it is friday, i'm here at cnbc global headquarters here is your top five at 5:00. putting a rally on hold, maybe stocks looking to end the week on a down note after more record closes futures, they're off 47. no post turkey snooze here numbers already coming in this morning on how much money you probably spent in the last 24 hours. going dark why that photo of that stuffed turkey and your cute nephews you posted on facebook, they had trouble going viral, they had trouble. the cybertruck troll no love for elon musk, grands from pepsi to lego offer their take on tesla's latest creation. it is your question of the day

we asked you if you plan to shop in a physical store, go to the store today, and we're revealing the results as "worldwide exchange" begins right now ♪ perfect. good morning, good afternoon, good evening, welcome from wherever in the world you may be watching it is friday, november 29th. hope everybody had a wonderful thanksgiving to the rest of you, i hope you had a good thursday. i'm brian sullivan before we get started into the show, we got a mystery chart for you. that is your chart of the day. now, this retail stock is the best performing retail stock in the past three months. past 90 days it is a rather unlikely name we'll reveal it in today's rbi, random but interesting, that's it keep it here for the answer. the stock markets here close at 1:00 p.m. eastern time

the bond market closes at 2:00 eastern time today how generous of them stock futures, they're down 50 points on the nose right now, again. this will be a very thin day but with lighter volume can often come bigger pricing swings, so pay attention to the markets, whatever you're doing today. dow futures down 15. here is the thing. we're coming off our 15th record close of the year for the dow. the s&p even more impressive off its 26th record close. it is on pace this month for its best monthly performance since june, november to remember perhaps. of course, need i remind you not to be glass half empty what happened last december, the biggest drop in december's history was last year. just something to keep in the back of your mind. bond market closed at 2:00 eastern time today, yields not really moving at 1.76% around the world, full day of trading overnight, now in japan, industrial production fell 2. -- 4.2% in october. that was much weaker than the 2%

decline expected and it is the biggest decrease there in that number, industrial production, since january of 2018. the nikkei had been kind of on fire, down a little bit overnight, not as much as you might expect, given the size of that drop in industrial production hong kong, hang seng, we pass that law and hong kong, basically saying we stand with those pro democracy protesters, markets did not like that. hong kong, hang seng falling 2%. in europe, it is a mixed trade, but very, very small moves here. .1, .2 of 1% europe, we'll do something here. let's look at some of the other top stories we're following on this friday. trouble in trade land. china warning of a countermeasure after president trump signed that pro hong kong democracy bill that we just referenced possibly adding a new wrinkle into any kind of a trade deal, phase one or whatever. china's ministry of foreign affairs saying it opposes the resolution and will take, quote, firm countermeasures in response

to that legislation. staying with news out of hong kong, pro democracy protesters overnight calling for more rallies over the weekend this as police withdrew from university campus which had been under siege for several weeks. the city enjoyed a weak of relative calm since those local elections on sunday, that handed an overwhelming victory to pro democracy candidates south korea's military says north korea's fired two unidentified projectiles into the ocean. this launches yesterday that came three days after the north said its troops conducted artillery drills near the disputed sea boundary with south korea. this is the first such launch in nearly a month and it comes amaid a stalemate in denuclearization talks among pyongyang and washington as we move deep near what is one of the busiest shopper days of the year, a do adobe is out h

its estimate of how much americans spend online thanksgiving day, you, yesterday, on your computer, spent $4.4 billion, up 19% year over year, according to adobe's estimates. who better to kick that stat around with than our own courtney reagan live inside the wood bridge mall in woodbridge, new jersey we have to stop meeting like this on the friday after thanksgiving one would think this is kind of an important day for retail. i'm throwing that out there. >> it is a pretty important day. this is my ninth black friday in a mall it changed over the years, certainly this used to be a very, very busy time and now the stores here aren't opening for about another hour even though things have changed, today is still expected to be the busiest day for retail all year now, more than 165 million americans are expected to shop between thanksgiving and cybermonday, that is about in line with what shopped last

