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 for dow

component earnings joining us for the hour is stephanie link great to have you here i think that's exactly where we should start we had earnings from walmart and cisco. cisco is the drag on the dow how would you characterize how it reflects back to the broader market >> last quarter the same thing happened where cisco disappointed and walmart posted a better than expected number. this is what this economy s-what this market is enterprise spend is weak on trade concerns and uncertainty and that's not getting better any time soon versus the consumer being very strong those numbers are very impressive 6.6% stack comp for walmart. it actually kratd. ecommerce sales 41%. estimates are going up for walmart and going down for cisco and i don't think there's a lot of visibility at cisco even if you listen to that conference

call they were disappointing across the board. you got to pick your spots of where you want to be >> we'll dive deeper into each of those companies reports ahead. stephanie will be with us for the full hour. le steve liesman is monitoring all our fed speakers frank is covering a headache for uber and phil lebeau has details on an auto reliability survey. steve. >> reporter: two days of testimony from the fed chairman and copious amounts of fed speak the fed is on hold and fairly high bar for it to move either way. jerome powell said he doesn't see recession on the horizon but that there are risks >> look at today's economy there's nothing that's really booming that would want to bust, in other words it's a pretty sustainable picture. i pointed out the risks and those are in manufacturing manufacturing is declining but not sharply.

it's more sensitive economically to cycles so it does decline >> new york fed president in his speech sounded a bit more concerned than the chairman about overseas developments. he said, quote it's striking in almost every corner of the world geopolitical tensions are threatening to put the brakes on growth." even republicans in congress do not embrace president trump's strong criticism of the fed and has called for negative rates. lawmakers seem comfortable with where monetary policy is right now. so do most members of the fed. >> stephanie, do you agree what are the key things from chair powell's testimony in the last two days. anything that surprised you >> nothing surprised me. slow growth. look at the inflation numbers. they are non-existent. core pc e which is what they look at 1.7% annualized. no threat to getting inflation on the upside.

at the same time growth is moderate we have an accommodative policy. they will watch and see what they need the to do. >> a prelt high bar to see a move in either direction if the european data, though, continued to be less bad than had been feared as has been the case in the last week or two and if christine lagarde comes in and doesn't want to hold rates as long as mario draghi did, could we see inflation and allow a rate hike next year sooner than expected? >> reporter: i don't think the european policy rate will be determinative at all of u.s. rates. there's detail on the height of the bars i think the bar to hike is this high and the bar for the fed to cut is this high i think there's a much higher bar for a rate hike than there is for a rate hike right now i think if europe turns around,

and if that then ricochets and we get this trade war behind us, we could be doing 2.5% growth in this country instead of 2% i think some exalternatival factors are keeping get down to a quarter to as much a half a point. in that case the fed might go about re-evaluating this idea of being on hold. it's on hold through the first quarter of next year with the bar at heights that i think that they are >> steve, thank you. >> i know a thing or two about bars, morgan >> you know a thing or two about weather. >> and macro economics >> turning now to walmart, hitting an all time high now pulling back throughout the session. someone who knows a lot about this is courtney regan >> reporter: so walmart did beat on earnings upping its fur year's guidance. it was a currency drag twice what the retailer had expected

u.s. comparable sales grew for the 21st straight quarter from in store and digital sales grocery again the main driver in the quarter. the category makes up more than half of total sales for walmart so it's been key to sales for years. but new expanded grocery pickup and delivery options are really helping to drive that growth ubs says online grocery pickup is driving between a quarter to a third of walmart's eat growth in the u.s. business >> thanks so much for that stephanie we mentioned why do you think intraday slippage? >> the stock is up 30% year-to-date the expect jags were very, very high this is a consumer staples-like stock. it's just a modest pull back >> uber shares falling today as the company face as potential headache in new jersey

frank collin has the story for us >> reporter: new jersey hitting uber with $650 million tax bill for four years of back taxes because the state said the company misclassified its drivers as independent contractors instead of employees. uber issuing this statement saying we're challenging this preliminary but incorrect determination because drivers are independent contractors in new jersey and elsewhere uber and other gig employers are facing similar situations in other states in california, a law passed in september could force drivers to be classified as employees uber shares falling more than 2.5% today back over to you >> just to be clear does new jersey have legislation like ab 5 already on the books >> reporter: they don't have legislation like ab 5 but they have a way to determine whether you're a contractor or full-time employee they say uber drivers pass that abc test and are employees >> if they lose their appeal how

quickly do they have to cough up that cash. >> reporter: well first things first. uber is contesting the amount. they say the amount is over inflated and the state is over estimating the amount of bookings they had in new jersey. when the payment would be due is not clear. i would guess it would be challenged in court very similar to ab 5. >> thank you shares down just about 3%. consumer report out with its latest reliability rating. phil lebeau has a look >> reporter: one of the big ones involves tesla last year it was removed from "consumer reports" recommended list because owners of the tesla were saying you know we don't see too many models with the model 3 or model s one year later things have changed. this is based on reports of people who own tesla the reliability of the model 3 is improving in fact they have now put the model 3 as well as the model s

back on the recommended list the. tesla shares have been ripping, essentially doubled and ranked as an auto brand number 23 out of 30 brands by "consumer reports" top three brands, lexus, mazda and toyota the bottom three, always interesting when you look at this list. plummeting to dead latinos cadillac, alp alfa romeo and ac. mazda is japanese. >> three japanese firms at the top. >> yes they tend to be near the top mazda has been improving not surprising to see lexus and toyota at the top. toyota was number one last year. if they are not in one, two, or three in some kind of order, lexus and toyota are always near the top. >> thanks so much. let's bring in vice president of strategic initiatives at mile

one to discuss autos a little bit more before we get to this "consumer reports" and some of the takeaways from that how do the overall numbers of car sales going at the moment? >> yeah. thanks for having me first and foremost new vehicle sales continue to be choppy monoas an example, august was a record month for us. september was weaker october came back stronger really when you think about, you know, trying to diagnose where the consumer is right now in term of their spending on autos, tying that in with used vehicles is critical as well as parts and service. used, parts and service are growing for us at high single digit rates. no red flags despite the choppiness as you have it in the new vehicle market >> what do you make of the fact that the tesla is back on the recommended list as the reliability improves for its cars in the "consumer reports" >> i think tesla makes great vehicles we've seen them over the last

seven or eight years really drive a lot of consumers to electric cars broadly. where tesla has a lot of challenges ahead is trying the to figure out its retail strategy and servicing strategy. that's an area where we're very much focused and really an omni channel fashion trying to blends the brick-and-mortar franchises he we own and operate with a budding and stronger digital presence over time certainly the vehicles have held their own relative to other electrified and non-electrified vehicles us about it stands out as a key obstacle in years to come. >> as auto sales begin to soften and come off in this country and across the world, electrification, some new technologies coming in, self-driving, ubers and lyft that are decreasing car ownership right now will we see more m and a and consolidation in the space >> i think for a lot of reasons,

