but i worry about some of the competition. >> pete? >> alibaba like this name i think this name does go higher and breaks through 200 >> weiss >> sogenics. they released data great name >> good stuff. the change starts now. scott, thank you very much and welcome, everybody, to the exchange i'm tyler mathisen and here's what's ahead for a what is it, thursday it's been a lost wreer and really basically a lost decadesr now some are saying it could be worse if opec doesn't act to lift prices. we'll tell you why and whether the sector can recover plus, bio tech's big year. we'll ask whether or not the momentum in bio tech can continue into 2020 and goldman, they see a 20% rally in one

retail name. you know it. you probably own some of its stuff. add iing a company to its conviction buy list. we'll break down why, but we begin with today's markets >> good afternoon, tyler three hours left in the trading day and here is where we stand now after snapping a three-day losing streak yesterday, stocks are in the red despite comments from china's commerce ministry saying that china and the u.s. are maintaining a close communication over trade, but also reiterating the need to retus deuce the current set offor tariffs. the down by 43 points. those comments were enough to lift chinese markets overnight specifically alibaba up over 3% being helped by goldman sachs' conviction buy on the stock. now trading at 200 bucks already up b about 40% so far this year. another big mover, restoration hardware trading at now a record high up 11% after the company issued an upbeat forecast citing its international expansion plans. remember this is one of the

companies that's done a good job of diversifying its supply chain. comes after warren buffett berkshire hathaway wdisclosed. back to you. >> thank you very much and see you again on rapid fire in a few minutes from now we begin today with energy and what has been a brutal year and a brutal decade for that sector and bob pisani is live at the nyse with the numbers. you wouldn't have made much money in energy at all >> any, essentially. let's call it the lost decade for energy investors the s&p up 181%. in the last ten years, but look here at energy it's barely positive it's the bottom of the barrel. up 6% in ten years far and away the worst performing sector in the s&p 500. look at everything else. consumer discretionary, tech and health care, all up 2 to 3030% how about 2020 some argue that the chevrons,

bt, exxons, they offer great dividend yields and they do and some are cheap at 12 times earnings maybe, but that's a minority view that that is a buying opportunity. the majority view is that supply will continue to grow. likely up 2 to 3% this year. 2020 with the main unlikely to be up that much. bottom line here, the market will remain oversimplied back to you. >> robert, thank you very much and one of the biggest problems for the energy sector is that oil prices have been flat for more than two years. it's something opec is trying to address right now at its meeting over in vienna, but the debt load of the u.s. oil and gas companies, that has swelled. that is why the price of oil in one reason is so important so can production cuts by opec lift oil prices and get the sector back on track brian sullivan is live at the opec meeting hi, brian. >> hey, okay, couple of quick

things one, in decision yet lot of rumors. weav we're going to kopt the cut is it going to go up to 1. million barrels next year? that would be probably only the bull iish scenario for price, guys it's 6:00, 7:00 at night waiting on that opec press conference. number two, i love what bob did in these stocks. i don't love the stats, but i like what he did in addressing the stocks this is the reality. if you go through the debt, if you total up all gross debt for about 200 publicly traded u.s. oil and gas companies, the gross net number becomes about $650 billion. you know what the net income number comes to? $65 billion. there are about 50% of oil and fw gas companies that have a valuation with net debt more than 2.5 times ebitda. what does that mean? if you made $50,000 a year and had $150,000 in credit card debt, that's the equivalent of

these companies. they need oil prices to go up. if prices stay where they are or even go down, then you're going to see a lot harder to a, pay back the debt guys and b, refinance or extend the maturities in 2016, a lot of xaeps were able to stretch that if they stay flat, a lot of banks may say we've had enough haven't gotten capital, we're not going to refinance or do anything like that so the debt story, the oil story really is a debt story and by the way on a quick note, imt to add this meeting very unusual. the been coming to these for a few years. the new saudi energy minister, one of the king's sons and there was no media scrum just put out the name plates i don't think he's going to be there. security was a lot tighter at this meeting here. we always have security, but you know, this one ramped it up, but i think when you have u a member of the saudi royal family who's now the energy minister, hey, things change. right? so, this is a very unusual