year 115 million will shop today, according to the national retail federation, making today the busiest day of the weekend and, again, the year. black friday door busters, those kick off on thanksgiving, early evening, big box retailers like walmart, target, best buy and department stores too, macy's and kohl's and a number of other specialty brands nordstrom, that's one of those retailers that still remains closed on thanksgiving similar to last year, many retailers offer those black friday preview sales, which did likely pull some level of sales forward. still, this weekend is very critical for the sector. analysis of our update for cnbc shows that in 2017, thanksgiving sales made up about 15% of retailers holiday sales. last year it fell to about 13%, this year about 12% and alex partners believes that's both due to earlier sales and six fewer days between thanksgiving and christmas. now, npd says last year shoppers

bought an average of 5.5 items in store and 3.6 items online. so lots of folks are using both of those channels to shop. we got some early data from adobe. you gave us some big numbers, here are some of the top sellers. in toys, we got frozen 2, lol surprise, paw patrol gaming, madden nfl 20, nba 2k20 and nintendo switch. electronics, amazon fire tv, google chromecast and air fryers, insta pot for so long was the item, now we all shifted to air fryers. i got to figure out how to use one of those. >> they were hot i don't know if it is a fad. we'll find out here is the thing, i don't mean to talk down to our viewers and say look at the calendar, today is november 29th i think this is the latest possible date that thanksgiving could fall, just a sort of calendar anomaly no one cares except the

retailers probably because as you noted, there is not a lot of shopping days left until christmas. normally it is a lot longer. >> exactly that's because of, like you said, the way the calendar fails, thanksgiving is the last thursday and so, yeah, you got six less days between thanksgiving and christmas, which i don't know, may not seem like a big difference to a lot of people. it makes a difference to me. i haven't started yet. that gives me six less days to make up the sales. some retailers are out, thinking we may not experience that lull that you typically see between thanksgiving and that final week of christmas because of that shortened time you may just see a higher level of shopping activity that is a bit more steady throughout the season but either way, the retailers don't care when you shop, they want you to shop and spend the dollars with them. >> why aren't the mall open? they get lazy in woodbridge? normally 4:00 a.m. and people rushing in an shoving each other for that cabbage patch kid. >> they used to be how it went this was the busiest time.

but now a lot of those sales have been pulled forward at those big box retailers to that 5:00 p.m., 6:00 p.m. hour, they go out do that, go home, they rest, they go back out what they noticed is that really the traffic kind of starts to pick back up again around 9:00, 10:00 a.m., peaked midday at the mall they're still checking off their list, but the door busters are sort of done and checked off, already back at home and eaten a couple of meals and come back out. >> you realize 36 waist jeans don't work anymore, maybe you're a 38 we appreciate you joining us have a great day >> thank you, brian. joining us now from london, sw retail president staidy wo yc woodlets you put out a call saying long shares of target, short shares of kohl's, and basically you called, what, target a cinderella and said kohl's was no prince.

i think your clients, they listen to that call, are making a lot of money on both sides, stacy. >> i hope they listen to us. but i think, you know, first of all, happy black fri-yay it looks like we're the only people up this early so far. >> the only people that stayed up. >> or stayed up, sorry, yeah exactly. never actually slept. >> out in california, turning on the tv after the football game, exactly. >> absolutely. but i think, you know, you look at black friday every year, we talk about this say huge shopping holiday, and every year it gets less important because the retailers start earlier and earlier every year not to mention they're exhausted because they already had singles day and prime day and really most of the retailers started about a month ago. so it is, like, exhaustion, discount overload going into

this weekend >> it is funny you watch tv here, stacy, it is like black friday specials, november 22nd through november 29th. i'm thinking black friday is now aparentally an entire week so while this day, this physical 24-hour period may have been reduced slightly in importance, the concept of black friday may be just as big as ever, i assume >> it is still as big as ever. you were talking about we have six fewer shopping holidays between thanksgiving and christmas, so what do the retailers do they made that up by starting extra early here but the idea is you get people warmed up, even if you throw discounts at them, that aren't that great, it is the headline that pushes them into the store here but i would also, you know, point out that we still have cybermonday and if you think about the portion of consumers that are doing more and more of the black friday weekend shopping online, you wonder if

