the coronavirus. we've heard from the cruise companies now we're going to look to the hotel and lodging companies. >> that's going to absolutely be something to watch that does it for the exchange. thanks for tuning in i'll go join tyler for "power lunch" which starts now. >> kelly, thaupg very mucthank y much welcome, everybody here's what's new at 2:00. today on "power lunch. stocks are back at record highs today and the major indexes on track to end the week up nearly 4% so the question has to be, has the market snapped back too far too fast plus, check out the first trades of the former unicorn, casper, as it makes its debut on wall street after slashing its valuation in half. dropping its debut price investors aren't falling asleep on this onef fulone. we have those details. and later, life after iowa while bernie brings in money,

mayor pete is winning the hearts and minds of some of the biggest in silicon valley as "power lunch" begins right now. >> thank you, ty and welcome to "power lunch", everyone. stocks are off the highs of the session. still all three indexes hitting fresh records today after china rolled back tariffs on $75 billion worth of u.s. goods. dow is up about a third of a percent. check up boeing, which is helping. up as much as 4% as the certification for the 737 max could come in the next few weeks. first though, we turn to bob for more on the record rally that can't be stopped >> it can't. >> little less, but still, another high on the s&p 500. >> essentially three big updates and a modest update today. not quite the energy, but enough for a record high. where are we on the internals.

say the advanced decline line, still on the flattish side we've seen volume lighter than it's been. volatility trending lower we've had great numbers today overall. "new york times" had great numbers today. 2019, a record year for the digital subscription business. that's up there. cardinal health had raised its full year earnings guidance. tapestry coach and kate spade they're closing stores in china yet the coach numbers were good. kate spade numbersnot as bad a feared excellent results from three important companies. finally in the middle of earnings season, up 2% for the fourth quarter and that's increasing down, moving down in the first quarter and that's because of coronavirus so we're trending towards 2 to 3% earnings growth in both of those quarters. guys, back to you. >> thank you very much so as stocks are on pace to have their best week in eight months, have we come too far too fast?

let's talk about what the mark and michelle, wealth adviser with clingman and associates michelle, i wonder why you think the market has snapped back the way it has is it a classic relief rally in that maybe we think coronavirus is piquing or isn't going to be a as bad as we thought impeachment drama is over. brexit, nothing happened and the chinese have said we're going to stand up and spoth our economy with liquidity and other ways. >> i think it's probably all those you mentioned. we've had some pretty impressive numbers this week. adp shows private jobs were increased by 29 1,000 for january. that's impressive. aside of that, you've got to atlanta fed estimating that gdp is going to be 9% for quarter one. those two numbers are also adding to this relief rally.

>> so mark, i point to the atmospherics and michelle points to the fundamentals. what is it that is driving the market now and potentially continuing to drive it into the spring >> well, i think a couple of things, which of course michelle mentioned. that is evidence that the u.s. economy remains quite solid. in fact might be showing signs of accelerating here but in addition and importantly is the global backdrop we won't know for some time exactly what the economic impact of the coronavirus is going to be on activity not only in china, but also as it radiates out throughout the emerging market complex in europe in particular, but before we had the january 1st news of the outbreak, we had begun to see improvement in china dmesically and china. we saw that here recently with the jpmorgan purchasing manager which has improved for four months and it's now into

expansion nair territory what is a list is a global backdrop that's firming if not accelerate iing, which is bolstering expectations that whatever the impact from coronavirus is, it can create demand that will lurch forward positively and therefore, provide a fertile backdrop for profits. >> i wonder if we've been too quick to shove off the ripple effects from the coronavirus phil bishop thinks this is as close to a crisis for xi and the party that he's seen since 1989 and he thinks more so given the events of the past week. maybe that's too long-term to price in, but have we really gotten our arms around reverberations here? >> i don't know that we have and that's a great point obviously xi and the regime are going to do what they can to try to stabilize economic activity we've seen certain measures here recently to do just that this is on the back of of course the trade talks and some indication their economy once again has begun to stabilize

