coolness, the wow factor all of that is how you have to keep developing new restaurants. >> will we see fake meat at your restaurants? >> no. i love the whole concept of fake meat let them open next to me and let their customers have great experience i do what i do >> all right thank you very much if r that update power lunch begins right now thank you. here is new at 2:00. deal disruption. charles scwab in talks to buy pd ameritrade for what would be a mass ifr deal. the macy's struggle is real. guidance has been lowered. is the future as bleak as it looks? a hots bio stock shares up 60% this year. the ceo will be here

power lunch starts right now good day welcome to power lunch let's get a check on the markets. the numbers are in the red all the averages are as investors try to digest mixed signals on the u.s.-china trade talks but the indexes are off the lows the dow is down. the s&p 500 call these numbers pretty flat except for the russell which is off about a half a percent we begin this hour with major deal news as charles scwab is in talks to buy td ameritrade could we be in for wave of deals that turn the disrupted back

into disare you positive tors. >> for more on what led to the talks, let head to the new york stock exchange >> you have a combination of two big forces going on. first you have the synergy more importantly it's about skill. revenue per customer is dropping because commissions have gone do zero there's other reasons for this as well. the trend, for example, to low cost and a way from higher cost mutual funds and into etfs hurts anyone or collects revenue sharing from funds on their platform that's a problem then these firms have banks that are very profitable because the interest they pay to clients is very low also there's pressure from competitors like fidelity to raise the rates they pay

the big battleground will be over advisory service. they make money usually on a fee charged as a percentage of assets under management. if you think it's pressure on wealth management now, it's fee based. there's some people advocating going to a subscription base model for asset management >> bob, thank you. is this potential blockbuster deal the beginning of a wave of consolidation and which sectors and stocks could be target what sorts of factors are you weighing >> i think one of the things that bob menged was sirrer jis

and scale. you can look at sectors like energy and health care decompression and energy pressure whether that comes from political commentary or things occurring naturally. our areas where we're seeing some activity. >> you believe the energy could be right for consolidation it's one of the worst performing sector on the s&p 500. it's that one reason why >> exactly you start to see as david said -- it's exposure to where the money is coming from >> a driller these are names that are been beaten up. 24%, 12%, 35% respectively >> large company cotake them

out. checks a heck of a lot of boxes and gives that space that's been undervalued a little bit of a tail wind going into where people are chasing year end >> are these moves born of defense or offense >> i think it's a combination of both if you think about where we are today, earnings growth is scarce >> the best defense is a good offense? >> companies are looking to wring out costs. you'll see acquisitions. earnings are heavily tied to stock prices companies will look to acquire growth as opposed to trying to grow it organically. i think we'll see more of those. >> you go first. >> i want to ask you about your retail pick because i thought this with interesting. we're going to talk to a top retail analyst in a moment she's sitting here onset i'd love to get your predictions because i think these are interesting. >> kohl's stores have a jv with

amazon i think that amazon needs a foot print, not globally but in states you need some fulfillment center checking the box for amazon. kohl's stores are ready. they are carving out a lot more of their store for amazon specifically that should be an easy view in my mind. >> it looks like the indexes are taking a breather. probably driven by the hesitation crept into the trade story. what do you see? >> i am seeing very few in the way of positive catalysts and a lot of negative. earnings growth is very, very weak it looked like we'll have four straight quarters of negative earnings growth. stock prices are tied to earnings we don't think fed policy and low interest rates can drive

stock prices for ever. short term yes, not forever. the trade deal really seems to be the key today if we got a legitimate trade deal and perceived as a win win, i think we would have optimism about earnings growth into 2020. we could get more optimistic about the market in short of that're not seeing what will draw economic growth next year and stocks are trading at all time highs. it doesn't make a lot of sense >> we'll leave it there. thank you. retail is group that is battling disruption. luxury retailer raising its bid for tiffanys the macy's mess continues and more retail earnings are coming in after the bell. let's talk about it all. what's happened? what do you think will happen in. >> it's lirumored they raised