some of which you pointed out. broadly the dealership base is ageing many lack succession planning. many lack the appetite to make multi-million dollar investments in facilities and many lack the breadth in diversity in brand and geography that will help them weather the next recession whenever that may be those are some of the key drivers we certainly see helping to fill the m and a pipeline which, as far as i can tell is the most robust that i've seen in maybe the last seven or eight years. >> what could be more big deals like we've seen? >> well when you say big deals are you referring to buffett -- sorry, in term of the oems >> yes >> i do think longer term, when you think sergio, the late great sergio mentioned this a few years ago, long term there's a

lot less differentiation under the hood and a lot of costs that oems bear in terms of bringing out very similar power trains and suspension systems and chassis and so forth i think it makes a lot of sense for companies like fca and renault to merge over time when you see the retail strategies, fca has certainly struggled absent jeep and ram which have done very, very well. other brands have had a tougher time trying to get a foot hold in the u.s. by example i do think over time and when you think about chinese competition potentially coming in, it's going to help the bigger incumbent players to think more about consolidating or at least, you know, doing joint ventures around new projects like electrification. >> meantime you got companies like daimler saying they are doing more layoffs anything in the auto sector you

find attractive or you're an investor in? >> not the oems but parts company. i own activ and they make stuff inside the cars, the electronics you were talking about which is a big secular theme within auto. i also own xpi sway semiconductor company, 60% of their revenues are autos i'm playing it differently >> jamie, thank you for joining us still ahead, leon cooperman fighting against a new ad by elizabeth warren blasting him and other billion injuries after the break, we'll dive into cisco's big break producinger price index climbing .4% in october. biggest gain in six months

"closing bell" will be right back no not everything, i mean you're still blatantly sucking up to me gary. brilliantly observed, sir. always three steps ahead. six steps ahead. sixteen. so many steps. you done? a million steps ahead. servicenow. works for you. by the way, she's the it wasnext mozart.g day. 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. toyota let's go places.

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weaker than expected guidance and slow down in global technology spending. here's what cisco's ceo told cnbc >> business confidence, ceo confidence has been waning and it's been waning because of all the uncertainty, whether it's the u.s.-china trade situation, the hong kong situation, brexit, what's going on in washington. i mean there's a lot of uncertain the at the so all we're seeing is that we are models no change in the momentum, but certainly if we get a resolution in u.s.-china, even an interim deal that could potentially help >> that stock is among tworts performers on the dow. currently trading down 7.5% and putting some pressure on the dow which is down 23 points. the >> we got 41 minutes left of the trading session. let's get over to mike for today's market dashboard >> i'll hit a couple more dow stocks hitting some extremes over the course of the dashboard. first paying for the wall, that's walmart

take a look at all the swircht constituencies happy days are they here again s&p levitation and apple in every bowl. another dow stock that reached something of an extreme here as people pile in then fight for the little guy. is it finally time for small caps to perform. first of all take a year and a half chart of walmart shares very impressive run. up 43% at a time when the s&p 500 over this span is up 13% or 14%. tremendous multiple expansion, tremendous interest in the strategic story of walmart what i like to look at is all the different exchange trade funds focusing on different strategies that hold walmart in high numbers these are the etfs that have a very heavy above market weighting. look at the diversity of the flavors here consumer staples very big member retail naturally

discretionary spending both discretionary and consumer staple the vig is dividend appreciation yep. it nudges the dividend up every year and buys back a ton of stock. low volatility but high momentum this tells you all the different ways you can characterize the stock that's performed very well i think it tells you there's something for everybody in the name it could also mean there's a lot of ways that a stock like this can get crowd in the short term maybe that's something of what we're seeing in this intraday reversal to the down side. >> seems to me your theme is a little political we got some slow arrogance going. >> some political catch phrases, campaign slow arrogance. yeah, you got it >> target is trading up 2% today what's the read through here to broader retail >> i think basically i told you domestic comps that walmart put up say good things about the environment right now for traffic. target a cheaper stock relative

to walmart as well >> within that staples bracket, would walmart be the most expensive on a pe basis? >> i wouldn't say that walmart is 24, 25. proctor and gamble could be higher than that costco is higher than that on a pe basis but it's up there. >> mike, great stuff thanks so much after the break, apple rising to another record high in today's session but one firm just hit the name with a rare downgrade. we'll tell you why next. ou and kara swisher talks to us abt uber's challenge and what it means for the gig economy ctu, we're creating state of the art, 21st century transportation hubs, kara swisher and committing to low-cost clean energy. with infrastructure built for the future,

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time to get "word on the street". maxim group giving apple a rare downgrade to sell. firm sees risk of the apple watch stagnating following google's plan to buy fit bit apple is down today. >> berenberg initiating beyond meat with a buy rating of $100 price target they say beyond meat is well positions to capture share goldman sachs downgrading kraft-heinz. the firm says the company has understand invested in dairy and protein next year. that stock is down another 6%.

i think that's where we have to start especially since i know you're astrattracted value >> this was a darling for many years. a big component of my benchmark. i didn't hurt it not owning it. the company just didn't invest they cut costs and cut costs and cut costs and the entire industry was left behind because they didn't cut costs. they were innovating they didn't innovate now 6 billion down to 2014 levels the stock is up 15% since the quarter. it's a sell. i don't think you can own it right now. it's yielding 6% on the dividend >> to the maxim note on apple is the stock vulnerable given the run up it's had to date? >> it could see a pull back. stock is up 60%. traded 20 times which is not expensive but relative to its historical average it has. that said the company has changed. it's not just a hardware company

any more we know service and payments if you're going to compare them to a payments name versus paypal or visa the stock is cheap i one you want to take some profits. i think you want to be involved in the name. >> apple off half a percent today. we got 34 minutes left to trade. s&p is positive. dow is just negative coming up we have your last chance trade stephanie is picking a retailer that's up 30%. >> nvidia gearing up to report earnings after the bell. we'll see if that run continues when the numbers hit the tape. as we head to break here's a check on bonds another down day fortressy yields ten year sitting just above 1.8% celestialing bell will be right celestialing bell will be right back. my parents never taught me anything about managing money.

