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 american imports,

and boeing rallies more than 3% as the company says resaergs will start joining usa stephanie links. great to see you. >> great to see you. >> quite a strong bounceback from the coronavirus declines. do you feel that level of bounceback has been warranted? >> i do because china has been so aggressive in their stimulus program. this is on top of 95 different measures of stimulus over the last year and a half so the fact that they are acting so aggressively to combat this thing and to offset the unknowns of the virus is very, very powerful and then, not only should it help the china economy but the global economy and then we can focus on earnings and fundamentals, and wow, what a day did we have today with fundamentals and earnings twitter, cigna, bristol-meyers, cardinal health, p.m., phillip

morris international that was the biggest surprise. good stuff, very exciting. >> and a number more to come we are watching a number of stories in the ipo space bob pisani here. bertha and mike santoli. casper climbing today after going public their valuation was less than ha what it was last year. that was addressed earlier on "squawk on the street." >> this is a huge milestone but it doesn't distract us from building the business that we want to build which is going to take a long time to build the generational brand that stands for better night to sleep. >> let's bring in bob. >> pushback on the price talk of 17 to 19 pricing at $12 here's the post and the important thing right now,

priced at $14.50, right now breaking below $14 there's been a lot of issues with this company. we've outlined them. investors have pushed back against money-losing companies the days of growth at any cost kind of over you neither have to be profitable or take a haircut selling direct to consumers have been challenging just ask peloton, smile direct finally the intensity of the competition in this group, they're profitable you have new companies, purple innovations, direct to consumer company, and they're barely profitable, so a lot of competition. one thing you can't do, folks, don't blame the ipo market it's been hot, hot, hot. the etf is at an historic high lift, pinterest all doing well the company got the deal done, it's successful from their point of view. $14.50 at the open the mutual funds, who got

allocations last night, they're in the black they're happy. i guess if you're an investor who bought it at the open or still holding you're probably not. >> stephanie, you were saying this is on your watch list now you haven't bought it yet. >> i haven't because i can't really understand the valuation just yet but if we were to get a pullback, i was so impressed with the interview and the ceo and the fact that he was not selling wellness but that it is a life-style change and innovation is so important and the total addressable market, i kind of came away with it as being maybe even more than i thought it was $469 billion he said. >> i know. >> that's for the whole sleep economy. and the question is are people going to invest in that beyond just buying a mattress every few years. >> but these guys are set up so well for that because they go beyond just the mattress i thought it was interesting that people like to go to the stores and actually test out the product. i mean, i haven't been to a mattress store in years, have you? >> including jim cramer. >> that was on the floor.

>> that was the most sleep he's gotten in the last week. >> good photographs. anyway, it's up 15% today, is casper over at the nasdaq, two big health care ipos and bertha joins us with more on those. >> the big day for drug discovery firms, ppd, a drug research services firm, raised $1.6 billion, makes them the biggest ipo of the decade. it's now valued north of $8.4 billion. this is a firm that private equity investors carlisle group and hellman and freedman took them private back in 2011 for $3.9 billion the 34-year-old firm providing a pretty nice return there meantime, a huge pop for slowedenger. it's up 75% after pricing above the range of $17 a share, giving it a market cap of over $1.5 billion. the biotech software platform currently working on two dozen drug discovery programs. key investors including bill and melinda gates, the founder of de

shaw and james flynn i dwes yguess you could say the not only live but purring today. >> thank you mike santoli digging more into ipos. >> looking both at the performance as a class and then some themes in terms of winners and losers the one bob just mentioned, compared to a couple of market benchmarks you see it has done very well. they keep saying a lot of these high profile disappointments and yet the overall sector in the last year has done well. that's the ipo etf up 20%, slightly behind the s&p 500 but these companies probably fit more in the mid cap growth area so therefore they're doing better than somewhat comparable companies in that general sector of the market. take a look at some of the winners in the last year if i had to say a theme, if you are a software business with software margins, you have done very, very well upon your debut. here's a smattering of those essentially virtual digital

companies. they all came public at different times but look at the gains from the actual issue price of the ipo, not tfirst trade. on the losing side, if you're simply using software and apps to get real stuff and real people around the real world, it's been harder that's where casper falls into these are the ones that we've known have been disappointments. uber obviously we're going to hear from them later the stock has stabilized but still 17% below what has seemed in retrospect to be a fairly aggressive pricing che chewy's has done just fine >> i guess there isn't really a kind of comparable multiple, a valuation multiple that is sort of settled over the last couple of years as being what is reasonable it's pretty stock specific. >> it's very, very specific to the company. there's a lot of tolerance for

towering valuations, for relatively early stage fast growing economies that has software economics, but if it's about as i said getting stuff in the real world with the cost associated with it, there's not a lot of wiggle room and they want to see a clear path to profitability. >> i was looking at the loser list to see if i see a reversion trade. even though chewy was up 20%, did you know that pet spend a year is $75 billion and they have two-thirds of the revenues are recurring, the same customer that's one i also have on my watch list. >> spending more on their pets than on sleep. >> for sure. >> as for now, the broader markets are up about a third of one percent on the s&p and dow s&p and nasdaq had record closes yesterday. the dow looks set to join the trio today coming up it's a clash of the titans as paul singer's elliott management takes a big stake in soft bank, maybe not so

much as a clash but a partnership. we'll explain the details. duncan shares moving on the back of earnings dave hoffman next. initial jobless claims falling 15,000 to their lowest level since april and fourth quarter productivity missed estimates, up 1.4% versus expectations of a 1.6% rise. dow is up almost 100 points. stay with us we made usaa insurance for members like kate. a former army medic, made of the flexibility to handle whatever monday has in store and tackle four things at once. so when her car got hit, she didn't worry. she simply filed a claim on her usaa app and said... i got this. usaa insurance is made the way kate needs it - easy. she can even pick her payment plan so it's easy on her budget and her life. usaa. what you're made of, we're made for. usaa

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every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. the coronavirus has now killed 565 people with more than 28,000 cases reported worldwide. jpmorgan shaving a quarter percentage point over the fallout from the virus and more and more companies are weighing in on the impact to their bottom lines. nintendo says production and delivery of some products including the switch console will be delayed due to the outbreak coach parent tapestry expects second half sales to fall 200 to $250 million as it closes the majority of its mainland china stores we've heard a nike warning of material impact to its footprint.

