down, they haven't yet >> thank you so much as always with real estate, it's local and thank you for joining me here on the exchange. i'll go join tyler for "power lunch" which starts now. good afternoon, everybody. thank you u, kelly and we'll see you in a moment's time welcome, everybody here's what's new at 2:00. the rally taking a breather and stocks down with an now off 250. after a better than expected jobs report. we'll tell you why it could be a bad thipg for the market plus, the number of cases of coronavirus jumping now past 30,000 as businesses in china deal with the new reality. we've got the details on that and later, the bitcoin boom. the crypt o currency climbing back to $10,000 or there abouts and there's one surprising factor behind the surge. we'll explain what it is as "power lunch" starts right now

>> yes, welcome to "power lunch. i'm kelly evans and let's take a look at where we stand as stocks are under pressure after the jobs report. dow and caterpillar are the biggest drags on the dow as it's down nearly 1% chances of a five-day winning streak at risk th dom is taking a look at this wild week on wall street >> we were just k loobing at that wall and how many point gains we've seen again, this is the first day this week we'll have a down day. at least it looks like it for right now in this 2:00 eastern hour if you look at the nasdaq composite, many of those social media consumer discretionary and also a communication services stocks really helping to propel that outperformance there in the noz dak specifically over the s&p 500, so this week here, that gap is something to pay attention to also watch what's happening here with another part sector wise industry wise. take a look at the market cap

pick as well the russell 2000 small cap index versus the s&p 500 these two etfs track it and you can see the large caps continue to outperform and today, sh the white heline down fur thaerther that gap here is also widening out and one place else to watch, take a look at what's happening with some of the consumer discretionary napes that are the most effective and most levered to the coronavirus outbreak in china. look at norwegian cruise loins, down 4%. tapestry, those luxury bounds, down 4% today and wynn resorts down almost 5% as well so we're keep iing a close eye on these names on the heels of coronavirus. back to you. >> thank you very much today's jobs number coming in way above expectations, but the market interpreting the beat as bad new us what's wrong >> crazy market folks think. it's a strange reaction to what

otherwise looks to be b a very solid jobs report. the only b possible negative is that strength reduces the b possibility of fed rate cuts this year. writing this should comfort the fed that further policy accommodation is unnecessary and over at bmo, they're writing the job report supports the fed's extended pause plan. here are the numbers 225,000 against an estimate of 158,000. average hourly wages though relatively modest, up from last month, but just up 0.2% up month to month unemployment rate ticking up for a good reason. more folks came into the workforce. of course there are other issues besides jobs for markets to consider here are just some of the headlines we're reading. the fed is saying the coronavirus poses a new risk to the economic outlook in their monetary policy report to congress people are slashing their chinese gdp outlook.

even got a number with a one handle on it this is an economy that usually goes above six some of the worst numbers we've ever seen out of that country and of course the boeing shutdown problems are a hit to gdp. the strong january jobs report says u.s. economy not in bad shape, kelly to weather them in the months ahead. >> one handle on china gdp is hard >> it might be more honest than a lot of the numbers we get, but it would be way below what they would ever report. >> right and one wonders if they'll be honest about this. zpl that. >> that's been the major question thank you so much. stay right there the job quality index launched back in december, it detects the quality of jobs created in the u.s. base ed on number of hours worked does that tell us more about the labbe rer market, economy and how does it impact stocks?

let's bring in the author, dan and richard bernstein, ceo and chief investment officer of richard bernstein advisers dan, the quality could that be the problem? what do you see? >> it off sets some of the gains you see and quantity of jobs what you have, the jobs quality improved by almost .8%, but unfortunately the last readings of the quick look at jobs formation indicate that in december, 70% of jobs came from sectors of low quality >> such as >> leisure and hospitality >> the yellow bar is the percentage of low quality jobs the higher the yellow bar and the less blue you see, the more low quality jobs are out there if that's not clear to everybody. >> we present it as red because red's bad. >> yellowed it spare the viewers a little

harshness. >> there we see itnot as, it's t as the super low end what would wibe the mix of jobs that would deliver >> clearly goods producing jobs. we saw a nice bump up in construction jobs this current read and sort of at the margin, there was a surprisingly large increase in educational services jobs they're actually low quality, below the mean >> in term of wages. >> yeah, weekly earnings >> i want to go back to the state of the union address without ripping up my skricript. i promise i'm not going to do that but the president made a point that this is a blue collar boom. that's what he said. do these numbers support that idea >> so if you look at all the jobs in the low quality category, it's clear that wages have been moving up. but you know, you have to ask yourself a question. if you have leisure and hospitality job especially in the production and supervisory component where your average

wage is $13.50 an hour and they're only producing 25 hours of work a week, even if you got a you know, 8% rise in wages oaf the course of a year, it doesn't really make it much bert of bert of a job >> if your hours are at what they owe >> rich, as you look to invest at a time when the market is at basically all time highs, jobs, job growth is there. maybe quality isn't ideal, how do you invest? >> it's an important socioeconomic and political issue. no doubt about that. i'm not sure that's the way the markets look at it they look on the margin, not good or bad, but better or worse. and so if you don't have a job and you get a job, the market's going to respond positively to that overall on the economy regardless of whether it's a high or low quality b job. similarly, if you have a job and