this momentum eventually peters out into cybermonday as, you know, again these discounts online are offered on thanksgiving day and black friday, of course. >> not to be a scrooge, but also the trend i think has been, k t correct me if i'm wrong, wait until after christmas, this say consumer for the better part of the decade has been beaten over the head with the idea, why would you pay full price for anything >> 100%. and that is the problem here, and, you know, interesting, there are so many retailers out there so promotional, kohl's, of course, macy's didn't kind of like throw the whole farm at you, but they're being very promotional. and, of course, the gap, old navy, 50% off everything and that seems to be all the time now. so now you're hearing retailers like the gap, like old navy, like victoria's secret,50% off all the time, they're trying to retrain the consumer and get them to start paying full price again.

i haven't seen any actual sign of that in the stores, but that's what they're pitching to investors that they're going to attempt to do. but once you go completely promotional it impossible to go back. >> quickly, before i let you go you made a great call on target. that stock doubled this year is there any other retailer out there that is getting on your radar, somebody starting to do it right >> i think right now you have to stick with the winners, which is target, which is best buy, but also, you know, i would point out dollar tree really took a hit based on the fact that they didn't have tariffs in their guidance, so they took down significantly, they warned on tariffs, the what ifs. so dollar tree looks somewhat interesting here once we get through the tariff chaos. i think you have to stick with the winners here on the long side. >> dollar tree, looking at the stock chart here, a rough ride the last couple of weeks have a great black friday, great weekend, we'll talk to you next

week. >> happy black friday. >> take care you too. when we come back on "worldwide exchange," a new fight over social media and censorship taking shape today. we'll tell you where. shaking off unrest, as alibaba wraps up its first week of trading in hong kong. later details on a $50 million cryptocurrency heist what happened there. very busy hour still ahead as "worldwide exchange" returns sundown vitamins are all non-gmo, made with naturally sourced colors and flavors and are gluten & dairy free. they're all clean. all the time. even if sometimes we're not. sundown vitamins. all clean. all the time.

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♪ last christmas i gave you my heart ♪ welcome back a live shot of new york's 30 rockefeller plaza, waiting for the tree to be lit up with all the lights that's a night to remember coming up soon i think a lot of people might be starting to buy their trees already, by the way, given where the calendar falls. a new fight over social media and censorship taking shape today with one government ordering one site to make major changes. rahel sullivan has more. >> let's start with facebook a correction notice on a user's post under the country's new fake news law. so the government says that the post by alex tan who runs a blog contains accusations about the arrest of a whistle-blower and rigging of elections singapore says the allegations are false and scurrilous tan has refused to correct the post himself and for facebook's part they have declined comment and the post is still unchanged

as of today. the company has been criticized for being too willing to comply with government requests to block political dissent, so the singapore law went into effect last month and penalties are stiff, including up to ten years in prison. tiktok restored a video. the video by rosa aziz was blocked, she's from new jersey it starts as a beauty tutorial and it segues into an appeal for people to get more informed. tiktok, owned by china biten says it was removed due to a human moderation era as you know, u.s. regulators reportedly launched a national security review. another development to the story of tiktok, which is becoming so popular. >> it confirms people are

watching, they're paying attention to all the billions of videos we'll see you in a bit thank you very much. on deck, cybertruck trolled, social media blackout, and the other trending stories you're going to be talking about on this friday. plus, are you looking for some stocking stuffer stocks a list of the names they love. we have it for you next. most people think of verizon as a reliable phone company. (woman) but to businesses, we're a reliable partner. we keep companies ready for what's next. (man) we weave security into their business. virtualize their operations. (woman) and build ai customer experiences. we also keep them ready for the next big opportunity. like 5g. almost all the fortune 500 partner with us. (woman) when it comes to digital transformation... verizon keeps business ready. ♪