we know next year, 2021, is the 100th anniversary celebration of the communist party so they're going to do whatever it makes to make sure their economy is putting on a good face for the world. in the meantime, we just don't know the evolution of this virus. china back at the sars outbreak where it presented less than 5% of global gdp, today it's almost 20%. much dichfferent. >> i'm afraid we have to leave itbreak ing news >> cnbc has learned that elliot management has taken a stake in japanese investment conglomerate, softbank according to the "wall street journal," that's worth about $2.5 billion, but we have a statement from elliot management taking that stake. they say quote, elliot's substantial investment in softbank group reflects its strong conviction that the

significantly undervalued their assets elliot has engaged privately with softbank's leadership and is working on solutions to help softbank reduce its discount to intrinsic value. that's put shares of a thinly traded dpoz tear receipt that's traded to session highs. up almost 10% right now. this is a big deal softbank coming under a lot of fire because of some recent investments. we'll see if this move has anything to do with that back to you. >> that's what i was going to ask. how much does softbank the company you know, struggle based on those investments going poorly >> so it's interesting because according to the journal and dow jones, part of that particular move here is because elliot is urging softbank to buy back

shares also to make government improvements you wonder whether or not the government's improvements and some of those other requests being made have to do with some of other investments they have been making. elliot, a high profile activist investor and $2.5 billion while softbank is a large company. so a very big deal and it is moving the shares, guys. and that's the reason we're kind of highlighting it today >> maybe it's too early to draw conclusions because we don't know, i don't believe i heard you say anything about so softbank's response to this and it's the middle of the night there, but is it too early to say this is something quote less than a welcoming embrace of softbank >> we have reached out to them, but this is as you pointed out outside of normal business hours in japan as we take a look at the size stake we are talking about, elliot is making it sound like these are friendly discussions

for the time being at least they're professional. they are engaging. softbank is working with them. the statement says they've met privately with that leadership they are working and used the word constructively. so at this stage now, it appears as though according to elliot's management statement that this is a fairly amicable relationship for the time being but activists hedge funds have a way of becoming more activist if they don't get their way >> at this stage, it's too early to tell. >> shares of softbank up about 11%. shares of boeing are climbing today, helping to boost the dow and phil is breaking some news on the latest involving the 737 max for us >> this news comes from london where faa administrator steve dixon, he is meeting with reporters after a couple of other meetings in london and during a scrum with reporters, giving an update on where the faa sees the 737 max he said that a recertification

flight, just the flight, that flight could be in a few weeks he also said that the faa and their counterpart in europe, are likely to agree on design fixes for the 737 max. meanwhile, boeing said today that it is come up with another software issue related to the max that it will need to fix this one the company says was discovered during flight testing of the 73 p max's updated software, an indicator light associated with the trim system illuminated in the flight deck. we determined that the illumination of this light was caused by differences in input data between the flight control computers. remember, boeing is maintaining its guidance that it hopes to have 737 max ungrounded and returning to service by mid year that's a wide window, guys, but these were fairly upbeat comments if you want to characterize them from the head of the faa in london

>> thank you very much phil lebeau reporting today from chicago. coming up u with almost all the results in, south bend mayor, pete buttigieg, is on the verge of securing potentially a surprise victory or at least a tie. in the iowa caucuses the support he's been getting somewhere else though may be even more important to his chances of securing the nomination we'll explain. plus, a good rule of them for n investing is when your grandmother and your cab driver start asking about a hot stock, that probably means it's at peek but that may not be the case for tesla. the retail interest in tesla coming up u.

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pete buttigieg and bernie sanders are off to close race but buttigieg who seems to have found support very far from iowa literally and figuratively >> buttigieg has raised over $76 million so far in the democratic primary race including 24.7 million in the fourth quarter alone. more than a fifth of his total comes from california, especially silicon valley. employees in corporate packs of alphabet have contributed a total of $248,000. followed by microsoft with $145,000 employees of amazon chipped in 98 k and apple, 88,000 among the individuals who have

given, lorraine jobs, john door and paul graham. his bundlers, people who helped him raise more than $25,000, those include mark botnick, the cofounder of elevation partners. then jacob helberg and matt rogers there was a fund-raiser held in december co-hosted by nicole shanahan wife of google cofounder >> thanks very much. pete buttigieg gets a boost from silicon valley the bernie boom continues to speck up steam, raising $25 million for his campaign here to weigh in is brian shorts the momentum for bernie sanders particularly among young people is quite strong and he's raising a lot of small dollar donationd.

