discretionary and health care on pay for its highest close suns october 2001 there's a lot of perpetual pollyanna-ishness maybe for a reason we're waits to see if there's some solid we'll see what happens. "closing bell" starts right now. welcome to "closing bell." at the kohl's post, shares down more than 7% it's an ugly day for retail, but not carrying over to the rest of the market of we have a rally on our hands, with 59 minutes to go. >> and i'm are i'm wilfred flos, pressure off stocks, as we wait on the dow 29,000. china confirmed it will sign the phase one trade deal, and a report that apple is see strong sales, , coming up, a first on

cnbc interview with iac chairman barry diller we are higher be 0.8% on the doubt stephanie link is here with us. good afternoon. >> thanks for having me. good to see you as always. we shall rule off all the major at least, owned now that they seem behind you are they're rallying and rallying hard apple is so incredibly impressive if that really is the case, we have up side to numbers for

apple, and i think a lot of analysts will have to raise estimates. it's a great leadership group. it really is. >> apple up 5.2% so far in 2020. let's fog focus in on the big stories. we're looking at what wall street is says courtney has a read on retail. mike santoli has his market -- >> and if you're wonders what got us to the doorstep, not quite, it's very simple. it's big-cap technology stocks >> apple a good part of the reason, moiismt the secondmost important, and, of course, a suite of semiconnect or stocks like nvidia. tame, re that mean reversion trade? center stocks rallied, why

they were greatly beaten up. that's not been changing oil stocks are resuming their downward trend if you don't get fundamentals behind it, the price will come down guys, back to you. >> bob, thank so much for that let's focus to the banks, there's been a absolute of notes ahead of next week my main takeaway is the where. they're not quite as positive as they may seem on the surface but the former seeing only 16% up side. the latter just 10p% bar calculation upgraded, but did down yay wells fargo

the most significant becoming happen rfrgts haw upgraded. >> that price target as lower, though, at 260 as rates have risen, outlook for the sector is now not bad. that is, as opposed to outright bullish. it's possible that net income year over year could be flat and from late august, the kpw index has soared up some 25% some of the titles of these notes suggested where two, three years ago, they were still a cheap, but it's not like the outlook is incredible. >> it's like they like them, but don't really like them i wouldn't buy a stock if i only

had 5 or 10% up side portfolio managers are still underweight, banks in particular i think you can pick away. if you see a pullback into earns, because they have risen so much, i think a new position for me is ing. they actually have more improvement to come. they're way behind the eight ball i notice you'll fight me on that. >> 0.2 times per book value. >> that's pretty darn cheap in my opinion, but i think there's opportunities in space >> very quickly in the short term goldman is up, and their announcement of restructures hag taken well. >> it's an easy story to like. i have a catalyst, and this is changing it's something you can easily

get behind i think morgan stanley that is lagged i can easily see why people would choose goldman i wonder if we get a sell on the news. meantime, a slew of retailers are move lower courtney has moore mast mastercard says sales grew 3.4%, so far retailer reporting sales declines kohl's disappointed after weakness in women's. j.c. penney, down more than 7%, l brands do you 3% victoria's secret down 12% macy's holiday sales, those fell to 0.6%, which is better than expected, but still a decline.

costco's december comp sales did nick 9%, a good month after a good move, buttent analysts say shares here are pretty fully valued, right in and out up only about 2%, after the numbers, which seems to suggest the street is listening. let's get to plik. the market has been moving through perhaps the stages of grief. maybe they're moves through denial and bargaining here look at the chart showing various segments, online and market cap weighted, kind of big box dominated, and xrt is kind of the equal weighted version, can reflects more the experience i think of old-chain retail. this is a three-year chart, basically no up side naturally online doing better. that including some payments, of

course the r.t. is dominated by the like of home depot take a look, though, at this, as just how the market is values these different types of companies in a very dramatic divergence i i picked an extreme example. shopify has an enterprise value. up more than $45 billion. that is more than these four combined this is enterprise value that including a significant amount of debt. these stocks have $70 billion together in expected 2020 sales. so the market is basically saying a lot of those sales over the coming years are just going away to other parts of the industry and the likes of shopify, allowing people to pop up a store online. might you want to bet these guys are going to decline slower, they trade 0.1 to 0.2 times

expected revenues? perhaps so, but that's a tough trade. >> i always find it interesting, if you really want to play retail, you really have to do your homework. for there's an average going on there, is that the way to play it >> i agree with you, courtney, it's probably an inefficient, very blunt instrument. to its more a -- but you're absolutely right. the huge guy with scale. >> the dow stands at about 65 points away from 29,000, up 0.7% on the day with 51 minutes left in the session

former uk chancellor philip hammond, who is many a former foreign secretary when the iran nuclear deal was signed, he will join us to discuss tensions in the middle east. plus gold hitting nearly a seven-year high this week, coming up a look at the precious metal when we're joined by tom palmer the data tracker here, this is the fourth rahteey stig wkl decline, and "closing bell" will be right back.