meeting, but pay attention to the debt story it's going to roll right into next year and ironically, guys, i think opec is now a friend of the u.s. oil industry because they could probably use higher prices >> the banks may say no to refinancing some of the debt these companies have out in the perm yan and elsewhere, but mightn't larger players in the industry say yes and by yes, i mean come in and buy those smaller players? >> they might. for some of these stocks, i think i ran the numbers earlier. it's like 39% of all companies had lost 50% of more of their value. something like that. the number rs staggering so the stock prices in some ways have gotten cheap. you've got companies where the value of the land is now more than the market cap of the company. kind of like retail. we say oh, well, is macy's real estate worth more than the operations you're kind of getting that way.

of course we saw oxy buy anna darko. the debt is also starting to get sold off there's a couple of options. consolidation to your point. dragging on like the walking dead for some of these companies for a long time or the option which is as chesapeake warned about in its latest quarter, can we continue to exist as a publicly traded company? two companies, mcdermott and chesapeake are in sd according to s&p that means selective default, tyler, i don't know you're a uva cavalier, so i don't have to explain, but that's not good >> sounds like sudden death. brian, thanks. all righty so will oil companies see a resurgence in 2020 as opec tries to put a floor under crude prices let's bring in rob, a portfoli manager at tor tis and sandy at balanced fund. rob, do you see anything to like in energy?

there's a lot like in energy warren buffett said be greedy when others are fear fful and everybody's fearful about energiment look, energy is essential. around the world, global energy demand is going up we need more so there are a lot of opportunities in energy. now there are some challenges, but there are a lot of opportunities. specifically in energy infrastructure there's a lot of energy infrastructure assets and companies that generate high dividend yields and investors are starving for yield in this environment where we have a ten-year below 2%. >> before i come back to you and get some questions about individual companies you like, sandy, the same question to you. are there things that you like targets of opportunity in what has been a dead money space for a decade >> yeah, i mean there's certain areas, right if you look at the perm yan, there's things there that they used to just been able to turn on the spigot and those guys would raise outside capital. i don't see that now

i'm still kind of bearish on the sector and the fact it is hated makes me more optimistic, but i think it's a little bit of a value trap and i'd still avoid the sector >> so rob, why don't you address that question, it being a value trap i know one of the things that attracts you are the dividends and yieldses on some of those companies. give me some names address the question of it being a value trap and thardly, explain what needs to happen for your particular picks to thrive. >> that's what the energy sector is doing building a mountain of free cash flow over the next several years. this requires some cuts in capit capital spending, but companies like enterprise products partners a company that operates critical energy infrastructure asset ts they've raised the dividend for a decade we've been investing for over a

decade offers investors almost a 7% yield. they're going to grow their cash flow year after year companies like williams on some of the most critical natural gas assets in the world. the u.s. just became a net energy exporter and we expect the amount of energy exports to dramatically increase over the next several years that will be great for energy infrastructure companies and investors can invest in companies that are growing their cash flow because that growing cash flow will eventually be rewarded by investors. >> so sandy, if you view energy as a potential value trap, rob gives a couple of names there. what do you think is not a value trap where would you be puing your money for 2020 for say a two year return? >> so, we like a couple of things where the macros kind of giving us some opportunities one with medicare for all. gave us the opportunity to buy a company called e health, which is a website they're going to

make as simple for seniors as pieing an airline tincket 10,500 people are turning 65 in the u.s. every single day. 60 million seniors are eligible for medicare, so i love these demographics and the backdrop and it just seems like from a risk versus reward standpoint, seems like i can sharpen my pencil and make more calculative decisions on where the price of oil may go over the next 24 months >> an area that was crushed in the last couple of days on the china trade story. that's semiconductors. >> again, another macro head wind if we're going to get these trade war issues and headline, gives me the opportunity to buy on semiconductor they had no exposure to 4g or 3g, but they have $100 it's going to be a build out for five to seven years and i like

what they're doing in automotive and the iphone i think on semiconductors is going to be a solid holding. >> got to leave it there great to see you u both. thank you. and here is what is ahead on the exchange >> coming up, the bio tech sector has been red hot this year outperforming the s&p and dow. we'll take a look at where the opportunities lie for next year. plus, goldman sachs adds a new retailer to its conviction buy list and says it can rally 20% from here. and from market activists to sports activists we'll drill down on the latest moves by hedge fund managers that have lots of fans cheering. this is the changen bc ocn iness. from finding out what's selling best...