if it had begun affecting supply chain, listen. >> not significantly yet but we're keeping a close eye on it. we have a global supply chain and so we're just looking to see how we can balance that supply chain with the various demand factors around the world so it's something we're monitoring and if anything comes up significantly, we'll certainly communicate that like we did yesterday >> tonight you can catch a cnbc special report, "outbreak: coronavirus" 7:00 p.m. eastern time right here on cnbc. steph, a number of companies talking about it, not just real. you've got supply chain, consumer exposure. what do you do with the stocks that have taken a beating as a result of those fears? >> if you think it's a one-time event and you're going to get it recouped in a couple of quarters, two or three or even next year, you can slowly pick at high quality companies for sure but this goes back to my comments about the stimulus and why it's so important for china

to stay up on things so that the economy in china does not completely fall off a cliff. it's going to be much slower but it cannot stay off a cliff. >> do you see a name that's been beaten up in particular? >> i'm surprised that nike didn't go down more. initially it fell and then it was only down a percent in the end. i think that people are looking through this. >> donohue emphasized the brand is stronger than ever and reaffirmed they're seeing double digit growth every quarter. >> people are waiting for that analyst day. >> quite a few analysts used that pullback to upgrade their recommendations on nike. another brand mentioning coronavirus on the earnings call was duncan the company has 22 restaurants and 42 baskin and robins locations making up less than 1% of its global footprint. the company reported a rise in profit but the stock sliding

around 3% to, down, as you can see now, at $74.96 joining us is ceo dave hoffman thank you for joining us. >> good afternoon. >> let's kick off with the broad environment that you experienced in the past quarter. was there softness in the u.s. consumer >> we think the consumer is really strong and we were pleased with -- really pleased across both brands in all three segments we had really solid fundamental growth i think the investments that we made over the last couple of years are really starting to pay off and the blueprint for growth which is our operating plan for duncan u.s. continues to make progress so we're happy year three of the plan and we'll continue to keep working that plan. >> traffic is still negative, dave it's been persistently negative. how do you fix that? >> it's not going to be one thing, sarah in the quarter we had the best

traffic we've ever had in five years, still negative. our two-year stack in '19 over '18 significantly improved i like our triangle offense that we had in q4 which was premium beverages with a signature latte. it was our food innovation beyond a meat sandwich and it was compelling value when you do those three things in the marketplace underpinned by great execution and a really good digital platform, we think we're really tough in the market we're going to keep working that plan and we're seeing a strong consumer and we're excited about 2020. >> do you think beyond has specifically driven traffic or is it just an option that some people were coming into the stores anyway may happen to pick >> i think it's both the blueprint in our plan has been all about broadening our sweet spot and i think we've tapped into somebody health aware on a budget. we're getting new consumers, so i really think it's both i like what we're seeing out of

this i have a really good relationship with lengearthe et and i like his mission we're happy with our first venture into this and i think the consumers are responding. >> dave, i have a question about the next gen remodelling you're going to accelerate to 500 stores this year and you said you're going to do more next year. is there any way you could actually accelerate that because you do have a store base of 9,000. i'm curious because you've seen such good returns so far >> the next gen restaurant, the franchisees are excited. it's been our best comp sales and traffic driver to date we've been working very closely with the franchisees we're transforming a 70-year-old brand. there are a lot of investments we're making into the business and we're looking to double production this year and accelerate that even further down the line. we're a fleet of 10,000 in the u.s. it's not going to happen overnight but we're excited about the uptake that we see with the franchisees

>> wendy's just announced that it's going into breakfast, i think highlighting that that is a fast growing part but it's also increasingly competitive. how do you deal with that competitive pressure to get people in for breakfast at duncan >> that's a really good question and our industry, as you know, is highly competitive and we're just trying to stay focused on what we do best. we think our competitive advantage is we are one of the few players that can deliver great quality coffee and great food like the beyond sandwich at the speed of dpunk uncaduncan whether it's breakfast wars now, coffee wars, our industry is competitive and we fight every day so we're focused on what we do best and we think that's what the consumer wants >> i wanted to ask, dave, about the international expansion plans. clearly the brand value of duncan in the u.s. is incredibly

strong i wonder if you could compare to your previous role where you were head of high growth markets, china, south korea, russia and european markets for mcdonald's, whether the opportunity for duncan to continue the expansion overseas is perhaps a little less clear if the brand value overseas is less strong than a company like mcdonald's was. >> yeah, and you know i've spent 12 years over there and living in asia for nearly a decade. look, i've spent a lot of time recently in our jv markets which is korea and japan we've done really well over there. i like not only on the baskin side but the duncan side our coffee forward strategy is really paying off in amsterdam and the netherlands. we're getting traction in places like germany and we recently have a new franchisee in spain for us we had to first get out of markets that we had no

business being in and we did that over the last couple of years and we're leaning into what we do best which is great coffee fast and this coffee forward strategy over in korea and japan it's probably some of our best expressions of baskin robins and we're taking that and boomeranging it back here. i'm excited about it we're valued on duncan u.s. but i'm excited about the opportunities on the international side as well. >> what about the opportunity in china, dave? i know it's only 1% of your business now but you did mention you were monitoring coronavirus. how is it impacting the stores that you have, and does it prevent you from a more aggressive expansion in that country? >> like i said on the call this morning, between both brands it's only 71 restaurants out of a fleet of 21,000, but you know i lived over there for 12 years. all of us, we have a lot of

friends and colleagues over there. really small on the business impact but a big concern in our hearts on the people over there. i think for us it's less about the impact on the 71 restaurants and more about the impact of the contagion of fear in the other impacts. that's what we're monitoring like any global qsr brand, we have daily calls we're doing the right thing with our employees, the communities and or franchisees right now >> dave, thanks so much for joining us >> thanks, wilfred and sarah take care. >> come in person next time, perhaps with some doughnuts as well just an idea dave, thank you. the stock down about 3% today. after the break, shares of soft bank surging as elliott management builds a big stake in that company david faber joins us with details next. a big afternoon of earnings on the way with reports from uber, act vision, pinterest and many more. we'll speak with activist ceo

bobby kotick after those numbers hit. back in a couple minutes do you have concerns about mild memory loss related to aging? prevagen is the number one pharmacist-recommended memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life.

shares of soft bank spiking today after a report that elliott management has acquired a $2.5 billion stake in the company. david faber joins us with more on this developing story david, what can you tell us? >> it's interesting looking at that graphic that we had up there because that's what you would expect in the sense of

singer versus versus sohh. i'm not sure that's the case here elliott is a large manager of alternative assets, including of course activism being one component of that. in this case i'm not sure i would term it versus they have of late as you well know, at&t taking large stakes in large cap companies, and yes, they're not necessarily holding hands when they come in there but they are also trying not to be overly adversarial perhaps in trying to get management to embrace some of their goals. in this case, my understanding after speaking with people familiar after the situation is they hoped it would play out behind the scenes to some extent, similarly as did investment in sap, obviously a large german-based software company. that didn't happen the journal making it public

$2.5 billion is the number in this case, we will see perhaps as soon as earnings on the second -- excuse me, on the 12th of february from soft bank whether they've embraced some of the things that have already been discussed, namely, strategies to narrow the discount, which is happening today as a result of the divu e divulging of the stake between the asset value at soft bank and where the stock price is a return of capital, now remember last february 6 when they reported earnings a year ago in fact to the day, they instituted a $5.5 billion buyback. will there be more on governa e governance my understanding is he would like to check some boxes on that given the criticism on soft bank some of this of course going back to wework and what happens there and questions of whether the soft bank,/vision fund model

was going to work in terms of finding anothera al ea alibaba we'll see whether we get anything on the 12th when the company reports earnings that would seem to indicate perhaps that they've already gotten to that kind of -- not a settlement but sort of having the company do some of the things that were being implored by a large shareholder. doesn't mean they're out of the woods at soft bank by the way, don't forget we're going to hear from judge merroro on t mobile and sprint versus the state ags. if that deal doesn't get approv approved, that's another headache they're going to be dealing with at soft bank as well gordon singer by the way was the leader of this, not jesse cohn here in the states but gordon singer who runs the london office he is the son of paul singer, the company's founder and chairman. >> as you said it's unclear whether this is a versus investment or in partnership with investment. probably more likely the latter.

either way, is son pretty much all powerful when it comes to soft bank? there's not anyone can do to force him to change tact, is there? >> that's a good point not really he does have a great deal of ntrol there and in fact critics would argue that there's been a lack of organization at soft bank, that it really is just one man who sort of runs everything despite a number of significant people in terms of management team, that there really has not been a significant organization around him you're right he may desire though to perhaps make some changes that this will actually help him accomplish to some extent. but it's not clear exactly how many levers you can pull other than weighing in with board members and/or the shareholder base to try to get change when you do have a guy who controls things as he does.

