking these rumors that are being floated. >> professor gordon, always good to see you, sir. >> my pleasure check please is next.

check please go walmart i'll do it quickly walmart hit a 52 week high in today' session but now going close to session loss. that's not a good sign for this stock which has had quite a run going into earnings. >> it's been on fire really has been. i don't know about you but i've been watching our favorite billionaire's basketball team. houston rockets play the l.a. clippers one thing that was funny was the son here austin rivers calling for a technical foul on his father the opposing coach doc rivers of the clippers the real thing that tickled me was what you're going see in just a minute. he gets ticked out of the game

what really tickled me was who said billionaires are not fun. look at steve balmer he gets passionate about basketball billion injuries having fun with their toys >> high energybalmer thanks for watching "power lunch" >> "closing bell" right now. >> good afternoon. welcome to the closing bell. i'm wilfred frost. walmart that stock hit a fresh high earlier in the session but it slipped now down a fuel percent. broader market they are essentially flat with 59 minutes left to trade. of course hovering around their own fresh record highs >> i'm morgan brennan. let's look at what's driving the action trade concerns remain in focus china's ministry of commerce said both countries are still holding in depth discussions new data showed the biggest rise in producer prices in six months and a mixed bag fo