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shares of bio fwrks en on a roller coaster now on pace to break a four day losing streak. this comes as the company releases new data on a controversial data on a new alzheimer's drug let's bring in alitha young and meg terrell. tell us b about what we learned in this report today >> you're talking about roler

coast ride today it was back in march they shocked everybody bay saying they were going to stop these trials of this drug after they looked like they wsht going to work then they shocked everybody in october when they said the drug might work. so today was the first time we got a look at that new data in a deeper way and initially, the response was sort of like this doesn't exactly look totally new. perhaps the cut of the data looks slightly better than what we saw in october, but we are seeing shares go up u and the panelists who discussedthe dat at the conference, one who helped run the trial, we have a clip it was very positive for how she look ed at the data zwl the community at large fears the disease and rightly so largely because of the loss of awe tutonomy that comes with ths disease. so slowing loss of autonomy for me as a clinician is key >> she was talk iing about what

this drug could potentially give patients back. their ability to do their banking. functions of daily living, but it has a long way to go. >> what do you make of the data in that you've understand it it's complicated stuff >> i listened on the way out hire these data are complicated one study really worked well when you looked at it, the placebo did one thing and the active another that was really positive then there was the other study, called engage, which didn't exactly work it still remains complicated the true complicated factor is that they basically are say iin if everybody had gotten the high dose, there's a tie tradition schedule because you can get brain swelling when you start to clear the plaques away, more or less, the trial should have worked >> so, you had two things. we had a guest on the other day who was very skeptical who believed that the data r

were going to disappoint has he been vindicated or not? >> i would say we're in the same place. i feel a little better coming away from the presentation because when you look at the engaged data itself, you really do think that if everybody had gotten that high dose, you could be more sympathetic to that argument not to say that i'm fully confident they're going to get approved, but i do appreciate when looking at the data carefully, seems people who had gotten higherworked. >> if i'm recalling correctly, biogen is up for the year, would you be comfortable buying the stock? >> currently i have a neutral. the reason why is because i can't really headache heads or tails if they will get approved. i think these data are certainly interesting, but it comes down to the fda and they've been supporti supportive if they're telling them to file or giving them support of

evidence, that's a r very important fact pattern, but i find this is a large population. 10 million plus people and one clinical trial works and one does not, the expectation is that they would probably need two for it to work >> but this is a big risk looming out there if it doesn't turn out to get approved >> you hear analyst referring so this as the biggest fare of missing out trade. if you're in it because you expegt the drug to be approved, it could drop a lot if it doesn't. then the fda is one thing, but then it goes to the payer community, the insurers who have to decide if they're going to pay for this and for whom and if the data isn't extremely clear, that could be another problem waiting for this company >> do we have any sense of the outlook for 2020 on this company, number one. number two, ha the priwhat the price of this drug might be? >> i'm very focused on the fact biogen will have to have a panel

l where it's vetted by exeternal experts and that's where we're going to get confidence whether this is going to be approved because all the dirty laundry which will will aired out. and so that's going to happen in 2020 i can't give you the exact timing, but i would guess probably somewhere as we head into the second half of the year, we should be in a position to have a panel for this drug and at that point, i will know heads or tails separate to that, we maintain a neutral because we don't know if they can get approved. if they can, it is the fomo trade of the year. but i don't think we'll get enough bread crumbs probably until we get out to this panel for me to feel comfortable making a decision. >> thank you very much for being with us. meg, good to see you fantastic. coming up, shares of 3m lower after its ceo makes comments on china. what he said and how much of an impact it could have on the company and sector plus, are they in it to win it or because it's a good investment, too? hedge fund, billionaires buying

into sports teams. we'll hear from former general geof the seattle supersonic, wally walker, later this hour. , the content's easy. but then you have to connect, download, edit, reformat, output, save, send, upload... still uploading... and maybe eventually post. this isn't working. introducing samsung business video solutions. with the galaxy note10, you can shoot, edit and post thumb-stopping videos, all from one device. samsung business solutions.

