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 indices on

track to end the week lower. check out the bright spot. nikc nike, the best performer in the dow. >> we're hours away from the last jobs report of 2019 get this, it's the last one of the decade >> high hopes and also high on certainty. job growth remain strong depiet an undertow of decline and capital spending and manufacturering. 187,000 that would reverse the 128 last month the job growth needed to keep the unemployment rate low

indicator have been mixed as we go in. ism service expanding. claims have been up and fell back down. the lowest level since may in the last 12 months there's been three distinct levels of job growth it dropped back down do the 143 area then it picked back up will the real jobs number please stand up given that the fed is on the side line the economy is weakening more than already thought there weren't really workers to hire >> we'll talk about that right now. we want to keep the jobs

conversation it's in the market for worker right now. please welcome jonathan tisch. >> good afternoon. great to be with you >> i asiem you're houring in whatever market you're in. you're having a harder time finding workers. >> that's the right way to look at it. it's a harder time we hope to be an employer of choice we try to create a corporate culture. the young people today where they are graduating from colleges, grad schools want to come to be part of our team but it is getting harder remember the hotel industry and travel in general we are labor intensive. we need a lot of women and men to supply the kind of service that we as a four star company are proud of and runs throughout the system where ever your price point is as a hotel company. >> how much does immigration weigh on your mind in terms of

finding a path to receive legal immigrants who can be employed in your businesses >> we only hire legal team members. we feel the travel industry is the first step to somebody becoming part of our system. if you look at the people who run our hotels many of them started. many of them started as pous keepers. we think there is a way to work your way up in our industry. we need team members >> you and i were talking about the wide openings many manufacturing jobs at a time when manufacturing is not posting the kind of increase of jobs that other businesses are there's this big lag akros tcro nation with open jobs sitting empty. >> i kind of know the numbers in the back of my head. i was like wait a second, half a million unfilled manufacturing

jobs in the country while you have this decline in manufacturing. also the idea that it's going to be pockets in the country where manufacturing will still remain strong even more so than manufacturing in mr. tisch's sector. 1.2 million unfilled jobs in the service sector you get to the same place. this is a sign of the u.s. economy coming up to its speed limit relative to the number of workers there are. >> as you go out into the labor market, you're competing with other hotel companies. >> absolutely. once again that goes back to my point. we want people to seek us out.

we want them know about us we're building a couple new hotels that we can get into in a moment i was in kansas city and st. louis meeting with our team members. neither hotel is open yet. i was saying why did you leave the company you're with. some of the biggest names in lodger we said we heard that loews had a great reputation we heard what you're trying to do in terms of culture that's trying to make a difference for us. pressure on the bottom line. if you look at markets where there are minimum wage requirements now may come from the voters that when you look at markets highly competitive our wages are market driven. it's becoming an issue we have to think about that as we budget for 2020, for 2021

where does the wage inflation come in. >> let me ask you you're outlook for 2020 we have hotel revenue projections that's expected to grow at a dismal 1%. i cover casinos. the casey now out look for 2020, you're seeing occupancy rates of 97, 98% they are booming what does it say to you about the broader economy. >> it's now over building, over supply it's starting to jump ahead of demand there are key markets if you look at nashville, austin, houston, dallas, los angeles, new york city, which we can talk about later. supply is continuing to come online at a great pace

the demapnd might not be there. you're right about the numbers the casinos are different they can absorb the couple thousands rooms. that's taken new york city i was chairman of towns convention bureau ten years ago. we had 77,000 hotel rooms. here we are a decade later we're at 120,000 hotel rooms. that's a lot of new rooms for this market to absorb. that said there will be 67 million visitors in new york city in 2019 it goes back to the revenue is there but we're not getting the

increasing >> you're probably losing pricing power. >> we're losing pricing power and the pressure on the bottom line between labor, increase in real estate taxes, energy costs and what we have to pay the otas, the online travel agencies to get business which help us fill the beds, that pressure is mounting >> we'll leave it there and come back and talk more about the economy, your business and what you see for 2020 shares of sage therapeutics losing more than half their value after the company's drug that treat depression failed to meet the goal of the trial we spoke with the ceo two weeks ago. meg joins us with more >> we mentioned that wall street was looking at this in a binary way. here is how he addressed that. >> it's a large portfolio of