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at the moment s&p just looking set for one. here are the he key things driving action trade concerns is in focus china said both countries holding in depth discussions new data showed the biggest rise in producer prices in six months and mixed bag for earnings cisco and walmart losing steam time for a cnbc news update with sue herera sneers what's happening. a second victim of the high school shooting in escalator, california has died. the los angeles county sheriff says a 14-year-old boy died at the hospital earlier a 16-year-old girl died from that shooting a student gunman shot five students and then himself. he is in grave condition house speaker nancy pelosi accusing president trump of bribery during her weekly briefing she called the first public impeachment hearing a successful day for the truth. >> the bribe is to grant or

withhold military assistance in return for a public statement of a fake investigation into the elections. that's bribery >> a copy of the month a lisa i expected to sell for up to $90,000. that's the news update at this hour morgan, back down to you >> i don't get that. 100 grand when it's not credible somebody could do a perfect photograph >> they could given the technology we have >> if it's not the original -- >> it's not. nope but a very good copy >> but a photo would be even better

anyway we're wasting time here thank you so much. >> you got it guys >> at least you can stare at it and it's not under glass and surrounded by crowds let's sends it over for mike santoli for a second dashboard >> our happy days are here again. s&p 500 has really just levitated. we've been hovering at the highs. no dips have taken hold in a substantial way. this is a longer term chart. the investment group pointed out we're in the mode of having 25 straight days where the s&p is above its ten day average. we had no two straight days of declines these spans are marking of points in history since the early '90s when we had similar conditions in place. so right here, you know, obviously in the midst of an uptrend the rule is you're not seeing anywhere near a major market top although you had flattening out you had time to buy the market at a similar level once you got

to this point but it really was more a pause on the way up obviously you wouldn't say this many instance made it statistically significant but it does address that concern. when you look at the market being a little bit extended above its recent trend does that mean it's about to topple in a significant way? this would argue probably not. >> stephanie, what's your take in terms of this momentum indicator and the fact we're treading water a little bit at the moment do you need to see the momentum to pick up a little bit to be confident? >> i don't know. i'm not a momentum investor. i'm a value investor i'm excited when cyclicals lead because that's an indication the economy is doing better. or that the global economy is actually stabilizing to me that means more than just the momentum stocks and high priced stocks do well. they are very crowded too. we have to see a repositioning let's see where these valuations come on the momentum side of

things and maybe they get more attractive >> mike, thank you senator elizabeth warren out with a new campaign ad targeting billionaires and featuring names familiar to cnbc leon cooperman was on "halftime report" earlier with his reaction >> i tried to stay on this high road if you keep up with this baloney i may be forced to go to the low road i have no problem to pay higher tax. you want to move me to 50% from 37% that's fine. i'll pay whatever taxes are asked of me and i'll do what i have to do but your attacks are directed to the wrong person, and on the wrong issues >> former goldman sachs ceo tweeting surprised to be featured in senator warren's campaign ad given the severe critics she had out there. not my candidates but we align in many issues

vilification of people as a member of a group may be good for her campaign not the country. maybe try balancism is just in her dna. i get the point he's make. there is sort of this notion of class warfare that's to be had in the rhetoric. not too sure i feel about that last line about try balancism. a little bit below the belt speaking of low roads. >> it's always lloyd's attempt at witiness which he usually hits pretty well the point, i think, which always stands out for me is that particularly look at the campaign ad and the clips of these billion injuries that's used by senator warren is the fact that you use clips of them saying i don't want to pay a wealth tax implying many don't want to contribute more. all of them suggest they are happy to pay more tax it's just the way they are delivered it's misleading on the point of the advertisement. >> absolutely. >> either way given we know that's how politics work these billionaires are feeding the

story by doing interviews at all and actually the person who should be most annoyed is bernie sanders because elizabeth warren is just eat this up as her topic and at the moment her incentive has got to be i have to win all the progressive votes. at the moment this is annoying bernie sanders more than annoying anybody else. >> to your point i think this is so personal, she's made it so personal and really focusing on a couple of people when they've all said they want to pay more, just pay more if they know where the money is going where it's going to be directed. that's what i heard from some of the responses. this whole thing is a little uncomfortable, quite frankly, to be frank with you. >> i was going to say -- by the way this has gone on as long as politics have existed, this is manipulation of information. >> lloyd says he's willing to pay more he'll be on the "halftime

report" next tuesday up next we got your last chance trade. stephanie is look at a discount retailer that's up 30% >> charles schwab say new account openings rose 30% in october from the prior month after cutting staff trading commissions to zero. that stock is up 1%. coming up we'll discuss if free is the key to gain the younger investors. "closing bell" will be right back ♪

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>> welcome back. 21 minutes left of trade >> tjx i like the stock for a very long time it's up a lot. it is -- i liked this company for a long time. i'm very positive on the consumer these guys are the number one player in the retail place they are benefiting from high inventories of department stores they have strong execution solid same store sales this is not a play on next week's quarter, although i do expect to it be good, but a play on them gaining market share internationally. i think that's the part of the story that's not appreciated so, it is a little rich at 20 times but trades at a discount to its peers >> you still got costco and

walmart. >> i do. >> what's you preference >> tj. i love costco. 32 times hold. walmart the story has largely played out and sits here for a while. tj, people are wonder if they can execute in a challenging environment. i like this one. >> all right there you haste. tjx. parents company of home goods which if you're a homeowner in the suburbs you've been to we got 20 or i should say 19 minutes before the bell. here is where we stand right now. any positive close for the dow and s&p would be a record. s&p is higher by three points. we're watching that one closely. this is the last commercial we'll take before the close. we'll bring you uninterrupted coverage of the final trade. that's coming next

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♪ ♪ ♪ don't get mad. get e*trade, dawg. welcome back breaking news on google. cnbc.com reporting 50 state attorneys general are preparing to expand their anti-trust probe of the company to include its search and android business. the probe had previously only focused on google's advertising business you can read the article on cnbc.com the stock is still trading higher intraday. it was up 0.7% last time i checked. still around that level.

mike, quick take on this i mean it's not huge specifics here but another sign that the regulatory pressure is very real for these companies. >> if you're examining the advertising business, i mean search kind of feeds that entire thing and privileging of search results in certain directions has, i think, been understood to be part of the issue of course the android eco system >> it's going to be one to watch too with this fit bit acquisition in the works as well it's 14 minutes left until the close. we are now in the closing bell market zone. commercial free coverage of all the action going into the close. >> with that 14 minutes left we're just about set for another record all time closing on the s&p. likewise for the dow which is just lower set to miss out walmart, volatile day of trade after hitting a high earlier in the day. >> reporter: most analysts are

impressed with walmart's quarter. jpmorgan said on "squawk box" stock evaluation is pretty rich. didn't expect to it move higher. shares for walmart up 30% year-to-date focus continues to be on the strengthening of the u.s. business with comps higher for the 21st straight quarter in a row with both higher in store traffic and net u.s. digital sales up 41% this quarter. grocery, again, the big driver in store and online as the retailer expands its pick up and delivery option. walmart upped its full year earnings guidance but that's on today's third quarter beat rather than expectation for the holiday quarter. that one stayed the same back to you. >> thank you mike santoli, stock moved lower. >> not quite good enough we went into this with estimates going up and the stock at a high i do think you got this little bit of a spill back after good news it shows you on a short