>> what about elliott management and paul singer, what sort of successes has he had in going after overseas companies this is not his first one and i remember he lost that vote on hyundai. >> yeah, well, also samsung, remember samsung was a big battle for them in korea. they are not opposed to trying to take on companies in other markets. japan has typically been a tough place to practice activism, though we have seen it occasionally of course dan lobe has been after sony for some time but it is somewhat rare to see that happen. it doesn't mean that they aren't going to try and, as you point o out, elliott has done it in markets like south korea where also activism is not something that has occurred too often. what i think is interesting is this is another large cap company that soft bank's taking a stake in it's not the typical blueprint they followed on activism where

we're talking mid cap where they might have an opportunity to move in to threaten to buy the company and technology the way we saw so often happen with jesse cohn and a number of names. this is another one of those big cap names, hard to move, easy to get in and out of the investment per se but not necessarily something you would think that has been i guess practiced by them that often in terms of the history of their activist practice. >> thank you they'll hope it goes better than their investment in ac milan what is languishing, as you well know, david. >> of course. >> thank you very much. >> thank you half-hour until the close. >> brief chance to get a soccer reference in, i shall take it. >> time to get a cnbc news update >> here's what's happening right now. in her weekly briefing, house speaker nancy pelosi just blasted president trump, furious over his state of the union speech and the acquittal in the impeachment trial.

>> it was appalling to hear him try to take credit for something that he -- and call what president obama did a mess that he inherited when, in fact, it was a great advantage to the country that president obama's policies took us to that very positive place >> severe storms slammed the southeastern united states and caused a lot of damage here. meteorologists even issued tornado warnings amid the intention weather. baseball commissioner rob man fred says talks have ended over the proposed sale of the controlling shares of the mets to hedge fund manager steven cohen. the deal would have seen cohen acquire 80% controlling stake in a transaction that values that team at $2.6 billion but instead i guess you could call that a strikeout. back to you. >> contessa, thank you book ended with sports

references still to come here on "closing bell," today's closer is afl-cio richard trumka. we'll get his take on the pro union bill on capitol hill as we speak. treasury yields, a little change today as investors await tomorrow's big jobs report we did have good numbers on jobless claims and private sector adp only the two-year note yield is higher right now we'll be right back. ( ♪ ) ♪ the sun is risin' ♪ ♪ as the day begins ♪ time for reflectin' on family and friends ♪ ♪ and hey, we got somethin' ♪ ♪ just for you (sniffing) ♪ it's a cup of your favori-i-i-ite... ♪ (loud splashing) (high-pitched laughter)

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welcome back 25 minutes left of the session let's get over to mike for the second installment of the market dashboard. >> we're going to have the markets step on the scale and see how stout valuations have become as we've gotten indexes back to all-time highs here's the s&p 500 as well as the nasdaq 100 in terms of their forward price to earnings multiple this is basically at a cycle high we're pushing 19 right now in the s&p 500, the high for the

cycle. here you go in early 2018 before the earnings estimates were revised higher for the tax cut, we were close but peeking above it look at the nasdaq 100, up around 24 on a forward basis that's dominant, as we know by the biggest four or five tech companies that are also the biggest four or five in the s&p. arguably this is getting stretched. earnings estimates are curling higher after flattening out last year but take a look at this as a comparable for perhaps why earnings estimates, earnings pes are well supported it's investment grade corporate yields adjusted for inflation. this is real yields. this is the average since the financial crisis we are down near around 1% in terms of real yield. that's the cost effectively of capital for corporate america. it's extremely low i would also point out just look how low it was in this 2013 period when we really got stocks repriced higher. the s&p was up 30% in 2013 it doesn't seem like we're valued in a way to have that kind of lift right now but this definitely helps explain why

this market is supporting these valuations right now, guys. >> mike, thank you we've got about 24 minutes left of trade before the bell we're on record close watch for the dow, s&p and the nasdaq. if we close at these levels we will be there. up next, your last chance trade. and we're counting you down to earnings. we'll talk to the ceo of act vision blizzard in a cnbc exclusive moments after those numbers hit. we're back in a couple minutes ♪

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20 minutes until the close stephanie, what is your last chance trade >> estee lauder. i bought a small piece today, this morning, as a new position. i've owned it in the past and regret when i sell it so i'm going to own it forever going forward. they had a great quarter i know the stock isup 4% but it's only up 2% for the year the quarter was -- revenues were up 16% earnings beat by 21 cents. skin care was dynamic, up 28%. they're gaining share with estee laud lauder asia-pacific up 13%. so a great quarter why the stock isn't up more is because they did lower guidance.

>> coronavirus. >> right 12% of their revenues is china 22% is travel. they lowered the bar this is what we were waiting for. now we wait to see the progress of the virus and when we get progress or a slowdown, i think the stock can have a nice relief rally. >> elf beauty reported last night. i talked to the ceo. they're up a lot tonight the ceo said the category is weak but we are outperforming. they have a nice sweet spot of gen z. they're selling cosmetics for as little as $3, $4, $5 for a liquid glitter eye shadow which she said is one of the top sellers. and that tic tok campaign. >> it's huge skin care is doing better than cosmetics. it will be interesting when ulta reports to see how they do i have a combination of both. >> both of them up. >> nothing to contribute on eye

shadow >> google kills but that's not -- anyway, we had elf up 9%. up next, uninterpretrupted cove. plus, later in the show, our closer, richard trumka will join us. >> you can always watch or listen to us live on the go on the cnbc app "closing bell" will be right back dana-farber cancer institute discovered the pd-l1 pathway. pd-l1. they changed how the world fights cancer. blocking the pd-l1 protein, lets the immune system attack, attack, attack cancer. pd-l1 transformed, revolutionized, immunotherapy. pd-l1 saved my life. saved my life. saved my life. what we do here at dana-faber, changes lives everywhere. everywhere. everywhere. everywhere. everywhere.

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just over 14 minutes left in the trading day. we're in the closing bell market zone commercial-free coverage of all the action going no tinto the ce >> mike santoli will break down these crucial moments of the trading of the day we have stephanie link as well soft bank, activist investment firm elliott management has built up a more than $2.5 billion stake in the japanese tech giant joining us on the phone to discuss is one of the reporters who broke this story, jenny strasburg from "the wall street journal. jenny, great scoop obviously high interest because of the power players here involved paul singer, massahson, the empires they've built. what have you learned about their relationship >> we learned that this was kept very quiet, that elliott had built up a stake of $2.5 billion

as you said and they're pushing for big buybacks, 10 to 20 billion we understand. it will be interesting to see how that fits along with the vision fund two plans and the desire for soft bank to keep spending on technology buys. it's definitely a new kind of angle on the governance and elliott -- it's about 3% of the market value japanese companies, masa son owns 22% that's the most recent publicly available figure of the company. as a lot of your audience will know, it's difficult in japan. there's a high bar for activist investment but, it's elliott so, yeah.