>> that's right. he keeps on surging in that direction. going that way had 25 million in one month is a lot of money better than most quarters he's had and better than all the quarters for all the other candidates running for president. and look, it's just a sign that he continues to have a presence in that progressive small dollar donor community, but it's also potentially a bad sign for somebody else and that's joe biden. >> let's go to biden my sense is that mr. biden has some of the big ticket donors on his side but maybe not enough of them >> yeah. biden's been very good with traditional wall street crowd. he's got a lot of the big bundlers here on wall street that traditionally stump the democratic party he's got some in california. more kind of the hollywood entertainment business than the tech but he really hasn't been able to keep up with the small donation and been the big wave of money and support and the question for buttigieg is can he

parly lay this big doing nation he's try iing to get more small ones, into a success in california if he can kind of hang on through new hampshire into the super tuesday and get at california, some of these big states, i think that's his chance and certainly he has some of the big money support i think the question in california is whether he can get enough of those smaller votes and doe nayeses. >> i wonder how the iowa debacle is affecting this. if i'm pete buttigieg and i have $75 million total cash on hand bernie just raised that in a month, well then the fact i'm in this race with an uncertain outcome maybe helps me right because it could allow him to raise money if it seems like he might have had a real shot at coming out victorious. >> i'm being told he's doing real well in the last 48 hours with new donors. it's one thipg to get the 2800 check. also about getting those new donors who come to your camp

the quote i was given was the money is flowing in. that's post aiiowa i think that's really key for mr. buttigieg, moving forward with keeping up with someone like bernie sanders. like michael bloomberg >> i don't know how anybody keeps up h im. a tough one. >> that's the situation here for pete again like biden, where does he fit into this? where does he have the money going? >> be interesting tuesday night in new hampshire b i believe the next one up is south carolina >> nevada. >> thanks, guys. robert and brian appreciate it. >> how about shares of tesla, which are rebounding today after yesterday's sharp sell off retail investors are piling into the stock. but what to traders think? and casper investors the sleep s e e o luiocu wathpripvaatn t worth it "power lunch" will be right back saving for ava's college. being able to retire on our terms. taking care of dad.

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. the tesla rally is back on this week. in fact, kate rooney has those numbers. hi, kate >> great to see you. welcome back so we've got new data showing

retail investors buying up tesla and it's especially coming for millennia millennials. new numbers show that tesla is the number one it passed apple and was the top stock focus purchased in the last six trade iing days they brought six times relative to history and yesterday, tesla made up the largest dollar amount of securities bought and sold in the platform's history a demo on the stock and etf investing app is is mostly millennial, 25 to 40 with an average household income of about $100,000 there were a record amount of sofi investors buying in fractions of a share most users buying in a stock bid. sofi began offering fractional trading in july and charles schwab, square and robin hood have announced the same feature.

it comes with risks. it show it is the downside of chasing a stock that some believe is showing bubble like qualities. >> so how much is a tesla? do you know how expensive that is >> you can choose. a dollar is minimum u, but it depends. it seems like that fractional option is opening up apple and tesla that was tradin $900 this week to investors that might not be able to afford it >> wow, a buck for a piece of tesla. great data >> thanks. >> now to seema for trading nation >> kelly, let's get the trader perspective on tesla's wild ride this week. the team -- matt, you have been examining this chart what do you make of it >> well, i think you know i put out a note this week when the stock was above 900 saying things had gotten overbought and should pull back significantly

i'm not a person who's a bear on the stock by any means when the stock got below 190 last june, i said buy it with both hands the thing is, it got so extended when we see these individual investors coming to buy the stock like that, that's usually a sign that a top is in. but more importantly, we have a lot of forced buying through short covering, in that stock. and when ever that happens, when the forced buying ends, it's the exact opposite of when a stock gets washed out and oversold so it has to gap down and i think it should drop off further. >> mark, what are your thought >> i think it's one of the most dangerous in the world i don't want to own it, short it i. it's very speculative large cap companies aren't supposed to trade like pennies up one day, down the next it is extremely overvalued from my perspective, the most optimistic expectations are built in so now execution risks.