term basis, you know, people were filled up with walmart. >> weather as it got colder their apparel business picked up substantially. that bodes well for other retailers. >> canada goose not feeling that >> that price point is different than walmart's >> boeing, pilots union for southwest airlines questioning the timeline of the return of the 737 max. phil lebeau has the details. >> reporter: this is a question of how quickly the max comes back into service. the pilots union put out a note yesterday, the head of the union signed by all pilots and questioning whether boeing is rushing it when it comes to getting the max certified by the faa. boeing has said and maintains look it's the regulators that will make the final decision there was some salty language from the pilots june head. boeing will never and should not

ever be given the benefit of the doubt again. take a look at shares of boeing, remember the max they hoped it will be certified by the middle of next month and southwest has it pulled from the schedule until early march. guys >> phil, when the compensation amounts are decided between boeing and the airlines, will that go right into terms of the timeline when the faa re-approves it or back in the air if the airlines decide to take an extra month or two months will boeing have to pick up the tab for that. >> reporter: i want will go beyond certification at the end of the day what has to be negotiated not just between boeing and airlines southwest pilots said we want compensation not just airline we want compensation for not being able to fly this plane it will go as far as they see an after effect let's say they can't fly the full compliment of planes in july i'm throwing out a hypothetical

date can you bet that any airline that is seeing that impact will go back to boeing and saying we're seeing an impact on our bottom line, you'll have to compensate us for this >> phil lebeau, thank you. steph, you're an owner of boeing shares stock is up 1% despite a letter like this. >> also had a very nice week >> we're getting towards the end even if that end drags on for a few more months. >> absolutely. that's one of the reasons why i added to it. we're getting closer whether it's december or january or february for that matter. the story sue get this plane back in the air and their cash flow story completely changes. i want reverses. not right away but the valuation losing 40 billion in value over this i think is very extreme and most important thing is people are under positioned in this name portfolio managers are one weight ate big name it's a number one position it is going to be a rush to cover. >> under weight?

surely from start of the year it was a massive overweight for everyone and that made a big difference >> it over extended on the down side anticipate that's why i bought it. >> we got just under ten minutes, nine minutes left of trade. we've improved in the last ten minutes or so to get the dow fractionally positive. shares off canopy growth fell after a reported quarterlily loss >> reporter: shares of canopy falling double digits after reporting a greater profit loss than expected and take a charge of 48 million in canadian dollars for unsaleable inventory and return of products the ceo called the canadian market challenging blaming a lack of retail outlets while appearing on "squawk alley" this morning. the company beat on revenues and hope they will release drinkable cannabis products later this year it is expected to double in 2020 back over to you >> frank collins, thank you.

mike santoli, i mean, talk about names that have over promised and under delivered in recent months >> this one really the whole group, the market got so over excited about the prospect of legalization and everything else and just built these tremendous ovals on businesses that weren't really ready for primetime the idea of like lack of enforcement on the legal front isn't helping. i often wondered at the end of all this if you get the legalization what do you have? it's an ag business, it's not all that exciting even though it's a big societal shift. >> but a lot of demand for your product. if it's full legalization, they just have stretch valuation. >> you have to figure out what the overall market will be >> it's a competitive market you don't know who will win or lose they are pouring through cash

like there's no tomorrow >> carl icahn said xerox how old push with it's plan to buy hp. he thinks the deal between two is a no brainer. hp said they are aware of the investment and want to do what's in the best interest of all shareholders xerox made a bid for hp which is three times its size shares of both companies gaining as investors speculate that icahn's investment in both companies increase a deal happening. >> one of the thing that's been reported in the offer yes you can cut costs but how long could those synergies be and what does it mean in term of jump starting

growth >> synergy is key. he said there's synergies to be had. you bring up a good point. as you have an acquirer buying the company three-time its size financing is the tricky thing for this company f for xerox. one thing to get banks to finance it is through those synergies and explain how you see this deal going forward and being more profitable. you're right that's the key part to this deal getting dpoen it go -- done if it goes forward. >> are the synergies to the upside >> as word first got out about this potential combination both stocks go up you have companies that are priced for permanent decline, if you put them together you can cut costs more strategically, spread the risks, decide,000 shrink in a smarter way if that is what is require

what are the growth opportunities? no worse than if these companies are separate it just makes sense. kind of an investment banking 101 type of deal even though it doesn't necessarily create some kind of wonderful long term growth business. >> stephanie, would this be good >> cost energies, yes, synergies no now a bigger company that has struggles. i just think to the extent you want to play this from the cost side i get it. don't expect this company to grow any differently >> just under fire minutes left of trade the dow just slipping as the nasdaq but the s&p set for a record all time close. after the bell we'll get results from nvidia. >> reporter: expectations are high ahead of nvidia's third carter repo quarter report

it's up 50% -- 57% this year outperforming its peers in the chip sector. analysts will want to know whether it's still gaining market share in gaming and data storage, two areas that have fueled growth for nvidia in the past and a status check on its kicks for mellanox pending approval from chinese regulators that report coming out after the bell, guys >> thank you we'll be looking for those numbers in a short while in the meantime when we were talking about semiconductors and autos, this is one of those other names that has ref new tied to them >> about 8% of total revenue real story is gaming did that start to grow again what kind of visibility do we have on data center? a couple of companies have had positive commentary about the data center, so i think it should be better but it's up 50% and trades at 40 times

high expectations. >> mike, in terms of the implications for the economy from nvidia and others like cisco what are we thinking now >> i wouldn't say they tell a clear story about the economy. they say a lot about their individual categories. cisco is probably a little more susceptible to global economic fall but it shows you the different product categories are in a different position of strength than weakness >> semis were the new transports i thought. >> industrials or whatever you want to define them as but i think if that's true, but, you know, what networking equipment. should be playing in there >> mike, you have more on the market internals in general. >> another day where the major indexes are hovering near the highs. look at the up versus down on the new york stock exchange. there's been this steady under tow of selling for days as we've been treading water.

