personality. they're colorful can you change them up you don't necessarily need to go buy a new pair of shoes, new pair of nikes. use the same ones but change the jibbitz. >> for how long? teen consumers are very fickle. >> for now they're loving it. >> closing bell starts now. >> welcome to "closing bell. i'm morgan brennan in for sara eisen at the slack post, direct listing. earnings after the bell. the broader market is higher dow down 200 points. >> i'm wilfred frost what's driving the action today? renewed hopes as donald trump said negotiations with china are going, quote, very well. weaker than expected data as private payroll slows and oil having its best day since september. wgi up around 4% and a quick reminder

it's now been 53 days since the president announced the phase one deal with china was agreed and just waiting to be inked that's 53 days and counting. joining us for the full first hour of the show, wealth management ceo josh, did i pronounce it correctly >> nailed it todayly rsi, people toss around these terms, overbought, oversold they use them qualitatively. the market went up a lot it's overbought. there's a technical definition to things like being overbought. by any stretch of any way you want to look at it, we were overbought on something called rsi. s&p 500 we hit 75, the most overbought we've been technically since january of 2018 and we know what happened after that a very swift 17% sell-off.

so it's not shocking that you have big down 400-point day in the dow. the big takeaway for me, to answer your question, is the biggest mistake you can make is go to these extremes of bullishness, bearishness, based on each day's action today is the mirror image of yesterday, total reverse tomorrow could be a vee verse of today and nothing specific fundamental has to have changed. and i think you have to get yourself in that mode where you accept the fact that not any of these activities are worth extrapolating. new consumer high in staples back on the horse like nothing happened yesterday you may see that in banks, too regionals up big today they looked like death yesterday. this is the mentality you need to adopt you can't take each day and completely change how you feel about everything it's a money loser. >> all right a lot more with josh for the next hour plus let's focus in on the big stories we're watching today kayla tausche has headlines.

mike santoli is kicking off his market dashboard with a look at google's c sweep changes kayla, first to you on trade. >> morgan,what a difference between today and yesterday. exemplary of how quickly the outlook on trade can change. yesterday president trump was pessimistic about a pre-election deal today everything is fine stopped providing readouts of calls between principles secretary of agriculture sonny purdue said it remains to be seen whether the two side also hold a call before the deadline. china has been buying soy beans from argentina instead of the u.s. and tariffs on those countries are a result of that soy bean suppliers and signing a bill backing hong kong demonstrators, lawmakers want an audit of china's business scoring system that may penalize u.s. companies doing business

there. all of this is ramping up pressure to try to get china to cave by the 15th, wilf we'll see how this all shakes out. >> kayla, we certainly will. otherwise the market reacting positively today up .8% two days away from friday's key job number one metric out this morning raised red flags steve liesman is back with that. >> big miss on adp, raising concern that friday's job number from the government could come in weaker than expected. adp saying total payrolls rise at 67,000. street was looking for 150,000 down from a weak number in september already. big part of the miss there down 18,000, and nonforeign payroll estimate for friday, 187,000 that's private and government employment few, if any, economists actually lowered their forecast in the wake of it several reacted like, quote, adp

data for friday's jobs report where we still expect a 190,000 payroll gain why job growth is yet to weaken with overall economic growth fell from above 200,000 monthly beginning of the year to south of 150,000, april through july period it is since back up to 167,000 slight miss in the ism service sector suggests some miss there. friday jobs report will give us a clue whether it will slow with the overall economy or keep making its way through these headwinds, as it has, wilf. >> steve liesman, thank you. a lot more to watch here the next couple of days. let's send it over to mike santoli for today's market dashboard. >> google as its founders stand back in found money, very popular and famous and

successful tech founders lost decade for stock picking around the world compared to the u.s., a pretty stark chart we have there and seeking a frontier frontier evaluation for the u.s. market compared to its bull market and finally finding the good some corporate values being conveyed in a conference call. here we have a chart that tracks alphabet against microsoft, sales force and amazon each of them tracked 15 years since their ipo. google became public we use the same time period to 15 years, 3 months later for each of these. first thing to say, there's no losers on this list. alphabet has increased nearly 3,000% compounded fo r more than 15 years, it's a tremendous return really also points out microsoft. can you believe this up almost 60,000%. bill gates, when did he step

down as ceo and step back? right about there, absolute perfect timing on the entire thing. amazon, no surprise, hasn its founding ceo by the way, guys, microsoft at its ipo was trading, already profitable at about eight times earnings it has everything to do with the era. in '80s we didn't give multiples to tech companies. that's obviously changed. >> it's a fascinating snapshot there and how microsoft out drls performs and how small sataya nadella's pullback looks to the foal. >> think about that, $600 billion, only a handful that big and that was 20 years ago for microsoft. >> mike, thank you very much see you later. expedia, one of the corporate stories today.

diller is the chairman at iac and expedia. he has deposed both the ceo of iac and expedia. will oversee day-to-day operations until the board works out a long-term leadership plan. could the shake-up lead to a much-needed turn around? bring in daniel colonels very good afternoon to you both. daniel, i'll start with you. what was your take on the outgoing leadership on how they've been doing >> you know, it's hard to say that they've been doing a great job. i think wall street was looking for an acceleration in growth and they weren't really getting it 2020 after all the investments they made, migrattion to the cloud, they've got a lot less indexes to hotel than booking. a lot more opportunity

rolling out supply in multiple countries across the world all of a sudden out of the blue you get a growth cutout look i think it was a big surprise, almost like the announcement today. >> so, kevin, i mean, we're seeing the stock rally, like 6%, 6.5% on this news. there are some big ger, potentially much more challenging issues, whether it's the seo search, need to push into short-term rentals. how does that play out and how sustainable is the bounce we're seeing in stock today? >> thanks, yeah. i think it's important to point out that expedia is a healthy company. they'll do over 110 billion of travel bookings next year. and they do over a billion in operating income, over half of their bookings are in high margin lodging when you look at some of these pressures like declining free google traffic, definitely an

issue. there's also a lot of opportunity. and i think that's why -- i think that's one of the reasons you've seen the stock react positively today, particularly when it comes to the potential to do some cost cutting, given their low margins today. >> daniel, who can run this company? are there names being tossed around right now or a name you would like to see? >> that's a tricky question. i don't know that there are any sort of organic choices within the company. i think externally, it's hard to see somebody just slotting themselves right in on the long-term outlook here near-term, since seo was an issue, that could lead to immediate fixes. i don't think you'll see any near-term hiccups, but someone will have to come in to run the long-term plan here. i'm not sure someone is earmarked yet for that. >> ruthlessness from barry diller, do you love it, hate it?