welcome back here are some of the movers this hour shares of the arts and crafts retailer, michael's, down 11% on the back of week earnings. the company missed on eps, r revenue and comparable sale. and shares of the discount

retailer, five below, they're up 3% on an earnings beat the current quarter sales outlook coming in a bit below analysts forecast, but not enough to ripple the stock today. share of jack daniels maker on pace for their worst day in a decade down 7%. profits and sales came in above expectations, but the company lowered its outlook citing uncertainty in emerging markets and a drop in travel retail sales at airports and duty free shops. now to sue >> hello, ty, hello, everybody here's what's happening this hour federal prosecutors have unsealed charges against go two russian nationals accused of carrying out one of the largest cyber crime sprees in history. it spanned ten years targeting victims in 11 states causing tens of millions of dollars in damages. >> sitting quietly at computer terminals far, far away, these

cyber criminals allegedly stole tens of millions of dollars from unwitting members of our business, non-profit, governmental and religious communities. each and every one of these computer intrusions was effectively a cyber enable aed bank robbery john carey has endorsed joe biden for president. in a statement, he says quote, the r world is in need of someone who can put back together the world donald trump has smashed apart. he will join biden on the campaign trial in iowa tomorrow. and about 6.2 million middle and high school students use some of type tobacco product in 2019 according to a survey about one in three high school students and one in eight middle school students. e cigarettes were the most commonly used tobacco product for the sixth year in a row. you are up to date that's the news this hour. ty, back to you. >> all right, thank you very much and here's what else is coming up on the exchange

>> ahead, goldman says just do it when it comes to nak shares a warning on china from a major industrial ceo. banks are going to breakout here and one regional is leading the pack 'slll talk to the ceo ahead. it a coming up on the exchange 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. - [spokesman] if you've tried colleg(group cheering)shed, snhu lets you transfer up to 90 credits toward you bachelor's degree. - [woman] it doesn't matter how old you are, you can do it, you can finish. - [spokesman] finish your degree at snhu.edu

. it is time for rapid fire. we're going to start with goldman sachs. upgrades nike to buy from neutral and adding to its conviction buy list. calls the shoe maker a eunique asset with china as a key driver of growth and strong brand momentum in e key markets. goldman raising its price target, that represents an 18% upside from here let's turn to the lady from portland for the first comment here on that oregon company. >> i drive by nike when ever i go home in beaverton, oregon i think what's interesting about the stock, it's up about 23%, so this upgrade is coming late to

the game, but goldman sachs' comments on china were interesting. earlier this year, we were talking about how this trade war and the potential rise in nationalism in china could result in the chinese preferring local brands over american ones, but clearly the analysts there don't think that's the case. >> it's funny that so many company, inclouding the one we're going to talk about next, they're worried about china and here's an analyst saying it's going to be china going to drive nike >> i don't think nike has complained yet b about china, right? they've been sailing alopg as it is what do you do when you're trying consume more and sports related, nike is in the vortex of that. >> if you look at them relative to the competitors, this is the story of the empire keeps striking back against any of the upstars. under armour now valued at $8 billion.

