i think it really does say as our guest said how important climate change is to everybody. >> young people, particularly young people i hope they understand that change can be enact from the inside that's the important point that our guest made. >> yale won the game. >> handily. >> yale has a good team. >> thanks for watching "power". >> "closing bell" right now. good afternoon, welcome to "closing bell. i'm here at the tipping post that stock is up today, announcing it is getting taken over by the luxury giant, part of mega merger monday. lots of deals and we'll go through all of them as we approach who is set to be another record all-time closing high. i'm courtney reagan, let's look at what's driving the action tech surgeing as we get a positive report on u.s.-china trade talks. td ameritrade and schwab, it's

official and we are on record high watch today. the s&p seven points above an all-time closing high and the nasdaq trading in record territory as well today. joining us for the hour is stephanie link from atiaa company. the market moved higher in the morning and we've sat there all day, upward bias because u.s.-china trade headlines >> we have three reasons the deals that you mentioned early on, they're positive for shareholder value creation but more positive in my mind because the ceos are showing they have confidence and they have visibility in spite of the trade tensions which to me is a very powerful statement that's one of the reasons for sure one area that's not getting a lot of attention, the german business confidence ticked up month over month it's not back to july levels, i get it, but they're making progress, right? and then of course the china talking about ip theft and being more friendly, more positive gesture. who knows how that's going to

turn out but those are the three reasons why we're rallying. >> iep is calling me a loser for loving that data. >> it's important. >> it's great to have you on a monday, your normal day for us, thursday. >> we're all going to be eating on thursday. >> lots to talk about with stephanie for my fellow loser standing in solidarity for the next hour. big day for deals all across the space. more than $50 billion in acquisitions taking placeplace. we're watching stub hub and e y ebay >> let's kick it off with deird deirdre. how are you? >> that was a $4 billion sale to ticket reseller via go go nearly a year after activist

ambassadors started pressuring ebay to sell off some of its businesses it bought the platform in 2007 for $300 million and made up 14% of revenue the question now is how does ebay grow its core e-commerce business as it faces competition from walmart the company is ramping up advertising and payments businesses but will that offset sluggish sales of merchandise. guys >> thank you, deirdre. i know that was just one of the things that the investors were hoping ebay would look like. any idea if there are others at play >> the classified ads business was identified also by activist investors and that is rumor to be the reason why the ceo left he had a disagreement with the investors about selling stub hub and some of the other businesses. >> thanks so much for that one let's turn to tiffany, a major deal involving french luxury conglomerate lvmh.

>> they're buying the 182-year-old jewelry brand for $16.2 billion, the most expensive deal ever in the luxury space it's going to add another name to its more than 70 brands including fendi and bull gary. the goal is to be number one in every luxury category. look for them to close more than 300 tiffany's stores, launch a lot of new designs, better leverage the bridal and engagement business and they mentioned on the call this morning they're going to update that flagship manhattan store. guys, back to you. >> we know that there are 70 brands does tiffany get its letter into that acronym, lvmht because it's the biggest yet? >> no. it's funny, the whole jewelry and watch space within lvmh will be only 16% of sales, up from 9% of sales it shows you adding in tiffany

and all of watches and jewelry within lvmh will only be 16% of sales so it's just a giant company. >> yeah, tiffany of course a powerful brand but it doesn't move the needle enough to get that letter added to the name. not like a law firm. >> it is a very big sentimental brand and a french jeweler buying the kind of iconic american jeweler that said, tiffany in a way that perhaps td ameritrade didn't get to do did squeeze out a pretty decent price. >> 28 times forward estimates, that's a hefty price i was sad when it actually finalized. not surprising jewelry is growing on a compound annual basis of about 7% a year and they certainly will now leap frog into the jewelry market as well as in the u.s. so it makes perfect sense. >> it is sort of the one american pure luxury play. >> exactly everyone knows that box. men should know that box >> the other point though is all

consumers know who owns these. you don't want to think, oh, but it's the same brand as the one next door which is a totally different store and selling a totally different message. >> i think they've done a good job of keeping them as a house of brands. each brand is very, very separate. >> and high end. >> and high end, yeah. we're going to move on we could talk about this for a long time. the pharma space, bertha has that. >> the deal for the medicines company is a big bet on the biotechs treatment to lower bad cholesterol in people with a predisposition for that heart condition. the deal values the medicines company as $85 a share, a 24% premium, but the stock hit an all-time high last week after surging 30% on positive data and speculation of a buyout. it's at a new high today we have two dozen new biotech highs on the nasdaq.

here's a nerdy stat for you. analyze tech biotech index down 10% from the last presidential cycle four years ago. >> there we go bertha, thank you very much. we'll see if anymore m and a springs up one more deal today. charles schwab announcing plans to buy td ameritrade for $26 billion. the combined company will boast more than $5 trillion in assets, third behind fidelity and van guard. the combined company will move its headquarters to west lake, texas. the deal comes just over one month after charles schwab kicked off the race to zero commissions on october 1, followed by td ameritrade, e-trade, ally and fidelity we've discussed this at length last week. at a fascinating deal and it looks like they pressured td ameritrade stock price and swooped at a relatively low

price. >> 3.2 times book and so just to put it into context, e-trade is trading at less than two times book for schwab and ameritrade, very good deal. i was surprised at the synergies, only 15 to 20%, i think they're being deliberately conservative i think there's a lot more upside. >> the interesting thing on e-trade, the obvious one relative to those two that could be a target and we talked about morgan stanley and goldman sachs making sensible strategic sense. goldman sachs trade roughly at or below book and they don't have the currency with their stock prices they've got the absolute prize e-trade is worth 8 or 9 billion. but even though e-trade stock is cheap, it's not like the currency of goldman sachs and morgan stanley stock is rich at the moment. >> ameritrade was supposed to take over e-trade. they were very chose and you

wonder what happened exactly i know it's not clean but i think there's a dislocation, especially on value occasiation >> shares of uber down today on news the company has been stripped of its license to operate in london, regulators citing failures that put passengers at risk when i saw some of the these stats, 14,000 rides were done by drivers that were not licensed or insured, that really scared me this seems like a big problem for uber >> it does and it's been one that has been going on for a while so it's kind of interesting that it's coming out now. this isn't the first time. uber has gone through this with the city of london it's happened a number of times. they've given them temporary operating licenses and now they're just saying you guys haven't cleaned up your act enough and we can't give you a permanent one. >> to what extent because of that history with london and tfl

before on first glance do you wonder whether it could be something that london is overreacting on. you dive into it, it doesn't feel that way. to what extent is uber short-sighted with dealing with regulators globally, if a regulator says you've got to address this and they fail to do so, is that not a major problem around the world >> it can be if you've been to london you know that they take their -- >> i have been. >> have you? >> london definitely takes things to the next level but certainly if this is happening in new york or any other city, i think those regulators are going to take a look at this as well and they need to be. >> they have face recognition technology coming out. isn't that going to make this a moot point at the end of the day? >> i don't want to say it's going to make it a moot point. maybe at some point. the problem is what happens until we get there yeah, i would expect at some point they'll get their license, they'll be able to operate there fully, but what if this takes six months to clear up it's a competitive environment