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47 minutes left in the session. shares of helen of troy are high after reporting an earnings beat they also raised its 2020 guidance, it's up 3% retirement and insurance company voya financial is jumping on the report it's likely to explore a sale rumored bidders are aig and the stock is up. "wort odd street."

bare down grading it, and a warning that there's a -- says it's moves to the sidelines given the outperformance over the last year. shears are down more than 1%. bullish on snap by a couple. star becomes getting a jolt. the firm's citing cup sales growth as well as unit growth in the u.s. and internationally it's up 2% stephanie, it's richly valued, but there was a bit of a pullback that softened the multiple a bit. >> i like it but i can't pay 28 times forward, even though it's lagged in the fourth quarter relative to its peers and other consumer discretionary names like the company, like the ceo, the initiatives both here and in

china are impressive i feel like it's like costco, i can only own a few of these expensive companies. i wouldn't say sell it, i just can't buy it here. >> what a name like snap in union years 177%. i know, i know brian, he's a great analyst. i'm surprised, rpu is a bit of what facebook has, right >> average revenue per user. , so there's tremendous opportunity if they can control costs. it's not my kind of name, but i did buy twitter, put it back in the port joel i don't. that's much more palatable on a valuation basis >> twitter up about half a percent. we have just under 45 minutes

before the end of the session. coming up philip hammond discussion brexit and the health of the british economy. and the ceo shake-up at expedia, and more on match, with iac chairman barry diller. do you have concerns about mild memory loss related to aging? prevagen is the number one pharmacist-recommended memory support brand.

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joining us is philip hammond, one of the signatories of the iran nuclear deal in the first place. thanks for joining us. >> good afternoon. given your background, of course, as a clear morer of the original iran nuclear deal, do you support the recent assassination of general soleimani and escalation of tensions with iraq >> the jcpoa was a sing of highway purpose deal tell we did the deal, we were told that iran was just months away from a nuclear weapon judged on that criteria, the

jcpo haismt has successful what it hasn't done and what it never expected to do is iran sponsoring terrorism in the region, to stop iran destabilizing the neighborhood, to stop iran being a sponsor of militias in countries around the meet soleimani was clearly a key figure in those activities these are two completely separate issues. iran's day-to-day behavior in the region and iran's he they said to see deescalation if thinks were to escalate for one reason or although, should the uk back the u.s. almost regardless

they ver longstanding and the default position to want to support any action, but we also like behind the scenes to try to persuade -- to let's have one more try at avoiding the need for action actually what i have seen in terms of the rather calibrated iranian responsibilities it does feel, to me, as though we're in a somewhat de-escalateory period this is his about iran's nuclear program, than it is about iran's behavior in the region.

>> if we may shift focus, can we talk a bit about brexit and the progress towards this very historic move? that they still see result of following through with this very big action >> it's clear that the government will now complete the process, and we will leave the european union on january 31st, but in practice, there will be no immediate effect, because the transition agreement that we put in place the year before last means that will carry on so the question becomes in a race against time, will it as to negotiate any kind of effective

trade deal it is europeans have been very clear that they think the time scale is too tight. >>ology it's very much in everybody's interests that some kind of trade deal is negotia d negotiated. going back to -- has given a couple -- fairly downbeat, most people would say about the uk economy, but he said it could be tricky for the bank to ever return because of the perception that it's increased in equality. do you sxep that it did increase in equality?

because but it's very nature, q.e. has bigged the -- i held very unequally there is no doubt that q.e. has been a contributing factor, and that is that is undoubtedly one of the factor factorsty moment. i think it's absolutely right that a government in the central bank in the future, uses q.e. as a response will want to think very carefully about the longer term impacts on district bugs of wealth within the uk economy >> mr. hammond, i wanted to finish, if i may, by asking

about their royal highnesses, the duke and duchess of sussex i'm sure you've been following the latest i wondered from your position. >> if that are sbejs is to significantly monetize who they are, whether they give up the sovereign gra sovereign grant or not, will that do significant damage >> let me, first of all say, i think there is quite a current of opinion not only in the country, but also within the wider royal family itself, that over time the focus needs to be narrowed down, so that it is the immediate line of descent that is the focus of the royal family, and the more distant members of the family perhaps

take a lower profile role over time i think what the duke and duchess of sussex are proposing actually fits real well with what is probably the prevailing current anyway what's ruffled a few feathers here has been the manner of this announcement being made rather that i think so much the substance of it. on the second par of the question, it's very commendable for somebody in their position to say, look, we want to make our own living, we want to make our over way in the world, but it is extremely difficult to do that without provoking exactly the kind of reaction that you have just set out there, that this is somebody seeking to capitalize, to monetize on their position i think that's a very, very fine line to tread.