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$968.8 million, that's how much money americans spent on turkeys this year. that's down slightly from 2018 welcome back utility fires, big pharma and alibaba topping your stock lists today. a bankruptcy judge rejected pg&e's attempt to change a california law that would require utilities to pay for the massive damages from wildfires caused by their equipment. the century old law known as inverse condemnation helped drive pg&e into bankruptcy ten months ago they face $20 billion in losses stemming from fires in 2017 and 2018. next up, astrazeneca says its drug to treat small cell lung cancer has been granted a speedy review by the fda it shows the prolonged survival in patients when combined with

chemotherapy it is expected first quarter of next year. alibaba, shares of hong kong listing falling for first time this week, down 3% today but the stock still had a very banner run since debuting on tuesday, up more than 6.5% alibaba raising $11.5 billion in the secondary offering, which is the biggest listing so far this year all right, up next, president trump making a surprise visit to afghanistan, suggesting peace talks with the taliban are back on. we'll give you more on that and a look at this morning's other top headlines as "worldwide exchange" continues right after this 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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[ dramatic music ]ing ] ahhhh! -ahhhh! elliott. you came back!

welcome back let's get a check on some of this morning's other top headlines including what i would call a wild goose chase, but then philip mena might be calling fowl because that's not technically correct. philip joining us from the new york studio. you see what i did there. >> two puns, word play, you are a wordsmith, sir good morning president trump made a surprise visit to u.s. service members, celebrating thanksgiving in afghanistan. the president helped serve thanksgiving dinner to troops at bagram air field and addressed 1500 service members there he also held a bilateral meeting with afghanistan's president to discuss isis and he announced he's restarted peace negotiations with the taliban. the winner of the national dog show has been revealed it is the god of thunder

thor, a bulldog, walked away a winner he beat out more than 2,000 competitors and more than 193 breeds to claim the top prize. thor's handler says the bulldog is sweet, very athletic and gives his all. we're talking about here, brian, talk about irony too, a human gets part in this thanksgiving thanks to a turkey. an officer in california pulled over a reckless driver for speeding, but as he was trying to give that driver a ticket, a wild turkey trotted up, started chasing the cop. it spooked him and that officer ended up driving away. what a lucky day for that driver, saved from a ticket and usually you get pulled over by a police officer, you do not want him seeing or smelling wild turkey and this time it saved him >> see, you, sir, wild turkey, the -- i see what you did there, my friend. which is very appropriate as a virginia tech hokey. that is our school's drink of

choice we have a big football game today at noon. thank you very much. >> good luck go, hokeys >> i love it, thank you very much. still ahead, it is continuing a dangerous trend this year and one that we have reported on extensively. i'll give you the latest on the massive texas california plant fire that may have 50,000 people fleeing their homes. target looks to stay on target, strategy, the hottest retailer in america will use to try to do just that, coming up so ...how are you feeling? on a scale of one to five? one to five? 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. but what if your business could understand what your customers are feeling... and then do something about it. turn problems into opportunities. thanks drone. customers into fanatics change the whole experience. alright who wants to go again? i do! i do! i have a really good feeling about this.

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throw on a jacket, get that credit card warmed up. the holiday shopping season officially kicking off retailers serving up deals to get you to spend, spend, spend, the outlook. will people spend money on stocks after a record run this year could it be another december to remember for all the wrong reasons? remember last year yeah you probably heard some complaints about this one around the house yesterday. facebook and instagram, they suffered a global thanksgiving day outage forcing people to actually talk to their beloved family members at their holiday table oh, the humanity it is all ahead as "worldwide exchange" rolls on right now ♪ all right, good morning, good afternoon, good evening welcome, thanks for being back with us on cnbc on this friday,

november 29th, 2019. i'm brian sullivan hope you had a great thanksgiving day all right, so the day after thanksgiving, you know it, it is called black friday. this traditionally was the day when retailers went into the black. they turned a profit for the year, because so much spending is done just ahead of the hanukkah and christmas holidays. well, what about the stock market guess what, you've been spending money on that all year the dow coming off its 15th record close of the year on wednesday, the s&p throws the dow in the dust. had 26 record high closes this year and is now on pace for its best monthly performance since june but not to be glass half empty what happened last december, the worst december since i think it was 1928, occurred, the market fell 28% something to keep on your radar. that came out of nowhere as well keep in mind, by the way, stock market closes at 1:00 eastern today. the bond market, later, still early though, 2:00 eastern time close.