look, to be honest, i have no idea where the stock is going to go tomorrow because it has a mind of its own. the stock works when tesla is in the planning and story telling stage but doesn't work in the execution stage. right now, enwe're entering tha stage. >> a lot of bulls disagree thank you and for more trading nation, head to our website or follow us on twitter >> thank you ahead, ipo boom. casper shares are surging despite growing concerns leading up to the debut about pricing, but uber set to report results after the break. ride sharing stock up 17% over the past month can he keep the wheels spinning and consumer cracks. job cut, coronavirus, political drama, should consumers be w worried about rising risks all this when "power lunch" returns.

beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity.

every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. welcome back i'm sue herera here's your cnbc news update at this hour. israeli police releasing security camera videoshowing the moment a palestinian attacker fired at israeli police from close range he was immediately shot and killed tensions have soared in the renal following last week's release of the mideast peace plan turkey sepulvedaing in more reenforcement, setting up new positions in an attempt to stop a syrian government offensive in the last stronghold. the move came after a rare confrontation on monday which killed seven turkish soldiers as well as 13 syrian forces

zblnc here at home, 7/11 testing out a store without cashiers in texas. it's available to 7/11 employees who download an app, shop and exit and a fan at the los angeles clippers game last night took center stage at halftime he hit a half-court shot and won $10,000. he celebrated ecelebrated, loot is boom he celebrated with a head first slide on the court which is pretty darn good for ten grand. you are up to date back to you. >> you know, companies buy insurance against that happening. >> yeah, like a hole in one contest. >> it was news to me thank you very much. how about the markets right now? the dow has been in positive territory for much of the session today. again boeing was a help on that. up 107 a third of the percent now the nasdaq which had been hurt yesterday by tesla rebounding by about two-thirds of a percent

today and small cap russ else in the red. starting with with twitter, the best performing stock on the s&p 500 today at least even though it missed earnings. strong user numbers are giving that stock a boost shares of wwe body slammed again today. the company missed on revenue and said there was considerable uncertainty. that will bite you every time and the stock clotheslined week when two executives for ousted looking into quote strategical a terratives the xfl launches this weekend. and we end with "the new york times" up today after beating on earnings and revenue the stock is up 250% since president trump got elected. well the oil market closing for the day and dom is all over it at the commodity desk >> tyler oil prices around the world with calmer relatively speaking today crude prices as you can see

here, just up about a half a percent. world benchmark brent crude prices down about a half a percent at least for the april contract 55.03. some of it reflecting news and headlines out of opec. reports are that opec may be looking to cut production further to try to balance world oil markets given the sharp slide in prices, but other reports indicate that russia is not on board with the particulars of that particular idea so kelly, tyler, oil prices tug of war, opec and its partners, back to you. >> thank you now check out shares of softbank that stock is up double digits as we learned this hour that elliot management is taking a big $2.5 billion stake elliot says the market is significantly under valuing softbank's portfolio of assets for more, rick is founder of first mark, an early investor in

air bnb, pinterest and draft king softbank has been tripped up over its investments in we work and so many other flenlabling ipos with its big vision fund. what happens if it's push ed for major governance changings now >> i think that if you think about softbank, they have built a good portfolio and although they get a lot of heat for companies like we work with companies who haven't performed and uber have been solid performers >> that's right. at the same time, they've been criticized for create iing this bubble effect in silicon valley where they're almost criticized for hurting companies more than they invest because is forces them to figure out how to run your company well and profitably if again going back to what elliot wants to do here, if

they're pushing, softbank could change its ways. does that mean a draining of liquidity out of that market >> it's just a small part of the ecosystem for some growth companies. a lot of the companies who might have raised money from softbank might go public earlier, if you think about corporate governmane and a focus on metrics, that might be fefb. >> often time, they say we come in peace will this end in peace >> it usually doesn't. anyone who says they come in peace sometimes has to be questioned softbank has such a variety of assets from the wireless to some of the media assets. obviously all around the world and i think the portfolio that they see and the vision fund has some value you can probably get some liquidity whether in your public names like uber or companies on the edge of ly quiquidity or go