while, you know, i wish them well, i think they are going to find it very, very difficult to go out into the world and earn their living without provoking exactly those kind of accusations from the media and public opinion here in the uk. >> mr. hammond, always a pleasure to catch up thank you for joining us >> thank you nice to talk with you. coming up we have your last chance trade >> and we'll speak exclusively with tom palmer. as we head to break, here's a check on bonds

we have less than 30 minutes left to go an easing of tensions is taking pressure off stocks, as we wait

on the do you 29,000 china confirmed it had sign a phase one trade deal in washington next week, and a report that apple is seeing strong sales in china, and that helped the nasdaq cross 9200 for the first time sue has the update. house minority leader kevin mccarthy slamming house speaker nancy pelosi and democrats on their plans to vote as will as plotti's continues efforts >> we're in our first week back in session in a new year, and the majority is only focused on two things, first stalling of their self-described urgent impeachment. secondly, blaming american for iran's escalation. >> more cases of vapinging illnesses and injuries have been reported the cdc says ago of january 7th

there's been -- at least 57 deaths have been reported in 27 states and washington, d.c and the british tabloids are criticizing pretty harry and megle markelle to step back from their royal duties meanwhile, the queen and prince charles has directed their teams to find solutions to the situation. >> it was pass nating what philip wham had to say. >> he's had quite a lot of impact on the sovereign grant, so he knows a lot about it

too. mike has a second look at the dashboard. >> take a look at the six-month chart of the nasdaq is 00, that's large growth stocks by stocks plus appear 8 what you are looking at against the industrial, the dow transports and the regional banks index is we got liftoff in the mega-cap growth stocks as a matter of fact the last three weeks or so, there's been almost no net progress in the industrials, in the transports, a bit of giveback in the regional banks what we had initially was the market sending a message of saying we're going to price in a reacceleration but there has been no wholesale move toward more cyclical and value stocks, at least in recent weeks. we have this initial push of new money. it's really disproportionately finding these huge growth

momentum-like names. >> nasdaq does tend to outperform the s&p, but perhaps there are markets, and big-cap tech might be getting overheated. we're going to look at gold right now. it is trading down just fractionally the commodity did hit highs earlier this week, touching levels not seen in nearly seven years. joining us now from denver is tom palmer, the ceo and president of newmont >> good afternoon. we've had a busy holiday period, announcing before the hole dales, a billion dollar buyback and significant increase in our

different this week. what both of those announcements do reflect our commitment to return long-term value to our shareholders at the confidence that we have in the future cash flows from our business we have a set of operations across the globe in some fantastic locations. we have a project pipeline that's second to none, and a reserve basis for gold that underpins that confident in generating cash flow for a long term weft to return that cash flow to our shareholders >> tom, the gold prices have had a nice run in indeed the last nine months or so. what's your rough cost such that does a move in the gold price really matter to you

we're generating robust cash flow at $1200 and run our businesses with a discipline that it's an $1200 so at such levels we're generating positive cash flow. >> i was interested you chose to do it via different, because on the surface of it, i wouldn't have thought that once exposure to gold they actually want to generate income, but almost a head to income-generating assets do you have a close idea of who your shareholders are? everything. >> we're the only gold company that sits on the s&p 500 in terms of the transactions that we completed last year, we

have established a business that has a steady profile forst for the future to come we have an industry leading dividend in gold that can appeal to the general investor who sits particularly on the s&p 500. it was about another investment alternative to folks who can see the stability in our profile, have an exposure to gold and have a yield thats well and amongst our peers in the s&p 500. >> tom, when we were introducing the segment, we talk about the recent run that gold has had, as we look at it as a safe haven. what is your outlook for the price of gold? what does that suggest that we're saying about the world, whether a geopolitical comment, or a comment about global growth >> courtney, i think the recent geopolitical tensions have certainly strengthened gold, but the gold rice you talked about over the last year or two, the

fundamentals are underpinned by a slowing down in mine supply, the producers of gold. we've certainly got the growth in the middle class in klein and india, looking for that demand for gold you're starting to see gold-backed etfs grow. they reached a peak last year. the fundamentals are pretty strong geopolitical tensions certainly compound then, strengthen them, but the fundamentals are there we're confident that gold can stay at pretty healthy levels. we very much focus on running our business with dids reply at a $1200 gold assumption. >> tom, thanks for joining us. >> thanks, wilfred. stephanie, what's your take on gold? >> this stock is up 50% last year, i can't believe i didn't catch my screen. i'm embarrassed to say i don't own any gold, but this is blue chip it also has the integration

efficiencies that they have come out. $500 million in save savings that's going to help catch flow, which drives dividends and buybacks it's a great story, i don't know why i don't own it, and i'll keep an eye on it. >> good interview there, tom 21 minutes left in the session, and shares of katie holmes soaring that's coming up on "closing bell." ♪ ♪ ♪

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time for last-ming trades. what are you looking for, stephanie? amazon facebook was up 50%, apple up 100%, so i'm playing a reversion trade, if you will for 2020. you usually want to own amazon when it's a non-heavy investment year last year they spent more than expected as a result they didn't have operating leverage i think margin will upside surprise holidays sales were up quite good i think they'll do multiples of that growth, and then on aws, as you mentioned, they have already done a lot of spending, so i think they'll still spend, but not as much. >> sothat's on the fundamentals, but what about the multiple clearly all those others facts, they are much more stretched, city

it's a totally different ballpark i think the total addressable market for amazon is so is strong i think it's for all the fangs, quite frankly. i think the same thing will happen it amazon mate not a.w.s. as much, but something else i think you can't discount that and count that out this is the last commercial we're going to take, and next is uninterrupted coverage of up to the minute trade. and then we'll have barry diller here. as we head to break, here's a check on the major averages.

we are high by 1200 points on the dow. as a reminder, you can always watch usiv le on the go on the cnbc app we'll be right back on "closing bell." when it comes to your customers' expectations,

