let's talk about the markets "power lunch" will pick it up, but more new highs, dow up about 180 points and morgan stanley the big gainer in the s&p up 7.5% you have charles schwab also doing well we'll see you tomorrow "power lunch" begins right now brian, thank you very much welcome. i'm tyler mathison and here is what is new at 2:00 on a very busy thursday. stocks surging to fresh record highs today. and even some of the most hated names on wall street are feeling the love and we'll tell you what this could mean for the rally plus it is the great retail divide, the split between the winners and losers has never been deeper. and it is not the usual names. we have those details for you. and later, the delivery wars are heating up, grubhub surging 25% in the past month, but one analyst says this company won't even exist in two years. we'll explain that as "power

lunch" begins right now. and welcome. i'm courtney reagan. another day, another rally stocks are surging, the dow up nearly 200 points near the highs of the day all three of the major indices hitting record highs in what has been an unstoppable rally and tech leading the way again, the sector now up 4% alpha get, even mastercard and visa hitting all-time highs. and everything seems to be getting love, everything that you can think of buying is going up and lately even the most hated stocks on the street are feeling the love bob pisani has some of those names and an expractilanation f. >> arising market can lift even the most hated this is called short covering where traders are short stocks are forced to cover their positions by buying back stocks.

either the price of the stock rises really quickly or the cost to borrow it might go up two heavily shorted names tesla and beyond meat have had really big rallies. tesla up 20%, beyond meat up 43%. and that is likely triggering a short squeeze that is contributing to the rally that already existed in those names they are not alone other heavily shorted names like peloton for example, virgin galactic and smile direct club have also had notable rallies in the first weeks of the year. they are all up and short covering also likely paying a bit of a factor here but not everything is up heavily shorted names like u.s. steal, hanes brand and range resources, they remain down on the year the shorts certainly are winning those particular bets, but a lot of other ones definitely losers for the shorts tyler, back to you >> thank you very much

so both loved and unloved stocks jumping to start the year almost nothing being able to shakele resolve of wall street, so is this an unstoppable rally? gonzalez bring in liz an saunders and hugh johnson. i got to tell you, i feel like this is a hall of fame edition of one of these segments because you guys and i have been on air so many times over the years going you all the way back to the early days, probably togeth together welcome to both of you it seems like you disagree based on the notes that i have hugh, you seem more cautious, though you still believe that the market has room to run and liz, you are a little more optimistic so hugh, i'll let you go first and explain your stance on where the market stands now and why. >> yeah, my caution is primarily driven by my concerns about valuation.

when i try to make the case for a higher stock price, when i look at what i think lies ahead for interest rates and earnings for 2020, it is very hard for me to make the case in fact i come out with the market being pricier over valued and the up side potential not being that good. so i think that the way that you get higher prices is what we are seeing, what is known as a melt up or we move from the so-called investment stage to a more speculative stage, move from something that is very reaction rational to something that is less than rational.ction rational to something that is less than rational and so i think that we are moving into that sort of speculative stage. and you know, when we do that, the important thing is the one thing that has been missing from this bull far get has market is optimism and i think that we will see a

rise in optimism but we have up side before that occurs but i think probably later 2020, we'll start to see that. >> and react to what hugh just said and run it through your lens and filter, that begins with the concept that all news right now to the market is good news >> well, that is just simply momentum driven market that is not me saying i think all news is good news. i actually agree from a sentiment perspective i think that is where you want to be a bit cautious never visible to be contrarian just to be a contrarian. because when sentiment gets overly optimistic which i think it already is, i think attitudinal measures are more mixed. but tracking what investors are doing, i think that we are looking at extreme levels of optimism the problem that brings is that the market becomes more vulnerable given that you have

developed sort of a one-sided trade on the long side if and when you get some sort of negative catalyst. and i don't see anything imminent, but i think that the earnings story and profit margin story could represent that as well as we've learned things can come out of the blue geopolitically as well so i just think that it is something that we have to be mindful of because sentiment has now shifted to the all news is good news nothing to see here mentality. >> and we talk about the unstoppable rally which we have been talking about and almost everything goes up perhaps it is because of short covering but either way, if you are bullish and you are long in your portfolio, can you really lose here or do you need to be careful about how you are adding to your positions from here if there could be some pull backs to come? >> i don't think that -- well, pull backs we'll have along the way and they will be unexpected events that will cause a pull