public and i think they'll be more, it will be more around drivingly que ining liquidity. >> where are we in the post we work ipo market? casper is trading well today, but priced well below what it was worth and maybe half of what it was worth at this time last year >> you saw a little bit of we work contagion and i think the public markets adjusted fast ethan the private markets to a focus on unit economics and driving real business value. companies who didn't adjust to that have been punished a little bit. if you look at casper, had a great day today. createded hurricanes of millions of dollars in value, but their unit economics and some elements were not great but have traded up one u medical went public last week is trading at ten, 11 times revenue. therefore a very healthy ipo and multiple for a company with those metrics.

>> there will always be an interesting public market. it continues to hit all time highs. there will be a lot of market appetite for ipos. >> this is a company that hasn't made money >> not yet in kcasper, or in both i think casper is going to be challenged because unit economics aren't working today and they're hoping to build a brand over time. some of the best companies which you'll see, and you'll see an airbnb irk po and a couple of others, have strong growth margins and are able to make money on the first purchase of their customers. >> b what about this firm debuting today, ppd, a bio tech research company sounds like postponed to me. it wasn't postponed and did pretty well. >> it beat expectations then i don't know much about it but it feels like there's fundamental defand for ipos of

all sizes. it's kind of a small cap and not a billion dollar ipo which you would have thought you're seeing public market investors who have appetite for all ipos of all sizes and a sign of a healthy market. >> all right, rick, thank you very much. we appreciate it >> all right sticking with ipos, new year, a new uber after a disappointing public debut, seems like uber has found its legs or tires. shares are kicking into overdrive in 2020. they're up more than 20% as we await the company's results after the bell despite the surge, uber is expected to report yet another los. the ride hailing company has already burned more than $7 billion over the past three quarters but could its recent cost cutting push put them on a path towards profitability? let's explore that with brad ericson. got a buy rating on the stock and a price target of $50. you like what you're seeing at uber you have some suggestions for

what they might do next. i guess my question is what are you looking for in the profit report today and what they say about the future because it's probably they're not going to make money this quarter. they're not going to turn it around that fast what are you looking for >> thanks for having me. yeah they are not going to make money today. we'll save you the suspense. what we're looking for is a mid 20s number in the guidance is kind of the bogey where people are eye iing from a top line perspective there. got to maintain that the street is modeling i would say somewhere in neighborhood of a billion seven to two billion in losses for 2020 b probably an angle to look to see that come down in everyone's forecast coming out of the report today those are the two kind of major things >> what is potentially over the next couple of years, the bright spot of this company's business? is it how it began ride sharing or is it uber eats

and the b possibility that it may try to to combine with one of its competitors, grub hub >> sure, so for sure, the prigt spot is you have to point to the rides business eats is nice, it's emerging, evolving it has a fair amount of work, room for proouchlt but the rides business is already doing north of $2.5 billion of ebitda on a rate basis. it's very difficult to argue with the fundamentals of that part of the business they have aspects, eats and other loss making part s of the business they have to address as well as the whole elephant in the living room around autonomous cars, but the rides business is the crown jewel of the business at the moment and for the future >> and for the time being, it's interesting you point out uber does 7.5% more booking dollars per hour than lyft and that's because of shorter rides

what are the dynamics in play there and is it sustain snbl. >> it's a piece of research we've done over the last few months and it surprised us in a few ways what we were doing was looking at kind of like for like rides in ten cities around the u.s what we found was that even though uriber was cheaper, they were doing more throughput so you could get places quicker so if you're a driver and you're look i looking at both platform, who are you going to pick? the one where you can make more money or the one where you can make less ch we think uber, because of its size, the power of its a-- we think they have a bet r advantage. >> what is its market share nationally in the united states and globally >> harder to say floeglobally because they're in 63 countries around the world and it varies on average, i would say they