studies. it's not binary in our mind. all will make it >> investors have wiped more than 4 million off of the market value, the company is doubling down on its optimism about the drug saying the results are supportive of its activity there's a couple of reasons the study didn't meet the goal without the trial would have been successful. it says 9% of patients appear not to have taken the medicine the patients enrolled had milder depression than those in previous trials. the goal is to offer a new paradigm for treating depression it's approached as morelike an antibiotic you take the drug when you need it and stop when you don't the set back means there's a lot more work to be done >> seems like that could have been managed in the trial i itself here let me see you take it >> it's one of the most controlled environments. >> we're seeing the stock of

biogen going on a roller coaster after the announcement of its alzheimer's drug >> earlier this year biogen said it was stopping all development of its alzheimer's drug after it looked like the drug wasn't going to work. in october the stock shot back up when they said they got more data and it does work. initially it was down. people didn't think it proved the drug worked. the company does plan to file for approval it's kicking the ball down the road to the fda now. we'll hear from the regulator next

coming up, the latest on trade, e hiswet wli coming up, the latest on trade, e hiswet wliabeth warreno megamergers. plus, who is watching you and you kids when you're on the internet or just sitting in your living room watching tevioelisn? the answer might be everybody. how concerned should you be? power lunch will be back as a principal i can tell you this. when one student gets left behind, we all get left behind. this is a problem that affects each and every one of us. together with ibm, we created a whole new kind of school called p-tech. within six years, students can graduate with a high school diploma, a college degree, and a pathway to a competitive job.

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welcome back wall street is caught in the cross hairs. let's get started. we'll kick it off with senator warren's war on mergers. the senator drafting legislation to ban mega mergers, including a company with over $40 billion in annual revenue or two companies that rake in $15 billion a year in revenue does this have a chance of flying and i guess it just sort of confirms the idea that to senator warren big is bad. >> big is bad in washington and more in general. i think she probably has some more sympathy on both sides of the aisle around this issue. morebroadly and to your question, this really has very little chance of getting any

traction this session of congress you have to remember that the senator warren is many the minority party in the senate you fast forward to next session of congress even if senator warren were in the white house, she would still have an uphill battle on this issue i think the bottom line here, this is a great deal political talking point for her on the campaign trail but very unlikely to materialize into law any time soon or really over the next sort of secular time frame >> how do you react to that? >> they got a lot of ideas and have to figure out how do i pay for my ideas then they'll throw suggestions

and make stuff up. as a business leader i believe in strength of the business community. we now have details on joe biden's tax plan senator sanders, the former vice president's plan proposing $3.3 trillion of tax increases largely targeted at corporation and the wealthy. he would put a 15% corporate minimum tax. push the corporate tax rate from 28% to 21. top individual rate to 39.6 and he would raise capital gains taxes to ordinary income tax rates. presumably as high as 40%.

>> this is much more of a moderate plan compared to other folks in the field. his proposal of raising the tax rate was back to 20% something a bit more revolutionary is the equitiable treatment between labor and capital. again, this is what we're telling clients is this might sound good and might be a good political talking point on the campaign trail but all of this does come down to the composition of congress. this is where my hyper focus on the senate is sort of makes a lot of sense the senate is going to be a lot more moderate. you could even see a vice president biden in the white

house with the republican senate while this is a much more realistic plan than some of his other democratic candidates in the field, it still would have to go through congress there's a lot that congress would not like in vice president biden's plan >> could biden get the support of a business leader like yourself over a 15% corporate minimum tax? >> very much so. joe, who i know is a centrist, he understands the difference between the public and private sector there's parts of the plan we heard of for many years but also one of these candidates would say let's look at the existing tax code and bring some sanity to that and i think you get some corporate leaders that would support that kind of looking at. >> let's move onto trade the chinese reiterating the tariffs have to come down before any phase one deal can be signed before december 15th tariff

hikes. this is a cheg problem the chicken and egg. they will go back to prior levels or be eliminated before they are willing to discuss any of what would pass under a so called phase one >> there's a lot of political wills on both sides for president trump and xi to get to a truce here the agreement about what kind of tariff relief to give china is one. congress is asserting itself putting human rights back on

table as well both with the passage of the hong kong, human rights and the bill the house passed and senate looked like it will pass next week. a lot of trip wires as well. we're telling clients regardless of what happens there will likely be uncertainty with china under president trump or a democratic president >> final thought, jonathan >> here are the unintended con kwenss of the trade war. they are important because the international traveler stays longer and spend more money.

the rhetoric that comes after our nation's capital is not sending out a welcoming message to people that we need to fill our hotels and support jobs. >> thank you very much see you again soon coming up much more, a lot of football topics to discuss. are you ready for football bezos may be buying. first anike, the biggest gainer ♪ ♪