bond yields at 176 futures down 50 points now let's got a look at some other top stories we're following for you on this friday huawei taking on the fcc over its recent decision to curb its business with some of its few remaining u.s. customers according to the wall street journal, the chinese technology giant is preparing a lawsuit challenging that agency's decision to ban federal funds for small wireless and broadband providers being sent on buying or maintaining huawei products an evacuation order remains in effect for thousands in jefferson county, texas. this follows an explosion and a fire at a port in a chemical plant about 90 miles east of houston. officials say this morning they will assess the state of the fire at the tpc group plant. they say there are still areas of concern following a second explosion at the facility on wednesday. about 50 to 60,000 people may go under evacuation orders this has been a large trend, folks. we have been going to these fires and talking about this all year

the number of big explosions and dangerous fires, people getting killed or hurt has been on the rise all year long. all right, millions of dollars worth of cryptocurrencies have been taken from a south korean exchange upbit, one of the largest crypto exchanges, it says 342,000 ether coins were sent to an unidentified wallet. in other words, stolen the exchange says it has banned all withdrawals and deposits in the wake of that heist a move that could last at least two more weeks we're not seeing a big move there. ether is up 1.5%. you may have stopped us if you heard this one before. holiday shopping season is officially under way with some retailers pushing up the usual black friday festivities and opening their doors on thanksgiving. a move appears to be working relief figures from adobe show that online sales just yesterday likely reached a record $4.4 billion. who were all of you people

shopping online on thanksgiving? we got full team coverage as shoppers head back to the stores today. physically, cnbc's kate rogers at a target in jersey city, new jersey, and frank holland at a best buy warehouse in pa sca pascataway how does target keep the momentum going >> hi, brian that's right happy black friday target heads into the holiday season with an advantage, as you mentioned, a stronger than expected earnings report and in stark contrast to some of the retail competitors that are strugginging li inl like jcpennd kohl's the company has been focusing on really improving the in store experience, target made investments to spruce up its stores also introduced some smaller format stores in some locations,

and launched new in-house brands for clothing and grocery it is working with disney to open up some mini disney shops in stores and teamed up with true kids, the parent company of toys "r" us to help relaunch that brand's e-commerce operation. another big focus we can't skip over is delivery target teamed up with shipped for same day shipment options and same day pickup options in stores the company doubled the number of team members dedicated to fulfillment. people can get orders even faster like many retailers, the company released black friday deals early this year for its target circle members and red card holders online on things like beats headphones and roku tvs. it is important to get the shoppers, those deals, nice and early. as you mentioned, the stock has nearly doubled, it is up over 90% since black friday in 2018 back over to you. >> a heck of a good story. what about holiday hiring? is all of that stock gain and

all the hotness around target going to result in more people getting a job over the holiday in. >> certainly, brian, so that's something we may tackle next week and we can tell you target was looking to hire 130,000 seasonal workers in both its retail stores and fulfillment operations, which is a tall order in this tight labor market they haven't said how many they were able to bring on, but 130,000, that was the number they were looking to meet. >> i love how you just slid in that deep tease to your segment, help wanted next week, that's like you just -- >> a week early. >> it was -- like black friday threw it out there early we appreciate it kate, thank you very much. now to frank holland at best buy. target is not the only minneapolis retailer doing well. best buy also coming off strong third quarter results. question is this, how is the company looking to gain an advantage over the competition to keep those strong numbers going? well, a lot of it has to do with where frank holland is, that's being smart, frank, about logistics and online, i assume