that's a concern defensive tone once again as yields have been contain you look at banks against utilities. that's a pretty good toggle in terms of whether it's offense or defense. utilities outperforming handedly we see an uptick in volatility not much off the loss but still at 13 year-to-date basis maybe it's bumping along the bottom >> two minute left anything positive on s&p and dow. s&p holding on naloxone hydrochloride 0.2% of gains for a record at the moment it's in the red. let's check in with rick santelli >> we only have six and a half weeks left of 2019 i thought a year-to-date view would be interesting we're down 86 basis points look at a year-to-date of bunds. they are down 59 basis points. dollar index up two cents on the year up a little over 2 correspondens

if you're long stocks or treasuries you're making money if you bought the dip at lunch you're looking good on the nasdaq >> that's kind of a mixed picture particularly in tech cisco weighing things down chuck robins talk about the weak macro outlook. the outlook there is sinking the stock. on the other hand you had metap. it's a gainer today. under the radar, cardalytics morgan stanley downgraded the stock it's very close to that $58 high price target. over to bob. >> reporter: bottom line here is we look like we'll hate new high on s&p but comes on very light volume again and very low volatility s&p has moved bat 25-point range in the last eight or nine

trading session. that's extraordinarily low volatility we got walmart today jc penney tomorrow i don't know what they will say about righting that ship it's over $1 that stock was in danger of being delisted because it was below a dollar there's the "closing bell" s&p 500 will eke out a new high. dow jones industrials average either side of positive and negative now welcome to the "closing bell". i'm wilfred frost. >> i'm morgan brennan along with mike santoli >> let's check in of where the markets closed almost too much to hope for potentially another bang on flat for the dow but as you can see up 0.004% but that's a record s&p taking those into another record closing high.

the nasdaq just missing out. russell is a miss from its record close materials or utilities led the charge >> transports were higher by .3%. we're moments away from an earnings report from applied materials and nvidia joining us to talk about the market day, james bianco and stephanie link but first, mike, let's start with you the fact that we closed at records but oh, just barely. >> yes i do think the real message the market has flattened out, refusing to pull back in any substantial way. it's managed to stay right in the range of all time highs without really having much force behind these moves so i think you have to say that's a net positive that the market is refusing to come in. on the other hand, the ten year

treasury yields is down. it's defensive sectors are working. using up a lot of energy to tread water before we take a break and a rest for the next move higher. >> the dow looks like it's settling just negative as opposed to positive albeit by less than half of one point. need to go to three decimal points to get the negative in percentage terms jim, i come to you you feel this rally can continue >> yeah. the market has got the momentum going with it right now. no reason to try to fight that momentum as michael was saying very little volatility. never short a down market. bond market, you're seeing some pretty intraday and daily moves there. but, yeah, path of least resistance seems to be higher. >> stephanie, what's your take on this market >> i'm surprised we're at new highs given the economic data we got overnight with china across

the board disappointing china data, japan gdp, even germany's gdp, okay was better than expected but .1% >> just out of recession >> dedidn't have a massive decline in the market or a rotation in defensive. utilities did lead but banks rallied. in the face of seeing bond yields where they are going. >> is that what's driving this market right now this theme of whether we're bottoming and the data is worse what's happened. >> i believe we're seeing stability. data overnight, most recent data in china was very disappointing. some believe that come december we're going to get more stimulus from china and that will, obviously, stabilize things. you need trade you need trade and more stimulus to have it happen. breer in the process of bottoming but not accelerating >> new data, 37.6% of baby boomers were over invested in stocks during the quarter

including 7.3% who were solely invested in stocks the 10 year bull market led some individuals to invest in more stocks than recommended and expose them to unnecessary risk physician the market experiences a downturn an interesting take given that for a lot of this rally we've been pointing to the fact that cash levels in general are high. >> cash levels remain high and floss have been generally net out of equities as opposed into fixed income the reality is that the stock market, s&p 500 turned 15% annualized for a decade. just the sheer force of those balances going up, it requires an older investor, if you're nearing retirement to trend back on stocks. it is based on fidelity says if somebody is overinvested or not. it fits in with what we hear

bond yields are solo, stocks can serve that income for retirement >> to that point what do you make of this report? if you are trying to get some sort of yield here you can see how it would have gone over weight on stocks >> exactly i agree with mike, with the market rallying you're wading in stocks grows and grows you have to make an active decision to sell that and go into bones no one wants to do that even though bond yields are low most people invest in them it's not surprising. the other thing to keep in mind as wilfred frost said, only 7% are invested 100% in equities. they are in some mix of stocks and bonds. not everybody is fully to the wall for the stock market. >> charles schwab says new account openings rose 30% in october from the prior month

other major firms quickly followed and in the last month swab, e*trade and td ameritrade are all higher by 10% or more. look at that stephanie. the fact we've seen a rally like this is the reason we hear there was worry -- there was worry about tech disruptions, some of these start ups, with cuts to zero the fact that names like swab have increased their base off of this is that what investors are reacting to here rather than the money to be made or not made >> i think so. they got over sold they tanked big time when the news came out. race to zero is not a good sign. profitability is hurt. at these valuations it's okay if it's priced in more important thing is what do you think will happen to the yield curve? these companies need a steep yield curve and we're seeing it steepening that's in their favor. that's a big part of how these stocks trade

so we'll have to watch that. >> they are doing better because the fed cut rates. >> right >> i also would say how big are these accounts you'll see after the quarter what the net asset floss are you can do a zero percent, open up a lot of accounts i doubt they are of a size where swab is making much money. >> but as we discussed this type of trading didn't make up a large portion of schwab. more interesting thing that we made the point on, clear takeaway is this is probably bad for robin hood and if you're seeing charles schwab picking up young millennials won't be good for robin hood and could be the ultimate takeaway. >> we got earnings let's get to seema modi. >> reporter: here what you need to do about applied materials.

4 cent beat on its bottom line it came in well above expectations q1 guidance also very strong moved by growth and foundry logic and d ram chips. i want to point to growth internationally, it continues to see strength in china making up 32% of its net sales ceo and president saying semiconductor industry is increasingly adopting a new playbook for improving chip performance. the stock building in ilts gain. up nearly 4% about 75% so far in 2019 and now we await results from nvidia back to you. >> we do, indeed what's your take on this one as seema mentioned a great performance. >> it has. trailing along with the overall picture of the semis which is predicting an inflicection on overall demands.

siliconization of the world. >> to that point in terms of what we've seen from earnings results in the season it has been the makers and manufacturers of the equipment for semis that have seen the strongest numbers. >> because they got hit so barn hard we annuity would be good i want to hear about on the conference calls are we seeing a bottom so these stocks are up a lot but also down a ton last year. got slaughtered in december of last year. valuations at 16, 17 times not that commanding now that you're seeing an inflection in earnings >> thank you both for joining us up next the state probe into google taking another turn as attorneys nel geraexpand their scope. we'll discuss that with kara swisher. don't go anywhere that's coming up next.