if other guys can come in and take share from uber during that time, that could have a long lasting implication for uber. >> what if it doesn't? what if this causes other cities where uber operates to say, wait a minute, 14,000 rides were uninsured and by drivers that weren't supposed to be picking up those passengers, let's look at how you're doing in our cities, could this be an example of more to come? >> it could be but they should take whatever they implement in london and implement on a global basis. there's no reason that technology wouldn't translate to other cities i would expect other cities to take a look at this. regulatory issues have a real impact for uber. you see them happening and playing out all over the world you see it in california it's a really big issue there. i don't think that's going to go away in the short term. >> should lyft seize this moment in london? >> they can. i'm sure they're thinking about that there are other competitors in london right now that can kind of get the ball rolling a little

faster so lyft might still have a challenge doing that they're still only domestic so they would have to set up international operations it might take them too long to set up before any other local players can come in and take that share. >> is dd available in london now? >> i believe so. >> i've visited london but i haven't been there recently enough thanks so much. we've got a market flash frank collins has it for us. >> shares up and reuters say the company was valued at $2 billion back in may and seeking a raise of as much as $400 million beyond meat is currently valued at nearly $5 billion after a blockbuster debut, they've been under a lot of pressure recently. still that stock up more than 200% year-to-date. back over to you. >> thanks so much for that, very interesting indeed

beyond meat trading up today off the back of that news. multiple presidential candidates have been attacking private equity black stone's ceo, steve schwartzman will join us to discuss the recent slew of deals on wall street. speaking of deals, it's been a big deal for m and a but with 2019 nearing its end, how does the year as a whole stack up historicallyor f deals mike san totoli takes a closer k at that in his market dashboard. servicenow put our workflows in the cloud. this changes everything. you're right sir... everything. 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.

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44 minutes left to go until that closing bell sounds we are on record close watch for the s&p and nasdaq after they hit all-time highs in today's trade. major avenues are on pace for their strongly monthly gains since june shares of teva holding talks of alleged price fixing prosecutors have been investigating whether they and other generic drug makers conspired to increase prices for certain medications. you can see shares trading higher by more than 4% despite or perhaps because of a rocky unveiling of the cyber

truck, elon musk says he's received more than 200,000 orders you must pay a $100 preorder fee. shares of tesla are trading up that car is too strange for words in my personal opinion as a non truck owner. >> a lot of us agree but clearly hundreds of thousands of people don't. >> $100 though and you get it refunded >> you can tell all your friends i put $100 on one of those cyber trucks. >> i've never seen a funnier clip though. >> yes. >> unbelievable. let's get over to mike santoli for today's market dashboard. >> let's run through what we have today first of all, wedding cashers, companies coming together in matrimony often in exchange for cash will put some numbers on the merger deals waking in seattle perhaps getting revived. it's not the coffee company by the way.

definitely maybe later, the market seems convinced, we're seeing an economic upturn. see if the numbers bear that out. then raised and confused, elevated core lagrelations amon styles of stock picking. first of all, take a look at global or actually u.s. based merger and acquisition volume, total volume over the past several years. this right here is a year-to-date number, the total, so i guess you could call it with a month left in the year, it's roughly flat on last year you see overall volumes. they've been kind of steady. that's been the upper bound for the better part of the last decade, about a trillion and a half dollars a year. it's healthy but relative to the size of the overall market which is at an all-time high it is not a particularly active scenario the bottom is how many of those mergers, the proportion that are for cash right now we're running about a half trillion dollar rate of cash deals that maybe gets up higher at the end of this year when we have a month to go. that's a decent number but again it's not overwhelming.

i would point out, we talk a lot about stock buybacks as a source of buying for equities out there. it's less than twice this number we almost never talk about cash m and a as a source of demand for stocks so it's been steady but i would not say that this is a very heady m & a environment now, guys. >> thanks so much for that we talked about this little earlier, stephanie does this give you great 'impetu for the broader markets or not so much? >> i think it's very encouraging and given all the things that have been thrown at us, especially trade, global growth slowing and decelerating recession fears, we're still having companies doing deals and they're looking for shareholder value but again it speaks to confidence ceos don't have to do deals and they don't during very slow growth periods or recession periods or when they don't have the disability i think this is encouraging because we do have a lot of headwind and yet they're still

finding things out there. >> the other point which we mentioned earlier, you've got a euro dominated company buying a dollar dominated company the exchange rate was against them and they still got it done. >> absolutely. >> unbelievable story what they've done with that company over the years one for the history books of course we'll talk about that later. after the break, does de deckers deserve a buy rating one says fluff yeah. we'll explain after the break. and later paypal co-founder max levchin joins us back in a couple minutes obvious. sometimes, they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets

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welcome back to "closing bell." time to get word on the street wells fargo upgrading deckers, outdoor to outperform raising its price target to $195 a share from $177. the firm saying weather outlook is improving, as well as its fluff yeah franchise shares are higher by 3%. bank of america upgrading dicks sporting goods to buy. the firm citing digital and same store sales momentum as well as the success of its yeezy launch. shares marginally lower.

>> a pair of competing netflix notes. jpmorgan naming the stock as one of its top picks on content and strong subscriber growth wells fargo downgrading to underperform saying new subscriber growth will be more expensive than investors realize. jpmorgan overweight 425. wells fargo underperform at 265. a big spread with current share price essentially splitting the difference the interesting thing for me on the wells fargo one is that it's not that it's going to miss subs but that investors will start to pivot and focus on profitability which is where they're negative. most would take it as bullish if they hit consensus sub numbers. >> this is like a cult stock you either believe in the story or you don't do they have pricing power or don't they is competition goes to hurt them or not are they a differentiator or not. i looked at both of these reports and i don't change my

mind if you really like it and you're comfortable with the valuation at 100 times, that's fine, go for it for me it's a bit rich you have a lot of question marks. i think the whole space actually has had such a nice run off the competition heating up, i'm actually inclined to take profits in the one i do own which is disney. >> what do you make of the deckers call here and whether or not uggs are going to do better because of the weather turn or in general trend-wise? >> it's all about brand. you know this better than i, it's all about brand and this is why i own vf core. that valuation is a little more rich than deckers so if you believe that some of the other brands beyond uggs can actually add 350 in earnings power incrementally which is what this note said, wow, this stock is very cheap then. i just prefer other apparel manufacturers at this point. >> fair enough >> we've got 34 minutes left to trade in the moment but the s&p

and nasdaq set for record all-time closing highs the dow also joining in that territory. we've got your last chance trade. stephanie is picking a retail name to buy on the dip her call straight ahead. plus private equity has become a favorite target of presidential hopeful elizabeth warren saying that pe firms are like vampires, bleeding companies dry and walking away enriched we'll discuss the backlash with stephen schwartzman. the yield on the two-year is 1.622% "closing bell" will be right back

welcome back 34 -- 31 minutes left of the action deals are helping equities lvmh buying tiffany, td ameritrade and schwab and we've got acquisition in tech and