back but what worry piece or what should worry every investor is the end of the bull market remember, this is the longest bull market in history and we should worry about the start of a bear market. so again, i don't think that this is going to happen anytime real soon, but we're talking again maybe third quarter of 2020 but we could have a move -- we could have the end of this cycle. and what you want to do under those conditions, look, stay fairly fully invested, in other words, don't cut back your exposure to stocks, but put a little defense into the portfolio so stocks that pay dividends really work well in a bear market, nothing wrong with putting those stocks in your portfolio and of course value stocks and consumer staples and you ti utilities are two sectors that do well. but stay with things right now >> so liz ann, what should i do? i've been talking to a couple guys who run accounts of mine and i said let's look at rebalancing.

is more dynamic and more frequent rehe balancing wh is more dynamic and more frequent rehe balancing wrebalai should do? >> that has been our message over the last couple years which i think is generally the right thing to keep in mind. but certainly as the market swings give you an opportunity to he rebalane re rebalance reflectly. you and i have talked about this, rebalancing is often something that investors don't want to hear about especially on financial division because it is not sexy but it allows your portfolio to tell you when it is time do something. you don't have to worry about which talking head has the right short term market call and it forces us to buy low sell higher or or add low trim high and so i think rebalancing is a brilliant strategy in general. but maybe even a more important

one later in the cycle >> all right, sometimes boring is better than sexy. liz ann, hugh johnson, thank you. we'll go to washington now and the senate chamber john roberts beginning the swearing in of the impeachment trial. chief justice will be sworn in >> senator, i attend the senate in con formity with your notice for the purpose of joining with you for the trial of the president of united states i'm now prepared to take the

oath >> will you place your left hand on the bible and raise your right hand do you solemnly swear that in all things pertaining to the trial of the impeachment op pref the united states now pending you will do impartial justice according to the constitution and the laws so help you god >> i do. >> god bless you. >> thank you >> and there john roberts sworn in, the chief justice to preside over the trial he will now as i understand it swear in the members of the senate who will then pledge to do impartial justice as he just pledged do under oath. ylan mui is standing by. >> reporter: that's right. chief justice roberts will swear in all of the senator, he will ask them to take an oath and in that oath are those two crucial word, he will ask them to do impartial justice in the

impeachment trial of president trump. there are only 99 senators who are sitting in the floor today, one senator inhofe who is home with family for a medical emergency but will be part of thprdis next once the senate reconvenes. we expect this process to take about 20 minutes or so once the senators have taken their oath, they will then actually have to walk up to the front of the well and sign an oath book, write their names down and only then can they actually sit as jurors in this trial. now, after that happen, there is expected to be a little bmore housekeeping but the trial won't begin until next week when the senate will have to decide on the framework for the proceedings going forward. we know there won't being witnessbe witnesses in the first part, but definitely an open question of whether we might hear from witnesses later.in the first pat definitely an open question of whether we might hear from witnesses later. moderate democrats and also?

conservatives are privately pushing that republicans want to hear from witnesses. and that could extend this trial well this into next month. back in to you >> thank you very much and in other business, the senate approving the u.s./mexico canada trade agreement earlier today. and let's go to kayla tausche those details. >> and that vote was taken making just before the articles of impeachment were delivered and now it is one step closer to becoming a treaty. the deal passed 89-10 in a senate with a four vote republican majority. a white house official says the details are under discussion for later this month to take place during the impeachment trial and another evident by 1600 pennsylvania to establish a split screen of policy progress very similar to what happened during the china deal signing yesterday. with that deal, now public

scrutiny has turned to the 88 pages that detail the specific products china will be buying to reduce the trade deficit, they range in book binding machines to vacuum cleaners, krus day shans and even per fuchl and they can meet the commitments by soviet style trade where they promise a certain dollar or physical volume of services regardless of market prices or demand conditions and some allies slamming the policy saying managed trade not in line with multilateral northerns amst good for the economy either. >> what an interesting week for trade. thank you for being there 37. and coming up, no one wanted a tv or new phone for the holidays the surprising losers and wirns of the shopping season and grubhub is surging despite