>> i think barry diller ought to get his way. it's the way we've built the markets and it makes sense to me i'm curious for either of you gentlemen, are there too many options for booking travel i know there's been some con solidation but maybe not enough. let's keep in mind they compete directly with airlines and directly with hotel booking as well how many of these should there be to right size this market >> look, i would tell you that you have a lot of options, true. but we haven't seen hotel get their act together until maybe the last five years. they've tried a bunch of solutions and haven't had any traction bookings growth rate across the industry you can see hotel has maybe started to take back a point or two of share. it's not been super meaningful where you see that consolidation is internal lodging. that's where you get the air bnbs maybe where expedia went wrong

was with the vermo rebrand the growth has been very muted there. internal lodging has a lot of room to consolidate. core eta, we're in a good place there. recession, counter cyclicality, maybe the story looks different. in the near term i think the player base is about right. >> can we see divestiures within the brands >> no. a number of those brands are owned by expedia and running on a single platform. hotels.com, brand expedia, travelocity, orbitz, they're on the same platform and have realized cost savings there. you won't see them get rid of those. >> can you talk about consolidation, you have three huge players and that's expedia, booking.com and air bnb. we've seen significant consolidation there.

the fact is that consumers like to go to a site where they can compare across millions of lodging options and that's what these sites are providing. >> thank you both very much for joining us great to see you. >> thanks for having me. >> thanks. opec members get set to meet in vienna. we'll break down what to expect with helena croft. peloton going viral for all the wrong reasons. how is the stock doing after the break? - [spokesman] if you've tried college but never finished,

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44 minutes left to go in the session. major averages are higher, snapping a losing streak s&p up 23. reclaiming, regaining all the losses that we saw yesterday as i mentioned, less than 44 minutes to go. >> let's check in on individual market movers. go pro searched up nearly 9% but fell throughout the session now just up 2%

nick woodman commenting on the kick-off in a news release, quote, we crushed it a fraction of what it was valued at back in 2014. and it is, as we said, 2% today. peloton has been in the news because of its strong reactions to its holiday commercial, the company responding in part, quote, we're disappointed in how shom have misinterpreted this commercial, sending cnbc pages of positive emails it received about the ad the stock was down 8% or so since monday but surged on black friday on report of strong sales. we'll get the price up for you now. might take on all of these commercials. there's plenty for it is its poor execution as opposed to necessarily poor targeting they have a very, very expensive product. they've got to go after a certain demographic of people. some of them are pretty cringe worthy poor execution rather than necessarily the wrong target

it does remind us, though, it's an expensive product they've got to be focused. >> that's not what's offensive, though, about the commercial what people are saying -- >> there have been different takedowns, here is my nice peloton in an expensive apartment. >> that's one group. another group is saying it's sexist if it were funny, if there were more humor in the commercial people would say i get the joke. they're doing this sort of seriously. >> yeah. >> and i guess people don't like to be depicted that way. i know male and female people that are like that with their pelotons. >> lots of people. >> worthy of scorn, regardless of what gender they are. >> like the sorry, not sorry statement. >> shares down 2% right now. >> let's get out of this segment before i get in trouble. >> we'll keep it movie parent company nbc universal, is an investor in peloton. >> forget everything i just said

love it! >> rising more than 4% today after new data showing unexpected drop in u.s. oil inventories. opec is set to meet in vienna, where it will increase production cuts. great to have you, helima. we've had geopolitical events that could affect crude prices. >> yeah. i think all eyes will be on the question of does opec go deeper with their cuts? iraqi oil minister came out at the end of last week and the earlier this week doubled down on comments that opec was looking potentially to increase their cut by 400,000 barrels and that is expectations that we could get a deeper cut now this deeper-cut scenario is becoming baked in. and if opec fails to deliver

that deeper cut, if they roll over the existing 1.2 million barrel day production cut for six months, that's going to be a disappointment i think they're working hard right now to come out with something that satisfies the market and provides a sell-off. >> helima, i'm interested on your take of the overall theme of some of the highest profile there in the saudis in terms of support they feel they still have from the u.s. and u.s. allies, given some of the geopolitical things we've seen erupt over the last couple of months, involving turkey and syria or the attack on saudi arabia. >> i think that's been a big question mark. not only for saudi arabia, but kuwait, uae. what is the u.s. role in protecting our key allies in the middle east? what is the u.s. role in protecting critical gulf infrastructure do we still have the carter doctrine, a doctrine that thes

would protect these energy assets president trump has been really clear that a lot of the middle eastern oil is going to asia, not the united states. he does not believe he needs to become as involved in protecting these interests as previous administrations would have been. i think the u.s. energy story is repositioning its role in the middle east. >> what does that mean to dig in a little further, here in the u.s. we've seen rig counts come down, lot of question marks on producers, given the fact that oil prices have been stubbornly stuck in the 50s all year the intersection between u.s. producers and opec, is it changing >> no. that's an interesting question, because i think the u.s. producers have been given a significant financial lifeline by opec and president trump has been critical of the organization he has been taking to social media, calling for them to put additional barrels on the market yet if you talk to opec officials they say look, we've

helped out u.s. shale producers for providing this floor in terms of crisis. now the geo political question for a lot of the opec countries is if we get further attacks on key allies in the middle east -- i think there's a view that the iranians are not done in terms of causing discontent and problems in the region because they want sanctions removed. if we see more attacks like we've seen since may on critical infrastructure, will the united states do anything to establish the turns again in the region? >> josh, what's your take as to whether the broad sector performance of energy -- we might dive into names later, but the broad sector performance is overdone this year relative to all the other sectors in the s&p. >> a lot of investors find themselves looking at the energy names as the calendar turns over they've been trailing. we actually ripped through a ton of charts at the industry level and then some individual stocks. stay tuned for my last chance

trade. believe it or not, it is energy related. found a good one. >> cliffhanger for you. >> like how i did that >> that was good. >> i've been doing this a while. >> helima croft thank you for joining us have a good trip join us from the ope krchc summt tomorrow with brian sullivan. s&p up .7% nasdaq up .6%, all snapping three-day losing streaks for the major averages after the break, two firms out with new calls, laying out food names that could be impacted the most we're breaking that down next. >> later we're counting down to a big afternoon of earnings from slack and first report from rh since beshe.rkir we'll preview what to expect in today's market zone.

welcome back to "closing bell." it is time now to get to word on the street united technologies, best idea for 2020, calling it a stock for all seasons, saying united tech's otis and whitney divisions are at cyclical turning points plus liking the raytheon merger which, quote, gives the story additional legs.

shares up 1% maxim group on apple, 190 price target survey data shows declining iphone user retention rates, saying in the last two years, the outflux of iphone users has risen from 9% from 5%. >> and where's the beef? guggenheim out with beef prices in 2020, why they think beef could be a bigger risk than pork they expect restaurants to lean into chicken products, shake shack, habit restaurant, jack in the box and wendy's are the most share price movement off the back of that habit and jack in the box down 1.5% themselves. what's your take on these restaurant plans still like shake shack despite this beef price warning? >> i do. lately i've been getting the chicken shack. >> which is excellent.

>> my nutritionist wants me to have more chicken, less burgers. so i have two of those. >> with a bun and the nice like covering excellent. >> but these chicken sandwich wars have been a big thing now it seems like maybe there's financial incentive. >> chicken sandwich wars were no joke this year i think i'm ready to crown the winner it's chick-fil-a. >> the deluxe. >> chick-fil-a is good. >> popeye's one -- >> that's good too. >> but it's very fast foodie you feel like you ate fast food after it shack one is less calories you could have plans after don't have to clear your schedule after that. >> have you tried the tofurky one? >> no. >> you should. >> not kosher. >> we're trying a new product later in the show which i'm looking to immensely. >> i'm sure you are.