phar pharma the s&p and nasdaq trading above all-time closing highs the dow getting into that territory as well in the last couple of minutes. time for a cnbc news update. >> here's what's happening netflix is going into real estate, sort of. after successfully premiering its movie "marriage story" at the paris theatre in new york, the company signed a lease agreement for the historic art house which is the last single screen theatre left in new york city netflix plans to use it for special events and future movie releases israeli prime minister benjamin netanyahu can remain in office despite being indicted on corruption charges in a statement made today isr l israel's attorney general said unlike other public officials, the law does not require the prime minister to step down if accused of a crime and a very special member of the s.e.a.l. team who brought down abu back are ab datay was at the

white house today. that's conan shepherd, he received a medal in the raid that killed the isis leader. conan was injured but he's back on active duty and meet these two guys, that's bra bread and butter they'll be part of the white house turkey pardon. the feathered friends arrived in d.c. today and they're living it up at the willard hotel which is not a bad place to be. there you go. >> they both get pardoned these days, don't they >> they do bread and butter. >> lucky bread and butter. unlucky thousands of other turkeys across the country sue, thanks very much. >> you got it. let's send it over to mike santoli with the second installment of the market dashboard. >> a certain stock might be waking up in seattle amazon has been an

underperformer, 13% below all-time highs even as everything else you compare it to is rushing toward highs amazon up less than 18% for the year qqq and nasdaq 100 big growth tech stocks and of course walmart. it's up more than 1% today, 1.3%, twice the market gain. the question is, is it now perhaps going to make a move to try and close up some of that gap because a lot of technicians have been talk background how amazon looks like it's in this long, gradual topping pattern so we'll see if that can create a little more synchronicity with other growth stocks. everything within amazon should start to work in this time of year in this environment if it doesn't, maybe there is something else going on company specific that we should be watching. >> mike, thanks so much for that see you later. private equity in the spotlight in washington with lawmakers sounding off about the industry >> we're talking about reigning

in private equity which is responsible for wiping out tens of thousands of jobs at toys "r" us alone >> a new report looking to quantify the impact of a plan to reform the private equity industry put forth by a group of lawmakers, led by senator elizabeth warren the study purports that enacting the so-called stop wall street looting act would cause some and potentially all the firms in the pe industry to close. >> we are incredibly proud of what we do at black stone and the vital role we play in society. for example, the very strong returns we generate, particularly in the current low interest rate environment, enabled teachers, police officers, firemen and other public and corporate sector employees to retire with sufficient savings and secure pensions >> i'm delighted to say that joining us now in an exclusive interview issteve schwartzman, chairman, ceo and co-founder of the black stone group and author of "what it takes.

thanks for joining us. >> glad to be here >> this book is full of so many of the great examples, not just as you say in the pursuit of excellence in success but examples of deals that have led to greater good following the investments you've made. does it annoy you when you get criticized in an industry and do you think from a coms perspective the private equity industry has perhaps failed to highlight successfully the good it has done in the last 20, 30 years? >> i think it's hard to highlight it when you have the political environment by a limited number of people grabbing that megaphone. it's impossible for any private person to deal with that on an equal basis. what i would say is that a lot of that that you've just heard is not supported by reality. the concept of the legislation

that was produced about looting really is inconsistent with what we do. what we do is we buy assets, say we buy a company and we make them better. why do we make that company better because that's how you can sell it to someone else for more. if indeed the entire industry was premised on looting and ruining companies, no one would give us any money to manage because at the end of that sequence, you would be selling these assets for less than you bought them. so no one would ever fund you. as it works out, over the last 30 years there's been enormous growth and companies like ourselves end up having companies that we own that grow faster than the s&p so we can sell them for much more. as it works, we end up earning about double the s&p and the people who benefit are all the

retired people who give us money. so ironically, we're trying to help society we are doing it and for whatever the reasons, a narrow group of people have decided that this would be an interesting target >> if we go one step further to the clash at the moment between politics and business and just focus on china rather than domestic issues where clearly there are differences to how things are done, whether it's the hong kong protests or the absence of freedom of the press or free speech, do you think companies should be criticized for making profits in those sorts of environments? >> i think companies tend to invest globally unless they're prohibited to do so by their government which happens in a lot of places. as to the u.s. and china, together these countries

represent, depending upon how you calculate it, between 35 and 40% of the entire world's economy. these aren't just two random countries. what happens between them has some major impact. so there's discussions going on regarding trade issues hopefully those can be resolved so that markets can be opened. regarding issues like hong kong which everyone is focused on, it is very difficult to figure out what's going to happen there they had a big turnout in the election i guess yesterday for the pro democracy party. china is a situation where hong kong itself was given to china as a result of the lease expiring in 1997, so china believes it's their country with

two systems of government until the late '40s coming up when it all reverts to china so it's a complicated thing to figure out what to do in the interim and for people like us, we have sort of humans, we have an office in hong kong as do many people and we're concerned of course about protecting our people >> when it comes to the political environment, elizabeth warren also has made a pretty vocal opposition to the wealth that's been created by billionaires and how she thinks they should contribute more to society in the form of a wealth tax. 00 i imagine you're not in favor of that but do you think you and others should come up with a better solution to address that? i know you've been very charitable. >> i think regarding the wealth tax, there have only been 12 countries that have tried that, and of those 12 that tried it,

only 4 are still trying it i've seldom seen taxes go away, so the idea that 8 countries decided that wasn't going to work is no surprise and i don't think that would be successful in the united states as well i think we got a problem in our society and part of it is that i call it income insufficiency rather than income inequality. there's always been income inequality in the united states but what we have now is a significant group of people who just aren't earning enough for a variety of reasons one is globalization where wealth moved around the world. another is, i think, insufficient education, and the united states has fallen from one of the top primary/secondary

education systems in the world when i was in school back in the late middle ages, and now we're somewhere between 25 and 30, and in math certainly in the 30s just fo give yto give you an id china for example, they're now moving to where 100% of students are going to have computer science education, 100%. we probably have maybe 5%. computer science is the world of the future in the information age. if we don't change and modernize, we'll fall farther behind and that disadvantages not the well educated but the people who aren't as well educated and we have to address that problem by getting better teachers and to do that i think we should have teachers to attract them be the only occupation that doesn't pay tax. what that will do will be to

increase the money going to teachers but it will also mark them apart from other occupations in the united states and say we really value that so we can increase the quality of people going into that occupation. >> steve, switching focus if i may to the stock price, blackstone stock price, can you believe it's up as much as it is since april, since you announced the plans to switch the structure? >> sure. the stock price is right behind you. >> you're up 2.2 you were up 2.5. in the last 20 minutes you slipped. >> i must have said something wrong. the stock has outperformed since we went public about 1.7 times the s&p and this year it's up somewhere around 75% because we

converted from a master limited partnership to a regular c corporation. so what does that mean in english? what it means is that before we converted, only about a third of eligible buyers could or would buy a master limited partnership because it had certain tax forms that went with it. when we got rid of that form and went to be like a regular corporation, all of a sudden we had three times the buying power, and the company itself is growing very rapidly it's in the fastest part of money management now the alternatives are growing quickly. index funds are growing quickly and long only managers in between are basically shrinking. so we're the number one company by far in the alternative area. >> do you fear a price war that we have seen play out amongst the brokers, we've seen long only managers with the advent of more price funds

do you fear a price war in your space as well? >> i don't because in our space you buy something and you own it for five to ten years. if you're giving money to someone who's not much good at that, you're in real trouble it's not like you sell your losers you own them forever so for the top performing firms, and there's enormous measurable bios that the top performing firms for a lot of reasons stay as the top performing firms, if we averaged double the s&p, the idea that you would be subject to a normal type of fee pressure, people are grateful to get that kind of return. so we're not experiencing that >> steve, we're going to have to leave it there thanks for stopping by. >> great to be here. >> "what it takes: lessons in the pursuit of excellence" out

now. still to come, disney's "frozen" franchise icing out competition at the box office. we'll delve into how it could impact disney stock, later ♪ ♪ ♪ ♪ ♪ ♪ don't get mad. get e*trade, dawg.