lululemon at $30 billion nike, 120. i mean they are the giant that cannot stop. >> and the brand power i have a 14-year-old son who just had a birthday and his favorite gift. gave him a gift certificate to this hot store in town and came home with these nikes. they were air jordans. jump man shoes he wouldn't have any other brand. >> isn't that incredible that it's still michael jordan's brand. that sells number one. unbelievable >> how many years since he retired? >> did we ever buy babe ruth stuff? >> really think about that it's really true >> candy bar >> really true right. next up, the industrial giant 3m is the biggest laggard on the dow today. down by as much as 2.5% about the e ceo ease comments at a conference where he called out the struggles his company faced this year. let's listen >> the did not mention it was a

challenging here we saw some particular focused challenges and automotive and electronic i spent time in china over the last month a couple of different times. i just came back from europe i would say there's a lot of uncertainty out there. you've seen a loft data this week hasn't really pointed to defen fintive change what do you think of that? >> what seema makes of it. sxwl i think we care about 3m because it's one of the most dploeblly oriented names in the industrial sector. >> a sticky name >> unlike nike, been having a lot of issues in china and asia. it cut last quarter because of the weakness it's seeing and it brings up a good point that even if we get a phase one trade deal, the effect it's had on the chinese economy, the it's going to take time for that economy to recover and for some of the big industrials, for them to see a jump in sales. i think 3m has been the dog of the industrial sector. to your point, down 14% not just this year, but over the past 12

months >> you have to believe this trade war has gone on long enough that it has taxed every cfo in america to try and come up with as many techniques as possible to work around these tariffs and cost rising and trying to maintain profit mar margins. you have to believe eventually, they're going to run out of their bag of tricks. >> that's sort of the higher end consumer market which is holding up well. i wonder if the broad business market in china is suffering because of the showdown. zbh great point. they make adhesives from everything to scotch tape to welding agents it spans across many different regions.

>> they need michael jordan post it notes >> that's right. if they had jump man, they would be good. when it's tied ft. trade r war r or not, industrials may be hit harder than 3m topic three is ulta beauty reports after the bell, but the past six months have been anything but beautiful for the stock. >> i have my moments of brilliance >> here's why the kylie and cody news is important. >> kylie jenner. brand. >> yes the brand. the cosmetics bran so ulta had been the exclusive retail partner for kylie

cosmetics. with this cody partnership, that's not going to be the case. maybe buy the product most likely other place, even internationally, not good news for ulta also for estee lauder. one of the trends now in beauty is ironically less makeup. you take your selfie on instagram, bill, you know this >> i'm well aware. less makeup. >> and vsco girls. no makeup. >> less makeup you want bare, dewy skin that's a trend and for ulta, that's a lot less of what they sell they have a couple of different issues they're facing. last time they reported, their stock tankeded about 20% they report later today. >> it wasn't too long ago that ulta could do no wrong it was the hot retail. out there. >> drop in the 30% e drop in the stock in august even before the kylie jenner news and no one could really explain why the sudden drop in guidance for the year

it was like analysts were like we're not sure >> to that point and third quarter they estimated sales had dropped for prestige cosmetics you srt of see where the trends are going. >> i trace it to when robert said i'm done with dewy skin >> i'm dewless >> i'm dueleewless >> bubble gum bubble, it may have popped. sales are down 4% and 23% in the u.s. in an effort to boost sales, companies are selling gums that promise to help you fall asleep, get energized, give me all three does anybody chew gum still? >> i used to >> my daughter does. >> you're watching a watch nobody wears watches anymore unless they're functional beyond telling time >> yeah. >> what they're looking for with gum now is to be more functional

right? >> interesting to absorb vitamin b and things like that. have a nutritional value beyond just chewing. >> you chewed gum before for clean smell breath the whole breath mint explosion, you go to the store, how many breath mints are there >> so many >> so many i think the breath mint has cut into that a bit. >> and also marketing. >> find different ways to market gum if they want to turn around the wholesales story when i was in high school i went to a strict, conservative high school used to go to detention because i loved chewing gum then i think because of that negative experience -- >> i lived in singapore where it was even worse >> r all right >> there's actually gum under table. right here doesn't this go back to, isn't nicorette gum nicotine infused that's supposed to help people this is the logical extension to

be >> exactly but they're also saying that culturely, it's become taqqee, no pun intended, to chew gum it appears to some, you know, not so great it's not -- >> help you fall asleep? you fall aslope with gum there's a function to that >> i mean again. that justifies don't smoke. don't chew gum i think these companies, mondolese is huge in chewing gum and hershey is another one they are going to have to make the transition to go where the consumers are and the consumers are demand iing functionality, t just you know, smacking gum. >> every time i want vitamin b, i chew gum everything >> they have vitamin gums? >> going to be cannabis infused gum. >> i think they're trying that, too. right. i'm going to go invest right now. willie nelson, found out yesterday, stopped smoking >> he's done