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and you should be mad your smart fridge is unnecessarily complicated. make ice. making ice. but you're not mad because you have e*trade which isn't complicated. their tools make trading quicker and simpler so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today. just 12 minutes left in the trading day. we are not in the market zone, commercial-free conch of all action going into the close. >> mike is here to break down the trading day, and we are set for three record all-time closing highs, as we stand let's kick things off with apple. that josh lipton has more.

hey, josh. wilf, apple moving higher in china specifically 3.2 million phones in china through december, according to cnbc calculations using government data some analysts think iphone sales could accelebrate as we approach the end of the new year. jeffries raising its -- saying that apple saw a strong finish to 2019. >> mike, we discussed this a bit with stephanie before the show the momentum continues year to date it's sort of limitless, literally limitless, it schemes accrues a it's already, what,

1.4 trilli$1.4 trillion market p somehow it's still responding positively to things like records of good fundamental sales in china >> the south side and the buy side everyone's getting -- >> that's right, you do. that's obviously very under-appreciated at this point. yes, you're starting to get people reaches it's pushing 5% of the s&p 500

it's very overbought it's much more reasonable in that sense by it depends on the earnings, the growth so if you think it sees an acceleration >> relative to its own history because of margin of the through -- those were one of the hot items, but overall the season was defined by winners and losers. costco saw december costs rise also kreismt off mary dylan, she discussed the changing retail landscape. >> the thing i will say about hole days, we've seen consumer

shopping patterns continue to evolved. retailers who are set up well to have a great in-store experience, online and the channel. we are set up to do all of that. that was very helpful for us. >> stephanie, with he got the early rates say the -- the numbers we have seen so far have been a little uninspiring. this is really a stock picker's part of the market i was buying it in the 80s, costco, i tell you this all the tame they're in a position of strength wall mortgage doing all the right thing, so you have to pick the right stocks, companies that are investing, or they already have invested and starting to see the benefit. the department stores, they have a way to say go on the investing side of things. >> we'll see people trying to pick up some losers on this

thing, there's got to be an upside >> i did a scanning, just looked baked on this year's price-to-earnings ratio. you're relying on some kind of turnaround, because otherwise, the comeback stories are hard to make persuasive. if macy's stabilizes sales, it's a huge win, because that's how cheap the stock is >> we're up 0.6% on the s&p 500 and nasdaq up a bit higher than that amd trading higher after an upgrade to buy the firm admitting it missed the rally last year. but the chip maker still has room to run.

mizuho pushes to -- and for the stock, i mean, mike. it's not been as clear a start to the year as, say, an apple has. >> there's been a bit of giveback, and i think there's been a higher rotation into software and things like that forced to have a decision point of saying, do i raise the price target and i have to kind of surrend to it i think more are saying let them resident are you going to pick specific

names? >> i would pick specific names it was up 0% i think the autoexposed still have up side i own that one as well i think broad com has lagged as well, so yes, there are places you can buy. at the same time i am trimming lam research we are going to get earnings result from kb homes seema mody has the record for us. >> suntrust thinking that kbh is better positioned for order growth raymond james calling it one of the topics

they have trailed the broader market over the past three months analyst also -- have constrained the housing sectors. back to you. to the rally we saw mostly last year, the economy government is kind of imperfect for these guys every tightening job market. there's a piece that hasn't worked quite as well, as to whether you can actually make that a positive, obviously >> when you look tess new home builders, or do you want to go a home depot or lowe's >> you read my mind. that's exactly what i was going to say home depot had fallen,

and i was buying more. i had owned it i really didn't think the quarter was that bad if you just for things, that's pretty dash good theechd a nice recovery so farther. we've been three minutes left we're not going to quite hit 25,000, but we'll have three record closes. mike, what have the internal been looking like? >> this has been a theme there's a quite the level of profit-taking and dijesting going on underneath. volume volumes almost even. one could say this is kind of the best of both worlds. the profit-taking happens below the surface, but that could be a divergence the s&p 500 so far trailing the

market cap related it is criming higher in a calm way, but that's been relatively stubborn >> we saw a lot of buying of treasuries both of that buys hit around 1:00 eastern, when -- had its auction, $16 billion it affected the entire curve year to date, it feels like a penny higher, and bertha, boy, big tech is putting nasdaq leader of the pack >> it's all the usual suspects, getting us right there at 9200

if it closes bottom that, that would be an all-time high close. facebook has been one of the longest ones to get back >> meantime they moved higher dat one of the winners, it's gotten an upgrade. invision line maker gets -- also beyond meat, the ipos continue to find -- home depot and boeing especially a big help in the middle of the day, moving on the up side. we noted earlier a big rally in oil stocks, dropping in the last few jays schlumberger went --

and a big rally has been stabilizing in the last few hours, so oil stocks are also trying to find a new level there's the closing bell -- also just shy, but again, new records right right across the board if you're just joining us, i'm wilfred frost. >> and i'm courtney reagan all of the sectors were high led by energy and financials

coming up, a first on cnbc interview with barley diller you're going to want to make sure to stick around to that still with us is stephanie link. still a nice little run here, as thinks mideast tensions cool down to me it was 9,000 on the nasdaq 100. finished just below it as well that tells the real story of what has -- the big five nasdaq are now 4 trillion in value.