have somewhere around 70% share in the u.s >> can they hold ta? >> absolutely. our research suggests they may be able to increase that over time if they're able to leverage the structural advantage >> do you read into into this elliot move into soft bank >> it's hard i obviously don't cover softbank so it would be pretty speculative of me to place an opinion there. i'd probably have to pass. >> and given the comments lyft's ceo made recently about sort of taking price and not forcing edition koubts in the market, is that the most important dynamic for these two companies and perhaps a relief to investors? >> not sure i quite follow the question but i guess you're going to continue to see various forms of discounting. a growing market a land grab for market share and that's going to be a part of it. our view was uber with its

multigeography approach has a greater ability to sort of cross platform and drive loyalty on the uber platform. where as other companies one of which you mentioned sort of is a little bit more limbed in their ability to drive loyalty and dip into the subsidy to do so. >> all right brad thanks so much. $50 price target on eeber. to the bond market now rick >> hi, kelly two day chart gives you a will the of information there's a lot of sideways action spending a lot of time in the mid 160s, but that's okay. consolidate iing, to the white board. 146 was the early closing low in september. of course we bounced off it friday establishing at 151, so off a five month low and there's many analysts out there. see that red line? that's 2%. they say that's where we're going. the problem is charts don't agr agree. if we get above this, we're most

likely going to go higher. 195, that's what you want to pay attention to, but if you take a long view, ten year of tens, 2012, 2016 and basically over the last eight months. lots of areas. 136, 136, 146. look for a lot more consolidation. but if it gets over 2% or under 151, you might want the look for some big follow through. >> thank you very much up next is nike bringing sexy back? one firm says the athletic brand is succeeding where victoria's secret has long failed we'll explore. ♪ apps are used everywhere... except work. why is that? is it because people love filling out forms? maybe they like checking with their supervisor to see how much vacation time they have. or sending corporate their expense reports.

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welcome back here's a taste of some other stories we're following today. bernie madoff is pleaing for compassion release due to terminal kidney disease. he's only served a little over a decade of his 150 year sentence. the bureau of prisons denied his

request in december saying it would minimize the severity of his sentence >> i'm remembering the other bernie who was convicted of an accounting fraud involving world com. he served roughly 15 years of his sentence, was released and died on sunday >> yeah. >> so who knows what will happen here with mr. madoff >> apple is winning the war for your wrist the company dominating the smart watch industry in 2019, crushing every swiss brand in sales according to strategy analysts, sales of the apple watch grew 36% while swiss watch industry saw a 13% decline. apple shares having a stropg start to 2020, up by 20% are you an apple watch >> i took mine off today because it clashed with my outfit. i love mine. >> more and more women wear them yes, being around the house with two under 2, if i get a phone call, i'm talking like this, a

juggling act they're wonderful especially now that you can be phone free with it >> and nike bringing sexy back citi seems to think so the firm saying the athletic brand made a bold statement by including diverse models of different sizes, races and abilities in its 20 mike forum they say nike succeeded where brands like victoria's secret fail and share they are in touch with cultural norms. shares of nike up more than 2% this week and this in the face of coronavirus where the company has either closed or reduced hours in all of its stores >> that's right. who would have thought we'd be talking about, a little harder to identify the winners. nike being one of them >> consumer spending has been holding up in the u.s. economy, but is the consumer going to start to crack that's next on "power lunch. to the community,

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othroughout the country for the past twelve years, mr. michael bloomberg is here. vo: leadership in action. mayor bloomberg and president obama worked together in the fight for gun safety laws, to improve education, and to develop innovative ways to help teens gain the skills needed to find good jobs. obama: at a time when washington is divided in old ideological battles he shows us what can be achieved when we bring people together to seek pragmatic solutions. bloomberg: i'm mike bloomberg and i approve this message. >> consumers are as confident, it seems, as ever, but what might crack that seemingly inpenetrable wall? how big a danger is the recent

coronavirus outbreak potenti potentially? layoffs doubled led by tech and the automotive sectors and there is uncertainty around the 2020 elections. let's bring in the president and ceo of the conference board. steve, welcome where does consumer confidence stand now, and what has it been doing, let's say, over the last six months or so >> well, tyler, you know the importance of the consumer to the u.s. economy about 70% of gdp is driven by consumer spending so the confidence board consumer confidence index is incredibly important. we're sitting here at near all-time highs and it's been growing pretty steady over the past six months and the past year, so the consumer sees no end in sight to this gdp situation. that's great because there has been a gap with ceo confidence driven by the trade skirmishes and some of the other things but