>> but he's not done with cannabis >> eating cannabis related foods and i bet he chews gum, too. we've got to leave it on that high note. how fun was that thank you very much. oscar munoz stpi depngown as ceo of united. what it means for the future of the airline, next. woman: my reputation was trashed online.

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find out your online reputation today and let the experts help you repair it. woman: they were able to restore my good name. vo: visit reputationdefender.com or call 1-877-866-8555. oscar munoz is stepping down and handle over the reigns to scott kirby. now, they're trading lower phil lebeau has the details and what's behind the move >> united will say it's time for a smooth transition, but let's be clear here. scott kirby has been a man in demand in the airline industry for some time. so that plays a role in the decision as well although nobody will come out and publicly say that. oscar munoz is going to be

leaving the ceo in may of next year he is going to be elevated up to the role of executive chairman he'll serve that for one year, starting in may of next year scott kirby will become ceo. now he has been president at united since 2016. that's when munoz hired him from american why did munoz bring him over because kirby is widely regarded in the airline industry has the best operator. boost profit margins and that's what's happened with united over the last two years as they've added 4 to 6% capacity in 2018 and 2019 they raised their earnings guidance in october so the bottom line is this, tyler, while nobody will say that american, kirby's old employer, was interested in bringing him back as ceo, those rumors have been b swirling, and now you have scott kirby being ceo in may. >> all right phil, thank you very much and the president we're going to go

to the white house now because he's been speaking about trade at the white house just moments ago. here's what he said. >> we'll have to see, but right now, we're moving along. we're not discussing that, but we are having major discussions on december 15th, something could happen but we are not discussing that yet. we're having very good discussions with china >> are you concerned about the stain impeachment might have on your legacy. >> it's a hoax a big, fat hoax. yes. >> depending on officials are saying that you're considering possibly sending more troops to the because there's a threat -- >> we'll announce whatever we do but there might be a threat and if there is, it will be met very strongly may r or o may not be doing. >> what would you like to see the u.n. do in regards to the crackdown and thing sns. >> well, the u.n. has been involved very much with us, we're r already deal wg ting wie

u.n. and dealing very well they're very much involved with respect to iran and other things thank you all very much. preeappreciate it. >> come on, guys >> press, come on. >> all right the president addressing the trade discussions. he says we're having good discussions and something could happen on december 15th. but beyond that, he would not venture. meantime, shares of the renalal bank washington federal now known as wafed climbing more than 37% this year the ceo will weigh in on everything from his 2020 outlook to elizabeth warren's m and a fight to millennials the exchange will be right back. hey, come on.

[ electrical buzzing ] [ dramatic music ] ahhhh! -ahhhh!

elliott? elliott. you came back! wafed bank may have changed its name this year, but that hasn't affect aed its title as money magazine's best bank for third year in a row. that track record backed up by the stock's performance, up 37% this year, outpacing the rest of the s&p bank etf in this who rate important, where is the bank going for growth we'll find out from the ceo and president of the bank.

why change the name? >> we change it had name pause u we wanted to tell people what we did. our historical name didn't have the name bank in there, so we wanted to shorten our name for our ticker symbol. as you mentioned, we had a remarkable run going back to 18982, our total return had been 17,000%. >> 17,000% that's truly amazing we'll get to that in a minute, but i'm curious when you make a name change like that and you have what, about 300 locations around the west x eight states in the west. how much does it cost to do that because you've got to redo si signage, stationery, all of the branding >> there's certainly a cost to it and that cost is about $8 million all in >> i'm surprised it's not more >> the real question is what is the cost of not doing it in today's day and age, you don't advertise. we've shortened the name, honored our heritage and told people what we do.