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just about 13 minutes left to go. stephanie, what's your last chance trade today >> this is for you home depot my style is quality on sale. this is quality on sale, down 9% since the earnings i don't think the earnings were bad. same store sales adjusted were 4.8% you're going to see mid single digit revenue growth and upper single digit margin improvement, i think, going forward everyone is talking about the margins peaking. i don't see that you're getting the number one player at a discount. >> it's fascinating that last year black friday was their biggest sales day ever it could be a big week. >> 13 minutes left coming up, uninterrupted coverage of the final minutes of trade. we will be right back. we're set for three record all-time closing highs so servicenow put your workflows in the cloud, huh? mm-hm. your employees must love you. thank you. ah, you could say that. so how are things with you guys?

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where's gate 87? don't get mad. get e*trade and start trading today. welcome back we are now in the closing bell market zone. this is commercial-free coverage of the action going into the close. >> mike santoli is here to break down this crucial day. also we are set for record closes on all three of the major averages as we stand, the dow only just in that territory, will need to hold onto where it is. the other two more comfortable let's kick things off with invidia. >> morgan stanley upgrading to overweight with a target of 259.

stock market now surge regionin overweight with a target of 259. stock market now surge region 6% this year. they say the stock does look expensive on near term earnings. next year, 2020, they see a return to solid growth, specifically gaming where they expect 18% growth and the data center business which will be doubling in the next three years, more than 70% of analysts rate invidia a buy. >> this space has seen a pretty good run and today included in it. >> a very good run it pulled back just slightly and now it's back. this is the type of call where it's like, okay, the bull market is on. you can't say it's cheap look at price to sales, it's up at the upper end of the range but all the atmospherics are in favor of it. >> 53% year-to-date, holy cow. >> classic reversion train this is lag so let's buy it on

expectation things will get better next year 75% is a little troubling. >> pretty high. "frozen ii" dominated the box office let's get to julian boorstin for more. "frozen ii" performed so well over the weekend that today disney actually increased the box office totals they reported for the weekend to $130 million in north america, that's $3 million more than it reported yesterday. the film's $350 million worldwide take is the highest debut weekend ever for any animated film globally now "frozen ii" is on track to be disney's sixth film this year to gross over $1 billion at the box office disney has 30% box office share, 35% if you include fox, guys >> julia, thank you so much. extraordinary numbers in the box office mike, a film review for us, please. >> i will say that i did see it

and the audience members i accompanied -- >> you went on your own? >> the target audience did like it a lot what i think is interesting is, people complain about the comic book movies and all movies are about intellectual property. "frozen" is intellectual property they created. it's a sequel but basically they invented this entire theme even though it's based on mythology. >> clearly the numbers are strong does this give them scope to do 3, 4, 5? >> probably. 3 looks like it's probably going to make sense until they're told by the market it doesn't make any sense. i didn't see a lot of loose ends that needed tieing up at the end. >> you're selling disney, stephanie? >> it's had a nice run and it's not cheap at this point. a lot of good news is baked in it has nothing to do with frozen 2. my daughter loved it too it's good for 12-year-olds too. >> five minutes left of trade. set for record closes.

uber has been stripped of its license to operate in london for the second time in two years deidra has the story. >> that's right, pushing that promise of profitability further out of reach because while uber spends time and effort cleaning up its operations to satisfy the london transport authority, rivals are entering the market and gaining share. uber fell just one and 2/10 of a percent. they face regulatory challenges not just in london but in many of its markets a reminder that five cities made up a quarter of uber's ride sharing gross bookings last year, london being one of them back to you. >> those other rivals you listed, they're not pure ride sharing car companies like uber, right? they have nuances like scooters or advance. >> like uber they're positioning

themselves as transportation companies so they want a piece of that. every mile is the ultimate gain. bolt is a european ride sharing player and basically uber was in this market before any of them they had a long lead time but when it first had its license rejected in 2017 that opened up the field so it's a much more crowded market these days. have you ever tried a bolt >> no, i thought bolt -- usain bolt visited us here, talking about his scooter company. i didn't realize there was a separate european ride sharing. >> you may have to next time >> i will. it's more of a debate here between lyft and uber. >> thank you very much, we've got to move on we have the closing bell coming up shortly tiffany ward as approved the sale to lvmh for $135 a share, vu

valuing the jeweler $16.2 billion. they've built the company and reputation as one of if not the world's best dealmaker the deal that's been speculated for about a month now is expected to close mid 2020 it's less strong in europe and china. they estimate that tiffany will add a 2020 net income increase of about 20% it seemed like this deal was going to happen. >> my only surprise is that they didn't actually agree to a price that was exactly the prior all-time high which is i think 139 or 140 a share close enough at this point. >> two and a half minutes left you've been looking at internals. >> and they've been positive this is good right here, about three to one to the positive

side here side you see the russell 2000 outperforming. see if that holds or if this is a last stretch effort. the vix on pace to close below 12 for the first time since october 2018 >> that is a low vix two minutes left to go let's send it over to rick santelli with a check on bonds. >> with the shortened week due to thanksgiving, today's two-year note option was a success. institutions really lined up some of the best institutional demand in over three years a month to date of 30-year bonds. after about the first week of the month it's been nothing but melting. and when you pair it with the s&p 500 over the last two weeks, stocks leaving interest rates in the dust as they drift lower one thing going on is new highs into the close when you're up over 100 bertha, what a big nasdaq day.