their bid. that wouldn't surprise me. i think tiffany brings a lot to lvmm and they bring a lot to tiffany. i think lvmh can help fasten that up and speed it up. i think they want to increase their fashion and watchs and jewelry category given how strong fashion and leather goods is i think keep in mind insider don't own a lot stoof stock at tiffany. there's a share holder value to benefit. >> i'll pick up there. you think tiffany has a lot to gain >> yes they have the creativity and global muscle to advance tiffanys and modernize tiffanys and reinvent it for being more relevant >> let's move on the macy's after it reported same store

sales decline in two years slashing its out look. >> vendors didn't seem to have any problem when we were the top retailer the vendors were happy because we were their largest. when they add distribution to off price channel and the consumer was choosing between this and that, it became a bit of a challenge now when those start to hit a well as well and their business becomes difficult, it does being strained not with just macy's but every one. >> what you think? >> i think overall the department store category is in a tough spot you've seen it from the same store sales that we have seen at

jc penney, kohl's and macy's there's a disconnect until you start getting positive same store sales and seeing leverage in terms of expenses, this is a higher cost proposition of doing business. it's a reset in terms of what the financial targets are. we're not done yet with the weakness of the department store catego category >> how much of a threat do you think and this may seem off topic but it's all related, is something like the real. also there was a downgrade of coach saying while you spend $200 on a new coach bag, you can buy a used bag for similar price with designer label which does threaten macy's because it takes the coach buyer out of the store. there's more choice than ever. >> the pivot that all retail

needs to make is changing. i think look how macy's has threat up. look how nordstrom has rent the runway in their stores that's the only way you'll get more customers you need the data in order to get the newer customers and also continue to track the old customers. how do you create some of these new channels for each type of retailer we're not going to have all the retailers in five years but we'll have more relevant >> this is fascinating to me if you want a new hand bag and you've got old hand bags that you don't want anymore or in good condition, why not sell them and good money back and get the one you want >> on average, it said that 50%

of a person's clothes are not worn >> how much of your closet do you wear >> i think you'll probably right. it's probably 50% or less. >> even less >> certainly of the shoes i own. let's move onto the next two. gap and jw nordstrom facing different things >> it feels more skeptical and not. the old navy business isn't performing and isn't adjusting as they would have liked.

i have not been there. >> it opened october 24th so the quarter ended october 31st you only have a week under your belt it's expected to generate 100 basis points to sales growth i think overall a tough go in the third quarter for nordstrom too. full line and off price was weak for in ordnordstrom. >> you like the new store? >> i like the new store. i like the new store it has more new innovations than you've had in other stores manhattan, come pepetitive mark. >> great to see you. president trump kpped to sign a bill protecting human rights in hong kong. the house and the senate passed the bill it's increasing tensions between china and the u.s. not good for trade talks

>> wchina does want a phase one trade deal but where whethey wo out core issues. the wall street journal is reporting china's chief goer negotiator has invited hi counter parts for a round of trade negotiations before thanksgiving but that report says the u.s. team is reluctant to come unless it has firm commitments on issues such as agricultural purchases as that is on the top diplomat here has been threatening or warning that u.s.-china relations could suffer because of the congress latest move on the hong kong human rights bill. the foreign ministry said that the u.s. should stop before it's too late and also the paper, the people's daily said that if the u.s. does go ahead and turn this into law, china would take

resolute revenge guys >> thank you very much coming up, shares of sage theer put therapeutics was once one of the hottest trades we'll hear from the ceo and he'll talk about what could get the stock moving higher. we talked disruption in online trading. how the housing market is being disrupted. zillow and redfin have home flipping businesses. we'll talk to the ceo of redfin about it and wt 'shait contributing to his company. stay with us ♪