>> do you do more volume on stocks or burgers? >> come on way more volume in stocks. >> all right 31 minutes left to go. >> we'll take a break in this fast food chain. here are things driving action. >> president trump says negotiations with china are going, quote, quite well private payrolls slows and oil having its best day since september, up 4% right now. >> it's time for the cnbc news update sue herera has it for us hello, sue. >> hi, wilf, everybody earlier, president trump blasted house intelligence committee chair adam schiff at a nato news conference. >> i think it's, you know, it's a disgrace you have a loser like -- a stone-cold loser has been all his life, adam

schiff then you have nancy pelosi, who agreed with what he said, which puts her in real jeopardy. active shooter locking down jackson state university in mississippi. the lockdown was soon lifted as school officials said there was no longer a threat however, the jackson police department is investigating a shooting on campus earlier in the day that injured one man this morning. and sony music entertainment has signed an agreement to be the exclusive north american pu purveyor of beatles t-shirts and memorabilia, in the growing merchandising market you're up-to-date. that's the news update morgan, i'll send it back downtown to you. >> i know how lucrative the publishing has been. >> oh, yeah. >> for those beatles songs certainly one to watch thank you. >> you got it. let's send it over to mike santoli for the second installment of market dashboard. >> it's been somewhat of a lost decade for global stock pickers, making the rounds today.

and i think some nonu.s. fundamental stock pickers have been dabbing their eyes. it shows you the percentage of stocks over a one or two-year holding period around the world. what percentage of them have beaten the s&p 500 over that horizon? what you see from 2009 on, fewer than half for sure recently it's really plunged down into the 20% area have some -- little bit of a comeback for the one-year holding period a clear minority of stocks outperforming the s&p. it was similar, by the way, to the late 90s when you had a growth-driven, u.s. centric global he can with wit markets, pretty much ended with a crash of the tech bubble this is when you outperform if you're a global stock picker value is leading the indexes are underperforming and you had emerging markets, credit and commodities level lifting world markets well ahead of what the u.s. did are we heading in for another

regime shift here, shift higher? it's very much unclear what's interesting is you see these big, sharp rebounds? that's after a big global sell-off in the fourth quarter last year and after the 2011 downturn as well so, kind of sobering, but really quick snapshot of the u.s. versus the rest of the world stock markets right here it shows you the same picture in a different way. that's everything but the u.s. and that's the u.s. over a decade here, guys. >> mike, thank you very much for that stock differential and performance there. we've got 28 minutes left of the session. we are still higher, but just slipping a little bit. we're only up .7% now on the s&p and the dow. coming up, we've got your last chance trade we've had a tease of which sector it's in already. >> we have up next, amazon about to break into the big leagues we'll discuss a new report that says amazon could be on the verge of inking a streaming deal with the yankees. as we head to break, check

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like this device to increase volume on your cell phone. - ( phone ringing ) - get details on this state program call or visit welcome back now amazon reportedly making another major push into streaming. julia boorstin has the details. >> amazon's coverage kicked off last night with two matches, streamed simultaneously for prime members. part of a deal amazon inked last year to stream 20 soccer matches before the end of this month part of amazon's broader investment in live sports. the yankees are working on a distribution deal with all of their partners, including amazon, blackstone and sinclair, which bought an 80% stake,

considering streaming a limited number of yankees games on amazon prime for $100 a year no comment from amazon or the yankees on this report it comes as mlb ratings decline. they're trying to figure out how to reach all those numbers. >> on the uk side of this. uk broad band than amazon's service itself bigger test for them they have six games streaming as we speak and two further games tomorrow but it shows that entering into this space is perhaps a little odder than some think but also their commitment to live sports overall. >> absolutely. live streaming is always challenging. it's definitely harder to do live rather than on-demand streaming. soccer or football, as you call it it's such a popular league. people want to stream this all

over the world it's possible they have such a massive audience for this that they're still figuring out some of the technicalities. the issues are on the broad band side people may not be accustomed to streaming a whole soccer game. this might be more than they're used to in terms of testing out the strength of their broad band this is a huge market in terms of soccer. it seems like we'll continue to see amazon push further and further. they already have the nfl thursday night games. >> right julia, thank you of course, they only have the rights in the uk for this round of games, not here our colleagues at nbc have that. >> my husband watched a lot of those soccer games on espn plus too. >> that would be european soccer. >> i know. >> right now he and everyone else is watching cnbc. >> yes a deal on a luxury space seema mody has those details for us. >> parent of gucci, kering is

holding talks to acquire moncler, best known for its winter coat. according to bloomberg stocks are not trading at the moment, given they trade in europe canada goose, which also makes winter coats, is rallying up on this report, seeing consolidation in the luxury retail space, acquiring tiffanys for $2.2 billion this is likely to seen as an attempt by kering to rival them. >> canada goose up 3.65% on news that have rival potential merger 7.5% on s&p, recovering a lot of yesterday's declines every single sector on the s&p is higher. last chance trade featuring josh's trade in the energy sector ♪ ♪ i've been a caregiver for 20 years. no two patients are the same.

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josh, what's your last chance trade >> some of the oil charts look better than others this is halliburton, should be looking at a one-year chart any

moment focus in on that $22 level that was support throughout the spring and most of the summer. we had a recess and it failed. we're back at challenging that level again. if she breaks through, and i'm willing to bet that she does, this will be as clean a breakout as you get in the oil space. risking 7 prs. $60 stock two years ago. justify the potential risk you'll be out of this if you're wrong. >> you look through a lot of other options. this is the one that stands out for you. >> yeah. it's a 15 multiple, which is not the cheapest of the cheap. it's cheap enough. certainly cheaper than the s&p and a 3.5% dividend yield. even though it marks time in the

low 20s. risk/reward standpoint, looking to take a stock that's been absolutely slaughtered and could turn higher, this would be my play above 22 there are very few sellers. >> josh, thanks for that one. >> you got it. >> 16 minutes left of the session. we are higher by 180 points on the dow. we'll go inside the market zone for uninterrupted coverage of the final minutes of trade

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welcome back we've got a news alert on the new york mets. leslie picker has it for us. >> the sterling partners and steve cohen, well-known hedge fund manager have reached an agreement that will increase the stake. they're in talks to have cohen's stake go up to 80% of the team back in april, forbes calculated the value of the new york mets at $2.3 billion. that's the sixth biggest mlb franchise. and the press release does go on to say that steve cohen will continue as ceo and president at .72 the hedge fund by which he manages and this stake would be run through his family office, cohen private ventures back to you. >> get me out.