>> absolutely. as you mentioned, best buy reported that its online sales grew year over year during the earnings this week this holiday season. the company is trying to continue that trend by offering 50 million people free next day shipping on orders placed as late as 8:00 p.m., something the company boasts is the latest in the industry that's largely due to the fact that that they opened up metro e-commerce centers this year we're standing at the mec in the new york city area, an hour outside of manhattan it is about supply chain and logistics. these centers, which also opened up in the chicago areas, los angeles areas, key part of the company's holiday strategy to again offer free next day shipping as late as 8:00 p.m. to people in those big cities only requirement being that those orders are at least $35. just to dive deeper into this logistics play, mecs are high density, high tech warehouses. what you see behind me this blue, white and yellow building, and chief supply chain officer rob bass says it really allows

them to get products to customers in those big cities faster >> really what we're after is allowing you to go to work, enjoy your day, hear about the cool thing somebody bought at best buy, get home from work, sit down, relax, go online, and still have the chance to buy that and get it tomorrow and we really believe it is not just about saying next day, but allowing you to shop late into today and still get it tomorrow. >> and you mentioned people shopping on thanksgiving this will give you a sense of the landscape, prime members get free next day shipping on orders before noon local time they pay that prime member fee walmart, no fee, but $35 minimum, like best buy, and on average their orders must be placed by 3:00 p.m. local time, and important to mention, 3:00 p.m. is the deadline for best buy outside of its mec areas best buy, they faced increasing pressure, but they maintain market share still three quarters of the revenue come from the sale of consumer electronics, phones,

big tvs, a lot of people buying those during the holiday season. the company says free next day shipping is the way to attract customers in big cities, but they see the geek squad and price matching as a way to keep them. >> i ordered a cell phone case yesterday on best buy.com and i got a notice that it had shipped already during the -- i'm thinking, i ordered it and it got shipped during thanksgiving. that's spectacular i imagine a lot of men and women behind you, they have been busting their butts to make sure we keep getting fulfilled. >> absolutely, brian people are out here working, when we got here, and that shift ended and a brand-new shift came in today you have to remember, retailers are not only doing free next day shipping, they're doing in store pickup, same day shipping, a lot of competition based on the strength of your logistics and how fast you get products out to customers. >> a lot of people have to work hard and hats off to them as well, as to you, working hard as well

thank you very much. let's keep this conversation going. retail really has gotten realry interesting the last couple of years. joining us on said is raymond james consumer research analyst matt mcclintock and former target vice chairman jerry you were at target the company is literally right in the ship, you and your team put that in place years ago, what was the secret sauce? what did target do a year ago, two, three years ago that enabled to get to where they are in this red hot space right now? >> target has been doing great for a long time. target is winning not just online, so important these days, but keep in mind, 92.5% of target sales are in the stores they're hiring more people, they're paying them more the service is better. it is a differentiated store environment. stores -- sales were up in the stores, not just on the internet, it is amazing in this area they're doing that.

they have products you can't get anywhere else. for decades it has been true, still true today in good economic times, target performs better than walmart. we saw that in the numbers target's comp store sales were higher than walmart. they both did great. that's further evidence that the consumer is strong. >> yeah. and what else has been strong, i don't think target has been talked about as a stock more this year than any other year in history. this has been the retailer that everybody sort of wants to emulate. i think the question is this, if you own target, you made a lot of money on the stock, can you hope to make more or is it time to sell and go on to something more undervalued >> the radio aeality is target o strong it is strong because their competitors are not strong targ set doing we target is doing well fulfillment is so important and critical today target offers greater, better fulfillment ongs options than

retailers. that's why you own the stock. >> jerry, it is not sexy supply chain management, logistic, these are not the things that are the front facing sort of flashy branded logos, but this is maybe the secret sauce that companies like target are doing well, when you look at it and do your analysis, do you see other companies like a target or like a best buy? i don't know what they're doing in minneapolis, something right that are also starting to get it right on the kind of stuff that we don't see every day >> absolutely. this has been going on for decades as i said. i founded target.com in the 1990s. and best buy was starting their dotcom at the same time. we had a hub there we're doing innovation back then it continued to this day beyond the target and best buy, walmart remains strong they have invested mightily in the -- if they had done back then what they have done now, amazon would not be amazon