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shares of sage they are pewter pu -- therapeutic is up 60%. initial sales for its first drug have been slow forcing investors to look down the pipeline. over to you. >> thanks for being here >> thanks for having me. >> we have the data set up investors and analysts are calling this a huge binary event for your company

set up for us what people should be expecting what are you working on and what these data mean? >> first, thanks for having me our goal has been to develop inknnovative medicine our first drug is first and only treatment to post partum depression the goal was to get women with post partum depression back to their family and back to their children we have already completed two programs one in major depressive disorder and another in post partum both of those had rapid response and durability even though we only used the drug for two

weeks. we're very excited by the opportunities this may offer the next study is third of our three studies. that's the study that where we plan to report data this quarter and as you mention every one has been waiting for it it's part of a large portfolio of studiestudies. it's not binary in our minds we have some other studies coming out >> jpmorgan puts 40% upwards on great data up 50% downward on a mix why is it so important the landscape for treating depression needs new options >> there's been a positive innovation in mental health. we don't spend enough money on it people with mental health disorders don't get adequate therapy. we know this it's been difficult to develop drugs in the space we had five studies that are positive hopefully it will keep the streak alive

it's what we call up and running with a lot of holders. it's been hard to conduct winning studies in the space it's large indication that 16 million people in the u.s. alone are diagnosed with major depression the opportunity and the patients and a company like ours is great. >> that's going on inside your company. there's a lot going on outside focussed on drug pricing and politics >> if you look at the overall drug development eco system, people think the drugs come in federal government and that's untrue the vast majority of work to develop a drug comes from private resources. i think it's highly risky. there's no question. people are saying up 50%, down 50%. you have to ask who wants a job like this.

you'll have a chilling effect on investment >> i want to you about a company where you serve on the board as somebody who works in the space, what do you think it says when a stock moves up 400% that the street doesn't expect these trials to hurt >> it represents the area of unmet medical need that people are separate for innovation. the data was unbiassed it's em ble mbleemblematic of hl this space has been.

>> we'll stay tuned for your data coming pretty soon, i think? >> it will be this quarter >> back over to you. >> thank you, guys very much don't forget to tune in tomorrow for our exclusive interview with dr. steve paul shares of tesla up 60% in the past three months. the the stock go high r. we'll tell you about the new change twitter is making to make its service a little less nasty. that's coming up on power lunch. as a principal i can tell you this. when one student gets left behind, we all get left behind. this is a problem that affects each and every one of us.

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welcome back here is your cnbc news update at this hour. the israeli attorney general forming netanyahu in a series of corruption cases calling it a difficult and sad day. he charged him with fraud, breach of trust and accepting bribes in three different scanda scandals it's first time a sitting israeli prime minister has been charged with a crime

both men have been implicated in federal bribery and embezzlement scandal. a new jersey based company is recalling nearly 100,000 pounds of salad products that could be contaminated with e. coli they were sold in nearly 40 different varieties of salad kits take a look at this guy. a 9-year-old boy set to become the youngest university graduate next month he is studying electrical engineering in the netherlands he has an iq of 145 and is set to complete his university studies in nine months took him less than a year to do high school. >> whoa. >> that's the news update. amazing. he wants to go to medical. >> 40 iq points difference >> he wants to go to medical school too the last day of impeachment

hearings taking place in washington today >> there was a confrontational moment between republican jim jordan and david holmes. jordon took holmes to task for not telling one of his bosses about that phone call he overheard between president trump and eu ambassador gordon sondland holmes responded he thought everybody understood the implication. >> last week you come forward with supposed this new information. there's nothing different in there th transcript maybe that's the reason their you are their closing witness. >> of course the president is pressing for a bidhrough every word in the call because every one by that point agreed it was obvious what the president was pressing for

>> both holmes and the other witness who used to work on the nati they believe ukrainian policy had turned policy. back over to you >> thank you time now for today's power mover. shares of twitter higher by more than 3%. still down 25% in the month. it will give users chance to hide replies to combat abuse shares of etrade is down the marijuana stocks are soaring today. continuing a big rebound after a house economy approves the bill that could erase the federal band canopy stock still down big for the year ahead, tesla set to unveil its cyber truck today.