>> nasdaq huge and today biotech is really the strong point vertext had a high as well biotech is up about 22%. lululemon among the all-time highs today as well as barclays initiates that at an overrate, on pace for its best year since 2010 data dog, one of this year's ipo's that's doing well at an all-time high today. >> corporate deal making certainly a part of the narrative today for major deals and if you add up the price tag it's about $56 billion, charles schwab buying td ameritrade, together they'll manage $5 trillion in assets beyond deal making, take a look at hilton, fresh high for the hotel operator, and jpmorgan also at an all-time high in fact, if you look at the

month to date performance of all s&p sectors, financials are in the lead, up about 4% so far there's the closing bell we're at record highs, in fact, the highs of the session with the dow closing at 28,065. the s&p at 3,133. good afternoon welcome to "closing bell." >> i'm courtney reagan with mike santoli. >> let's check on where the market closed. all-time closing highs for the three major indices once again the dow getting into the territory towards the end of the session. up 189 points for its 13th record all-time high

the s&p having its 24th record the dow having its 19th record close for the day. tech the winner today leading the market high by 1.4% within the s&p. only one sector in the red that was utilities which tells the bullish constructive tone of the markets today. >> the rugalrussell 1000 higher. we'll bring you the numbers as soon as they cross joining us to talk about the market day, stephanie link, head of equities research still with us, along with larry adams, chief investment officer at raymond james. mike, we did it, closed record highs across the board for the three major averages does it tell you that the least resistance is higher >> it does suggest that. last week the market was flattening out and showing some wear and tear. was it resting or just kind of pausing to refresh the buying appetites or rolling over. i think today's evidence was people felt like they didn't get enough of a dip and they needed to get involved. the year-to-date return on the

s&p 500 with that last push to the close is 25.00%. it was toying with this level for year-to-date, 25% gain i'm not saying it managed its way there but it's something to behold it's also exactly twice the prior peak for the s&p 500 in 2017 not saying this is a culmination of any big move but showing you that the market is willing to stretch the upside to see whether it loses byersuyers alo the way. >> germany is up 25% those markets have played catchup. larry, what's your take on where we stand in the valuations that we've got with these record highs? >> i still like the s&p 500. i think a couple of things number one, i think the fed has done an incredible job they've put their insurance cuts to work and i think that's going to continue this economy to expand for the foreseeable future so that's a positive. if you look at earnings, they probably went through the worst quarter that we're going to see

i think they're going to accelerate next year we have good news on trade i think we're going to have a problem on trade i think we're going to get phase one done but most important those tariffs aren't going to go into effect until december seasonality is a strong tailwind for this market. noting that when you're up 20% through november, december is usually even stronger so i'm looking for the seasonality to continue and next year should be another positive year. >> larry, what about the deal atmosphere today we were all talking earlier how it gives you a general positive bias with the fact that these companies are still willing to make deals even in the face of a lot of uncertainty does that add to some of your encouraging thesis for the market to move higher towards year end >> it does i think it was said earlier, this shows some more confidence on the behalf of ceos to put cash on the balance sheets to work and that's in addition to

buybacks and dividends so this is the third component that is starting to gain momentum so that is a positive i think what's really important is that these deals that are coming out are very strategic and that means that the market likes them because one of the things that you're seeing is not only is the company that's getting acquired going higher but also the company that's doing the acquiring and that's a statement that the market likes these deals from both sides. >> we talked a lot about the m & a earlier. what about the earnings we've got this week, consumer names to come what are you focused on? >> we have 13 consumer companies and tonight after the bell pbh, i want to see how they deal with currency for sure but i'm impressed that the cheaper parts of the market are doing well so the expensive defense sifs, people are taking gains which they should because they are expensive but the cyclicals are doing as well. in addition, health care every single day is in the green and i think that's also very healthy so it's not all risk on.

it's a little bit of a balance but i think there's plenty in this market you can still buy. i think the earnings are still very, very low for those parts of the market. >> mike, to that point, the banks which of course are chiea relative to the market did well even though the curve flattened a little bit. >> overall yields did not go up and you're going to see people say that's a positive divergence from the pattern in other words, there was enough buying interest out there and, yes, they're cheap enough and outperforming the lower yield plays. it all fits together with a market that the buyers are in control. i think they're finding multiple ways to express the fact that they want greater exposure to the market and the question is, is it just people feeling like we're not going to do any selling until year end because why am i going to trigger the tax hit. let's hope it holds together until then. >> buyers in control of the two largest companies in the u.s. as well, apple and microsoft of

course they continue to outperform, microsoft closing at an all-time high and apple closing just one point shy of its own record but gaining nearly 2% today. the two companies' combined market caps, over $2 trillion. not only eclipsed five entire s&p sectors but the two companies are larger than the entire market cap of the russell 2000 mike, any reason why apple is up 2% today >> no. it's part of that same story which is that folks wanted in. obviously the charts look great. yes, the valuations are at the high end of the multi-year range but not crazy and i think you can just make a decent case for buying the brand name stuff, not overthinking it. that's the phase we're at at least up to this moment in this rally. >> does that make sense for you, stephanie, to buy into these names? are they too rich here >> i've been trimming a little bit of apple but i'm overweight

for sure i think it's about positioning i don't think growth managers own apple and yet the stock goes up every day microsoft is more owned, more overweight but i think apple is the conundrum for wealth managers they're underweight and losing relative every single day. i think it's fear of missing out. >> it's 9% almost of the s&p 500. there are 498 stocks that are the other 91%. >> and 6% of the growth index. >> apple is is the s&p value. >> for now. >> we'll see if it gets swapped out. >> one tech company that used to be up in that bracket has reported numbers hewlett packard. josh >> hpe reporting eps of 49 cents versus expectations of 46 seconds. revenue they missed. as for the guidance, between 42 and 46 cents, that's been better

than consensus for the year their guidance is between a buck 78 and $1.94. i did have the chance to catch up with the ceo about the quarter and he pointed out revenue stable for three quarters growth in key strategic areas. he did point out there is macro economic uncertainty that continues, he says, that does impact sales cycles. customers have taken a pause in part, he would pin on a continued u.s.-china trade tensions he emphasized that he feels good about q1 i asked in terms of tariff impact has he been hit by levies he said he mitigated it because adjusting price chain and supply changes. he says we'll see though he does have strategies in place finally, he is obviously an hp veteran so i wanted to get his sense. hp of course reiterated its

rejection of that xerox bid. i asked him does a merger make sense. he said he had no real insight into those discussions he says his company continues to have a very strong relationship with hp and any proposed deal should make sense for shareholders, internal synergies and joint customers. he says common sense will prevail. guys, back to you. >> thanks so much for that mike, i guess despite the eps beat it's hard not to focus on the fourth quarter in a row of revenue decline and we're talking 7, 8%. >> yeah, the only thing you would say to the upside is that the company is kind of valued for that it's valued for essentially being a noted negative growth business and the question is can you operate underneath that and reshuffle the business mix and keep the margins up. it's tien times forward earning for a reason. >> a news alert on cvs. >> some headlines crossing

starboard has taken stake in cvs. you can see they've dipped now, down about a quarter of a percent because within the story they cite people familiar with the matter, they say the stake appears to be relatively small although they note that cvs and starboard have had talks but the journal was not able to learn kpa exa what was discussed, what starboard plans to do with its stake. we will let you know if we learn more back over to you. >> thanks so much for that >> thank ou, stephanie and larry, as we wrap up the market zone we appreciate everyone being with us today. coming up next, banking with big tech we'll talk to the coouerf -fnd o p paypal when "closing bell" is

back in about 90 seconds from now.