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shares of grubhub have made a huge comeback. the ceo blamed promiscuous diners for slowing growth. but he may have had a point. most people don't care who delivers their food as long as it gets there and it is hot and fast and correct

frank holland. he is on this rapi piidly chang business. >> and it is expected to turn into a $460 billion business a 31% increase and we're getting a first look on how the first biggest players in the industry finished off 2019 doordash by 143% year over year and capturing 33% of the market just passing grubhub that had 43% in the market. it is due to the proceed miss could y promiscuous dirns that you were talking about. more than a quarter of uber eats customers did the same thing and overall the industry is growing with overall sales increasing by double digits. but the growth of spending on individual orders has declined steadily as well food boss think that expedia could have a big impact.

it allows a customer to choose a service on price and convenience. another key factor is what i like to call pizza penetration 50% of delivery orders are still pizza. and many are mom and pop stores. >> and so easy when you think about takeout, pizza is number one for me >> easy to share, travels well >> makes a lot of sense. despite denying rumors of a possible sale, grubhub remains hot. and can the delivery company keep navigating all the bumps in the road and some of the things that we talked about here? so joining us now is daniel chronos at benchmark thank you for being here with us i think that this is an interesting business for me in new york city, i just go to seamless which is owned by grubhub and then i choose my restaurant from there. but are other consumers doing it

dic differently to win that delivery sale >> i think that restaurant do every absolutely is a big portion of the equation. part of the reason doordash has been so successful is a they aggressively rolled out markets without even bothering to partner with the restaurants and so you effective live had what amounted to be a pretty terrible experience but at least you could find every restaurant you were looking for a and we've seen other people be successful with a more partnered strategy.for a and we've seen other people be successful with a more partnered strategy and now grubhub getting more into grub delivered but with the partnership that they have with the restaurant, that is really their bread and butter and i think that as consumers are starting to adapt to the fees that they are starting to see, we'll see how the landscape evolves. but yes, restaurant discovery is a big driver >> and grubhub has been profitable for the first three

quarters in company denying th they are actively involved in a sale process but you think that it will happen anyway. tell us why. >> this space is ripe for consolidation. i think that even knows that there is a whole bunch of sub scale pray pllayers that need te consolidated i would say that the company has been pretty out there saying look, if somebody comes with a great offer, we'll entertain it, but you've got doordash losing rough live ly $2 per order ebita and grub dab stihub making $2 ar so they to show a path o the sc.

i think there is plenty of room for three. >> and is the driver of that, that this is fundamentally a came m commoditized business, but some differentiators? you cite the idea of the partnership between grubhub and the restaurants, but basic lip a commoditized business? >> it can be at his most basic form.lip a commoditized business? >> it can be at his most basic form one reason that attracted us to grubhub was the technology advantage. i think that you really do have to differentiate yourself and with your partners you need to be able to provide value to the restaurants in order to have sort of a long relationship you know, another big differentiator is the fact that only 10% to 15% come from qsr. where doordash has maybe 50% coming from a $10 takeout at wendys on a subscription mold. i don't know how you make money there. so yes, great for the consumer

theoretically up front in order for the restaurant to make money, you need to find a happy medium and prove that you can make money >> and you talked about how grubhub is making money and has been profitable while some of the other players are losing a dollar or more per order what are they doing right that maybe over delivery services should or could repeat >> i would argue that grubhub is clearly taking an investment toll everybody thought that their ebitda would be a lot higher in 2020 than it was and they said look, we'll go after growth and market share we got to make a bunch of investments to be, you know, forward facing with our operations, build out market,

build out these nonpartnered agreement, billed out the loyalty and perks program and i think that it is kind of the two way relationship i've heard arguments that the economics aren't sustainable on the commission front you know, i think that you have to view it as an advertising business i think that you have -- especially in new york, you are spoiled for choice you can go to any restaurant and everything is open all hours of the day. so how will you choose if you are a restaurant, i think that you look at that optionality, you say okay, if i want more orders at, i don't know, 12:00 at night, maybe it behooves me to partner with grubhub and try to get more orders during this particular season or i know a taco shop down the street opened undp and i want t maintain my client list. and so i think that partnership will play a part in that side of the equation and on the consumer side, a lot will be about fees, a lot will