>> is the tone sort of supportive of masa son >> we believe it's been constructive we reported it's been constructive they're saying -- they said in statements to us that it's been constructive both of them actually used that same word, both of the companies. we're coming up on obviously proxy season and annual meeting season and soft bank has what many people have criticized is a lack of independence on its board so i think a lot of the conversations are around how do you use your balance sheet, how do we know how you're using your balance sheet in the vision fund we need transparency around your investment decision-making, and we think you could use a little more corporate governance on

your board these things are intertwined you can see how all of that would be intertwainined what we did work is that we work, for all of its effects on the tech industry and valuations and everything that we and others have written about also spurred elliott to become a bigger shareholder and soft bank to engage with management. >> jenny, thanks so much for that great scoop jenny strasburg of "the wall street journal." soft bank up about 10%. >> i'm looking at the board. not a single female on the board as it stands maybe one area they could improve on. >> i don't have the statistics but i would imagine in japan it's not the best statistics on that shares of twitter surging on the heels of its earnings report this morning let's get to julia borstein. >> twitter shares up 15% for reporting its fastest daily

active users, growing 21% from a year ago to 152 million. the company says impeachment proochlt - improvements to the service are paying off >> when you had 26 million people to the service when more than half of it is directly tied to product improvements, you build on your strategy we've got more work to do on the revenue product side as well that work will continue into 2020 >> dorsey weighing in on questions about his tweet last year that he plans to spend months this year in africa he didn't share any specific plans, said they're still working that out but they are working to build a globally distributed workforce to become less dependent on san francisco. >> thanks so much for that. straight to stephanie because you're very pleased with this one today.

>> very pleased with this one. i own this one the setup was good the stock is down 27% from its high you had all kinds of negative analysts putting out previews ahead of this report that said, revenues beat, ad revenues beat. the mdaus which is the most important was up as well as year over year. what people got very excited about was expenses and the expenses of 20% growth for the year is much better than what facebook or google put up and i think that's why the stock really rallied. >> the question is what does 2020 have in store for twitter. >> consistency on operating basis, right three months ago the stock went from $38.83 on earnings and all the way down into the 20s and now rallying up to 38 and change if you go back three quarts you had a similar move up to 39. my point is it seems to have these big steps, these big gaps on earnings when they seem like

either they have it together or they don't that's been the question it's obviously a strategic asset. can they show the operating metrics on a consistent basis. >> i think the cfo is top notch and if he's running the show while dorsey is in africa, i think it should be more consistent >> ahead of the faa making new comments on boeing phil la fwebeau with the detail >> that's the shares -- the reason shares moved higher they made two comments that got the market's attention the first is that we could see a certification flight perhaps in the next few weeks that's the biggest indication that we could see it in the next few weeks. he said that faa and its counterpart in europe are likely to agree on design fixes when it comes to the 737 max meanwhile, boeing reported today that it has a new software issue when it comes to the max having

to do with an indicator light in the cockpit. this light when it deals with stabilizer trim, perhaps not matching up with the indication light from the flight control computers, as a result they think that a software fix will remedy this situation. if you look at shares of boeing, this is a stock that's on pace for its best week since august of last year remember, boeing is sticking with its guidance right now that it expects to see the max back in service the middle of this year guys, back to you. >> phil, thank you we've got a news alert on aurora cannabis >> the ceo is stepping down and the company's executive chairman, michael singer, will replace him on an interim basis while the company looks for a permanent ceo. that's according to reuters. the company also reportedly set to announce job cuts as part of a broader cost cutting initiative the stock has been halted more than an hour this comes a few days after a

similar restructuring effort was announced by its competitor. guys, back to you. >> thank you very much for that. that stock halted but down about 5%. >> and 73% over the last 12 months an example of how this industry is really falling out of favor and left to clean up its act when it comes to restructuring and getting a real business. >> it was a frenzy at the outset, a novelty. people thought it was going to happen very fast there was not a lot of very well considered money driving those stocks up. >> i don't want to put them in the same basket. >> no. >> are there anythat entice you? >> no, definitely not. there's too many of them and you don't know who's going to be the winner or loser. if you want to play it, you do constellation brands that's the chicken way of doing it. >> five and a half minutes left of the session we are set for three all-time closing highs. after the bell we'll get a read on gaming stocks

josh lipton has a preview. >> let's start with activision here's what the street is expecting there. q4 eps of $1.19. also saying we'll watch q4 bookings, and 2020 guidance, saying the anticipation is that could come in below consensus. this company of course tends co question is how much when ca as for take two, we expect eps of $1.75 on revenue of 900 millions investors are interested to hear how outer world, border lands three and gta online are performing back to you. >> thanks for that we will be speaking to bobby kotick in the show what's your take on some of these gaming stocks, the run they've had? >> these two have been exactly

in tandem of about 40% this year but they're still kind of struggling versus where they were a couple of years ago they're totally fully valued i think everyone gets that this is a big area of gaining eyeball share for a long time to come. i don't know necessarily if the numbers are coming through on time in terms of the release cycle. >> it is interesting, activision trades at a 4 multiple point discount. >> to take two. >> yes, and they have call of duty that could start to outperform. >> we're going to get results from uber after the bell kate rooney has what to watch. >> investors are still expecting deep losses at uber. the question is how deep analysts are looking for a loss at 68 cents inferiper share. the ceo set the goal of profitability by 2021. analysts tell me they're looking for any details that show uber getting closer to that goal. investors want to know if uber can sustain 20% growth on

booking and margins. last quarter we saw rising losses at uber eats. we'll look for details on that business and of course regulation, analysts want to know how rulings in london, columbia and here in california with ab 5 have impacted financials >> kate, thanks. >> earlier you framed the fact that it has found stability from the lows and yet that's still 20% down from the ipo price, a reminder of how much it fell initially. >> the market applied a pretty swift discount and then it's been about -- as they get closer to what they've promised in terms of their definition of cash flow positive and also i think the street really wants to see if discipline is entering their markets, pricing discipline on ride hailing then of course uber eats, which i don't think the street loves obviously the business is challenged but what do they have to say about it, consolidate it. what's the magnitude of the forward investments in that area. >> and can you keep up 20% growth in the actual ride share business which is impressive,

stephanie. >> i think that's the biggest question that's why gross bookings are going to be the thing that everybody watches and the tank rate those are the two most important items to watch today >> we're up .3% let's check in on what's happening in the bond market with two minutes left to trade rick >> maury: we a >> treasury yields moving a bit lower throughout the session, maybe in front of tomorrow's big jobs report. two-year note yields are basically unchanged. as you go to the long end, 30-year bonds are about four basis points lower, not necessarily a bad thing. if you're a foreign investor, that's where you're buying in. the dollar index, every week it closed higher. it's over a cent off its lows from coronavirus nasdaq can make the same claim, higher every day this week >> on pace for a record close with the mega caps heading there today as well. not on huge volume but we are

seeing people pile into the large caps in terms of earnings, that's where you're seeing the biggest volume movers. watson disappointed in terms of its guidance cabot micro seeing an all-time high as we continue to see some of those ipos from last week one medical and reynolds continue their move higher it's a great market for ipo right now. >> ipo at a new high we are at a new high on the s&p 500. we've been sideways most of the day, up 10 to 12 points, still enough for a record high lower volume, a little lower volatility, but that's still a record stock of the day, it's got to be casper priced at 12 opened at $14.50 casper is dropping at the close at $13.26. you'll get a lot of comments about whether this was a successful ipo or not.