it was another record day on wall street for the major averages, the dow, s&p and nasdaq closing higher. you can see the nasdaq higher by 1.3% that was the leader as as tech continues to add to gains, all hitting major levels the russell 2000 was higher by 2%, so the strongest of that group. >> the fin tech industry

experienced a huge boom. they brought in $24.6 billion in vc finding during the first three quarters of 2019, as big tech bets on banking to launch checking accounts and partnering with goldman sachs to launch the couple credit card joining us now for more max levchin, co-founder of paypal and the ceo and founder of affirm thanks for joining us. quickly, explain what a firm s >> it's a pay overtime solution. you typically find us at checkout in online and retail as well as pelton and casper and lots of brands we allow people to use an alternative firm instead of credit cards the difference is that you don't pay revolving interest the cost of the funds is clearly disclosed. we don't charge fees, including

no late fees it's a safe, comfortable solution for mostly young people to use. >> you essentially give the buyer a better price in terms of what credit or interest rate they pay but do you take on more credit risk because of that? >> no. because we underwrite every transaction separately and make sure that we will not extend credit unless the person is capable of paying us back. not only is it a better price, it's much more transparent and easier to control because we don't allow revolving -- you know exactly how many times you'll take to pay it back and once you're done there's it. >> obviously as a co-founder of paypal you know a lot about online payments in the financial world. there's been a lot of movement by a lot of players. names like google looking into checking accounts. what do you make from a business standpoint and from the consumer standpoint is it safe is that something that should be encouraged right now >> i think on the whole, it is a good thing and a good development if you look at the financial services industry. the traditional one you'll find

that much has been said about their lack of new ideas in development and so the fact that technology companies like my own are saying there's a better, cheaper, more transparent way of doing this for the customer, generally a good thing affirm was founded almost ten years ago now after a read a study that said that most millennials and back then they were before credit card age, most of them, and the study said they expect their banks to be named google, apple, et cetera i thought why not a new one but more importantly, clearly the young generation is looking to technology companies. >> at the moment it's been an individual niche area, highlighted by the fact that google it is partnering with citi and not looking to be banks themselves in ten years time will jpmorgan

chase's biggest rival be a google or still a wells fargo? >> that's a trillion dollar question i think a lot of it has to do with the regulator's point of view on whether this is a good thing or not if you look back in the last decade, there arevery few new banks because regulators have been cautious after 2008 in terms of offering new charters but i don't think what you said is precluded in fact, i think that's a likely conclusion to what will eventually be a consolidation. >> have you had enough experience with your customer base to know how their purchase activity, their credit behavior compares to those who are principally using credit cards or other means >> yes, one of the things about affirm that's really great is that these are very short-term, fixed-term obligations so you typically pay us back in 3, 6, 12 months. we have closed cohorts where we've seen the people pay us back better than they do with credit cards you can generally say that they

behave more responsibly. you can say that they seek control with us and they find it and so they feel much more compelled. they're also pleasantly surprised that we don't charge late fees. when that happens they tell their friends and also their behavior seems to improve. >> what does that suggest about consumer behavior right now if more and more customers are using this form of paying over time >> i think there's a massive, massive trend that is impossible to ignore. there's an enormous drive, especially by the young demo but also the ones my age saying that credit cards are designed to pay the minimum payments and stay in debt until i die, while these new systems are designed to make sure that i get what i want and be done with it and pay back on time if you look at the christmas shopping, one of the things we've done is surveyed a ton of our customers and customers outside of our firm and the number one stressor that people quote is i don't know how i'm going to afford this the fact that you know exactly when you're done with your --

the burden that you take on during the holiday shopping is what drives people towards solutions like affirm. >> i want to go back to the bigger picture question in terms of tech companies not becoming full banks yet and clearly i understand the argument why google or apple doesn't want to apply to be fully regulated like a bank should your old firm, paypal, take that next step and seek a bank charter it feels like it's in the perfect sweet spot to be a modern tech company but to start to eat more of the lunch of its banking rivals but at the moment perhaps doesn't go the whole way. >> one thing that i know about paypal that dan has done a stellar job taking it from one to two i think when we were running it we were focused in building a point solution and i think dan is fully in charge of that ship and my guess is when the time is right he'll go for that. >> fair enough not commenting on it what about quickly the price we've seen in the brokerages, do you think that was sparked by

robin hood and the likes of robin hood coming into that space and do you think that ultimately the losers of the charles schwab/td ameritrade deal are the likes of robin hood who sparked the deal in the first lace >> hard to comment on the behaviors of gigantic corporations but my guess is consolidation in the face of intense competition from the ultimate price cutters, people that replace complex systems with new ones is part of the motivation and my guess is the markets are so large, it's very hard to identify losers. efficiencies will come, although i say that with a little bit of a smirk, companies with an aggregation cycle of 36 months, there's low expectations there. >> quick final question. knowing elon musk very well, what did you make of the launch last week? that was pretty comic, was it

not? >> it's vintage elon he, in the long term, will deliver something amazing. he does not shy away from doing strange things on stage and yet it seems to work out for him they've been able to sell almost a quarter million trucks. >> presales of $1,000 isn't selling a quarter million trucks. >> $100. >> was that a big blow to him, that launch? >> elon's most amazing gift is that he has complete inability to imagine himself failing so as a result, this will be a thing that is in the rearview mirror well before the end is done so i think he'll move on just fine. i don't think it was a blow for more than a nanosecond. >> two nanoseconds, the second window too max, thanks for joining us. >> that video will live on for some time. max, thank you. earnings alert on aloe alto.

>> we have a beat on both the top and bottom line. eps is $1.05 adjusted. that beats not only the street but also the company's own guidance of $1.02 to $1.04 revenues also a beat, 772 million it comes in with, but guidance for the next quarter is coming in a little light their revenues are generally in range with what they had previously stated, here 838 million to 848 million but when you look at the earnings per share they're expecting, there's a big adjustment here. where they had anticipated $1.30 for the consensus for the revenues on eps, we're now seeing that the guidance is calling for $1.11 to $1.13 that may be in part because they're ramping up hiring and they're continuing with acquisitions and in fact right before the release came out they announced that they are acquiring a machine identity-based micro

segmentation company it was listed to cnbc's upstart 100 list for 2019. that just came out and we're seeing the stock plummeting in extended trading, down more than 7% on the day. court. >> thank you very much appreciate that. shares of palo alto down almost 8% here. coming up next, we still have a full show to go here on "closing bell. we're going to break down the charts to see whether a decline in a key economic indicator could be a red flag for stocks. plus carl icon looking to ple oxy petroleum's board. the details on "closing bell." sundown vitamins are all