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cnbc.com reporting 50 attorneys general are expanding their investigation of google. how significant is this expansion from what it was and fact that it's in the state's ag probe as opposed to something more federal >> these state ags are very powerful you can't study their advertising business without running right into android, without running right into search it's all systemic throughout

this company very hard to investigate one part without pulling on a thread to the other their dominance in search, dominance in advertising, dominance in the mobile operating system, it's all connected. i'm not surprised they have to go there because they are related to each other. >> given that fact what do you think it does for fit bit acquisition. >> it depends. it depends on what is it if they can prove they are competitors in the market that's a separate marketplace with that acquisition there's areas of health care data information about location that's a privacy issue more than anything else. you know, the questionis shoul there be a moratorium on these companies buying anything if they have a certainmarket share. these will be worked out in the next couple of years whether it's through the department of justice, ftc, federal legislation or actions by state attorneys generals and states

themselves you'll see action every where coalescing around the same thing. some of these problems can be met with legislation, some with fines, some with antitrust action and some with breakup it will depend but this is the beginning phases of investigation and you have to look at search and android if you're going to look at advertising when it comes to google and facebook and other companies. >> what do you make of the google citi partnership for checking accounts? >> they just keep going. that's the thing about these companies. not just google. facebook announceed a new payment thing. apple is moving into health care amazon is moving into health care these companies are so massive they need growth and two areas that are big are finance and health care. you'll see them move into both of these areas in a strong way i'm not surprised, you know, especially because, because it's where the money is but they are also announcing a health care deal at the same time which google has tried many

times to get into. so they need growth these companies and this is where they will get their next billions of dollars where they think they have to expand their cloud offerings and ai offerings >> i want to get your thought on this report that uber is getting hit with a $650 employment tax bill in new jersey do you think this is a sign of more the to come in term of states cracking down on basically the filing of employees and what that means for tax bills? >> 100%. what amazon faced a couple of years ago around taxes a lot of these companies will face whether the people that work for them are employees or not. we probably have to think as a nation of what an employee is and what rights do employees have and what benefits should accrue them. because essentially all of us everybody who use as uber, everybody who gets something from a take out service, you're doing it on the backs of people who do not have benefits and

doing it for a very cheap price which is not the actual price that it costs. so it's being subsidized in a lot of ways for you to mak these popular. the question is what are we going to do in the future over who is an employee, if our workforce is moving to a more gig based economy. you can't. have a bunch of serfs working for people for no benefits or anything else. it has to be thoughtful and there will be a lot of action by governments on this because this is in a government wheelhouse to deal with. >> one of the pivot goldman sachs apple credit card as to whether or not decisions to extend credit was sexist or not. where do you stand on that and how much of a response has come out from both companies thus far which is certainly kind of taken the focus at least in the short term way without a full kind of recognize

correction of this issue >> these companies have to think a lot harder apple needs be more transparent along with goldman sachs how they do these credit decisions there's a lot of complexity and may not just be what you think has been reported already. i heard from lots of sources around who is authorized user of a card, not just your credit card that matters in these decisions. if it's a company like apple it would behoove them to start explaining to people why they have the credit score that they have rather than be captive to the system that we have that is confusing to everyone. i don't understand my credit score. i don't get it it's like a black box. so really to understand how you are judged by these companies and credit would go a long way so apple could use this as an the opportunity to really, like, clean up the system wane and offer other ways to do credit and i'm hoping that's what they will do. it's a company that often tried to be innovative in areas.

in this case it was a real stumble for them not to understand all the consequences of what might happen when you move into a totally new business that you're not familiar with before >> yeah, certainly puts apple and goldman under the microscope kara swisher, always great to get your thoughts. thanks for joining us. still ahead apple shares may be soaring but it's dividend yield are at a seven year low. find out what that says about the outlook for apple stock. >> minutes away from nvidia's earnings we'ldiuss l schow to trade the stock when close bell returns. i'm happy to give you the tour, i love doing it.

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we send it to mike santoli for his third dashboard of the day. >> calling this an apple in every bowl not a chicken in every pot. apple is the favorite stock right now. it's been on a tremendous furious run. stock was up ten days in a row finished higher than it closed although today it cooled off a little bit the dividend yield on apple shares, this is when apple first initiated a dividend in 2012 don't pay attention this at this point they didn't have a full year of dividends annual dividend yield this is your trends and that's pretty

much an all time low below 1.2%. what does that mean? the market is revaluing apple as a growth story the dividend will go up from here but not so much about getting that yield and feeling it's a cheap stock it's another marker of a re-rating of apple shares back to the premium to the market the question whether it's justified or really is a bit of a stampede into a big popular name >> what's the cash back be >> what are they doing 50 billion a year? i don't know the exact number. but it's not tremendously higher just because the market cap so far is over trillion dollars had a pretty big pay out in order to get that denominator. >> we got a news alert on warren buffett's berkshire hathaway >> it shows what the fund

manager did during the third quarter of the year. most notable i would say from this filing is a stake in rh, restoration hardware worth about $210 million at the end of the quarter. 1.2 million share stake. so small by berkshire hathaway standards but nonetheless causing that stock to pop about 6.7% in after hours trading. parred back a stake in apple and octobercy de occidentsal petroleum. wells fargo, they parr pared is stake back he keeps getting up to the threshold. i think we can read this more as a portfolio adjustment as any kind of negative sentiment

regarding wells fargo. >> a lot of buy back going on in the banking space so he has to trim a little bit to keep below 10%. what about any kind of signs of cash levels overall whether that's come down significantly or not >> i'll get back to you on that. i'm not sure we haven't had a chance to pull the cash levels out yet. he has taken some new stakes and paring back is where he's deploying capital. to give you and exact number i'll get back to you on that >> still to come former walmart ceo bill simon gives us his reaction and broader outlook on reaction and broader outlook on the holiday shopping seen.he la. no commission. no matter what you trade, at fidelity you'll pay no commission for online u.s. equity trades.

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as of 12pm today, i am debt free ♪ we have no debt, we don't owe anybody anything, and it's fantastic ♪ >> welcome back to "closing bell". nvidia earnings is out stock is higher in after hours trading. >> reporter: a volatile session. it was down 1% now up 2% nongap earnings of $1.78, well above expectations

revenue up $3.07 billion which beat the street. revenue guidance is weak for the fourth quarter and as to the acquisition of mellanox for $7 the company says it's in discussions but the closing of the acquisition will occur in the early part of calendar 2020. looking at specific growth segments, just want to point out for data center, it sees strong data center growth ahead driven by the rise of conversational ai and inference. we'll have to get more commentary on the earnings call which comes up at 5 lone 30 p.m. as to the health of this segment which has seen year to gather declines stock is up 2% back to you. thanks so much for that. time for another cnbc news update with sue herera sneers what's happening.

the fbi and d.c. police have arrested a man who they say is the potomac river rapist and killed a woman the suspect is 60-year-old daniel warwick and arrested in south carolina >> more people are being diagnosed with vaping related lung injuries. cdc says as of november 13, 2,172 cases have been reported in 49 states this is an increase of 121 cases from just last week and so far it leaves 42 deaths that have been confirmed in 24 states. kentucky's governor has conceded the gubernatorial election this after a recanvassing of last week's vote he said he and his team will work with governor-elect to ensure a smooth transition we're going to have a change in the governorship. based on the vote of the people.