that would be walmart who would dominate the internet. they're going at it all guns blazing with store pickup, taking advantage of the bricks and mortar stores. costco is strong, retailers retailer they continue to thrive. all the off price retailers are doing great. tj max, great numbers. burlington, great numbers. ross stores, great numbers they have taken over used to be that they would say, why shop and pay department store prices now the parasite has eaten the host the off price guys are thriving. dollar stores, dollar general is doing fantastic. so and amazon too. so there are two myths that are false, retail is dying, that's nonsense it is thriving, just the consumer shopping more on the internet and more on the stores doing things right secondly, people keep saying black friday smaller than it used to be that's nonsense i don't know what they're looking at. it starts on thursday, but if

you take thursday and friday together it vastly bigger than it ever was if for no other reason it has two days instead of one and the online sales are just fantastic on thanksgiving day. it is rivalling cybermonday. >> i know -- i may know somebody who said that. what i said at the -- to be fair, at the beginning of the show, i said black friday is now a concept, not just a specific day. so, matt, i want to talk about a name in the news recently for the wrong reasons. that is under armour they had a lot of problems that stock is down 17% in the past 12 months other retailers are up you say this is a stock that our viewers want to own, make the case for under armour. >> it is very simple under armour is a company that was a high growth company. they had some problems >> a lot of problems >> they had a lot of problems, for two years. >> they still have problems. >> they have been fixing the problems this is the most important thing. this is not dissimilar from a story that now everybody loves, lululemon three years ago. same thing high growth company, had some problems, spend a couple of years fixing them and now back

to growth again. under armour is on the cusp of being back to growth again the inflexion point for story will be spring 2020. they have been talking about spring 2020 for over two years now. they are on the path -- >> you think they're lululemon you can make the analogy, a brand that is hot, doesn't have the right mix, a ceo that is controversial getting pushed aside, some issues internally in the company, i won't go into you think under armour can pull the lululemon in a good way now. >> i would go so far to say that under armour is in a better position than lululemon was because they have a ceo that is still involved with the company and some very strong ways. lululemon had a ceo that -- a founder that was going against the company in a lot of ways and against the brand. under armour has that going in its direction. again, it is the same thing. the new product from under armour comes out in the spring everything about under armour is backward looking the stock market is forward looking. so the reason why you want to

get involved in under armour today is because the results are only going to improve from here. this is the trough in the stock. this is a stock that could be more than a double. >> wow. >> more than a double. in as little as a time period of a year >> more than a double? before i let you go, you talked about macy's that stock down 54% over the past year. what happens to macy's any reason to own that company >> i think, you know, you might own short-term trade we saw that with nordstrom last week, they reported poor results in an absolute sense, but better than people expected anything mall based, anything clothing based, it is going to be very, very tough. and the consumer saying i don't want that anymore. they shifted their shopping habits we talked about best buy into more hard-lines, more experiential types of spending they're just not buying clothing like they used to, high priced clothing

so all the department store stocks are in trouble because what they sell is not selling very well. on top of that, the internet has taken the place of department stores as far as being where you shop when you want to buy everything at one time, one place. the convenience factor has been one upped bit internet no matter how good management may be -- macy's has good manage , nordstrom has fantastic management, they're fighting this long-term secular trend it is almost impossible, look at sears, montgomery ward, the list could go on forever, woolworth, what used to be great isn't great anymore. they don't adapt to changing times. the way that target and walmart and costco et cetera has done. >> we hear your point. guys, have a great weekend hope you had a great thanksgiving thank you for joining us. a number of major companies getting their digs in at tesla's

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you can sign digital documents on-screen, with a finger or your s pen. samsung business solutions. aside from everything you ate and found yesterday -- hi, rahel. >> hi. >> i'm here! >> your mom drove up to get you and -- >> yes >> good mom. >> yes, i do. >> did you have a good thanksgiving >> yes >> are we -- >> this is -- >> i'll see how quick you are -- >> this is called faking it. >> facebook says the apple with instagram and facebook messenger are back up and running, thank the heavens. this is after a major outage prevented users from accessing the platform for a few hours on thanksgiving, unable to post to facebook or stories on instagram. facebook is blaming the issue on a problem on its central

software systems brands pulling no punches when it comes to poking the little fun at tesla's cybertruck. pepsi among those taking jabs at the rock throwing experiment denny's, lego and even the dubai police department also getting their licks in after tesla's big reveal didn't quite go as planned. or did it? here we are, talking about it again. he claims 250,000 preorders. >> i love the grand slam breakfast. when denny's is throwing shade, you know -- >> with smh at the end. >> not smdh. see what i did there i sounded young for one second. >> you always do. >> rahel, thank you very much. shoutout to your mom. on deck, amazon pushing back on a new report suggesting the majority of its reviews are fake keep it locked here on "worldwide exchange. we're back after this.