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it was another record day on wall street. the dow finished higher by 191 points that was another record high s&p 500 higher by 23 points. the nasdaq composite logging 113-point gain to the tune of 1.3%, the best performing index of the day the russell 2000 posting a higher close by 2.1%. >> shares of pvh down a half a percent after mixed earnings the numbers are generally

positive beat on the top and bottom line. eps 10 cents above estimates the company raised the top and bottom of its full year eps guidance it actually lowered guidance last quarter also, when it comes down to sales, tommy hilfiger, revenues increased by 10% calvin klein almost flat, up 1%. heritage brands that include speedo and izod grew by 13% but its ceo issued commentary that said the holiday season may be troubling and said we believe it will be competitive and highly promotional and expect the volatility that we are experiencing globally will we main a headwind. they're flip-flopping, up almost half a percent back over to you >> thank you very much, frank. coming up on mad money, jim

will speak with the ceo of pvh there's lots to talk about there with the unrest in hong kong, as well as china. mike santoli has his third dashboard of the day. >> the markets message has been that we're definitely going to see an economic upturn globally and some of the data is saying maybe later. take a look first of all at the chicago fed national activity index released this morning. this is for october so obviously a bit of a lag in this number but you see this, essentially the low since april. that was after the government shutdown and one of the lower readings of the last couple of years the zero line here is trend growth so this doesn't mean that the economy is headed for absolute negative growth but it shows you the economy operating below trend. obviously that's where we lived for most of 2015 and '16 the bet here is that very, very generous financial markets can kind of ease our way to when this bounces back.

take a look at the liquidity measure, financial conditions index. when this is going down, conditions are becoming easier capital markets are becoming more generous so you see this in the last several months. we've come down from a tightening zone down into the neutral zone obviously we've been much easier over the last couple of years. to me that's the explanation of how we get new highs bond yields below where they should be for the economy and we're willing to wait for the actual data to get traction. we'll see if that's a test coming up. >> we've got a romantic movie theme today, is that right >> all romantic movies >> wedding crashers? >> was that romance? >> well, comedy. >> various movie titles with a twist. i didn't want to have copyright issues. >> i was sad that "definitely maybe" wasn't a nod to oasis' groundbreaking album mike, thank you.

lo up next, the former head of the london stock exchange will give us his outlook and investment opportunities for 2020 if you're on medicare, remember, the annual enrollment period is here. the time to choose your medicare coverage... begins october 15th and ends december 7th. so call unitedhealthcare and take advantage of a wide range of plans with a variety of benefits... including an aarp medicare advantage plan

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andrew schiff says he expects an impeachment inquiry report will be ready next week from there it heads to the judiciary committee which could move towards drafting articles of impeachment against president trump. two guards responsible for keeping watch over jeffrey epstein the night that he committed suicide in a manhattan federal prison were in court today. the two are accused of trying to cover up their failure to check on epstein by falsifying records. their trial is set for april 20th police in germany have released security camera video which shows just how two suspects used an axe to smash cases and steal rare 18th century jewelry from a museum in dresden. one report valued the stolen jewels at more than $1 billion and take a look at this. if you're driving this thanksgiving, be sure to buckle up your doggy. a lesson one couple learned the hard way when their chihuahua somehow managed to put their suv in reverse while they were

pumping gas. and it goes all the way across the street with the puppy in the front seat yep. >> i'm glad that had a good ending because your subtitle there says bad dog i was fearingfful for the worst. >> i was holding my breath too watching that video. >> look how cute that little face is. >> look how much trouble he caused. >> but this picture is more terrifying sue, a good outcome. thank you very much. >> you got it, guys. stocks finishing higher for the day with the dow, s&p 500 and nasdaq closing at record closes, also on pace for their best yearly gain, coming on the heels of the forecast for 2020 with end of year targets ranging from 3,000 to 3,025.

let's bring in the ceo of the london stock exchange. a big hedge fund based in the u.k., known more for investing than trading. >> fundamentally we're a bottom up credit shop what we do is driven by our credit analysis and we tend to focus on individual companies. but equities, for example, in range of long only as well as hedge fund strategy is a part of that universe. we have about 32 centers of excellence and find that there are opportunities around the world. we don't have a single house view i often get the question, where are we in the credit cycle is the recession imminent. we haven't said that even earlier this year when fears of a recession were at their height but we do see signs of stress. europe for example which is on a separate cycle right now,

bankruptcies in the united states have not -- and defaults have not risen at a level that would solicit concern, but we are seeing signs of stress, particularly at the lower end on corporate cap x and consumer financing where it's a little hard terror raise capital if your credit numbers are not properly aligned. >> how are you factoring in the 2020 election into your rate outlook here in the united states >> we can see this today the u.s. economy continues to be the beacon of performance and innovation around the world, so there's no doubt today that investors that we speak to around the world look at the u.s. as where things are happening, where the capitalist economy and markets are able to convert innovation more quickly into value, societal value as well as of course financial value. it's clearly the election is projecting a set of concerns, a

debate that creates a little uncertainty but i think investors at the moment are far more focused on whether the trade war or the dispute with china is going to be settled sooner not we're starting to see some impact in terms of confidence which has offset some of the benefits stemming for example from fiscal reform in the united states which really powered the market and of course the debate, for those who have been associated in investing in the u.s. market for a long time, have never heard of wealth tax and proposals that seem to be more closely associated with the sort of policies you would hear about in europe, are now percolating on the scene in the united states this worries some investors but overall, certainly investors we speak to in europe, asia and around the world expect the current fiscal and regulatory framework to prevail. >> we've been talking today about the schwab/td ameritrade deal when you look at your old

business, london stock exchange, also the hong kong stock exchange, to what extent is that space and the online traders indicative of a broader wave of financial consolidation to come? >> certainly in the infrastructure industry and exchange industry, i've been on the record saying that this will continue but if you look at the big numbers, half the global growth in assets and management since 2017 has been in china the united states today own 55% of global financial assets by 2025 at the current rate we expect that fully 75% of financial assets globally will be either american owned or chinese owned. for the infrastructure industry for the exchange industry, this points in the direction, i've been on public record saying that ultimately i think two, maybe three global infrastructure companies

offering access to capital formation to intellectual property indices, data, clearing services, balance sheet services, collateral management on a global scale. you cannot compete even regionally today if you don't offer global efficiencies. i think that points towards further consolidation. there could be further consolidation in the united states the deal i think shows the power of data, shows the power of currency diversification in terms of the appeal of the london stock exchange to its investors but what we haven't seen happening and i think it's a big question today i travel very often to shanghai and other parts of china where you would sometimes be surprised to hear echos in the chinese business community very senior people who actually think that the pressures inherited from that trade war are actually going to be good for the chinese economy going forward. protection of intellectual

property rights, chinese companies want that too. i think the announcement that we've seen in the last few days are pointing in that direction so if china decides to basically open up its economy to promote the funding of innovation, particularly technological innovation through capital markets, if it excused essentially the choices that have been made in europe to rely almost essentially on bank lendi lending, over 80% of all the sources of funding in europe come from bank lending, but if it chooses the path of capital markets, i think there's a chance over the next 10 to 15 years china could develop in a way that will look more like what the united states looks like today >> a quick final question if i may. we're up against the clock you're in a unique position to comment on brexit as a frenchman. >> i thought i might get that question as a frenchman. >> a frenchman who's managed the london stock exchange no less, how much damage will brexit do

to london in the financial sector in the long term? >> in the last three years we've seen investment being put on hold and there have been calls for the resolution of brexit if that is the outcome of the imminent elections in the u.k., it will provide a governance framework. here's the truth about brexit, even if the u.k. manages to get out of the european union in the next couple of months on the back of the election returning boris johnson and the conservative administration, there's a very long list of deeply complex issues around financial regulations, energy, education, migration that will need to be resolved, will need to be addressed. i expect the time that it will take for those issues to be resolved for solutions to be provided for business. what we're really talking about is investment being put on hold, so if the u.k. comes out of the eu in the next couple of months, some of that investment will go back into the economy but the

long-term investment decisions will be dependent on the outcome of technical negotiations that actually haven't started yet that will take some time. >> thanks for joining us. >> my pleasure it looks like it may be very divisive but tesla's new cyber truck has already received 200,000 preorders according to elon musk. up next we will break down the numbers to see how many of those reservations could turn into actual customers i'm a regular in my neighborhood. i'm a regular at my local coffee shop and my local barber shop. when you shop small you help support your community - from after school programs to the arts! so become a regular, more regularly. because for every dollar you spend at a small business, an average of 67 cents stays in the community. join me and american express on small business saturday, november 30th,