you lose your job, the market's going to respond negatively. even if you know you're moving from a high quality b b job to a low quality job, it's on the margin the market will respond negatively >> hey, richard, imt to ask you this question. i got a stock market at or near an all time high i have job growth that's just booming. then i've got gdp kind of fair to middling at 2% then a bond market that's acting like there's a bad tidal wave coming and it's gone for higher ground or in this case, lower ground, when it comes to yields at 15 a 150. who's got i right here, richard? >> i think the stock has become a very, very momentum oriented and is a little off kilter relative to the things that you're talking about, steve. yes, the absolute number of jobs strong, but jobs growth itself is actually very weak. i think it's 1 or 1.5% not exactly booming year on

year so i think the stock market is a little out of kilter more important than that, if you look at the earnings front, earnings are definitely been weakening through 2019 there's little to suggest they're going to meanfully improve in 2020. so that actually argues that the employment situation may be at risk because companies don't hire more workers when their profits are under pressure so i would argue corporate profits is going to lead employment as we go through 2020 >> correct me if i'm wrong here, i thought i heard this morning on npr there was a revision to the total number of jobs gaineded lagained last year. >> a half a million jobs were lopped off the headline total from march 2018 to 2019. bringing the level down today to this thing so job growth is less than had been reported and it was distributed out by about 42,000. >> which may be very well what the market is reacting to today. those revisions -- >> i would find that hard to

believe. and this is coming for six months >> true, true, but at the end of the day what's important is what is the pass through all this employment that's what really drives the economy. what translates to gdp growth. so if you worsen the quality of the jobs over a period of time, naturally the pass through u of that benefit is going to be reduced and obviously to the extent that there are revisions. that also bears on it. so you know there's a lot of issues that sort of add up to. >> at session lows, the dow is down 311 points. about the market being off kilter relative to the real world, what do you think is driving this sell off today? is it coronavirus? are those fears legitimate what's your sense about things >> well i think in a late cycle environment, you're always going to see volatility begin to pick

up whether it's volatility on the up, which everybody loves or on the way down and the reason why is because in a late cycle environment, markets become very momentum oriented. they become attractive simply because they're going up and i think that's where we are right now. if you think about what the leadership is in the market, you think about some of the most speculative issues that are talkeded about daily, that tells you we're really in a momentum market this isn't about earnings anymore. it's about is the stock going up that's always a question always a period where you're going to get more volatility, more emotion and it's very typical of a late cycle environment. >> it could go on for itsome ti. >> rich, how much does the market need the fed to act here i've got a 50% probabliy tossib rate cut in july u and even a possibility of two rate cuts this year, but everything i'm seeing in the economic data and hearing from fed officials is that a rate cut is not the first thing coming out of their mouths >> right so there's again, a little bit of a tug of war here, if fundamentals start improving,

you don't need the fed but if fundamentals don't improve, the market's going to want the fed in a very, very late cycle environment, not there yet, but as we get there, fundamentals will start to deteriorate and the fed won't help so it's a question of what wins that tug of war. right now, people are betting that the fundamentals will win the tug of war and off set the fact that the fed's not going to do anything. that's typical late cycle stuff, too, steve >> we'll leave it there. the dow down 317 >> coming up as the coronavirus death toll continues to chilimb the central bank could be at risk and we'll dig into the global economic impact of this outbreak plus, the biggest for many brands is connectinging to the customer we'll speak to the ceo of one company trying to address that problem. phew! it's back, with lobster mac & cheese.

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welcome back the coronavirusi continuing to spread the death toll in china stands at more than 630 more than 3,000 new cases today alone. the total now above 31,000 the tense quiet in wuhan, the center of this outbreak continues. chinese factories are beginning to push their restart dates further back honda and toyota both extending past next week

while some are retro fitting production lines to make masks and medical clothing, which are in short supply. outside of china, cruise ships are becoming quarantine islands. 11 americans among the 1i confirmed to have the virus on a ship in ja pap another 27 passengers not far from here on a ship in new jersey at port were tested and four were hospitalized earlier today, president trump spoke with china's president the trade issues now tratding on a dichbt hue and tone and our next guest is warning that the worst is yet to come especially for businesses navigating all the uncertainty. dennis is an international attorney who travels regularly to china intimately familiar with business and manufacturing there and has been working with chinese companies to reorient production away from china and into other southeast asian areas. welcome back i think one of the reasons you think this outbreak could be in