♪ ♪ ♪

welcome back to power lunch. nike gaining speed today analysts getting more confident. let's bring in trading nation team bill, it's had a good run. up 80% in two years, three years. how does it look now >> it's crushed the competition. you have strong growth from china. they are betting on this brand pulling out of amazon. what are the charts telling you?

i see a nice channel here. this channel is coming in all the here as long as it stays here, it's also broken out. i want to see it stay above. i'm not sure about that. as long as it stays above 92, it's a buy >> john, good chart, great brand. what's not to like in. >> there's no question it's a fantastic company. every great investment is a function of the price you pay for it i think the company is facing tough times. consumer discretionary has been a have versus have not world the big box side has been

sucking wind >> all right we'll see if it can hold that premium. thanks very much head the our website or follow us on twitter. back over to you ahead, an evil corp. the government taking action against a russian hacking group that stole $100 million from banks. we'll discuss the biggest cyber threats out there now. why are so many ceos jumping ship a ratings touchdown. tv and digital ratings for the nfl climbing we'll lay out the latest numbers and get a take from our guest host all this when power lunch returns. - [spokesman] if you've tried college but never finished,

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people who get it. welcome back here is your cnbc news update. the house passing a bill making it harder for robocalls to get through. the bill is likely to pass the senate and make it to president trump's desk by the end of the year lawmakers estimate 5.6 billion robocalls were made to americans in november alone. a ukrainian lawmaker releasing photos of his meeting with rudy giuliani he posted the photos on his facebook page. he said he spoke with rudy giuliani about alleged misuse of u.s. funds by the ukrainian government the u.s. and vietnam kicked off a joint effort to clean up

contamination left by a chemical agent during the vietnam war the project is being oversee been the u.s. agency for international development and vietnam's ministry of defense. >> not only will we work to reduce risk and ensure the safety of surrounding communities, we'll again demonstrate to the world the incredible example of the united states vietnam relationship where former foes choose to partner, overcome the past and pave the way toward a future of friendship and mutual prosperity >> you're up to date that's the news update this hour >> thank you for that. the latest group voicing big concerns about tik tok and other apps for kids, pediatricians we have more on the doctor of issues with social media what did you learn >> the american academy of pediatrics are joining groups calling on the fcc to subpoena

on how they advertise to children, track them and collect and store their data this kind of sweeping review could not only target players like disney and google but tik tok and twitch the fcc must design rebust protections to keep kids safe. doctors and consumer groups raise concern about playable ads that are built around games. they said they would understand the impact the new kind of ads are having on the psycho social development of children. doctors are starting to think about kids digital environment in a similar way to their physical environment doctors supported putting seat belts in cars. now they are trying to figure out what kind of protections kids need online >> when you take the kids to the doctors you're hearing

pediatricians sit down with parents and ask about use of devices and the digital habits as well. i don't know if that's playing into this. now it seems like a big step forward to ask the government to intervene. >> that's right. i think you're hearing doctors talk more about technology not just as a parenting issue but also as a public health issue. it took labeling transfat as a public health issue in order to get companies to remove them from their products. doctors are saying you can't address this one-on-one with each parent and each family. perhaps you need to take a look at this more wholistically >> thank you for bringing us that the technology is tracking every moment of our day-to-day lives.

kevin who is the ceo and one of the fbi's most wanted hackers. kate, what have you learned about evil corp and the way they were able to bypass cyber walls to get to the information? >> this was an interesting pace. it was a sophisticated big group that had, according to the department of justice, the buy in from the russian government for a very long time the russian government has been accused of using criminals for government need it also showed how corporatized these criminal organizations are. they have ceos, hr departments they have customer service if you've been hacked there's a number you can call to figure out how to get your money to the

hackers. it's a very interesting time the evil corp. really gives you a picture of that. >> kevin, let's bring you into this how do companies go about protecting themselves. my sense is everybody knows there's a risk there we all have training that says to your employees, if you get a fishing e-mail th i ps -- phising e-mail like this, don't open it but they do it any way. >> this is where companies could phish their own employees. when the employee falls for it, then they get a trading video to inoculate that person so they don't fall for these types of attacks. we do security awareness training so this is definitely