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♪ i think sofi money is amazing. ♪ thank you sofi. sofi thank you, we love you. ♪ tesla receiving 200,000 orders for its new cyber truck but should investors actually be impressed with those numbers phil lebeau digs into them for us. >> it depends on whether or not these reservations actually turn into true orders and tesla has a history of not telling how many of their reservations its received in the past like say for the model 3 actually do turn into orders. as you mentioned, 200,000 preorders for $100 a pop have been received over the first three days since the reveal of the cyber truck. the $49,000 version is the most popular of all those

reservations that have been put in here's how the cyber truck compares with the model 3, three days after the reveal back in 2016 there were about 267,000 preorders for the model 3, 200,000 for the cyber truck. this news helped the company regain a little momentum today after the selloff that we saw on friday again, guys, with the model 3, they never made it clear how many of those reservations actually turned into orders so it's anybody's guess how many of these 200,000 will actually result in orders if this truck is built or when it's built starting in late 2021. >> phil, i missed friday's show so the immediate fallout on all of this, but this is meant to be a pick-up truck rival, right there's no space in the back to put your farm equipment or whatever it might be. >> no, it has a six-foot bed and a payload capacity of 3500 pounds and depending on the model that you get it can haul up to 14,000 pounds, but let's

issue clear he be clear, they're not going after a guy on a ranch in wichita, kansas. they're going after people much more desireous of having a chance to make a statement, say in the los angeles area, which by the way is the largest pick-up market in the united states so there is a group of people who want to make a statement with a truck like this >> okay, well, there we go, phil we'll have to see if those early bookings translate in the long term thank you. >> you bet. up next, activist investor carl icahn reportedly trying to take control of ox dental's board. those details coming up. you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. make ice. making ice. but you're not mad because you have e*trade which isn't complicated. their tools make trading quicker and simpler so you can take on the markets with confidence. don't get mad get e*trade and start trading

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prevagen. healthier brain. better life. the future of occidental. >> carl icahn is aiming to put a slate of ten directors by the end of this week when the nomination window closes that's according to bloomberg. icahn has criticized occidental's recent takeover and said in a letter november 8 that he plans to run a proxy fight and yet in the third quarter icahn reduces stake by 21%, calling the bet too risky. to be sure, the stock price has slumped 35% year-to-date but it's unclear how much outside shareholder support icahn will have for a proxy fight the stock gained a little less than a percentage point today and remember berkshire hathaway

just disclosed a stake of about $300 million, guys >> any chance that warren buffett sides with mr. icahn on this one >> well, he has certainly sided with management so far as this whole procedure has gone on. if you recall, he was part of the financing package to actually engage in that takeover of anadarko. he has about $10 billion worth of preferred stock also issued with him and he tends to kind of steer clear of activist investors. he's criticized them in past letters so it would be unlikely to see buffett side with icahn on this one so i think he's going to have to go to other shareholders for their support in this proxy fight. >> thank you, leslie growth stocks have been outperforming value stocks for years. up next, we'll take a look a lot whether growth will go out of style in favor of value in 2020. "closing bell" will be right back there's everything from happy

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welcome back let's send it over to mike santoli. he's got his final dashboard of the day. mike, we've been looking forward to this. it is raised. >> what is raised? well, it's the correlation of all fascinating things among

different styles of stocks this is from goldman sachs essentially the correlation among several style factors, growth, value, size, dividend yield, momentum, volatility. all these things that are supposed to work or not work on their own. everything basically is moving together that's an unusual situation as you can see. it's a bit of a confusing message. the market is not rewarding or punishing any particular type of stock or category or sector. what goldman says is, look, you don't necessarily have to make a big bet on this. also by the way, it probably shows that it's a relatively strong market that can encompass a lot of different types of stocks, it's not just one thing. zero sum game against another. >> mike, awesome thanks for that. up next, the key things every investor needs to tch waas we head into a new trading day when "closing bell" returns. servicenow put our workflows in the cloud.

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i'm part of a community of problem solvers. we make ideas grow. from an everyday solution... to one that can take on a bigger challenge. we are solving problems that improve lives. it's been a big afternoon of earnings here's what's moving hpe lower after missing estimates. second quarter earnings guidance coming in well below estimates for them and pvh also topping

estimates but they expect macro and geopolitical uncertainty to remain going forward all three of those stocks there sharply lower. retail earnings and home sales will take center stage tomorrow. courtney is having a look at which retailer results we should be focusing on. >> there's a lot of them many black friday sales are kicking off on wednesday before we get there there's a number of these retailers ror d reporting their results. best buy, their comp sales are expected to grow they took down their sales forecast because the ceo expressed uncertainty about now tariff would say impact it at the time tariffs impacted 60% of best buy's cost of goods sold investors want to know if that remains a concern for the company. dick's sporting goods comp expected to grow 2.9%. they increased their earnings and sales guidance after a strong quarter

investors will wanting to see if dick's has a different outlook for the holiday. foot locker lowered its forecast friday. diana is looking at the health of housing which we'll get insight into tomorrow with new home sales. >> that's right. the street is looking for a small increase of sales of newly built homes in october but there may be an upside surprise. mortgage applications to purchase a new home have been up dramatically in the last few months and builders are reporting rising demand thanks to the shortage of existing homes. the reading tomorrow is on signed contracts, not closings one possible headwind, though, mortgage rates they bumped up about 20 basis points during the month. will. >> diana, thank you very much. mike, back to the broader markets, 30 seconds left resounding day led by tech. >> strengthened through the day. look, you front loaded a lot of the typical strength in november and december but it's very hard to look at what's gone on and say that the market looks spent or it looks like this is the

extent of that move. we're not set up to absorb much of a jolt. volatility levels very low but i think you have to give credit to the bulls in this instance. >> nasdaq closing more than 1% higher the other two just shy of a percent higher we're out of time. that does it for "closing bell." >> "fast money" begins now. live from the nasdaq market site overlooking new york city's times square, this is "fast money. i'm melissa lee. tonight on "fast," lyft, tesla and uber all on the move the desk breaks down the headlines driving these names. netflix slugging off a big downgrade. it's the best performing faang stock of the month check out the mystery chart. it's hitting its highest level we start off with a new set of records on wall street while the s&p, dow and nasdaq all clocked in with new all-time highs, it's the small ca