>> i think the credit marks are very strong, but it's disproportionly at this point benefiting the ap. >> to mike ace point, if credit is still strong, can we continue to rise the current momentum? i think you will get a sign. that hasn't always been the case in the past. they're worried we're in this momentum-driven market does it worry you we have so much concentrated focus on these big momentum names here? >> again that's the point yeah, i am a little concerned.

the question is, in my mind, how do we react to bad and good earnings if caterpillar misses, lowers guidance i think we're in a spot until we start to see earnings, we're going to drift up. baas the tensions in ran kind of alleviating. but then it's going to be all about earnings and reactions >> the setup is heart. >> exactly so i do thing that it's going to be more different to really have that better than fear type of

dynamic than we had in red quarters it's not principally an earning story. whether it turns out to be right our not, i don't know. cfos are interthe new year on a cautious note. most cfos believe at the slow in 2020, resulting in a downturns 77% also say the stock market is overvalued however a pessimistic attitude is a ig only -- it's that theme that you hear there, it's just city perfectly constructed,

provide provided it still has the betts alternative attraction. >> and it's also consistent with what we've been seeing the past year or so, which is this bifurcation in the economy reflecting weaker cfo/ceo confidence has been the weekend and slowdown in cap ex and we, for now, everything, have that healthy dividing line, depending on whether you look at the bifurcation or surface terms. and it'sing our view that the play you would see any morph in but obviously leading into tomorrow, so far so good on the labor front.

perhaps it was the trade deal uncertainty preventing business investment from happen materially now that this seems to be coming, well, will that spur more business investment >> i don't know. i hope so. but i thought it was interesting that the survey said -- if anything i think they're starting to go the other way, at least globally green shoots really primary, but in europe and china, the data is a little better. >> initial claims, and -- so, i don't know i hope we get to see better business investment, but i'm not so sure. so it wasn't before you got the certainly of a trade deal, and the other thing, cfos are kind

of paid to work. so all that being said, it shows you a reserve of caution by the way, corporate have not gotten crazy in this cycle you would expect them -- >> buying other company with his their shares >> very good context, for sure liz anne, you came out with your report recently, and that -- >> well, we've had an overweight large caps, which in our case uses the s&p 500 as a benchmark for over 2 1/2 years right now one of the things that small caps have going for them right now is that benchmark is a pretty significant valuation the problem is almost no other

fundamental supports a breakup, if you look at profit margins, small caps, much higher costs of goods sold, if you think will larger companies that have actually had interesting rates many of these of and they could be a nimble as other companies and a much higher percentage of so-called zombie companies, so you add the fundamentals, it's still in a large-cap bites >> for all of us and the records we continue to get, the russell is 12i8 it's not that typical tism we're talking about the things

we are concerned about, and things like that, that's smaller companies are less able to absort that. thank you both for joining us. back in october iac charm defended mark zuckerberg's position to allow political adding. >> how do you prove a lie? given most of these commercials in at the tiff advertising are filled with exaggerations and things i think he's completely right, he's become this poster boy, and i think of the services of all these big services, facebook is really the most benign. up next e. we'll ask him about facebook's new rules and if he's still standing by the

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♪ ♪ ♪ ♪ welcome back iac slimming down its portfolio, and spinning off its stake in match. joining us from c.e.s. is julia boorstin with barry diller, a first on cnbc interview. hi, julia. >> reporter: thanks so much. thank you, courtney. iac barry diller

thank you so much for joining us here from ces. >> tell us about what that move says about your sense of this digital video subscrips space? >> it doesn't say much about the space it solicit we found that well really couldn't compete >> i mean, it's not material to our company at all we just decided let's concentration on where we can make good things happen. you also made this business purchase of care.com for half a billion, what are these two deals,. >> first of all, it wasn't a

sale it was a spin-off. we create companies, we get -- and then we spin this much oaf to our shareholders. we're kind of an anticonglomera anticonglomerate match reached the same where we thousand a good thing to now be completely independent care, on the other side, which has no connection to match, you know, you think of care.com and what did conjures in your imagination, it takes care of people through technology. this is an area in which it is undoubtly going to grow enormously as the check platform gets increasing, sophistication, and a gig economy that couple times inside, so if you want somebody to take care of elderly

people, your children, your dogs, whatever, any kind of care, this is the most efficient platform to do so. we think it's a great area for us hopefully what will happen is it will grow and grow, and then we do what we do with everything, spin them off -- or everything of real value. now, you have completed this do you think it would prove to be a real asset? >> why would that cause -- the fact that it's now in the hands of our shareholders rather than in the corpus of iac doesn't make a difference. i would never discount any competition. it depends on their innovation thus far they have not done anything that scares the horses. >> we just ran a clip of you defending mark zuckerberg's decision to run political ads.