we'll tell you what you fwhenee know about that. the latest from cnbc investigation into the luxury used clothing site and new housing data out today existing home sales back on track after a weak september we'll talk to the ceo of red fin. ishepor ncweluh returns. there's a cyberattack on business every 39 seconds. ouch. i don't even want to think about it. comcast business has a solution. we go beyond fast with a cloud-based security system that automatically updates, so you always have the latest protection. phishing. malware. risky sites. it can help block all of that. it's one less thing for us to worry about. comcast business securityedge automatically protects all the devices on your network. call 1-800-501-6000 today. we believe in education built for all people., - [woman] snhu was the best experience of my life. - [man] without snhu, i wouldn't be the leader i am today. - [woman] i graduated high school 19 years ago.

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physical therapily quiet session. all three major indices are in the red. the biggest move we are seeing sector wise is in the energy sector and that's up by 1.5% oil market closing for the day. >> oil prices rising for a second straight day. prices jumping on a report from rite reuters that opec is likely to extend we could see a phase one deal breach oil prices have come extremely reactive to headline as investors try to get a look at future demand. wti settling around 58 cents a barrel up about 2.7% global closer to 63.95 a barrel up

2.48%. back to you. thank you. you're just hours away from elon musk's big night this evening. he is expected to launch the much teased cyber truck. tesla's big play into the lucrative pickup truck market. they account for 80% of 2019 auto industry profits. many questions remain. tony, great to have you with us. >> thanks for having me. >> we have seen a massive rise the bare thesis in terms of the cash burn and capital part of the equation seems to have abated for now what this pickup truck really brings back to the fore is how much capital will be needed to build this truck out

we don't know where it will be produced do we have any idea of the nicks of this truck. we know for instance that the why the crossover and the three share a lot of parts it's a little bit more efficient to produce do we know anything about this new pickup truck though? >> we don't. that's why tonight's announcement will be very well listened to unlike prior product announce mgments where tesla ha signalled much about the product. we don't know much about the cyber truck other than it will have a unique design musk has alluded to the fact this may not be a high volume vehicle. for me that's the key question will this pickup truck, at least its initial version kaet acreaty meaningful volume. things about where they can make it will become very relevant questions. if it's more of a niche offering which musk seems to have eluded

to then it becomes less month and it probably can be manufactured domestically within one of tesla's existing facilities >> why would musk, in your view, call this a niche product when the pickup truck market is so large and it sounds like they are aiming for reasonable price i ing. starting price below 50k on a pickup truck >> the pick up market is big it's about three million units in the u.s that's about 65% of the size of what we think is addressing model is for the model 3 and model y. model 3 has been high for tesla. elon said things like i'm not sure if anyone will buy this if they don't i guess we'll have to make a more mainstream truck. there's questions about the utility and design and questions while the starting price point might be $50,000 or slightly

below that, when you get to something that's competitively con figured are you looking at a 65 or $75,000 truck. those are things that we'll be looking carefully at approximate tesla has done best globally this is a ripe market. it's really tesla's first incorporation of a pick up truck must like its first sedan because of its price point was more of a limited offering >> sort of two questions the first is when i think of tesla, i think of a brand identity that is very elegant and stylish and smooth and gorgeous and bufrl

i see a brand discorrect there >> on your first question around brand, the pupts market is really concentrated. the chevy silverado and ford 150 series are dominant vehicles with high market shares. we have seen sort of non-truck based competitors like honda ten years ago come in with a rich line and have very limited success. that will be a challenge for tesla and that could be one of the reasons why expectations for

tesla itself may be more needed for this product on the price target question, we've had our price target for over a year. we don't change our price target very often we think the stock is relatively fairly valued at current levels. there's still some debate around whether tesla will have sustainablely this level of margins going forward. i think taking a step back, the real question is you have a company today making three to 400,000 vehicles it was the same valuation of mercedes and bmw that have similarly positioned vehicle car makers who are taking two and a half to three million cars tesla may have the glide path to get there but that would be many years in the future and investors are giving them that credit at this point valuation is not a slam dunk at current levels given those