our clients said wait, i thought that was already your name so it's really been a nice transition >> how's business? obviously the stock loves how business is going. >>. >> thank you >> up nearly40%. that's an outlier in your area why have you been ablg too deliver those returns and how is business >> well, you know, we are fortunate. we are headquartered in seattle, which is going gang busters and i tell our team all the time, it's like we're in camelot these are the best of times. we are ten years removed from the great recession but we're doing business in the right way. it's not just us as a bank that's doing it. we're asking our clients to bring in more capital for their loans so you have lower loan to values we have learned the lesson from previous times and we're going forward. we're growing deposits loans are out there. you can get loan growth, but last year, we grew deposits by over $600 million by 5%, which is organic growth. >> you just said these are the best of times.

what have you done to get ready for not maybe the worst of types, but for a b possible business slowdown. maybe even in housing. give me your thoughts there. >> as bankers, we're cynical, a little skeptical during the great there's probably been no hotter market for housing than seattle over the past decade what do you see in 2020 for hou housing? >> we went too far too fast if

housing. it was similar to what happened in the great recession we had a significant slowdown. housing seattle is kind of treaded water and gone down a little bit in the last two or three years. we view that as a positive that's a healthy sign. it's a market making a correction we see going forward to the extent we continue to have job growth which is something we have talked about. we'll continue to see how housing go up. >> we do have to leave it there. thank you very much for being with us. >> thank you speaking of the consumer, do you not want to miss loews hotel chairman also interesting great conversation we'll get his take on the economy, the hotel and travel industry hedge fund managers are making big moves in the world of professional sports but are they in it for the glory or the

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talking about this the billionaire manager hedge fund manager is in talks to buy up to 80% of the new york mets this somes on the heel offense the sale of the carolina panthers last week silver lake capital purchasing a 10% take in the british soccer team manchester city are they getting into sports for the glory or do they see a big return joining me is greg zuckerman before we begin, we have to lick our wounds over last night's -- purdue kicked our carne asadas last night

>> they did. we have been spoiled >> we have been spoiled indeed you're well aware of the folk who is have invested in either nba teams or nfl teams and now mr. cohen wanting to up his stake in the mets. you have worked with chris hanson, another financier on trying to bring a nba team back to seattle why do these money managers want to get into the sports business? is it a vanity play or is it a capital return play? >> i think there's some of each. i start with simply because they can. i've heard it firsthand, i've done well. better than i thought i would. i love sports and never thought i would be in this position but here i am. there is huge content, franchise value in sports. it's business protected. maybe stuff they came to cartel

that the team's don't seat prices but they compete against each other and may not like each other. they share business interest that's pretty good economic model. >> i can't remember the last time a sports franchise in the united states sold for less money than it was bought for. most people jumped up a lot in the last six or seven years. >> greg, what is it about these edge fund guys like steve cohen? met fans are delighted they are not delighted at the

idea that the owning or controlling family will stay on for another five years in executive roles there. what's the play here and why do hedge fund guys want to get into the game >> part of it is vanity as you suggest. part of it is there's a return part of it is it's just so much more fun managing money today. you have to remember guys are having a much harder time beating the market cohen is in his 60s. >> i guess it depends on the team, right. if you own the knicks, i would

not call this fun right now. >> let's hope there's a steve cohen coming into the buy the knicks stock i think some of us would chip in it's not a bad situation it's very creative of getting more analytics in firms in recent years >> quick answer, which is more f fun? managing money or a basketball pr franchise? >> depends if you're winning or losing the sports franchise is much more public. you go out and you'll hear about it >> greg has a new book on shellishelv

shelves now. we recommend it. that does it for the exchange. power lunch begins right now stocks stuck in neutral ahead of big jobs report we tell kwyou what you need to know ceos are jumping ship. could this be a sign at the top? joining us is power player jonathan tisch he's the chairman and ceo of w loews hotels "power lunch" starts now let's look at where we stand now. stocks, little changed with all three of be major di