we have seen twitter ban political ads entirely and google places limits if you think this is the right call, are there other steps you would like to see syncer berg takes? >> if you have basically free speech and the ability to advertise something, unless you are so egregiously over the line, you don't have any right to censor advertising, political advertising. and how will you actually do it? what kind of slope will you slide down when you say, well, you're actually going to promotional media, what is advertising? it's promotion when you promote, you tend to exaggeration most political advertising is negative. how will you vet those it's impossible. what this country should do is get rid of all advertising for

politics we should have a system where in fact the government subsidizes getting the message out. we have so many actual -- so many arenas of communication available to us that why not simply set aside x amount of hours or days or weeks, i don't care, it would be far less than the irritation of being bombarded by political ads, and simply have essential free elections, free messaging from politicians, and do away with the circus clearly i'm not a television station owner, but even when i was, i advocated this the idea that you have money in politics is simply crackpot. when you think about the idea that our elected officials would spend the amount of time they

spend trolls out for money to it is their message out, when we have so much available for inventory of time to get the message out, it seems nuts to me, and has very, very bad consequences. >> mayor bloomberg, what do you think about his entry into the prais race >> i'm not only very fond of him for a long time, but i think he's a totally credible candidate. he hayes a relatively narrow it, because he's starting late he's not an obvious choice he has a narrow corridor if he performs at super tuesday, then i think he's -- first of all i think he starts as the real deal. i can't imagine, in contrast to what we have today anybody better to conduct the affairs of

this country that is mike blo bloombe bloomberg, in every day, decently, smarts, a great examine ectiff, fantastic tread report. >> i don't criticize them. the truth is that they're a monopoly when you're a monopoly, great. the only thing that comes with monopoly -- like with great wealth comes great responsibility for the people who department on it, that's often problematic i think there will be appropriate either

self-regulation or real regulation is inevitability. >> i have to ask you also about the streaming wars since you were last on cnbc, we saw the launch of disney plus and apple plus we're good to do the apps supporting peacock, and jeffrey ca cat zen berg you've known for a long time. >> it is so many people who have the means would rather watch streaming television than they would linear television, which is basically cable so that track is inevitable. as far as who's going to win, look, netflix has already won. it does not mean there could be other winners, but if you define

winning as binary, win/lose. netflix will not give up very much of its lead, if ever. they're just so far ahead, and the amount of money that he they will put into production, it's just not possible to compete with them, i don't believe nevertheless i think disney has done a spectacular job in promoting its service. >> what about the ones who have let to launch? >> well, nbc, peace com, comcast's idea of ad support is different than subscription pay, and i think it's a smart idea. first of all it takes a lot less capital intensive, less investment given that the ad load is much less than on broadcast television or cable television,

i think that that's a very good scheme i'm optimistic about that. >> i can keep asking you questions -- >> what i do think, one thing, that i've been thinking about is that on we're going to be pretty disappointed in the output of this, because the truth is the workers are getting tired. >> you mean of the content >> the actual programming. we are got to have to expect less there is so much pressure on what is relatively small, creative community, that the pressure on that, just a drain of pushing it to the extent it's been pushed is going to redue quality. we've had kind of a i think it's

going to go down from here. >> so it meeks a reduction in quality? >> inevitably. i could keep asking you questions, but are going to tour the floor. thank you for talking to us. wilf, back over to you. >> and julia, thank you as well. we have an earnings alert. a beat on the bottom line, but revenue came in weaker than expected 392,500. the earnings call starts at 5:00 fm we'll get a sentence of how the company is responding to permanent delays and labor shortages, the stock down nearly 38%. courtney, back to you. >> that's interesting.

it has done well, and. >> that doesn't necessarily mean a mixed issue at this point, but again, we're talk about this a lot. >> you're going to have to eventually say really beating the whisper number. well, up next we'll break down the charts to say whether this mars is starting to like overvalued. >> and find out whether the phase one trade deal with china is alleviating the terrence, when we speak with the new ceo of the footwater and apparel organization so we can spend a bit today, knowing we're prepared for tomorrow. wow dad, do you think you overdid it maybe? i don't think so... what do you think, peanut?

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welcome back let's send it over to mike for the third install of the dashboard. >> maybe an altitude adjustment. this is a long-term chart, this is in heavy rotation right now it's the enterprise value of s&p 500 companies, compared to ebitda, which is cash flow, a brought kind of way of reporting

cash flow. it's basically back to 200 that was not a good time of pushing fresh money into the market this is clearly a relatively comprehensive way of thinking about -- what's ebitda earnings before interesting, taxes, taxes and amortization. you have essential a lot of they falling down, and perhaps staying that way simply because tax rates are lower. so we can make that adjustment, and then they're different, a little more growth, a little more technology. but it's probably not quite at that extreme where we were. >> what's fascinating. it's the 2007 or so peak, so far

below the -- >> it never got expensive. why in part? financials in centering were tremendous weightings in the indetect >> would the chart look in similar shape for that >> actually it would be a massive spike up here, and then probably more like that. that's basically the adjustment i'm talking about. >> mike, thanks so much. coming up next, the phase one trade deal set to be signed with china next we're. we're joined elulyxcsive by steve lamar. we're back in a couple minutes i can. the two words whispered at the start of every race. every new job.