the consumer has remained strong the question is where is it going to go? consumer confidence is tied more to jobs, so individuals look at their own situation. they look at their wages they look at how confident they are in keeping their jobs, and as long as that keeps humming away, consumer confidence should remain high and consumer spending should remain high. >> and the adp report very positive we'll get a full number from the labor department tomorrow. the jobs growth has been steady and strong let's talk about differences in age groups are older respondents more or less confident than younger respondents, and how has that been trending? >> well, you know it's interesting because the older respondents, 55 and older, typically are more cynical, a little less confident. i think when you get a little gray hair, tyler, it makes you crabby. >> i'm more cynical. >> but the younger group is more confident. but it does tie to economic

factors because we saw coming out of the great recession that the younger group got right back into it and started spending and was more confident, but remember they are not as heavily invested in assets. they don't have as many homes that they own. so they didn't take as big of a hit so they came out of it faster now we've seen that gap close and for the first time in a long time you see no difference between the older generation and the younger generation so there are differences that flowed over time but, look, if goldie locks was calling this one, she would be very happy with where we are with this economy. >> what you said, steve, i think is significant, that the younger generation isn't as optimistic relatively speaking as it used to be. we know the reasons why. i mean, there's high student debt they're not homeowners to the same extent. there's not a lot of family formation. it seems to sort of reflect a broader problem, even though the economy is growing and everything is ticking along in that sense >> kelly, that floats a little bit. it's a little more volatile with

the younger generation you see them during graduation times when they're coming out and they're getting jobs, all of a sudden you see a spike at various points it ebbs and flows. but we do see pretty record highs here for people of both extremes of the generations which is unusual going into a great fiscal year like this. our pronjection is that we ought to see gdp in the 2% range global growth is still very strong there are some soft points and there are unknowns like brexit, like the coronavirus, like the election which could have a big impact on what happens with the financial assets if there are material policy changes in taxes or regulation that hit it, then you could see consumer confidence in the older group go down. all of these are variables which we ought to see play out in 2020 should be a really interesting year. >> very quickly, you look at

different age grums. do you look at different racial and ethnic groups and are there differences? >> we see differences in demographic groups over time people with more money invested in the market, the wealthier groups tend to be a little more confident as their assets do better and vice-versa, but this job market as favored blue collar workers and lower income workers, so you've seen that gap close during this period of time too it's really an extraordinary period where everything is converging for people of all ages and income groups >> very interesting. steve of the conference board, thank you very much. >> thank you "check please" is next you can watch or listen to us live on the cnbc app be right back. masterstroke of heartache and redemption. the lexus nx. modern utility for modern obstacles. lease the 2020 nx 300 for $359 a month for 36 months. experience amazing at your lexus dealer. lease the 2020 nx 300 for $359 a month for 36 months. when i lost my sight,

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at emerson, when issues become inspiration, focusing core strengths to create a better world isn't just a result, it's a responsibility. emerson. consider it solved. all right -- >> take it away because you have a news alert on juul i was going to say that check please is a real juul. >> it is a jewel dow jones is saying that juul has raised more than $700 million in a new funding round via a convertible debt offering, according to sources familiar. this follows the right by al tria juul will use this money in order to give it flexibility they're up two-thirds of one percent. those are the headlines. as we know, tyler, i'll get back

to you guys. the other news breaking, elliott management taking a stake in soft bank apparently, $2.5 billion that bears watching. >> sizable for elliott and soft bank thanks for watching "power lunch." >> "closing bell" starts in about six seconds. we'll just let you watch us for the next six welcome to "closing bell." i'm down on the floor of the new york stock exchange at the casper post, ipo of the day, getting a popup of 15% only after the valuation was cut lower and lower. two other ipos happening today and a number of recent ipos reporting after the close including the biggest of all, uber 59 minutes left of trade. >> good afternoon. let's have a look at what is driving the action today more record highs for the dow and s&p. the fourth straight session of gains after some better than expected labor market data china says it will lower tariffs levied against