up 10% from the initial price but if you bought it at the open obviously you're under water at this point as bertha said, it's been a very good one-week period for the ipo market overall there's the closing bell s&p 500 is up 12 points. dow jones industrial up nearly 100. if you're just joining us, welcome to the "closing bell" bell. >> i'm sara eisen along with mike santoli. >> record all-time closing high for the three major averages s&p and nasdaq got there yesterday, the dow joining the trio today, up.3% as you can see. relatively small gains but held onto them throughout most of the session. s&p also up by the same amount nasdaq led the charge today,

up .7% >> energy and materials continue their decline. we are minutes away from earnings reports from uber, pen tryst, wynn and activision blizzard we'll talk to the ceo of activisi activision. >> joining us, mark lehman and still with us, stephanie link. impressive resilience to this quick bounceback since the coronavirus lows. >> i would call it a pause for the broad market the s&p 500, microsoft, apple and google are up 1% to 2% today for no particular reason except that people want to seem to buy them every day i do think it was really more of a stalling and a pause and a consolidation and has been an aggressive comeback to the highs. the market likes to draw itself into a neutral state before the jobs number. >> it's not like the news on

coronavirus is getting better. >> it is getting better in the trajectory people will point to the fact that it's really -- it peaked in terms of the proliferation of infections several days ago but -- >> and it's being offset by huge stimulus, as we talked about earlier in china. >> it's coming really quickly from them and they'll do more because they can and they should, given that there are so many uncertainty i think it all started when the cdc on monday basically said they have better tests and they can find the people and that sort of thing. >> maybe it was elimination of the worst case scenario. >> that's part of it and also that it's not really filtered into the numbers the market wants to process and maybe that will happen where there's -- the market reprices higher and therefore becomes vulnerable to a surprise on that front. >> mark, when we saw the pullback, were there any companies that stood out to you that you were able to get some exposure to before we bounced

again? >> i talked to a lot of portfolio managers during the top of the crisis, whichever way you want to look at it, and these people had lists of stocks that if they got to a certain level they were ready to pounce on guess what, they never got there. they were ready with capital to put some money to work and as we've gone higher every day this week, i think people are making bets at higher prices. we've seen the defensive names become less popular and the tech names like we've talked about go up 1% every day this week. i think the reason the market is going up is because you led the show, we didn't talk about tesla or the virus we talked about other things and that's why the market is going higher we're talking about those things less and less. we're talking about ipos and growth and that's where the market is resume in 2020. >> we are getting earnings reports. t mobile hitting the wires >> t mobile beating expectations on the top and bottom line earnings coming in at 87 cents per share. revenues beating estimates 11.88

billion a hair started 11.83 billion. shares trading pretty much flat. the company reported preliminary q4 total net additions but looking at the guidance, the company says it expects post paid net customers addition between 2.6 million and 3.6 million in 2020. back over to you. >> thanks for that moving a little higher, mike it was flat initially but nearly a percent higher >> obviously the big question here is the trial. they're trying to get this deal with sprint approved it's still in a little bit of a limbo state. we're not sure when they're going to get a ruling on that but it does seem as if the results at least look firmer. >> mike, just to come back to the broader market as well before more earnings start hitting, what did you make of the vix? we had a spike, a pullback, but it hasn't collapsed. >> it hasn't it's retained a little bit of a premium. there's obviously this underlying sort of hedging instinct people i know who look at those dynamics say it shows a little

bit of an agitation in the market whether it's correct or not is unclear but there is still this feeling that the democratic primaries and other things and of course the coronavirus is still this unknown that's evidenced itself in a vix that really at an all-time high with the market clicking higher every day would more likely be around 12 than up to 15 or so >> we've got another earnings report pinterest. back to julia. >> pinterest beating on the top and bottom line with adjusted earnings of 12 cents per share, 4 cents better than anticipated. revenue is 400 million versus the 371 million analysts had been expecting key stat here about the global monthly active users grew 26% year over year to 335 million. that's about 4 million better than analysts had been anticipating also, the company's guidance for 2020 revenues are up to 1.52

billion versus 1.5 billion estimated so slightly stronger than anticipated but really we see an 8% stock move after hours higher on these better than expected results pretty much across the board for pinterest guys, back over to you >> popping 8.5%. example actually of an ipo that's done better >> it's done better this year, yeah it has had a little bit of a comeback. >> still down double digits from its high >> another newly ipoed company is out with results. uber. >> uber still losing money but a better than expected eps loss. that was a beat by 4 cents, revenue mostly in line at 4.6 billion for the quarter. a full year loss came in for 2019 at $1.1 billion gross bookings were amiss, 18.1 versus 18.7.

we saw decelerating growth rates. a big loss at uber eats. that was 461 million, almost doubling from the comparable quarter a year earlier call is coming up at 4:30 eastern. we'll listen for some color on that slowing growth rate looks like stock is up about 1% right now. back to you. >> jumping around all over the place. kate, thanks so much for that. down briefly, now back up again. mike, on the core numbers, clearly essentially in line with expectation and the monthly active platform customers at 111 million also in line there. >> it looks roughly in line. i want to see exactly where the bottom line beat came in if it is on sort of a cost end or margins being preserved a little bit better roughly it seems in the zone of what you might have expected. >> eats was exposed to lose money anyway so that's not the big surprise. >> the forecast was for 18.7

billion so perhaps that's a little behind. i guess the key as well on this for the long term when we get to the call is whether you'll see more price rationalization uber eats has a little bit of potential to see some light at the end of the tunnel on price rationality as a couple of the other players are starting to look that way. >> they're speaking in that direction, the other players are. it's not clear if it's manifesting itself. >> remains to be seen. with grub hub yesterday saying that maybe we should do more takeout as opposed to delivery, a big rethink on that business uber swinging around as wilfred says and going negative and positive in the last few seconds. activision blizzard out. josh lipton with those results. >> activision reporting q4 eps of $1.23 versus expectations of $1.19 on 2.71 bl 2.71 billion

guidance calling for eps of 35 cents versus expectations of 39 cents. for 2020 they're calling for adjusted eps of 235 versus expectations of 249 on 6.73 billion. the street was looking for 66.92 billion. >> josh, thank you coming up, we'll talk to the activision ceo about these results and the outlook. stephanie, your first take >> i like this over take two because the multiple is at such a discount to take two i like the slate, the call of duty and the call of duty mobile this one i think is better than the other. they're just not -- i don't own them they're not that cheap and it's very product dependent that's just not my kind of thing. >> mark, i want to pivot back to uber which is now higher by about .9%, more than that, 2%

all of a sudden. what's your take on the company and these numbers? >> it was my last chance trade from the fall. i'm still very optimistic on the company. i think it's a pricing story i think the due oply is firmly entrenched i think they're really executin on their strategy and as time goes on and the multiple goes up i think people are going to be glad to own this story this is a continuation of a better trend for the company and again, i think you're going to get a price rationalization story by the end of the year they have an enormous market they're going to the right platform and i think uber's quarter is exactly what the street wanted to see it's up 40% off the bottom i think the ipo price is a thing in the rearview mirror. >> where pis the street on uber versus lift? >> prefers uber from the global perspective and obviously being

the bigger cat i don't know that it's necessarily ubiquitous in either case. >> just the pure play. >> yes. >> depends on what you want. >> interesting to see if this california economy law gets more widespread there's a vote in the house today. it's a very long way from being taken to a federal level but it's certainly a big risk hanging over the stock at the moment uber trading higher by a full percent. >> thank you to stephanie and mark good to see you both up next, we dive into activision blizzard's results with ceo bobby kotick, here for a cnbc exclusive later, the house is voting today on unions' right to organizations. we'll talk to richard trumka from the afl-cio we're back in 90 seconds it's almost like you're training me to become an even smarter, stronger investor. exactly. ♪(rocky theme music) fifty-six straight, come on! that's it, left trade right trade. come on another trade, i want to see it!