an important mitigation factor. what's important to realize here is this malware could deploy ransom ware. it's a type of malware that scrambles all the victims files and then they have to pay to get a key to unscramble the files. it's quite sophisticated and the way these attackers are tecarryg out the attacks is through e-mails. >> how much more are you spending as ceo to protect your companies data or your customers data than you were five or ten years ago. this was probably not even an item in your budget. >> forget 25 years ago

ten years ago we realized we needed to do something we make capital decisions in the technology we have,0 thousands of guests ta stay with us we certainly abide by every state law. we spend a lot of money and time keeping the data safe. it was a big issue that wasn't on our ability to think about the last couple of years >> kevin, you've got the concerns about tik tok and whether they are scraping up

data and sending videos of kids oversees to china which has been alleged in china you have warnings about smart tvs turning against us and record things happening in our living room. we have questions about whether facebook and apple and amazon are listening to us through our devices. is there any way truly to protect ourselves from the innovative minds of hackers? you were one how do we do it? >> there's a lot of steps to it. i don't buy a smart tv that has a camera you're not paying for the tik tok service. you're not paying for the

product. the product is you when the companies like tik tok that are owned by foreign entities in china, you don't have to think about -- >> what about insurance? what about cyber security insurance? is that ensuring companies from the bad effects? >> cyber insurance is definitely a considering that all companies need to look at. you have to follow best security practices as part of the underwriting process it's definitely something that should be done in every business >> all right thank you so much for sharing your expertise for more, you can go to cnbc.com to the bond market rick is tracking the action. >> claims were probably distorted due to the holiday, thanksgiving it still gave market a bit of confidence going into tomorrow's jobs reports

market doesn't look as firm on that the dollar index continues to drift lower. this chart from the end of september shows very close to keys that have held in the past. back to you. united airlines and google the latest companies to experience a change at the top why have we seen so many ceo departures this year and what does it tell us about the future powelur nch will explore that one when we return after this.

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endorsed by aarp. learn more about why you should choose an aarp medicare supplement plan. call today for a free guide. the united ceo oscar munoz just the latest to step down it's been a record breaking year for ceo departures we have more >> a little hard to keep up with there's also steve easterbrook of mcdonald's. through october of this year,

1332 ceos have left their positions. that's 13% higher than the same time last year it's also the highest figure since tracking began in 2002 this year has been even higher than what we saw during the great recession in 2008. through october of that year, 1257 ceos departed the majority of moves were part of normal succession plans although there's been a number of executives stepping down after allegations of miskwukcon. easterbrook being one of them. ceos are being held on a shorter lease. we'll have fresh data. >> i want to point out some of these ceos stay with the company. 438 remain at their respective companies in different roles some of those you talk about

will be the chairman, larry page is remaining on the board. is this a sign that we're seeing the top of the market? >> i'm not sure i would classify it in those terms. it's not easy being a ceo. i'm not saying that we should feel sorry for a man or woman in that role. there are tremendous pressures especially if you're a public company. you then have the share holders. you have wall street looking at everything that you do i think that maybe it's just a confluence that many are stepping down. i don't think there's a rush to say ceos need to start over again bringing somebody else there's a lot of pressure and especially in today's world where everything that everybody does is known about instantaneously and there may be a burn out factor that contributes to them saying i need to turn it over to somebody else >> activist investors playing a role here in. >> very much so. >> thank you very much

we've been joined this hour by jonathan tisch who is part owner of the new york giants finally we get to talk some football, next we'll talk tv ratings and what's with all the hedge fund b billionaires buying sports teams. stay with us each day our planet awakens with signs of opportunity. but with opportunity comes risk. and to manage this risk, the world turns to cme group. we help farmers lock in future prices, banks manage interest rate changes

and airlines hedge fuel costs. all so they can manage their risks and move forward. it's simply a matter of following the signs. they all lead here. cme group - how the world advances. woman: friction points, those obstacles that limit a company's growth. i try to find companies that turn these challenges into opportunities. but by going out in the field, and meeting management, suppliers, competitors. in the end, it's these unique companies with creative business models that will generate value for our investors. that's why i go beyond the numbers.