the knicks just saying. >> one buyer off the table 11 minutes left now where we'll head inside the market zone, commercial-free coverage of all the action as we head into the close. >> mike santoli is here to break down these crucial moments of the trading day. and today we've got josh brown here as well united airlines announcing plans to replace aging planes from airbus. >> a big order and big win for airbus doesn't look good for boeing this is an example of what's going on when you can't bring the planes to market that you expected to, with everything focused on the 737 max united announced this late yesterday. it is a significant one. 50 a321xlr those will be delivered starting in 2024, connecting destinations

that are farther apart, opening up a number of new markets in europe these planes, as i mentioned, will be replacing boeing 757s. why didn't they order boeings to replace those 757s because boeing doesn't have one. they were expected to announce what they called a plane that's not yet named for the middle of the market that would replace the 757. that was widely expected to happen earlier this year but clearly they've been focussing on other things like getting the 737 max up and running. as a result, you see the difference here. and i hear this all the time from people. why shouldn't people say, hey, stick with boeing? the stock hasn't sold off as much as you expect that's the difference. look at the backlog. 721 orders for airbus. guess what the total is for boeing negative 95. so that tells you everything right there and why those two stocks have split. >> yeah, phil. some key stats right there in terms of boeing, though,

actually announcing a replacement for the 757s, is that completely off the table or shelved given everything that's going on with the 737? >> it is seen as shelved and when you talk with boeing executives, they'll say we're still working on it, we're still a assessing the market the bottom line is american, united, frontier, jet blue, 340 planes have been ordered by those airlines, as well as others around the world. they need this middle of the market plane they're not going to wait for boeing, that's why they're going with airbus. >> is this single aisle or two >> it's a single ail, but it's extra long range so it's going to be in that 757 target market right there. and really there's no good fit with what's left at boeing to replace that 757 there are some that you can kind of work into some of those routes, but not a perfect fit. >> thank you so much

uber may be making moves to take on amazon's ceo. he revealed his plans to expand uber's food delivery service, uber eats. >> if you think about a restaurant, a restaurant is a local box that has 30 skus where the inventory never runs out typically. we can extend and we are getting stuff from that box to you within 30 minutes every single time we're really nailing that every single time, predictability. you can imagine that we can extend that model to essentially every single local retailer here so that anything you want in your city, we can deliver to you hopefully in under 30 minutes. >> interesting here, because we all know the price pressures, the profitability pressures in food delivery, though this could give you an argument, though it pushes back whether they'll be

profitable, for the broader economies of scale that uber might be able to deliver down the line. >> but they're going after the parts of amazon' business that doesn't really benefit much from economies of scale you're delivering every piece discretely it's the part that for amazon is cost so i don't know if winning is really winning, even if you do make progress. >> exactly, it's the last mile and we get those comments, josh, as cutting dozens of jobs and shutting down their mexico city office is there ever a point in time in which food delivery becomes profitable >> even if it became profitable, it's not like a highly profitable endeavor. it's like a supermarket margin it's nothing that anyone else wants. and then the bigger question is, are these uber employees or are they not and that is not going to be a uniform answer across every municipality and city and state in this country. there are going to be states that say absolutely not. if you have somebody that spends eight to ten hours of their day carrying out tasks for you,

guess what you own them which means payroll tax collecting, social security tax, health insurance in some cases so that is still up in the air i don't think there's going to be an answer to that any time soon that is a cloud that will sit over this stockand lyft for a very long time. >> i think super long-term bigger picture, is there something that can be created that's like uber prime where essentially you have a subscription to this very wide range of services? and again, is this going to be profitable >> shares trading higher after larry page announced he will step down and google ceo will take over at ceo of the parent company alphabet in addition to remaining ceo of google. josh >> i mean, i own it and i'm not going to say like i'm happy with the news to me it's sort of neutral. >> why >> well, because i always thought of the alphabet as like

this collection of potential moon shots and maybe it's waymo or drone delivery or who knows what the next mega business is but sundar, for all of his talents, is a search guy so is this google turning back inward and saying we're really in the advertising business, it's 90% of our revenue, we're a search business and that's the future is that what this represents if so, that's not so exciting. however, it's still a great business. >> it might be exciting to people who are invested in it and think that the other stuff is a distraction. >> that's exactly what i think there are people that own this and say why can't you just do search and advertising why are you building underwater helicopters? nobody wants that. and why are you spending the way that you're spending on these other bets so it depends on what kind of shareholder. but clearly the market likes it more than they dislike it. >> investors hoping slack's latest results can turn around the recent slide we have a preview of the release

coming after the close. >> well, the slack versus teams rivalry has been in full swing over the past quarter, so investors are going to want to know what slack is doing in that increasingly competitive environment. just a few weeks ago microsoft said teams reached 20 million daily active users the latest number we have from slack is 12 million and that's from october and even with the plunge since its direct listing, slack shares are still expensive relative to other companies. the street expecting a loss of 8 cents per share, guys. >> dee, thanks so much josh, we got some numbers recently microsoft, 20 million daily active users. >> microsoft is playing a little bit of sleight of hand here and i understand why they're doing it teams is built in and bundled with 365 it's the same as when you open your computer you go on safari

or chrome and you happen to have logged into facebook at some point, they'll say you're an active user. are you really an active user? in fact, 70% of the top 50 customers at slack are also using office 365 so that shows that even the microsoft users -- and again, slack has 65 of the fortune 100 companies. even hard core microsoft using corporations also have slack, which shows a preference, i think, for the slack service so i'm not telling you there will be a great earnings report. they scared people in the last report but i don't think that microsoft is hurting slack at all. >> more reporting after the bell, rh. >> investors have be bullish on rh, sending it up more than 45%. investors including berkshire hathaway despite concerns with spending, they may signs of fatigue

moderated in the fourth quarter. the company has boosted its 2019 outlook three times this year and in doing so, rh has shown it has pricing power. we'll be watching after the bell to see if that momentum continues, guys. back over to you. >> meg, thank you. two minutes left to go let's send it over to rick santelli or a rick on bonds. >> if you look at today, 67,000 on adp, the second worst number in nine years or the third lowest in our non-manufacturing certainly we made the low right after adp but it moved higher and it continued into the range. we've grabbed back about half of yesterday's drop if we look at a one-month chart of high yield, the spreads are widening but it's still very well behaved. bertha, good day in the nasdaq stacked right on top of yesterday. >> expedia is leading the way after the ceo and cfo resigned

over strategic differences the board authorized a $20 million share buy back the worst, workday offering some fairly cautious guidance for some of the street and software today is a little bit soft but i wanted to take a look at pelaton. down over the last two days, about 11% from an all-time high on monday of $37 a share but take a look at what's happened here. this stock has been on a tear over the last month since it reported earnings with a 68% short interest those shorts have gotten squeezed over to bob. >> and bertha, fairly broad advance today, better than two to one, and defensive names did really well today. i know a lot of people want to talk about the cyclical names. food stocks with a terrific day. we've got a new 52-week high on campbell's, hormel

and health care has been doing well recently and not just biotech. so humana, that's been on a tear that's when the earnings came out about a month ago. merck also a 52-week high. there's the closing bell we did fade a little bit going into the close the dow gave up about 50 points in the last hour, closing up 146 points >> welcome to the "closing bell." let's check in on where we finished with a little bit of slippage into the close. the s&p was up 6.5 and the dow up 0.5%, as was the nasdaq materials just fell into the red after the close. they were led by energy, which was up a healthy 1.6%. >> major averages snapping three-day losing steaks with these gains todays well.