considerations >> thank you to the bond market we go and rick santelli. hi, rick >> hi. it was a big factor today. it was small one but here is what i look at yesterday they bottomed. if you look you can see that volatility is relatively low which is something to pay close attention to especially considering how yields have been sliding and finally let's look at two day chart of our ten-year

versus boons you'll see 205 intraday low today. roughly 2009 now it will be the narrowest since february of 2018 >> thank you very much coming up, twooewe'll talk housing with the ceo of redfin can that trend continue? a cnbc investigation uncovers nerelaon autw vetibo the real real our story comes right up on a scale of one to five? wait... one to five? when it comes to feelings, it's more like five million. there's everything from happy to extremely happy. there's also angry. i'm really angry, clive! actually, really angry. thank you. and seat 36b angry. you're clive owen. and you're barefoot. yeah... there's also apprehension...

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it's unbelievable what you can do in the prius. toyota let's go places. a cnbc investigation reveals how everything sold by the real real is not authentic. they vigorously defend their process. now in the wake of that investigation cnbc has obtained

internal documents to reveal how easy it is for counterfeits to make it onto the site and be purchased by customers >> there's no fakes on our site. >> reporter: that's what ceo julie said about her luxury consignment business the real real on its way to valuation of about $1.5 billion >> everything is authentiauthen. >> reporter: the promise, we ensure everything is 100% real, 100% authentic we interviewed dozens of former employees and found copyrighters who were hired to write blurbs and had daily quotas to reach. she turned down an interview the stock was left reeling >> shares dropped 17%.

>> reporter: the day our story aired, this 100% promise was scrubbed from the company's facebook page. it's also gone from the website. the ceo then turned up on mad money admitting the company can't literally live up to its 100% claim >> it's impossible to be perfect but we strive to be perfect every day. let me tell you about what happened in october. we processed 490,000 units our copyrighters team removed 4,000 units before they ever posted. >> reporter: these internal documents we obtained reveal hundreds of fakes that were publiced on the site and returned by customers in just two quarters of 2019 the real real wasn't public in june selling pre-owned goods like designer bags, clothes and watches. the company says it sold more than 11.5 million items since it

started. take a closer look at these documents. called copy writing faux and tell with stacks and stacks of trr fakes. the documents went to co copywriters. these flats a trr fake but missed by the so called team of experts. even though the sole clearly reads jimmy goo with a g the logo on this top the label inside this fendi bag and a tag on this t-shirt. these slides are so off, the style was never even created ugg boots with the wrong logo and bow. these slides and scarf are both made in italy but the trr fake say made in china.

here is a gucci belt with no branding on the letter and the gg a garish gold trr fake we reached out to the company about the faux and tell report its only comment, we do not share specific details the on our proprietary training programs there's been a lot of short action on this stock more than 40% of the flow. it's tough to get an exact number because many shares are locked up from that ipo in june but the real real is one of the most highly shorted companies. this new document is telling because it's the first time we have seen the company talk about fakes. going up on the site and this is key, fakes that are returned by customers. >> that would imply that when julie goes on any other show upped in mad money and said there are no fakes that there's actually an acknowledgement internally there are fakes because the documents exist to

prove that sentiment >> these documents exist to show there are fakes that are returned by customers. many of them, glaring errors theesz were obvio these were obvious mistakes that should have been caught. jimmy goo. you have to turn the shoe over to see that. >> very interesting. what are they doing or do you know what dha athey are doing t to tighten julie is working wi co copywriters to try to train them more they are now removed any kind of 100% claim from our website. whether it's 100% real, 100% authentic. that model that they are based upon is no longer on the website. >> did you say in that piece, how much new product is coming in every week or month or day that they have to authenticate

>> she talked about it october, 490,000 units that had to be awe thenty ka tty indicated they cut 4,000 prior to going on the website. these documents, that's the first time we have seen they actually went on the website and were sold. >> i would think this raises credibility questions about the ceo, potential shareholder lawsuits and fraud allegations as well. the latest trend in housing. real estate listening websites become flippers. older people staying put longer. what it all means for the real estate market. that's next. e in. shift times. i just need to know if it's there. compliance. can i get your 20? for 100 drivers. doug... doug? and where is doug? he should be sleeping. so should you. just because you're married to my sister, you could lose this job, billy! this isn't working.