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...take the personal assessment i love the new myww program, because it's tailored to you! and get matched with a proven weight loss plan. find out which customized plan can make losing weight easier for you! myww join today with the ww triple play! activision blizzard earnings out moments ago beating on both the top and bottom lines let's bring in activision blizzard ceo bobby kotick for more on this quarters result as well as our very own josh lipton >> thank you, sara bobby, thank you for joining us. >> thanks for having me, josh. >> we should mention, bobby, this week highlights your 30th anniversary as ceo over there, so a long run. i want to dig right into these results though, bobby. you beat on the top and bottom at least initially though, investors seem a bit

underwhelmed, were up about 4/10 of a percent what do you tell those investors about these as a result? >> i think they were great results. i think we had a good quarter and if you look at all the metrics that we measure, we think that we've established a great pathway for growth for what is going to be probably if you look at the era of gaming over the last 30 years that i've been the ceo, when i look out over the next decade, i see more opportunity for our company than i've ever seen in the 30 years that i've been doing this. >> let me ask you about that opportunity, bobby let's talk about 2020, the pipeline when you think about your pipeline of games there, what are going to be the big growth drivers this year? do you look at call of duty mobile is it the east ports business? what do you think should excite investors? >> i think if you look across

our franchises, a lot of our franchises have never actually been on mobile devices before. if you think about the history of gaming, most of the history of our industry has been about middle class customers in very developed markets. over the last five years, as you've seen the explosion of mobile gaming, we've now transformed the business from a business that operated in 30 or 40 countries to a business that operates today in 200 countries. when you look at the audience, the addressable audience has grown into the billions. i think as you see our franchises like call of duty migrate from just pc and console to mobile, we're really seeing the acceleration of opportunities. >> let me ask you about one topic. i know the anchors want to jump in this is a topic that's clearly important to investors, the coronavirus. are you seeing any possibly

impact f impact >> we had to reschedule in china. we have employees working from home and they'll continue to work from home until we feel that it's safe for them to not work at home any longer. but i don't think there's any real material impact that we've seen thus far. >> i have a question bobby, thanks for joining us i want to ask about the exclusive partnership you signed with google. which side of that was more important to you, the exposure that your e sports will have on youtube or the cheaper deal as it were that you got on your cloud computing costs? >> google has been a great partner for us for a long time, and when you look at the scope of that deal, it includes opportunities with advertising they provide the tech stack for

our ads business which is rapidly growing and will be $150 million of advertising this year and growing very quickly the cloud services part of the contract is very important to us, and probably for me the most important was ensuring that we had a great broadcast partner for our e sports rights and being able to reach 200 million gamers through youtube with all of our professional e sports content was critically important. >> it's josh begagain. i want to come backto mobile, what you were emphasizing. the mobile version of call of duty has been a success for you guys i know investors though want to know when do you think that game does get approved in china, and do you think trade tensions actually in any way are making that process harder for activision >> i don't have good insight into whether the trade negotiations have anything to do

with it but we have a great partner in ten cent and i think the game is terrific but it's really in their control as to when that game will get approved in china and not something that we can influence >> you talk about some of these big trends for the industry that you're excited about so i did want to get your take on one hot trend. that is certainly these big tech companies come out with new video game streaming services like google. what's your thought on google's entry into this market >> generally it's the best time ever to be a creator of professionally produced content. if you think about the next four years we'll spend something like $5 billion investing in new game content. as many attractive platforms as there are out there, as long as our gamers are having great experiences on the platform,

that's when we consider them but we have a lot of voices of how to invest our capital and today we have 4400 million user around the world a lot of these new services and initiatives are going to help us grow that audience base and we think over the next five years we can double or more the size of the audience that we address. >> bobby, we appreciate your time, sir, today sara, back to you guys in new york >> thank you thanks, bobby kotick, for joining the show. wynn numbers are out and contessa has them. >> we are coming in with the company saying that they have a loss in earnings per share of 62 cents. we're unsure of how that compares to what the street was estimating here at 92 cents. but it looks like we are a little light on revenue too coming in at 1.65 billion versus 1.72 billion

drilling down into the numbers, these casinos pay a lot of attention to adjusted property ebida and we're looking at their two properties for the fourth quarter with slight beats coming in at 170 million, 178 million, a beat on what was anticipated las vegas, a big miss, $80 million adjusted property ebita compared to expected at 111. the boston property, the expectations 14 million and a beat on the new property at 15.3 million. on the call we're likely to hear a lot more about how coronavirus and the shutdown of gaming operations is affecting the bottom line for wynn we'll listen closely and bring it to you when we get it the shares are off by almost 3%. >> thank you very much this is a group that has really been buffeted around by these coronavirus fears. >> it's the one thing that matters in the very short term the stock hit a low at the peak of those concerns so it's giving

up a little bit of that rebound right now. it really does seem as if it's going to be week to week >> see what they can say on the call if anything at this point up next, we'll break down the charts to see whether the outperformance of high liquidity stocks means the market will keep rallying. today's closing is afl-cio president richard trumka he'll discuss the trade deals as well as the white house vote you can always watch or listen to us live on the go on the cnbc app. when it comes to using data,

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we've got some news on verizon. julia with the details >>verizon has announced it has authorized the repurchase of up to 100 million shares of its common stock at the price at today's close would be worth $5.9 billion the company noting that it had a previous repurchase program which expires on february 29th of this year this is effectively creating a new repurchase plan for that

$100 million shares trading up .6% in after hours trading. >> thanks so much for that over to mike for the third installment of the dashboard. >> always smart to get plenty of fluids in fact, the most liquid stocks in the market have benefitted. goldman sachs had an interesting breakdown of the market based on a variety of strategy and baskets of stocks carving up the market into different ways we have this chart of the highest liquidity stocks divided by the lowest. if you went long, the most heavily traded, largest stocks, the ones easiest to trade and short the ones that are most difficult to trade, this is your performance over one year. that's a tremendous 15 percentage point outperformance by this nonfundamental category. what it says to me is the already big leadership mega cap stocks, the ones everybody knows and trades constantly that have done the best so it's the popular has become more popular. it's an explanation for why

hedge fund managers have had a hard time because they will concentrate on the more nek neglected, difficult to value areas. maybe in some kind of a market break those will come back better. >> these are the big tech stocks. >> largely in this portfolio, exactly, large growth stocks like that. >> thanks so much. up next, we will dig deeper into uber's results and how you should be trading the stock. >> we are counting down to d rnings call from activision anwynn we'll bring you highlights later on "closing bell."