we're awaiting quarterly results from slack and rh and we will bring you those numbers as soon as they are released joining us to talk about the day, josh brown, still with us, along with chief investment strategist good afternoon to you both mike santoli, to you first >> we've got some softer than expected data today, but trade, trade, trade seems to be driving the action. >> trade and i do think the estimation that what we saw was a shakeout the s&p closed on friday -- rather on monday at 31.13 and we closed at 31.13 today. so essentially we undid yesterday's drop but i do think it basically tells you that overbought market pulling back, resetting sentiment a little bit we have suspense about the tariffs on the 15th and all the rest of it but i think the bond market did not panic on those soft economic numbers. yields did not extend or decline from yesterday they actually picked up a bit. that gave the stock market

permission to relax a little bit. >> do you think the key focus of the market in the short-term is whatever headline we're getting out on trade >> i think it's trade on, trade off, every day all day that's what the market oscillations are all about we've been seeing for months on end that the market has been really held hostage to these trade negotiations and only in the last couple of months with the relief of month further escalations seemingly in sight, that led to the last 100, 150 points on the s&p. obviously the gains have been digested in the pullback over the last couple of days is a reflection of the concern that perhaps the enthusiasm needs to be taken back a little bit but once again it was restored today. so hopefully the case remains that it will go forward in terms of a phase one agreement and that should be enough to allow the market to continue to advance. >> josh, the fact that the two indexes that did the best today were the russell 2000 and the transportation average, what do you glean from that?

>> it's not more complicated than that, they were two of the hardest hit. but transports are interesting they're still in the middle of this range and haven't looked good since february. i don't know that this is really a story of the economy, though i think it's a store of the sectors that are in the transportation index, having their own issues so i try not to react to it. it looks more like an oscillator than an index. people that look at that, they say wait, it's not confirming the dow industrials. don't worry about that that's from the 1970s. i treat it a little bit more as a side show. >> what did you make of the performance of the faang stocks today? >> amazon to me is conspicuous that it doesn't really get a lot of push behind it at all it's still well below it's highs. so to me it was much more about that was not the place to focus today. you had industrials up, you had a lot of the beneficiaries of higher yields moving higher and

no money interest being tacked on although google, after the news of the founders stepping back did back on 2%. >> mark, what do you like in this market right now? >> i like financials, speaking of a sector that was just mentioned, and industrials in fact, we move to a cyclical overweight in both of those sectors in the last couple of months as of resteepening of the yield curve and some sides that continue to emerge in a positive fashion that developments over assess are going in a right direction finally through the chinese surveys of manufacturing and services, pmis, to now starting to spill over into other countries around the world that collectively i think are indicative of a pattern of better growth that's starting to develop abroad which is helping the multi-nationals. >> look at the candle on jpmorgan, how quickly that stock was bought up.

like everything it gave out. and when you see that in one of the biggest, most important leading stocks in a sector you can't dismiss it the accumulation was so hard and fast in this name and you're seeing echos of that in the big leading stocks of almost every sector i can rattle off all 11 s&p sectors. the big stuff that mattered most and how quickly that candle was fixed from the technical damage yesterday. so i think it's a positive sign and i continue to look at names like jpmorgan and nike and mcdonald's and disney. these are the stocks that got it done for you this year they continue to even after a tough day and i think that's noteworthy. >> the fact that up until a couple of days ago, we were seeing really significant swings in the markets volatility, is it back, here to stay >> it's not clear to me that we're on an uptrend on volatility, but i think you have these very long periods when the market just keeps ticking higher

quietly, gets above the trend and then once you break that pattern, you do have a little bit of jostling around so i think you have to be on guard for it i think a lot of people looked at today's actions and you could basically say that's a resilient market right there others would say it stopped exactly where you would want to short it in in fact you think that we have some more to go so i don't think we've determined anything today, but it wouldn't be surprising the first half of december often does have choppiness before you get a year end lift. >> the s&p will remain under pressure until the second quarter of 2020. that's according to a new report by ubs to help investors hedge against martin security. it's being called the fastest sustainable dividend grows the highest yielders include american eagle and restaurant brands mike, i guess for any kind of shift in the dividend, you need

that sustainable growth in the dividend for it not to be a value trap as it were. interesting for some of these stocks like citi, perhaps the biggest factor is management decision of how much they're going to switch out of buybacks and dividends as opposed to the fundamentals of the company. >> it's very true and the business just keeps kicking off capital they can't deploy elsewhere. history does show that dividend growth is a pretty reliable performance strategy over very long spans of time as opposed to just buying the highest yielders i think it shows you that the client base of wall street constantly craves income ideas. >> another name that was in this report is huntington ingles industries, which is the largest military ship builder in the country. we had the ceo on cnbc yesterday. defense games or the industrials more broadly, is there stuff that you like there, especially when we are having a conversation about dividends, payers, reliable dividend payers

>> morgan, all of the above. i mentioned earlier that we like industrials. as a sub industry of the industrial sector, defense looks particularly interesting obviously defense budgets are expanding both here in the united states and by encourage according to president trump in nato and elsewhere around the world. as a consequence of that, i think there's a long-term runway associated with that unfortunately, the names are pretty rich from a valuation standpoint, the classics like lock heed and so on. so that is an option as an alternative, to kind of have your cake and eat it, too. so i like it for that reason. >> let me throw out on that list, they had bank of new york mellon and to me, this is a name that we almost never talk about gigantic bank, $30 trillion in assets, but the crown joul is per shing. and that now becomes the only

ria cuss stowed yoan that's not going to be competing about its clients. it is not doing a direct-to-consumer and i think that you're going to see that side of bank of new york mellon get played out more. you make money on trades, you make money on lending and stock lean a lot of pays to get paid for bank of new york mellon through the subsidiary and i think that subsidiary is going to be on fire as trillions of dollars come up for grabs. so 2.5% yield on this name it's about a 12 multiple much cheaper than most of the names on there because it's a bank. >> it's not really a bank. it's an asset management company and a scustodian. >> it's a financial utility. it used to be really high multiple businesses, they traded at a premium but low yields don't help them at all and they've had some execution. >> and i get your point in terms

of its relative -- >> it's done nothing. >> and charlie shaf, it wasn't a great performance and it kind of is glossed over in terms of when he took the wells fargo job. >> it seems as if the job wasn't perhaps complete before he left. >> new ceo, new attitude a lot of the business divisions. i think it's worth keeping an eye on and if you like cheap stocks that are growing dividends that's on this ubs list, i think it's a worthy name. >> thank you for joining us. josh is going to stick around. >> i'm never leaving >> hopefully slack will deliver for him because we know josh is a shareholder. up next, slack shares have been slumping find out if its latest quarterly reltcaju-srthesus n mpta t stock. i basically said the same thing twice. we're back in 90 seconds [grunting]

keep going, keep going. [maniacal laughter] gold! right, uh...thank you, for that, bob. but i think it's time we go with gbtc.