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the disruption is every where, even in housing zillow and red fin betting on house flipping joining us now to discuss is the ceo of redfin. glenn, welcome good to have you with us talk to us about the overall health of your business, and of the marketplace as you see it.

>> well, redfin's business is doing very well. gross margins is up in every possessionment whether it's mortgage or title. but redfin encore brokerage. some of it is because the housing market is doing well and some of it is because we are >> let's talk about redfin now and the house flipping business. others got into it as well some of your competitors among them i wonder how you assess the risk of that. mother, you have to go out and i guess borrow and buy houses, carrying that asset on your balance sheet and then fix them up which is an outlay of cash and then hope you can sell them at a profit. >> i think we're more careful about that risk than most of our competitors. others are more bullish on opportunity. i know that we can get more efficient over time but still a challenge to try to take a real estate process that involves us

owning the house, cutting the grass, paying the electricity bill and make that cost competitive with just selling your house directly the to a consumer i think consumers will pay a premium for a convenience to get an instant offer but the question is how much of a premium will that be and we feel very careful about that because we know we won't reinvent real estate in america by buying every home in america. >> you might like to good idea. >> i don't want to buy every home in america. >> where does most of the flipping take place? in other words, is it concentrated by geography or by type of value or neighborhood or market tell me about the particulars of where you're flipping, what you're flipping and who you're flipping to. >> well, the market is concentrated in places like phoenix, denver and dallas where you have cookie cutter homes

where it's easy to price by computer and strong market highly liquid especially for starter homes. you can deploy capital more efficiently and turn the inventory every three marks. coastal markets where you're fixing up houses, you have to hold the property longer, you're take more capital risk because the home is more expensive there fewer competitors have emerged. it may be you have higher margins in the coastal markets but the main competition is in places like denver and dallas where it's a very fungible commodity. >> it sound like you think this is a fixed part of your business and not a growth area. what percentage of total revenues do you see this being, eventually >> well, that's a complicated question because the way you recognize revenue in the home flipping business is for the whole freaking house so i think it could be a huge portion of revenue but a small portion of transactions.

>> thank you very much check please is next ing) ing) for every dollar you spend at a small business, an average of 67 cents stays local. shop small and watch it add up. small business saturday by american express is november 30th. each day our planet awakens but with opportunity comes risk. and to manage this risk, the world turns to cme group. we help farmers lock in future prices, banks manage interest rate changes and airlines hedge fuel costs. all so they can manage their risks and move forward. it's simply a matter of following the signs. they all lead here. cme group - how the world advances.

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paying this off thanks to sofi, i can see the light at the end of the tunnel as of 12pm today, i am debt free ♪ we have no debt, we don't owe anybody anything, and it's fantastic ♪ (people talking) for every dollar you spend at a small business, an average of 67 cents stays local. shop small and watch it add up. small business saturday by american express is november 30th. check please >> and we're both mesmerized by the piece by andrea on the real real regarding internal documents that shows the company was aware of fakes making on to its platform and being sold. we raise the question of potential fraud, shareholder

lawsuits, at least a credibility issue with management. that stock is right now down by 4.7% >> you can see a little dip roughly -- that's a longer term look >> it was a dip. >> it was a dip when that story was on you can see an immediate reaction good afternoon welcome to the "closing bell," everyone, i'm wilfred frost. i'm here at the charles schwab post that stock moving higher on reported acquisition of td america that will shake up the financial industry up 7%. also all over the broader markets which recovered. essentially flat now with 59 minutes left to trade. >> i'm morgan brennan. let's look at what's driving the action today a murky outlook on china trade negotiations another retail report. macy's is today's laggard. weaker labor and manufacturing data