dow futures are down 54.

time for your decade of recap, all the headlines you need in one minute amazon disputing a new wall street journal report on the authenticity of reviews on its site the general says more than a third of the online reviews they looked at on sites, not only amazon, walmart and sephora are fake and made up more than 99% of the reviews on the site were authentic. $4 billion in sates have been pulled from a firm since word of his remarks broke last month, the ft says assets hit a record high of $115 billion. the company tells the times the

gains are due to inflow from new clients and rising market values of assets. time for your rbi. random but interesting shall we black friday we'll talk about a retailer. earlier we showed you a mystery chart of a retail stock that is the best performing retailer in the past 90 days who is it? none other than jcpenney that's right jcp is up 77% in 90 days keep this in mind, that's only a couple of pennies. stock's market cap crushed and the stock has a short interest ratio of more than 40%, meaning that a lot of people are shorting it and any hint, sniff, whiff of good news could send that stock popping and that's what's been what's happening random but interesting, jcpenney let's talk more about the markets, dough future dougw fu5

points we're joined by patrick armstrong. i don't want to be a downer, but last year we were sitting pretty, and december was worst december since 1928 or ever. do you see any risk of a significant market downturn again? >> definitely a risk i would be looking to sell the news everyone is holding out hope on this phase one trade deal that has been 90% of the way there in the spring and now we're in the final throes it does look like it is eminent. that's driving the markets high, people don't want to be short before the trade deal is announced, people want to be invested to get benefit of the market from the trade deal i don't think the trade deal is going to be anything close to all encompassing i think it is going to be shall shallow. that will be a good catalyst to sell the news on you look at the s&p 500, trading at 2.3 times sales today almost unprecedented only time it got to that

multiple was september last year, when the sell-off began. and in the first quarter of 2000 before the tech wreck. >> that's an important stat. a lot of people are early here i want to repeat that. the last time the s&p 500 has been at this valuation we saw significant market downturns following that doesn't mean we'll fall again, but i imagine this is something that immedia that needs to be on our viewers radar. >> i think so. a multiple doesn't cause a sell-off, but the more expanded a multiple gets, the bigger the drawdown happens with the sell-off and what we're doing is we're allocating money to japan, so the s&p is trading at 13.5 times enterprise value to ebitda, which, again, pretty much unprecedented except for the two periods we talked about. japan's trading at 8.5 times ebitda that's the same multiple the s&p got to at the bottom of 2008 so you're buying all time high multiples, u.s. companies in japan, buying companies that at

multiples similar to what the u.s. was at the bottom of the market ten years ago we're looking for value, for markets that aren't loved and the olympics in tokyo coming up next summer will draw a bit of a tension towards japan as well. >> japan has been hot, up 7% this quarter thank you very much for joining us on "worldwide exchange. hope you had a great thanksgiving day, good weekend that's it for us we'll see you monday "squawk box" begins right now. good morning the black friday shopping rush is on. we got new data on billions of americans and they have already spent and how much they spent in the last 24 hours. breaking deal news, cnbc exclusive report on a bidding war involving warren buffett we got the details straight ahead. protesters celebrating in hong kong after president trump signed two laws supporting the demonstrations we're going to show you how beijing is responding. it is friday, november 29th, 2019 "squawk box" begins right now.

good morning, everybody. welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick with andrew ross sorkin, joe is out today we do have some breaking news that we would like to tell you about right now. cnbc has learned exclusive details about a deal in which warren buffett's berkshire hathaway was outbid. the deal was sweetened from apollo's previous bid of $130 a share after an unnamed souter topped the original offer. that souter was none other t