it's bitcoin exposure through a traditional investment account. nice rock. it's time to drop gold. go digital. go grayscale. >> let's get over to mike. >> take a look at the valuation here we're kind of looking for perhaps what the correct frontier is for the level of the price earnings before the s&p 500. this is a simplistic way of looking at valuation, but it does show you over the last ten years we have nudged up against the highest. we always point out, we're about 18, a little under 18 right now on a forward basis this right here was when the market was anticipating the tax cut wind faul that the analysts

had not yet put into the numbers. i would say the trailing multiple is about 20 when pull markets get to 20 times trailing earnings for the first time they tend to not fall apart right away it's kind of late in the game. you have to mute your longer term expectations. here's a chart that goes the gap earnings growth for the s&p 500, year over year we always look at operating. it's adjusted, it backs out all the write-downs. and you see in the latest look we're down 6% year over year in gap bottom line old-fashioned accounting-based earnings. we did that in 2011-12 and 2015-16. it shows you there's a margin between what we report as slight earnings growth and the bottom line again, late in a bull market they start to die verge. the "wall street journal"

reported that the s&p has had negative performance in the last quarter. >> i guess we always think about these things with regard to bond rates remain low we've seen a pick up in multiples for theeuropean markets as well. so the s&p has always been richer than europe in the last decade they've both picked up together, so the argument is not being stretched. >> and the overall valuation is driven by the very large stocks. i think i looked earlier this week and a third of the index is under 15 times earnings. so it's a pretty wide divergence. >> i see we're going with a hide and seek theme here with your charts. >> kind of looking for things, losing things. >> up next, slack results set to hit the tape any minute. instant analysis to those numbers coming ahead and later, an exodus at expedia. we'll speak with a management

expert about the big changes at the company and the chairman barry diller's strategy. >> stocks closed about a half a percent fothr e dow, a little bit more for the nasdaq and s&p. do you have concerns about mild memory loss related to aging? prevagen is the number one pharmacist-recommended memory support brand. you can find it in the vitamin aisle in stores everywhere.

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>> welcome, slack numbers are out. hi, dee. >> slack reporting a loss of two cents per share on revenue of $168.7 million that is a beat on both the top and bottom lines, and loss of eight cents per share was expected also, slack is announcing a change to its board of directors. it is appointing michael mcna mar ra to the board. shares are falling 2.5% in the

after hours. they were down as much as 4.5% revenue and loss outlook for the fourth quarter is in line with expectations the call kicks off at 5:00 eastern. we're hoping to here more about the board changes. also the daily active users as it competes in this environment with microsoft teams >> your initial reaction >> the board change makes sense. i think he made more sense when a company is earlier staged and more venture back than public market back and that's clearly not the case anymore so i'm fine with that. this is a company that's expected to see revenue growth 51% in the next year and then 38% in the following year. that's the consensus guidance is going to be critical the other thing people are going to be looking at, last quarter when they reported, paid

customers jumped 40% they're going to have to put up a big number in paid customers there's no question that the service is wildly popular and engagement is higher than any competing services the big question is, how many premium users actually made the leap and start paying at an enterprise level so i think those are the things that the street is going to want to see and hopefully they deliver on those metrics. >> let's bring in dan romanov for more in the numbers came in in line, why are they down? >> thanks for having me. and i think that you've got a high growth stock here, right? so it's not really okay to just sort of hit numbers. you have to come in and deliver better than that you have to be clean and you have to have a good outlook. and all of a sudden you're making a board change here, which again, i haven't really seen what's going on exactly so i'm going to want to hear about that on the call that could be one reason that's not a perfectly clean result

>> dan, looking at some of your past commentary, you felt that management's expectations were too high in the past this time around, they've beaten what consensus estimates were for the quarter. so you're a little surprised to see the stock slip >> they beat last quarter, too let's be clear it was guidance the street didn't like. >> fair point. dan, what's your take? >> i think that's correct. they had a nice quarter in terms of metrics and results last quarter. this quarter sounds like it's good as well, so i think the street wants to see guidance being bumped up and guiding in line is perhaps not what we're looking for. >> what are the key things you look out for in the year ahead here is it all about the headlines that microsoft is currently managing to get and that's distracting people from slack? >> i think that's a factor but dan nails it if you're going to come public and sell 20 times revenue or sell 18 times enterprise value, well, then you've got to put up

huge growth numbers. and that is not what they have been doing they've been meeting the number, they've been gently massaging guidance up or down. that's not going to work now, you could argue there's a $38.5 stock and now it's $20 so you could argue some of the froth of the expectations have already come out but i don't think the stock can bottom until they can demonstrate that things are back on the upswing and we'll see what they have to say on the call i think the number is great. that's fine. i don't know if it's good enough for where the stock is right now and guidance is going to be what determines whether it opens tomorrow and what the analyst community does she love it at 38, they hated it at 22. >> to that point, mike, slack ipo price was $26. it's trading at $21 now. it's down 30% over the last three months. >> direct listing price. >> thank you. >> you list, you have a brand

name, a pretty big market value, and mostly it's to get liquidity to the sellers i'm interesting to see how it trades into a new calendar year. i don't think it's all about tax motivated selling or anything like that. but this is a thing that had to find the correct hands to be in. just being this kind of secular story and it's going to be on everybody's screen who has a job for a long period of time, that hasn't been enough to get the stock. >> we'll leave the discussion there. thanks very much for joining us. and don't miss slack's ceo on tomorrow barry diller is the man in charge, could this be the turn-around the stock has been waiting for? ckmel discuss when they co ba ♪ yes i'm stuck in the middle with you, ♪ ♪ and i'm wondering what it is i should do, ♪

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welcome back to "closing bell." it is time for an update from sue herera. >> hello, everyone here's what's happening at this hour bankrupt airline is balling about 1.4 million driver's side inflaters in the u.s. because they could explode the recall covers bmb, honda, toyota and mitsubishi made from 1995 to 2000 bmw is telling owners of its older 3 series cars not to drive

them george zimmer man is suing nor damages in the trayvon martin case it's claiming civil onspiracy, and defamation zimmerman was found not guilty of killing trayvon martin in 2012 former pitcher jack wheeler has agreed to a five-year $118 million contract with the philadelphia phillies according to multiple reports. wheeler has won a hotel of 44 games in its major league career and believe it or not, space beer is becoming the new frontier an highser bush has been sending barly seeds to the international space station. this to be the first beer on mars spacex's up coming reply mission will carry the next step in the brewery's equipment and experiment that's right up your alley, morgan. >> i have been totally following the story. i'm glad that you shared it

today. >> it's a great story. i think it's fantastic. >> because it makes it tastier or just -- >> i think they're just seeing the fact that all of these private companies and public companies are in the space race and eventually we will probably be living on another planet and they want their foot hold in it. >> you know that we can't have life on a planet if there's no beer i get it. >> totally. >> thank you. >> you got it. >> rh earnings are out and meg has the numbers. >> it's a b for rh in the earnings on an adjusted basis, $279 per share, versus an estimate of 2.23 revenue just about in line $667 million on an adjusted basis compared with $660 million was an estimate. the company is saying that it's raising its guidance for the fourth time this year but that guidance basically just in korch operates the beat for the third