be about free delivery, how sustainable is that and those questions i think really just haven't been answered yet because frankly doordash and uber haven't had to answer them. >> very quickly, i know you have a buy rating because $42 price target and we are at $56. recgys recommendation from here >> we are evaluating everything and i'd say we continue to be constructive it feels like maybe they will be acquired by an uber or maybe not. as a stand alone, i think that they can take back share with the path that they are on now. but as even overreacted originally and the stock went down do $33 and we were constructive then, there is nothing other than this premium back into the stock that would change our opinion about being

constructive about grub. >> all right prp d daniel, thank you very much. and we will dlifrn the tawie tasting menu earl today. stay with us stay with us fr so when a hailstorm a reached out stay with us fr stay with us that's how you do it right. usaa insurance is made just the way martin's family needs it - with hassle-free claims, he got paid before his neighbor even got started. because doing right by our members, that's what's right. usaa. what you're made of, we're made for. usaa but in my mind i'm still 25. that's why i take osteo bi-flex, to keep me moving the way i was made to. it nourishes and strengthens my joints for the long term. osteo bi-flex - now in triple strength plus magnesium.

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. welcome back here is a look at the stories that we're following wework isn't working citing only four new leases in the united states during the fourth quarter. it is no longer number one in the total office space lease following behind a company called spaces. and the 93% drop comes after its pulled its ipo and got palil ba out by softbank. so a little distracted >> a shocking drop >> it is and bitcoin is booming it is down today but up more than 20% to start the year it is quickly approaching $9,000 that is its best start to a year since back in 2012 and this week launching options trading on bitcoin futures which could drum up more institutionlt

coins were soaring also worth noting that bitcoin helpi helping oz in third place. but bitcoin up more than 60%, but a couple weeks left. >> and i think that he has been held back by his holdings in his picks of goldman and disney. and i stream you stream, we all streeam for ice cream netflix and chilled, it is peanut butter eye creice cream h pretzels and billed as bingeable. and there is an almond milk version for vegans

>> i love ice cream, but that a lot of action. >> wonder if there is a licensing agreement. >> has to be with that official logo >> i could do a pint >> i don't think that i could eat the whole thing with all that stuff that is very rich for me ahead, on "power lunch," whether you are there or there, some big names mixing the mark but it wasn't all bad. and plus cash is king in the brace to 2020. and while joe biden wins over wall street, mike bloomberg is courting silicon valley. we'll explain. and super bowl champ marcus allen is joining us to chat the future of the nfl. wn ow lch"perun" returns.

welcome back here is your cnbc update in her weekly briefing, house speaker nancy pelosi spoke to the am pare

apparent new evidence in the case against the president trump. >> and public opinion will have a lot to do with this since we passed ours and sent it over, public opinion has grown for seeing witness, eyewitnesses and documentation. and they will just have to contend with the public on that. >> and five people in a government car were killed by a roadside bomb in southeastern afghanistan. no one immediately claimed responsibility for the attack, but a police spokesperson accused the taliban of the bombing. and more fallout from the sign stealing scandal in major league baseball. carlos beltran is out as manager of the mets, the third manager to lose his job. he was the only player implicate in the scandal when he was a member of the houston astros beltran never managed a game for the mets back to you. >> thank you very much and a quick check on the markets. we are hire just arouare highere

we started the nasdaq leading the way again today with the tech stocks the leading sector, nasdaq lhigher b 0.8% and morgan stanley had more than $41 billion in revenue, its best day in nearly seven years and flip side, bank of new york mellon warning investors that expenses could rise more than previously thought and earnings did beat estimates but shares are down more 8%. and xpo logistics says that it is look to shed assets, the stock up more than 14% on the hopes of a deal. and meantime oil market is closing for the day and kate rogers is all over it. >> and oil prices settling higher today

west texas crude around 71 cents higher and it is due in part to the passing of the usmca trade deal and of course the phase one deal signed with china yesterday which included a pledge that china would buy $50 billion more than of u.s. energy products and that providing renewed optimism for oil demand. >> thank you very much and national retail federation out with new numbers. this is the final tally. sales growing 4.1% to $730 billion with online and nonstore sales up nearly 15%. but it has been a pretty mixed bag for the retailers with surprising winners an losers so what is working in retail let's discuss with brian and greg thank you gentlemen for being with us. and brian, let's start with you and pick up how we introduced the segment with some surprise winners and losers if you would have told me that