and what i want is to see the absolute best for kentucky i'm not going to contest these numbers that have come in. >> and you are up to date. that's the news update at this hour back downtown to you >> thanks so much. walmart finishing the day lower after reporting q3 earnings today. the company beat on the eps line and saw its ecommerce sales grow by 41% grocery business being a driving force behind that growth walmart's jump in online sales come as further competition. let's bring in bill simon former ceo of walmart u.s thanks for joining us. >> good afternoon. how are you >> very well, thank you. we should mention walmart did finish down but hit a record intraday before doing that was this a strong result, bill, or disappointing given the shares ended lower >> well, i think walmart has been doing exactly what they

were going to do they are investing heavily in ecommerce and running a very good business. the u.s. business is really, really doing well. greg in the time he was there has done a fantastic job been carrying a the company for a while. allowing them to invest in ecommerce. so they are delivering the plan that they said and if you like that story then you're buying the stock. >> the fact that there is going an executive leadership change before the year is out, what do you make of that >> well, any time there's a change it becomes another variable that you have to try to manage craig did a fantastic job. and the one who is coming in is a lifer with the company the last five or six years he's been out of the u.s. business. he's been in international and been at sam's club so running the u.s. is a big monster that needs to be wrestled and that's the engine that's been driving the company

so i think john has his work cut-out for him but he's a talented guy >> earlier today the president tweeted along the lines of the fact that the tariffs clearly aren't hurting walmart is that fair >> well, i think the evidence would suggest that i've been sort of saying that for a while now. last quarter walmart, target, amazon all beat and raised guidance so far walmart has beat and raised guidance and they are the ones that tariffs would be impacting if it would impact consumers. so far retailers have been able to mitigate or absorb the cost many of them and almost all the companies i'm working with are trying to find ways to move supply lines so that they are not exposed to tariffs that's going to be a difficult problem for china. if these supply lines move china won't get them back for decades. they will move and stay moved. i'm optimistic that's going to

result in resolution of this trade discussion pretty quickly once china comes to that realization. >> looking at the ecommerce numbers is it fair to say that at least at this point in time walmart is winning the grocery delivery wars? >> yeah. i think so you could say that you know, grocery is the most difficult part of retail it's much more complicated to get bananas from central america to every zip code in the u.s. before they turn brown than it is to deliver a book or a package to someone's home. so walmart has the infrastructure, he in built that infrastructure now 30 years or 40 years to be able to deliver fresh food to every zip code in america. so it's not that much of a challenge for them to deliver it the last mile or particularly right now it's driving their business, the order online and pick up in store they got that infrastructure and really nobody else has hat site

doesn't surprise me that they are doing well >> long term, fast forward five years how many will be doing nationwide grocery delivery >> hard to say i think goingts to be tough in that five year horizon for anyone to do it nationally the way walmart has the ability to do it. i think others might do it very well regionally. many will do it well in dense urban markets. amazon will do it well in markets where they've got the ability to deliver that kind of density. every zip code in america, i think in that five year horizon walmart will still be doing very well >> on the call today, bill, the challenge right now, one of them anyway is for walmart to try and expand that success with order online and pickup or maybe direct delivery of nongrocery items. is that a different type of challenge given the fact that, for example, amazon is already, you know, so well established in

that area. >> it is i think what doug was talking about was the third-party business, the marketplace business amazon's book beyond their first party business is just enormous and natural drives an incredible amount of traffic to their site. that's really where walmart is at a disadvantage is that traffic and that traffic is coming through third-party sellers. walmart for many years has been trying to build that third-party book of business but it's difficult because they compete with those guys. >> bill simon, great to get your take on the heels of those results this morning thanks for joining us. >> happy to be with you. >> still ahead find out how major consumer put companies are teaming up with ontoe y maker to win the brand loyalty of gen z

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post a job today at linkedin.com/grow the amount of student loan debt i have, i'm embarrassed to even say. we just decided we didn't want debt any longer. ♪ i didn't realize how easy investing could be. i'm picking companies that i believe in. ♪ i think sofi money is amazing. ♪ thank you sofi. sofi thank you, we love you. ♪ >> welcome back. we're getting new developments on trade talks with china. >> reporter: we just learned that ambassador robert lighthizer, treasury secretary mnuchkin and chinese vice premier will be holding a negotiating call tomorrow friday

as talks progress ahead of a self-imposed deadline by the white house to have an agreement by this weekend. this news is according to the usda undersector for trade who made these comments in an interview on the sidelines of an industry conference. it's unclear what will be produced from this call whether it will yield any results but u.s. farmers are line up with their products to sell them to china if and when the green light is given and he predicts a better than 50% chance that the two sides can overcome their differences to reach a signing of this phase one deal the market is closely focused on any development. we'll try to get more detail on capital the agenda is for this call but will be closely watched tomorrow as we await any news on how close the u.s. and china are on this phase one deal and whether they can overcome this stalemate to get to a signing. >> to meet their self-imposed apec time is that a preld

agreement as opposed to the physical signing which comes with logistic cal issues >> at this point it's hard to envision they can get an in person signing you never say never because these are world leaders that travel by private plane. but if they do want to have a full fledge press pool media frenzy big type of event that they had been envisioning for this signing summit you would think it would need to be at least a couple of weeks out. a month ago we were told this deal was fully negotiated and just needed to be written but there are outstanding items that are not negotiated and they need more time to put those in writing once they reach an agreement. >> kay lashing thank you sure meantime nvidia earnings are out. stock is higher after beating wall street's earnings estimates but issuing weak fourth quarter guidance let's bring in james wang. james, thanks for become with

us are you surprised to see shares higher >> not so much i think the quarter came in okay i think a few things, one verification was on data center growth is back in acceleration mode and it is, sequentially it grew quite nicely >> you are mainly focused on data centers, is that right? >> yes nvidia is principally an artificial intelligence story. strong gaming business as well where people are really excited is the market that's being created and every where you look at these ai, conversational bots, machine learning training that's where the growth will be for the next few years >> the company says in the release that for q4 guidance strong sequential growth is expected in data center but offset by seasonal declines and softness in gaming platforms how much of a concern is that? >> i think it's a short term

concern. these gaming trends, and buying trends come and go and it's very seasonal you know they released their gpus recently and they have done very well. key quarter is kind of heading in to the holiday season, can they really get traction on aaa games and gamers buying space on that we don't focus too much on that because it tends to be very cyclical we think the gaming business will be a growth business in the long run but focusing on data center and auto is where it's going shift the narrative and valuation for the stock. >> james wang, thanks for joining us up next the most wonderful time of the year for one specific part of the market, at least. mike santoli heads to the telestrator with that. >> big brands going small. they are betting on boys to

build brand loyalty with gen z we'll explain that >> coming up on "fast money" a top technician says it's time to do the unthinkable time to sell one of wall street's most beloved stocks [grunting]