quarter. additionally in the press release, the company is making commentary about china tariffs saying that they don't expect them to cause them not to achieve their financial goals. and they've implemented price increases where necessary with little to no impact on their business that was something analysts were watching closely shares are flat, slightly down after hours. back to you. >> great second half of the year. >> they have lots of physical retail and catalog retail. it's been amazing run. they bought back almost half the company the last couple of years through leverage buyback so it's working right now. i just think it's pretty high stakes in terms of how the stock trades once we get the numbers for the holiday. >> c-suite shakeup at expedia group, the ceo and cfo both resigning. barry diller said in part,

quote, ultimately senior management and the board disagreed on strategy. the board disagreed with the near-term outlook as well as the did departing leadership's vision for growth. strongly believing the company can accelerate growth in 2020. the divergence necessitated a change in management. >> let's bring in senior associate at yale school of management very good afternoon to you good to see you, jeff. >> good afternoon. >> so what's your take on this and how rare is it in this sort of modern age to see such a sort of ruthless execution without necessarily knowing what comes next >> great twist of phrase you're right, it is an execution and how silly of me to say hello, how are you we're both doing a lot better than all the turmoil in tech land there's a lot of trouble in tech land and this is an odd execution. why did they need to fire these guys, sort of kill them at sunset like this unless there

was some gross incompetence or some gross misconduct, and nobody is alleging that here but to drive the ceo and cfo out at once is pretty strange with no succession lined up and to use as the explanation we didn't like their strategy for one quarter. the board hadn't signed off on this and the guy who was running most of the business had just been pushed out two months ago. it's hard to see what they're doing here and barry diller parachutes in here and who am i to criticize a multi-billionaire. but if he knew what to do with this business, why did he sell it out of iac? he held it for three years and they cast it out this way. i think they're lost and i don't think they know what to do with this business. a 78-year-old is not incapable of figuring out new things i think joe biden, nancy pelosi, president trump, and i think that bernie sanders, that they've got a lot to offer

despite their age, but i can't see what barry diller is going to be bringing to this business right now. >> who would bring something to the business who do you think could come in and replace the team that's been ousted today >> i think we should figure out how to consolidate the businesses i would ask you both, i bet your lives on this, that you couldn't tell me right now when you would use trovhotel.com or cars.com or trivaguey one versus another it's an alphabet soup. they're all stapled together at least the ceo and cfo were trying to unify a tech platform and maybe these brands need to be consolidated. and i would swear that anyone watching the show would swear trip adviser is one of them, when in fact there's a competitor they need to consolidate and sell this business to somebody

microsoft was smart to sell it years ago. >> so jeff, it sounds like you're pretty critical of this move by mr. diller. >> i am, exactly. >> how long should he stay in the executive role does he need to act quickly to find someone else? what's your view on that >> well, i can't see that he's going to be moving out to seattle to live there. they just moved their fancy headquarters from bell view to fancier headquarters to the waterfront of seattle downtown and i can't see he's going to want to be spending his time there. they'll elevated two people from the inside, which is interesting in just when morgan asked who should a successor be, it looks like they're lining up somebody as the cfo who was just the

chief strategy officer if the strategy was so failed, why did they elevate this guy? and another person they've given a president of business style business, before she was a president of business solutions. who knows the difference between all of that? and i see the analysts are saying there's execution risks execution risks? that would be lucky. there's a vision nobody is going to take any risks until they know who is in charge but there's no vision to execute. >> jeff, we've got to get your thoughts on the ceo of alphabet in addition to google stepping aside. >> if they're looking for a scapegoat, somebody to blame, i think that brennan and page are honorable guys and brilliant guys i'm friends with larry paige who wouldn't be friends with somebody who has $60 million but all their businesses -- i

can't see -- they've got problems of anti-trust issues, privacy issues of course the digital advertising business is slowing for them they are creating a great threat they're cutting into the seo model that was ex speed ya's model. he's a smart engineer and he's got credibility. there's nobody on the planet better for him than the job. but i do think you've got to worry about 46-year-old guys that have 13% of the company and control 50% ownership. >> and that's not going to go away great to get your thoughts today. thanks for joining us. >> thanks, bye-bye. >> up next, last-minute tax moves, the end of the year is quickly approaching and there are a few key things you can do to help benefit your money in a big way. "closing bell" will be right back my parents never taught me anything about managing money.

the amount of student loan debt i have, i'm embarrassed to even say. we just decided we didn't want debt any longer. ♪ i didn't realize how easy investing could be. i'm picking companies that i believe in. ♪ i think sofi money is amazing. ♪ thank you sofi. sofi thank you, we love you. ♪ welcome back the end of the year is quickly approaching and there are a few key things you can do to help

benefit your money in a big day. sharon epperson is here with that. >> there are a few big changes this year. it may make it a little harder to find tax savings, but here's what you need to know. if you divorced in 2019, alimony payments can no longer be written off and unreimbursed medical expenses now must exceed 10% of your adjusted gross income to take the deduction if you don't have health insurance, the tax penalty has been eliminated. so the best way to cut your backs pill is to be proactive right now. here's what you need to do selling losing investments in your taxable accounts by december 31st will help offset capital gains in your portfolio. and if you have an overall net capital loss, you can use up to $3,000 of that loss to offset ordinary income and roll the rest over. small business owners can give themself a gift, buy the vehicle, furniture that you need and put it into service before december 31st. you could get a deduction of up to $1 million.

and savers of course should match out their pretax 401 contributions. the 2019 max is $19,000 or $25,000 if you're 50 or older. and there are plenty for year-end tax tips. go to cnbc.com/your money your future. >> thank you so much up next, netflix's new vampire series is giving new meaning to faang socks. we'll sit down and get a take on e streaming wars and new whiskey. that's ahead

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like 5g. almost all of the fortune 500 partner with us. (woman) when it comes to digital transformation... verizon keeps business ready. the final installment of today's dashboard. >> finding the good, that's what ceos are trying to help their investors. this is not a market based chart, but it is the frequency with which esg is discussed in conference calls this is from the jpmorgan report on investing, but it just shows you that it's become more of a corporate priority, esg is environmenting, social and governance concerns. this says more than anything the nature of the investors that these companies have that are on these calls because they obviously are increasingly running assets according to these mandates to go to

well-gfed environmentally and socially responsible companies but it shows a little bit of what we were saying, they're going to de-emphasize shareholder value as well. >> it really speaks to the trend. i know quickly it's accelerating here mike, thank you. we have more details from rh's earnings release and meg has that for us. >> morgan, well, rhceo gary friedman talking about wework in the form of a letter he writes as part of presenting the company's earnings, saying essentially, quote, that the view of growth without profitability has driven new concepts to launch as digitally native brands. he says chasing internet valuations from markets who have confused an online redill startup with a technology company. it's becoming clear that retail brands desperately need a store life line to survive as many are viending the variable cost of

marketing an in visible store an unprofitable path to the future. not sure why wework is coming up in the earnings, but saying they look the road less traveled and invested in physical stores. >> what to make of this? >> wayfair i think he's basically kind of targeting this at the idea of wayfair was going to take over this world plus as a ceo he's had to answer the question to every analyst saying you're building these big beautiful palaces for retail locations and sending out catalogs that's not right for these times. and he's taking a victory lap has wayfair has come on harder times. >> rent, using my word to describe it. it's a colorful character, but it's interesting to see it because ideally you prove it with the numbers clearly there's been a bit of pain in the past and insecurity

and it's payback interesting details from meg that she found in the release. >> up next, we're going inside one of the key faang stocks, t netflix launching a new vampire show we'll discuss with the star, ian somerhalder after the break. "closing bell" will be right back the design thinking, the digital engineering, security, blockchain, and we will be first to market! yes. when we do we launch? unfortunately, in 2 or 3, hours. why the delay? cognizant is helping banks use digital technologies at scale to advance speed to market.