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there's a check on the closing bell big board major averages closing at new record highs today, fueled by continued momentum and easing concern over coronavirus ahead of tomorrow's jobs report here in the u.s there's a look at the after hours movers look at pinterest jumping 14% on the back of that earning >> it's time for a cnbc news update hi, sue. >> hello, everybody. here's what's happening at this hour president trump welcoming the kenyan president to the white house. the two sounded optimistic about a future trade deal between their countries. kenya has strategic importance to the u.s. as it tries to counter the influence of china in africa. democratic presidential candidate bernie sanders declaring themselves the winner in iowa as he turns his

attention to the upcoming new hampshire primary. >> i'm confident that we're going to do really well here in new hampshire having won iowa. we're going to do very well in nevada i think we're going to do a lot better than people think in south carolina we have a good shot to win california bottom line, i believe that we are well positioned to win the democratic nomination. >> lawmakers engaged in a brawl in ukraine's parliament as they debated the contentious issue of a proposed law which would allow sales of the country's rich farm land proponents say it would significantly boost that country's struggling economy, but opponents argue the land could end up in the hands of businesses that would crush small farmers. you are up to date that's the news update this hour sara, back to you. >> that is crazy we thought it was rough in congress. >> in washington, i know, right? >> former heavyweight boxer klitschko was once running for political office you don't want to brawl there.

shares of uber slightly higher after reporting its fourth quarter earnings just moments ago. joining us from break the numbers down, you like the stock and the initial report. >> i thought it was a good report it was a step in the right direction. it was the cleanest quarter they've put out in terms of rates being strong and profitability headed in the right direction. the overall bookings growth was solid. i think they're moving in the right direction. this is what we needed to see to sustain that run off the lows. >> what's the balance if we look at ride sharing between pure top line growth as more people use the service versus price rationalization between the main players in terms of the bullish drivers for the stock? is the top line growth slightly slowing down >> yes, but that makes sense it's the law of large numbers there. but the rest of it's important too. they need to get good take rates off of that. the rationalization needs to be

there. that leads to profitability. that's what investors have been concerned about, getting to that profitability and that's a big piece of that. it's a really important one. >> has the company made the case that uber eats is core and that it's a good opportunity and it can find the economics it needs to >> it has, at least -- >> they've tried to make the case. >> at least in parts of the world so obviously in india it's not. in markets where they feel like they can't ultimately win that market they'll back out. they left india. india was a big driver of the loss in uber eats in 2019. coming out of there is great for rationalization. the u.s. is a big market i don't think we're seeing that in the u.s. yet but we're probably going to see consolidation at some point and that should support that business at some point, unless they decide to exit it. >> what happened they went out with too aggressive of a valuation for the ipo and hadn't convinced investors there was a path to profitability? what's the hangup here with the

stock? >> yes, i think that was maybe part of it the environment when they came out wasn't that great. they had a couple quarters coming out of the ipo that weren't so strong so they stumbled a bit then you kind of got into this big disconnect between private valuations and public valuations there were a lot of moving pieces that put a lot of pressure people didn't see that path to profitability. it's becoming a little bit clearer. there was a lot there. the hangup, we're up 40% off the lows i think we need to keep moving in that direction. it's a big global story. i think it will take time and prove itself out >> price target, 50 bucks. >> yeah. >> thanks so much for joining us >> thanks for having me. >> myriad jeannetgenetic plungi >> this is a medical ek you lar diagnostics company reporting an 8 cent miss on the bottom line the company citing billing operation issues amid a switch in its software system

the ceo stepping down, mi mike capone. we are seeing shares fall, down 27% in extended trade. guys, back to you. >> thank you president trump declaring a blue collar boom during the state of the union address up next, richard trumka tells us aps her the equality g i really closing we'll be right back.

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othroughout the country for the copast twelve years,rmation. 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. we've got a news alert on ebay >> sara, a potential change from intercontinental exchange and its interest in ebay it says based on investor conversations, i.c.e. has decided to cease exploring operations with ebay, this is just two days after the they approached ebay about a nearly $30 billion takeover of the company. stocks down about 6% in extended trade with i shares are slightly

higher. >> slightly conflicting background from different statements from each company but the same conclusion which is there's no conversations happening. >> down almost 10% since this news came out. >> market didn't like it. >> obviously they said with conversations with investors seeming like it was going to perhaps follow the current clean strate strate strategy. the house is set to vote on the protecting the right to organize act tonight the bill amends the national labor relations act to extend protection to union workers and revises the definition of employee and supervisor to prevent employers from classifying employees as exempt from labor law protections let's bring in our closing bell closer of the day, richard trumka, president of the afl-cio. good afternoon thanks for joining us. >> thanks for having me on, will. >> would you like to see this california-based law go nationwide >> well of course.

we want to see something else. look, our economy is plagued by inequality at three different levels there's the inequality of income there's the inequality of opportunity, and there's inequality of power. the power between corporations, the rich and workers until you address inequality of power, you can't address inequality of opportunity or income the bill, the pro act, would help to rebalance that power and give workers a stronger voice and let them accumulate more of the wealth that they produced and thus shrink inequality in the economy. >> are you concerned at all, richard, about one of the main criticisms of the act, that is that reducing this kind of flexibility that some employers have could lead ultimately to layoffs, certain jobs just evaporatin evaporating, as opposed to those jobs being transformed from part time to full time? >> not in the least, will, and here's why employers have to pay workmen's

comp and they have to pay unemployment comp. these groups by cheating, misclassifying their workers, don't pay into either one of those funds. thus, they get an unfair advantage and put that on the backs of other employers this would equalize that opportunity and make them play on a level playing field with everybody else if they can't compete there, that's called the market >> the companies say, especially lyft, i think 90% of its people want to have this as a not full-time job. they want to make some extra income they want to drive an extra shift. they want to do it on their own time and their own number of hours and not be dictated by the company. >> that wouldn't change. they could still have that kind of a model it would just mean that they would be called employees and they would have to pay the benefits of every other employee the same thing that every other employer would have in the country. they could still have a flexible work schedule, still negotiate for better benefits.

in fact, they could have a better life if they had a greater say in the model that they're dealing with. >> richard, switching focus to the broader economy, you've spoken already in this interview and more recently about your fears about the level of inequality in the u.s. economy, but before we get to that issue specifically, do you applaud the gains of the trump economy over the last few years >> there have been some positive things over the last couple of years. they've been a continuation of the economy that this president inherited. he hasn't kept pace job-wise and we haven't seen inequality gap grow in fact, we've seen the inequality gap grow during his tenure in addition to that, we've seen dea depths of despair increase all three years under this president. a death of despair is somebody who dies from addiction, overdosing or alcoholism

they don't have any life left. they think there's nothing left for them if the economy is so wonderful, why are deaths of despair continuing to grow each year it's because inequality continues to grow each year and more and more people feel like they're being left behind. the pro act that we're voting on today would actually help to close that gap and bring people back together and give workers more say on the job. >> so many of these things are structural in nature and can't be blamed on the current administration you have to admit, technology, the rise of opioids, all the issues that we deal with in this country, i thought actually you were going to have something positive to say because i know you signed onto the usmca. >> we helped negotiate it. the first one that came back to us was terrible, unenforceable i was on this show and told you how unenforceable it was after 18 months of us negotiating with this administration we finally got a

trade bill that is worthy of the american worker. look, things are good, but if he wants -- you said those are structural problems that are bad. if he takes the good, there's structural and he has to accept the bad that is structural inequality is continuing to grow wages are stagnant for most americans. the nequality gap is growing and that has to be addressed it has not yet been addressed, and until it is, until workers are given more power so that they can negotiate a fair share of what they produce, we'll continue to push and say the economy's not where it needs to be >> richard trumka, thanks for joining us >> thanks for having me on meantime, uber shares are in fact surging after the earnings report and some changes in guidance i think kate rooney. >> that's right. shares up as much as 9%. the call is under way and uber's ceo moving up the timeline for profitability.