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memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. welcome back let's sends it over to mike for the final installment of today's dashboard. >> time for investors to ask if the moment to fight for little bye. people have been waiting for small cap stocks to do better.

this chart shows seasonally it's around the time of the year when they do better so the top, this is essentially, when this line is going up, small caps are doing better. russell 2000 is outperforming the 1000 here we are in november, ahead of that january effect revival of small caps. blue line is this year's ratio of small to large so clearly we're roughly where we normally are. valuation on a relative basis is starting to look better for small caps after for a long time then not looking that compelling on a valuation basis we'll see if this plays out. >> news alert on nike. >> reporter: nike announcing its increasing its dividend by 11% to 24.5 cents to shareholders on december 2nd, 2019, and it comes as the stock trades in record high territory mark parker outgoing ceo of nike

said this is nike's 18th consecutive year of increasing dividend pay outs. more company tries to put more money towards dividend amid lower rates. >> quite a lot of news on nike bit more focus on its own online platform >> one of those stocks it's a matter of practice. nike has bumped its dividend higher by a couple of cents every year it's one of those growth companies people feel kit do it all. buy back stock the core growth is okay. >> nike flat in after hours trade on that news up next building brand loyalty, some of the biggest household names are making a major push to appeal to gen z and somehow become one of the hottest toys, i mean, i'm looking how to open it >> the great unboxing. that's coming up after the break. >> mini brands

it says hp 3 plus. we'll be opening it and see what we think of it after the break 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. servicenow. works for you.

gen z loyalty is a way to remain relevant. it's working to be purpose driven and make a working to be purpose driven key priorities for that age group uni lever is among many brands trying to capture genz with chinese company zuru to feature miniature versions of its product in a viral toy called mini brands. >> and wrap the toy and find dove shampoo, skip pi peanut butter partnering with a toy brang allows consumer brands to access household shopper through the most influential channel of all, their children and two of those units are right here onset we got our hands on them, and actually, by the way, it was kind of hard to get our hands on them we're going to open them up, see

what's inside. >> there we. >> okay. >> we, by the way, took the plastic wrapping off because it was a little challenging, so we did that in the commercial break. >> so that's still more packaging. >> undo it >> this is supposed to be the fun part. >> i got a dove moisturizer mini great. >> i can't even get it open. >> it's so good. >> i don't know what that is >> okay. i got wet ones what every 3-year-old wants to play with. it is kind of fun, though, because you don't know what you're going to get until you open it up. >> is that some kind of a toy? >> i'm getting like toiletries. >> don't know what that is. >> and last one for me >> dove. >> i got four cheese pasta

>> i have to say, if i was a kid and i got this for christmas, i would be desperately disappointed, what a terrible toy. >> i'll trade with you, you want the smarties. >> surely kids want a soccer ball or remote control car. >> are these on store shelves where the kid in the shopping card says can i have that and open it. >> i think this would be a good thing to bring to the restaurant for your child and they're getting rowdy and you need to give them something to do. >> some kids like miniature things. >> if any of my god children are watching, fear not, you're not going to be getting this terrible toy >> here's the other thing i'll say about this it is a concept that has been around for a long time, not quite so direct. i think about the hess holiday trucks that you can buy every year, and i also feel like that's exactly why we have seen media and the intersection between media and toy makers, get so strong, and you have seen

some of those combinations and some of those deals that have happened because it has always been about how you target kids and how you then sell goods to them. these are consumers of america. >> we're going to do a review on the segment in 30 years time to see if the kids of today are hooked on hostess dinettes. >> i was hoping for a mini spam can myself >> i did read that that was one of them. >> that was a bit of fun. >> that was. >> we have a news alert on how top hedge funds are trading and recent ipos. >> appaloosa doubles down on faang and increased its ownership in amazon and facebook by 43% and 53% respectively. appaloosa's stakes in all three companies were each worth roughly half a billion dollars additionally, prominent managers selling out of ipos, soro sold

his stake in lift, while third point dissolved his position in pinterest, and a new stake in smile direct club worth $10 million. icahn's confirming the journal report we discussed earlier in closing bell saying his stake is worth about $1.2 billion in hp note that all of these positions are as of the end of september, and changed since then >> leslie, thank you for going through all the filings for us up next, behind the streaming wars, viacome ceo a sneak peek of the interview, and his take on the battle when closing bells returns.

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it's 11:00 a.m. on wall street, and "squawk alley" is live welcome back, shares of viacom higher after reporting earnings above expectations. g jim cramer sat down exclusively

with ceo bob bakish. >> they're absolutely wrong, we're bringing a different approach, one that combines free and pay with a leader today in free we already have particularly on a viacom basis, paper products and you'll see us prosper in that space as well. >> you can catch that full interview coming up. "mad money," 6:00 p.m., don't want to miss that, bob bakish and an action packed show. they still got to convince the market that they can continue to grow their relatively small subscribers numbers, the way disney has jumped in on week one. >> and i think the company even combined is going to be levered to cbs, the retransmission revenue from the existing paid tv systems i think the bar is getting pretty low the stocks are cheap you put them together, they're 1/10 the market cap of disney. if you think they have a place at all in the broader ecosystem,

somebody rebundles things down the road it seems as if there's a path they can leverage what assets they have left. >> disney's market cap is now twice the size of netflix, and certainly their subscribers numbers on day one seem to have hit it out of the park even though there were some technical issues it's not a zero sum game but the question, i think, is going to be just how many services do consumers ultimately take on, and what does that mean in terms of pricing for everybody, including netflix which has sort of set the ceiling. >> i think for disney, the market is giving them credit that it's not a zero sum game for that company, in other words, all the streaming it is additive until proven otherwise. one reason it is twice the netflix cap. >> which are all up on that streaming service. >> the old market cap. >> broader markets actually finished kind of near the session highs albeit a lot of resoundingly positive session. >> just hovering and hovering and i mean, the low volatility, very very flattish action is

still okay the issue is if we just have a natural pull back from here, that's 2 to 4%, back to the 50 day average or something, it's going to feel like it's more jarring than it is in the broader scheme i think the uptrend is in tact it could be bumpy if we retrace a little bit. >> that does it for "closing bell." >> "fast money" starts now. >> overlooking new york city's times square, carter worth, tim seymour and steve grasso, the unthinkable, it's time to sell apple and he has the one chart that proves his point. plus, a pair of after hours chips, stock, video both on the move on earnings we'll break down the result skpgs lat, and later, up in smoke, cannabis stocks getting crushed what's behind the buzz skill we begin with a developing story on alphabet, taking a leg lower into the close on news o