tar fwget would have disappoint, i would have said you are talking about the wrong year what am i missing here >> i think that like with everything, you have to look at each situation sort of individually and at target, i think they had a pretty good year considering that it was cycling a difficult comparable and cycling the first year that toys "r" us and babies a"r" us were closed. and flat after the level of gain was pretty good. and i think for signet, with the iphone 11 and the share that that took of people's walg le'lt it brings people to malls so there may have been more mal an point of view. >> and the apple stores are the one stores in the malls that are always, always, always crowded. >> this is true. but mostly with apples

employees. >> but to their credit, you get served there >> absolutely. you can almost describe any mall with an apple and sephora and they are good. so yes >> and as we look at what is still to come, walmart reports their earnings and we'll find out at least a little bit there. and we often try to look into the details of take are get to perhaps give us some clues about walmart and vice versa so are you concerned about what mit might have happened at walmart and what does it mean for the holiday quarter? >> so the overall number of 4% was pretty much spot in line with expectations. i think what will be interesting even before walmart reports will be amazon. we think consumers got used to next day shipping and what you may have had was a sort of a

draw back of the surge that we saw in the compressed holiday people where people were short of time, i think they clipped o amazon and they got it and so might have seen share shifts so they are up to around 7% of retail sales now second only to walmart. >> and interesting point to pick up on your point about the holiday season, i think many of us were wondering what that would do to ruflesults sand and sales sales. could the season have been stronger or doesn't really matt matter >> at the end of the day, jobs were progressing in the right way, income growth is there, and

so it was a good holiday if we had had six more days, it might have been 4.5% not 4%. >> and let's talk about black friday is it what it used to be >> we don't think so. there has been a decline for two reasons. one is which people are spending less and when you look at the patterns of shopping behavior, the assumes ption is if we win e now, we will keep them but that doesn't really happen you see the spike. >> and i would guess that the weekend before christmas when the desperation sets in, that is when i go and shop >> and also a chance for the retailers to make more money because you are desperate. so you -- and if you think about it, i don't have to give everything away because i have a little bit moore plench eere lv

the shopper 37. >> and as we look forward to some of the retailers reporting, how do you think that ultimat y ultimately. >> i think that inventories should generally be clean, but that was a strong enough number that we don't think that there a massive margin overhang for retail the one thing that we haven't mentioned, remember holliday is all about apparel, toy, electronics. and home improvement in the numbers that came out today from the census bureau did have its best month up 2% since march of last year, so we still think our top name is home depot where we think that the home improvement market is well thinpositioned fr that >> very good points to be made and we'll follow along in 2020

as we see the xrt up more than 1% brian, greg, thank you for joining us and to the bond market tracking the act at the cme is rick santelli. >> up three basis points and we've climbed a bit off month and a half closing low yields yesterday and etf, hyg acting a lot like the spreads in high yield and investment grade for that matter look at this chart of that etf, 26 1/2 month highs haven't closed at these levels since halloween of 2017. dollar-yen, we know that the usmca has been signed, and the phase one has been signed. those two together could be two of the biggest deflationary issues in front of the market as many ponder why rates are so low and you see that dollar verse

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. bernie sanders and elizabeth warren are battling over grass roots money and joe biden has a lot of names throwing down for him. >> and the biden campaign releasing its list of over 200 bundlers they include tech investor, hedge fund managers and you have also media and politics, you have governor lamont and also dianne feinstein and last month he gained two

more traditional bundlers. and they had been supporting kamala harris who had dropped out in december. and if you look at biden and buttigieg, they are the only who have released the names of their bundlers president trump broke tradition in 2016 by refusing to disclose his list of bund lettelerletterd biden says they are a transparent. and michael bloomberg is giving a talk tonight on his platform and he will not be there asking for money which is unusual for these folks. >> money is so powerful in all of these presidential races. but as i think about michael bloomberg, is money going to be enough to get him where he needs

to go for much of the country that may be not familiar with what he did in new york city >> traditional rules about money and politics is thrown out the door you have this whole grass roots movement which is replace the entire usual democratic establishment money machine. sanders and warren getting millions average donation for bernie $40. and then on michael bloomberg, unlimited spending power, yet unclear whether any of these guys whether the money will make a difference, whether the way you get it will make a difference >> fascinating thank you. and we are a couple days from what many consider tbest dy of the entire football season for the pros at least. the conference xhachl shchampiop games. we're down to the final four up next, marcus allen will join us and we'll get his take and ask him about in-game stadium attendance more people choosing to watch from their cozy couches instead