he now says that uber is going to be profitable by q4 at the end of this year, 2020 that is a big move up. the timeline had originally been for a full year by the end of 2021 shares jumping on that we're on the call now and will bring you any other updates. back to you. >> thank you big reaction, clearly laying it out after we saw what was evidence that they were moving in that direction in the fourth quarter report. >> yeah, we thought it was going to trade based on how close they are to the existing goal they've accelerated the goal of course this is their own adjusted definition. it doesn't matter. it's not traded above 40 as recently as august it's going to get right back up there and say that we can bake in the improvement a little sooner. >> lyft getting love as well as a result. >> you have to imagine part of how they're going to get there is the stock subsidizing rides. >> uber up 8%. that call continues. more headlines to come and we'll bring them to you. up next, your earnings score

card it's been another crazy afternoon for after hours earnings we'll break down the biggest movers straight head when you look at the critical issues facing our world, what do you see? we see breakthrough medicines getting to patients in record time. we see harnessing natural gas unleashing the promise of clean energy. we see engineers simulating the future to improve today. 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.

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and say to the world.. i did it. - [woman] you did it. i love you. - [graduate] i love you too. ♪ ♪ ♪ ♪ ♪ don't get mad. get e*trade, dawg. let's get another check on today's after hours earnings movers uber having a nice rally here after smaller than expected loss and revenue beats. the ceo also moving up the timeline for profitability, just speaking on that call.

activision higher after reporting stronger than expect sales. wynn resorts falling and pinterest soaring after an earnings beat. next, the all important jobs report on deck tomorrow morning. what investors are expecting. tonight, tune into cnbc's special report "outbreak" 7:00 p.m. eastern do you have concerns about mild memory loss related to aging? prevagen is the number one pharmacist-recommended memory support brand. you can find it in the vitamin aisle in stores everywhere.

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welcome back another check on uber as we said just before the break it had jumped 10% higher after hours trade. as they moved forward when they would be profitable by that definition of ebidta profitable. from late next year to this year on the earnings call but it slipped in the after hours about 2.5% in after hours trade. >> crazy move. >> shares of aurora cannabis resumed trading paused about 2:30 p.m. >> they have, wilfred. shares of aurora down about 10%. 20% excuse me. wow, in extended trades. the company confirming in a release that the ceo is stepping down aurora will add two new independent directors as part of efforts to firm up the cost structure. any say they have eliminated almost 500 full-time positions,

including 25% of the corporate positions, again now down about 17%. volatile name to watch in extended trades, sara. >> thanks, seema back to mike for the final dashboard of the day. >> fewer bulls in evidence less red meat. both individual investors and investment advisers, now coronavirus scare, the outbreak, a pullback in stocks, clearly put a bit of fright into an overbullish situation for investors. so in recent weeks we would have said look at that the investment advisers up near 60% bulls stretched on the historical basis means the market can't handle bad news. and individual investors well above 40% bulls now reset lower, much more in the normal range. that's pretty routine for the professionals. there are more bears than bulls in the last week in aai.

this changes a lot on the retail investor spied it's very jumpy. but sentiment is not so much as a headwinds. but in the last couple days the fast moving sentiment indicators like options traders look a little complacent. >> up next the buzz on wall street, the top things investors are talking outoy enabt dawh "closing bell" comes right back. stay restless with the icon that does the same. the new rx. crafted by lexus. lease the 2020 rx 350 for $419 a month for 36 months. experience amazing at your lexus dealer. i'm part of a community of problem solvers. we make ideas grow. from an everyday solution... to one that can take on a bigger challenge. we are solving problems that improve lives. (sensei) a live bookkeeper toquickbooks for me.tomize on a bigger challenge. (live bookkeeper) okay, you're all set up. (sensei) thanks!

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welcome back checking on uber after hours, yo-yoing around, up as much as 10% moments ago. it's lost more than half of that up 4% now. the trigger on the rise on the conference call, the ceo saying uber will be profitable on the adjusted ebidta by the fourth quarter of 2020. earlier than wall street expected they expected that next year, showing marked grochlt toward that end on the quarter now. but we are following the conference call and see what the ceo has to say that's keeping it moving. >> if anything tells you how sensitive the stock is to slight changes in the pacing of when they might see the end of the cash burn losses, negative

ebidta numbers. >> net take away as things stand up 4.5%. looking ahead to ole era foam we have the jobs report on deck the u.s. economy expected to have added 158,000 jobs in january. compared to 145,000 in december. the number due at 8:30 a.m. eastern time investors will watch january china trade data, also of course of import. now to the buzz on wall street google maps is getting a big redesign on iphone and android in the honor of the 15th birthday making it easier to use. excuse me. and will include new public transit data and augmented reality options. it will be complete and hit the app by next month. >> i haven't really used that -- i haven't used the google maps aspect as much. >> moving on ancestorsy laying off 6% of the workforce citing a slow down in the entire dna.

hitting employees across the board and included work workers in the utah and california offices. the news after 23-me laid off 14% of staff because of slowing sales. interesting how quickly they followed suit on this. >> the market must have hit a wall one thing is you do it once and did you it then obviously there is add on services and premium tiers you can pay for. but the majority of people pay for the kit. >> i wonder if privacy concerns. >> no doubt. >> how much information do you want to give over to a company >> exactly. >> like a google. >> back to the broader markets, mike, clearly closing highs this -- today, again for all three of the markets and very quickly bounceback as we were saying haste been held today more than anything. >> i would say very quick bounceback it almost showed people got into a defensive crouch and had to spring out because the market held together okay ive wove we have the jobs number

tomorrow adp was stoerng stronger for january. >> jobless claims great today. >> down 200,000. i think the market is in the mode of welcoming positive economic news on the economic front pef we have the odds of easing build up within the bond market we'll see how it trades. it's not necessarily the biggest market mover, the payroll number. >> don't want to be downbeat, the german factory- that was meant to be positive of the positive data here is great. but. >> the whole story of the global manufacturing rebound maybe shaky. >> something to keep an eye on. >> it's not happening on time in terms of when people thought they would see the evidence of it. >> though i thought it was interesting that jp morgan downgraded the forecast from china shaving it by a quarter of a percentage point on the trade aspect

huge export and import market. >> everything everyone thinks it's deferred and not over, and not tipping things into recession. >> interesting to watch the 150er tomorrow job numbers strong still depressed from a week ago. >> "fast money" begins right now. live from the nasdaq market site over looking new york city's times square this is scott woman they are for for melissa lee. traders tonight here and tonight on fast markets raising to new records if you think we have gone too far too far too fast we have three names you might want to own. shares of twitter taking flight. is is is it time to look at the social climber and shares of aurora cannabis tanking in the after hours the company cutting jobs, announcing the ceo is leaving. we'll break down that action but first we begin with a big earnings alert on uber the company just announced on the earnings call it expects to be ebidta profitable b