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hi, sue. hello, everybody a senior iranian commander says iran's missile attack on u.s. targets in iraq were not meant to kill u.s. soldiers. he says that they were meant as a lesson to force u.s. troops out of the middle east he said iran could have killed 500 american soaks, the

popocatepetl volcano east of mexico city erupted today. mexico raising the alert levels surrounding that volcano due to the increased activity fotis dulos is out of jail on a $6 million bond he and his attorney walked out of the court hose today. he is now on house arrest. buck henry, considered a comedy icon, was a ten-time host of "saturday night life" and created the spy spoof "get s.m.a.r.t. such a talented guy. >> a lot of big icon -- almost 20% today after recording dismal third quarter results yesterday. while kohls, the 2020 might tell

a different story for retailers, as uncertainty over a trade deal with china hangs in the balance. joining us exclusively is steve lamar. steve, thank you so much for being here with us we have spend much of the last year or so talking about tariffs, and the retail industry by and large i think most of them dealt with it fairly well the consumer held up were they really that bad? even if they get lifted now, did you that provide a tailwind? >> the phase one deal gave us some relief but it's very lifted re -- all tariffs, we'll be pays them the first day off the face one deal was intimated

>> you mean all the ones from the 1930s? >> for sure those, so 25% for your handbag, 25% for your wallet right now it's 15% for most apparel. >> so when you talk to your members, we often look at the big retailers. and they told us as much to figure out how to mitigate these nicks. so just, for example, if you're a walmart and asks procter & gamble, to takes on that increase, so is that really where the pain you think will continue to be felt? >> we paid $20 billion in tariffs. so this is real money, it's not pocket change. it's going to be paid by somebody it's paid to the u.s. government, so uncle sam is still taxing us to get dressed

every morning. people are being creative to try to mitigation a lot of the tariffs. as these tariffs continue, we expect to see those prices may increase or we may begin to see the tariffs build into the cost of product >> what was your assessment of theholiday shopping season with we seen quite a significant drop-off >> i'm hoping the momentum will continue the good news is people are back at work. those who didn't go to the stores went online i think the lesson is that price matters, it still matters, and convenience matters. we saw a great deal of e-commerce more and more customers are looking for e-commerce as what way to -- fashion desires. >> the numbers don't look all that inspired. you would say they're all down, but mastercard says total sales was up 3.4%.

>> i think we're hoping to see that continue. i will say there's a lot of uncertainty. the budget deal, the phase one deal announced again some relief, about you we're looking forward to seeing those details. aside from changing -- there has been a theme running through the aparity in particular han a declining category. there is a lot of repurposing

retail are we buying too much a lot of interest in consumers for sustaining more options. we'll see, you know, continued strong sales >> steve, thanks so much for joining us. >> thank you. good to see you. >> you bet. u% making the changes to fare rates the details are coming up. at fidelity, you'll work with an advisor

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all working to navigate california's landmark gig economy war. dee, what's the story? >> yesterday governor cuomo called it abusive and must start now. new york taking up the cause is especially bad news for uber it has a far greatest presence on the east coast and

particularly in new york, one of the largest markets. this has been the potential, of course, to cost more time and money, just as they're trying to figure out how to get to profitability. wilf >> the app changes that are being made how effective are they in helping the companies navigate it in terms of the bottom line, as opposed to just the functionalities? >> that's a good question. it doesn't automatically make their independent contractors employees. these are changes that affect us, the riders, also the drivers, so things like scaling back the rewards programs. remember, the uber, lyft, door dash and others have been relying on the subscription revenue to cut down on cash, now uber having to pull back is not necessarily good they also cannot give you an exact pricing. they have to give you an estimated range.

there's so much going on here in california that we're likely to see the changes, and certain lots of lawsuits as all these companies try to figure it out boeing shares rising on fresh reports that the ukrainian jets that crashed in iran this week may not have had a mechanical mishap after all. the latest, ahead. coming up, the dean of valuation is back. he'll weigh in on what to expect this earnings season in a world where everything gets a sequel.

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on new reports suggesting the ukrainian jet may have been shot down. phil lebeau is here with the latest it appears based on evidence, satellite data, that surface-to-air missile just outside of tehran did shoot down the ukrainian airlines jet iran is disputing that conclusion keep in mind there were 63 canadians among the 176 victims. today prime minister trudeau said they want acts to the black box.

>> the iranian authorities say they wish to keep the blacks boxes in iran, but have indicated to president zelensky in ukraine that ukrainian investigators would have access to the block box. >> the reason the symptom has moved higher, a couple days is there was initial kayition that it might have been a mechanical failure, so there was a bit of a relief rally there it will be interesting to see what happens, under international law it's supposed to be turned over so people can have access to the data, but it is owned by the country where the accident takes place, so iran can hold on to it, though increasingly pressure is mounding to give others access. >> the black box wouldn't necessarily contain the clue that it was a missile strike rather than season -- especially if it was senateius, it may

contain nothing of the sort. >> well, but it will confirm a lot of things is if you see a complete shutdown in all telemetry, based on all the information that typically comes back, that would be further confirmation this gets to the issue of whether or not iran will allow the canadians, the brits, anyone who had victims on the plane, will they allow access, or are they just basically going to say, nope, we don't want anybody coming in here that will be the tug of war over the next couple days. >> phil, what about the airspace over iran right snow in are commercial airlines saying we're not flying right now >> remember, the f.a.a. basically said don't fly over iran, there's a couple other middle eastern countries where they said right now it's too dangerous, don't do it what you have are 90% of the

airlines will not fly over that airspace keep in mind there was a plane level from tehran to kiev. there's a number of carry respect who have flights in and out of iran, most of them in the middle east. they continue with their flights. that's also part of the story, that increasingly people are saying, wait a second, iran should have said stop ought flights at a time when the u.s. had launched the missile strike in iraq, and then you had the response from -- or the missile strike was from iran into iraq then you have the u.s. and the drone strike that killed the general, so you are all of these conflicting things going on. that has people saying they should shut down air traffic, especially at the major airports phil, thank you very much. still ahead we're counting down to jobs and payrolls we'll explain, when we return. ..