the nfl and all sports leagues are trying to figure out how to boost tv ratings. the formula that seems to be working, good teams playing exciting playing exciting games >> reporter: well, the nfl is maintaining its ratings gains over last year on a combination of more competitive games, teams in big markets performing well as well as some new emerging stars on field tv viewership through monday night's games is up over 5% from last year to 16.7 million people digital viewership is tiny but growing fast up 49% over last year with an average of over half a million viewers per-game now taking this in stride, looking at the big picture here, 46 of the top 50 tv shows this fall have been nfl games

this season's nfl games stand in stark contrast to the nba which has seen its ratings declined 20% on tnt as well as espn mavericks owner blaming it on cord cutting as the nfl's gains continue through the rest of the year, it really should boost the league's negotiating power as some of those rights become available over the next couple of years. >> what do you think about that? the fact you have mark cuban saying fans should be able to see it on whatever screen not where the nfl decides. what do you make of that >> you'll see a shift to being able to watch where you physically are and the nfl and i'm not involved, i should state that my brother and john mayer are the

spokespersons for the new york giants but knowing a little bit, obviously, the tv contract is being a new one is being negotiated in real-time. and there are so many new avenues for a fan to watch but it's interesting because, really in today's world where you can time shift any show that you want, sports is the last vestige of tv. >> when you look at the rating, how much do you think is directly attributable to the spread of sports gambling nationwide >> that's a big influence. if you're betting on a certain game you're going to watch to see what happens and watch until the bitter end because there are many games won a field goal with three seconds left also fantasy football. and when you look at how popular gaming and fantasy football are, more people are staying home and watching >> how are the giants preparing for gambling, and will there

come a day where i'm going to be able to bet from my seat at met life stadium, or bet in a kiosk that you may own, you ready for that >> the nfl is getting ready for it the nfl has a relationship with all 32 teams and they work together on deciding how revenue comes into the nfl. split amongst the 32 franchises. i'm sure the nfl is in constant conversation about how this is all going to unfold. >> i want to go back julia laid out the very nice ratings picture for the nfl. but when i look at games and i watch a lot of ball game, there are a lot of empty states in stadiums around the league the giants have had a rough year there will be a lot of empty seats when i go see them play miami two teams at the bottom of the league how will the league address that where people can watch

ultimately anywhere they are, the millennials may be on their couch and they don't want to go out to the games >> it is a very big question that the nfl and the teams are thinking about every single day. and to recreate the experience at home which you can do in your man cave or woman cave with a 90-inch screen and not have to get in a car and eat the food when you want to eat it, that's something that the fan experience -- >> parking >> traffic and parking but you're going to a game between the giants and dolphins says to me that you want that in person experience. >> is the nfl, are team owners having to innovate the same way you're doing with your hotels with experience locations or malls. >> if you look at the next generation of stadiums, look what the rams are building in

l.a. or raiders are building in las vegas. what jerry jones built in arlington with at&t stadium. these are unique buildings also met life. these are really unique buildings that are about experience >> these are entertainment venues >> very much so. >> you go the atlanta stadium. >> it's what we're doing in the hotel business with hotels that are understand construction. we're partnering with sports teams. we opened in arlington, texas with texas rangers as our partner. we have a hotel opened in st. louis with the st. louis cardinals as our partner so it's a way for us to create so it's an avenue of growth for us but it goes back to your point, contessa, it's about the experience >> i know that you're not one of the operating heads of the new york giants but they've had a long stretch of disappointing

seasons. people are saying in this town that the coach is on the hot seat, the general manager is on the hot seat, i would like to get your thoughts on that and what changes might be coming there and also some thoughts about eli manning who will be back in the lineup this weekend is this his swan song this year >> there's four games left in the season as a fan and a co-owner it has been very disappointing. this is not the venue to discuss what happens when the season ends in late december. there's plenty of time and there are others, one of us that has the same last name as i do and our partners, steve and john will have those conversations, and they will take into consideration all the issues when it relates to eli there's no finer family than the manning family and eli is a first class guy. he'll be back on the field in philadelphia on monday night and we'll see what happens to his

career when the giants season ends in a couple of weeks. he'll be able to show us he's a first class person and he's the classiest act around and i'm sure he'll go out there. he's been training all season long he shows up at every practice. he participates. and he will be there monday night ready to play against the philadelphia eagles. >> i would echo what you just said he's handled this whole situation with real ac ecplease is up next.

thanks for watching "power lunch," everybody. contessa, i'll see you back here tomorrow "closing bell" starts right now. it does indeed good afternoon welcome to the "closing bell". 3m down 2% after the ceo gave a bearish outlook on china on the topic of cline the markets were higher now they are lower. uninspiring headline from dow jones in terms of negotiations between u.s. and china on farm products we'll have that headline in a moment we're flat let's see if we close above or below. i'm courtney regan let's take a look what's driving the action the u.s. trade deficit dropped to its lowest level. new report u.s. and china are far apart on siz