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welcome back the streaming wars and increased competition between platforms has been heating up and that means fierce competition for talent, joining us is one of those talents, ian somerhalder and director and producer of star of the new netflix stories v wars dropping tonight at midnight welcome. >> thank you. >> you've been in a number of hit tv shows what's it like working with netflix versus some of the other prior networks >> you know, it's really been an exceptional and incredible experience because the non-linear television is quite incredible you're just delivering all of these episodes, people are bingeing it and your story structure is different and the way you produce it is different. it's been an amazing journey, one i will never forget.

>> do you see working for streaming service different from a network or as the creator of the content it's just about making the best show possible, kind of regardless of who is bought it from you >> it's a much more nimble process. these are much younger companies with less corporate wit less corporate governance. reid i know there is a lot of structure in the in netflix the biggest entertainment company in the world. it's more nimble with flexibility. putting the power into the creator or the creative forces behind the show. >> two contrasting things you sometime hear. one is that people worry about not being found on netflix depending how it's served up on the other hand the data they have is helping you fine the audience have you put a lot of thought into how it's delivered. >> i've put a lot of thought

into the algorithm is crazy process it knows how many eyelashes you have everything about it and it's global we launch tonight at 3:01:00 a.m. eastern time in 197 countries and more than this many languages. >> i guess the algorithm told you and netflix that vampire stories are where it's at and you didn't want to pivot from that genre >> my team and my wife brought this up. that this was a five-book series, tremendous amount of i.p. graphic novels as a story reference. but the genre has so much more to tell. i've learned a lot about the genre. i love this genre. and i'm excited to now come at it from a creative force behind a show directing pursuing and starring >> okay you create content and also creating a new bourbon brand as well. tell us about that and what this process has been involving swl. >> it's amazing. paul wesley and i wanted to do

this for years we knew we didn't have time. i was getting married would have a child. we wanted to give this our all we also -- you know the salvatore brothers have a bourbon. other than alaina gilbert and trying not to kill each other, the other thing we are famous for is bourbon damon was such a lush he drank at 7 in the morning. the corporate side we want to give back. agriculture is a big thing for us i know from data that our climate crisis can be solved by regenerative agricultural practices. and we will be taking profits from the company and investing them into taking care of our soil and farmers through a movement called kiss the ground, a women that i executive produced with an amazing film maker. it's going to flip the agriculture system on its head and that is- -- i want to drive the necessary initiative with for profit money. >> and hopefully creating a

delicious whiskey in the process. >> we did that >> which maybe we can try at a later date sadly not ready yet but you made a wine in the past. >> yes. >> i note for the wine it was focused on china initial zbla china first strategy, yeah. >> is that the same for the whiskey, do you feel either way the brand image as a american product has been hurt with the trade wars is there any sign of that with the wine. >> the wine was swens. we were about to bottle in california and the tariffs came in. we ended up in chile a free trade agreement between chile and china which was helpful. with the bourbon, no, because this is -- this is a spirit, american, this is -- this is whiskey, this is bourbon which isky it's going to be global. we get to launch it in a fun way globally, paul and i we're doing a series of launch parties all over the world and paul and i will be bartending the first say hour of the parties. ala tom cruise and michael cane.

the salvatore brothers behind a bar and slinging boushen >> we look forward to the show and the whiskey when it comes. >> thank you for the time and for doing in. >> biogen big moment, the companying reaching a key impasse on thelzim aheer drugs what to watch for when "closing bell" comes back no two patients are the same. predicting the next step for them can be challenging. today we're using the ibm cloud to run new analytics tools that help us better predict and plan a patient's recovery. ♪ ♪ ultimately, it's helping thousands of patients return home. and who doesn't love going home.

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we've been growing very quickly the last couple of years. one of the things that we're really excited about is the customers tell us over half of them are investing for the first time with robinhood. so it's taking the market and really growing it substantially. >> that was robinhood coceos with jim cramer announcing more than 10 million subscribers. don't miss the interview at 6:00 p.m. eastern. >> lookinged forward to that for huyer. we told you about the rh comments on wework we have wework news in it's pef deedra bosa has it for us. >> hey, wilf just issuing a press release say going opened a record 52 new buildings? cities across the world. with plans to open more by year

end. if it sounds strange it reflects buildings and leases already in the pipeline when adam neumann with in the ceo. the strategy going forward as we report add few weeks ago including reducing cost and slower growth which you are likely to see over the next year or so. wework saying it signed on more than 280 new enterprise companies in the past 90 days. it doesn't name any however. >> deedra, bosa thank you. a big day tomorrow, the opec mattheiu tomorrow. and aramco setting the final ipo price. tiffany results kate rogers standing by with that. but a big movement for biogen releasing key alzheimer drug data. >> biogen shocked investors and the research community at the end of the october when it said the thought to be failed alzheimer drug was not failed after. it they say it appeared to work

to slow declines with alzheimer's. tomorrow is the first presentation of further analysis as a alzheimer's conference. they say the compelling presentation and confirmed plan to continue with approval. a mixed or information show could bring them down 10%. back to you. >> meg thanks for that. >> a preview now of tiffany kate rogers. >> investors have been bullish on tiffany lately pushing it up 58% the past three months. thanks in large part to lvmh confirming it will buy tiffany for $16 billion. the stock trading near all-time highs despite macroeconomic headwinds and slowdown in hong kong the company is expected to post a rise in third quarter comps and two straight quarters of declines but any look out the for comments on u.s. china trade talks. remember they cut the outlike are look this year citing the

tensions back to you. >> thank you mike, quickly final thoughts. >> we always watch weekly unemployment claims on thursdays. i think we'll have to take a closer look given the soft adp jobs number this week. >> i want to focus on brian sullivan coverage this week all the driver of the market today out of time that does it for "closing bell." >> "fast money" now. >> overlooking new york's time square i'm carl quint nila. tonights on fast oil prices posting the biggest gain in three months will the tomorrow opec meeting add more fuel? we'll break it down. tesla up against service gain for the customers why owners of the original road roadster may not be left in the dust. shares in slack and company. rhp how do you trade these. >> we start with the rebound, the major averaging finally shaking off th