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♪ ♪ well back. send it to mike for the final dashboard of the day. >> from recent months there's been a so to speak separation anxiety about the separations involuntary layoffs of workers there was an uptick in jobless claims there was the fewer four-week moving ample of unemployment claims better than expected, which is to say lower than expected, it's calmed down the four-week average. you can see the makings of a potential bottom in the chart. but it's subtle. really what's going on is it's sideways at historically low levels of unemployment claims which is a positive thing. you have to stretch it back to 1970 as we always point out right ahead of a recession you normally get a more pronounced surge. this is not part of the economy that yet merits a whole lot of worry backup but of course the real jobs is out tomorrow for december. we'll see if job creation can also confirm something like this. >> every time we look at this chart i'm reminded how long this has gone when you see the downtrend.

>> such a persistent steep downtrend. >> we'll see the big number tomorrow up next the wall street look ahead and the key things that every investor needs to watch as we head into a new trading day when "closing bell" comes right back ♪ ♪ ♪ ♪ don't get mad. get e*trade, dawg. now you can, with shipsticks.com! no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call,

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squawk on the street, 9:00 a.m. eastern tomorrow >> here is look at the "closing bell" big board. the major averages finished the day at record closing highs. the dow shy of the 29,000 mark leading the dow today, goldman sachs, apple and coca-cola meanwhile walgreen's wahl dpreens down more than 2%. >> looking ahead to tomorrow the december jobs report due out 8:30 a.m. eastern time meantime big data predicting the key number opinion and steve liesman has the angle on prediction on the number tomorrow. >> the wall street forecasters look for a modest cooling in the job market but a new data sears from bank of america using big data looking for sharper slowdown process here is the numbers wall street looks for 160 k, a cooling from 266 in november unemployment rate unchanged at 3.5. average hourly strong at 0.3 ing ando strong adp report for

the private sector bank of america has a new model forecasting private sector job growth from customer accounts at the bank and here is the number b of a model looks for 54,000 compared to the 160 k for the street process to be sure not even b of a relies not on this data it's a model. dragged down by the big data series early days for the promise of big data to give a clearer picture of the economy the fed and bls experimenting with it but over time big data should provide it in realtime, wilf. >> interesting, steve, we always falk in interview was brian about their site on the consumer but normally in just the sort of retail sales data. we doesn't often bring it up what are the details behind the data and how accurate it is. >> it's taking time for the modland to be twekd and work

over time. there could be geographic call it deshzs. lets say b of a is not strong in the midwest and there is adown turn in manufacturing or may not pick it up or up turns in manufacturing. also we know poor people to some extent do not have bank accounts they may miss that they could also miss people with two jobs depending upon how they crunch data. so it's a part of the puzzle b of a we know has a 10% share of khmer accounts. it's a big piece but not the whole puzzle it's part of the effort, wilf we have over time to use the data out there to get a a better economic picture. >> it's interesting, steve, because you said 10% in my mind i had a 12% in terms of what. >> north of ten, sure. you're the banking reporter. >> we always kind ever use them as the best example for this because of the footprint they have but because the us banking market is still so diluted with 5,000 fdic insured banks only 12% for the biggest biggest. if you did this data for

european market the biggest bank would have 30%, 40% share. >> i think what's happening over time what i hope happens over time is we get a data did he tant where visa appear master card give us retail sales data jp morgan and bank of america and wells could give jobs data i think that's where we're going. but i'm saying early day where individual companies put it out. >> i think that's wishful thinking but i love the title of a data detente. >> i'm starting the movement now, wilf. >> there we go #data detente pach mike we did see a pop up in the close. final thoughts. >> we did not. >> not to 29 k but record closes nonetheless. >> the momentum remains in place. i talked about a bit of the noisiness below the surface. i think the market wants the jobs number good we're in fear of the fed getting to the active up std print i think that's the next thing to look for we are looking for a substantial

of the idea the economy holding together better than we thought it was four months ago. >> and led higher by tech apple continuing the charge. >> but all sectors, broad rally to record closes for all three of the major averages. we are out of time that does for "closing bell." >> "fast money" begins right now. live from the nasdaq market site, this is "fast money. i'm brian sullivan and your traders tonight are tim seymour. darren finerman, steve grasso and guy adami. tonight on fast, you guess to do more new highs for stocks. but as prices go up so do valuations especially in big tech are things looking a little 1999 out there nyu dean of valuation joins us with his thoughts plus we have not one not two but five calls of the day. the traders break down names and the wall street focus. and steve has a fast pitch on one red hot camera stock that he says has more room to run. the name and why steve is so