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welt come back average tv viewership went up 5% from last year despite that, the attendance at the games hit a 15-year low in 15 teams, according to "sports business daily." joining mess is marcus allen, hall of fame running back, joining us from the tournament of champions in orlando. marcus, great to have you with us this is the first lpga eye vent of the year, but also a charity event. tell us who it benefits. >> florida children's health care has been something they've been involved if for a while we come down and help out, but it is a worthy cause as well, and we all buy into that. >> could you beat charles barkley?

>> come on, everybody can beat charles barkley. i'm about an 8 handicap, i played pretty well today, obviously didn't take advantage of the par 5s like i should have i played with the great amy yang, one of the best swings in professional golf. you learn a lot from the ladies. >> let's get your thoughts on this weekend's game. we'll start with the afc you had a long and great career with the raiders when you ripped the heart out of high redskins, but you also played for the chiefs first of all, you have to get over it, tyler >> we never do, you know that, marcus

the chiefs and the titan will be a tough game the chiefs are looking good, and something tells me, you know -- i don't know if you saw the national championship game and the name numberology that they had, something tells me the 100th year of football will be the rematch of the first super bowl what do you think about that >> that's an interesting thought. green bay over san francisco that's an interesting thought. >> you know the way things work out. yeah >> for the second strait year viewership went up about 5%, but puts in the seat, that's harder to come by what's going on there? >> i just heard that during the tees

i was sort of surprised, especially with i thought a lot more disposable income that people would be at the game. that's kind of shocking to me. it's good the viewership is up we certainly don't want the stadium to be half empty i'm sure the owners will be liking at creative ways to get people at the game again i find when i do go, and i go to several games a year, being there in the stadium can be a painful experience, because the game is delayed so often for either replays or television time-outs. the games have gotten longer and longer do you think there's a problem with the product in that sense, marcus i'm sure the league is doing ever they can to speed up the game that's been on their agenda for a long time. to shorten the game. when i first started playing it

back in 1982 -- i hate to date myself, guys, but that was an issue then i'm sure they're doing everybody they possibly can, looking at everything to sort of speed up the game and clearly taking the fans as part of that, you know, their enjoyment in the game. that's critical, you know. we do have a great product the nfl is a tremendous brand, but we want the people in the seats. we want them watching football we want them to enjoy, to have their food and beverages, things like that while they're at the game. >> marcus allen says a replay of the first super bowl kansas city and the packers. who was that i'm just suggesting. you're talking about the red sconce -- >> was it '84 the guys you beat the redskins >> well, clearly i tyler i'm not

going to forget that wonderful day. yes, it was 1984 super bowl xviii, 1984. >> marcus allen, thanks very much check please is up next and a reminder you canat u cchs on the go we are streaming live on the app. we'll be right back. the two words whispered at the start of every race. every new job. and attempt to parallel park. (electrical current buzzing) each new draft of every novel. (typing clicks) the finishing touch on every masterpiece. (newborn cries) it is humanity's official two-word war cry. words that move us all forward. the same two words that capital group believes have the power to improve lives. and that, for over 85 years, have inspired us to help people achieve their financial goals. talk to your advisor or consultant

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this market basically thinking all news is good news, as we sit at or near record highs on all three markets. >> i do want to point out shares of signet that owns the mall jewelry stores, has thanks for watching "closing bell" starts right now. welcome to "closing bell", everyone good afternoon i'm wilfred frost. i'm at the morgan stanley post, that stock soaring, mellon with weak earnings, that is down 8% we'll dive into both, and the broader markets, we'll set for three record all-time highs. hello, everybody i'm contessa brewer in for sara eisen today. new record highs as wilf mentioned on the dow we're watching for