its early innings and far more dell tearrius to the economy is that when you look at sars in 2003, china was a small hunk of gdp. not as integrated into the global economy 6 or 7% of global gdp now, it's 17 or 18%. that is an exponential mag myification of what this could mean >> the real problem here is that sars was about four to six months then tailed off we aren't even approaching where the, this particular coronavirus is going and with china now being so carefulfully ily integrated inte world economy, this 16 to 17% of gdp could have an effect not just in china, but clearly in the united states. i'm really very worried. >> i have b to believe that one of the reasons some or many companies including american companies that do business over there, are postponing or

american contractors the return of workers is that those workers will be often coming back from their holiday and resuming residence in extraordinarily close quarters in dormitories owned by their employer company an that could be a breeding ground for this virus. >> a typical chinese, tyler, a typical chinese business is a dormitory. they have a cafeteria and office building or a factory where they work they're together 24/7. bripging them back is not just going to put the factories back in business, but it essentially would be a breeding ground for the coronavirus. so when they were talking about let's look february 8th, we're going to be back in production, that was fantasy it will no happen and i'm glad to see the chinese government take the steps to extend the new

year's holiday it was just announced, but the fifth largest city in japan, in china, has now been locked down in the pearl river delta near hong kong, it's essentially southern china we see the focus moving from wuhan in central china now to southeast china. really not very good news. does this add insult to injury for those looking to outsource out of china michelle's point is there's not a lot of places to go and while that may be true, does this continue to you know, suggest to anybody depending on getting stuff from china that they better have a plan b >> yes, they need a plan b malaysia, singapore, vietnam, there are b possibility, but the

second point is there's a problem. i'm working with a company now who wants to move some production from china into ma y malays malaysia that's going to take 12 to 18 months so while it's a good idea to diversify, split up your sources of production, it's simply not going to be possible. that's why this particular virus will be b to serious so even if you started today to move a manufacturing facility to malaysia, it would probably take you 12 to 18 months. >> you make the point that large companies, whether it's a fox con or some derivative of a company of that scale, will probably be able to ride out this kind of economic corrosion, but that a lot , maybe millions of small chinese manufacturers or merchants will not because they've taken a double whammy, the te tariffs didn't help them and now this this would really do grass roots damage to the chinese economy. >> fox con has over half a

million employees. it will be okay. it can borrow money. but most of these smaller companies tharman fakihtured in china are owned by individuals, they don't have credit lines and every week that the factory is closed,, they have to continue to pay their employees if they're there or lose money. and china as you know has a debt kri crisis at this time so the major banks don't loan to these smaller companies. they're really in a bad position because the trump tariffs made them take their small margins and make them even smaller and as a result, it will be difficult for a will the lot ofo hang on. the end result in the supply chain, fewer prices and maybe no goods at all >> thank you very much appreciate your time and perspective. turn it to cnbc's special report tonight on the the coronavirus it's at 7:00 p.m. eastern time now bitcoin is off to a great start in 2020 and it's inching closer to the $10,000 mark are we on the cusp of another

bitcoin breakthrough plus, energy stocks are sinking 10% this year. are any of these beaten up names worth buying "power lunch" explores that in two. ♪ ♪ ♪ don't get mad. get e*trade, dawg. high protein low sugar tastes great! high protein low sugar so good! high protein low sugar mmmm, birthday cake! and try pure protein delicious protein shakes

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welcome back to "power lunch. energy and crude oil are ending the week under pressure. energy's the only negative sector in the s&p 500 so far after an 11% decline so are there any energy stocks worth a second look? let's bring in our trading nation team. great to see you both. bill, you've got ideas and e the tf in particular tell us about them there's a lot of support at $49 as you can see in this chart going back to 2016 the rsi slipped below 20 for the first time since 2018. so you think there's support here, but in november 2018, crude sold off another 20% so one way to look is hooking at crude oil here holding 49. looking at energy mlps those have 10% dividends if crude falls out, you get that further down the line, the

expiration of production, xop is an etf you think this could be bottoming, i like to look at the emp first. so $18. they're going to respond >> gina, tell us about concho. >> if you look at the energy sector, you have a concern that chinese demand is going to fall off u on the back of coronavirus. i think that pushed energy down farther so i think it's gone below and con cho is an interesting play because if you look at, if you screen the energy stocks, one thing you want to look for is you want to look for a reasonable price to

earnings you know, low debt on the balance sheet because i think that's a big problem with energy stocks right now they've had to take on a lot of debt and growth. they've had good eps growth over the last year so i think that combination makes concho an interesting story. p i think they're the baby >> think that through for a second thank you so much for trading nation today and for more, head to the website or follow along on twitter. light, camera, advertisement, netflix spending millions on advertising ahead of the oscars. why this could be a make it or break it moment for the streaming giant plus we'll sit down with the ceo of a company that wants to help brands with consumers and offer more experiences for broader demographics and gray scale's bitcoin investment trust is now the first to become an sec reporting company. how much closer are we potentially now to a bitcoin etf. all this and more when "power lunch" returns

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welcome back, everybody. i'm sue herera here's your cnbc news update at this hour. president trump speaking to reporters before boarding marine one for his trip to north carolina he voiced his displeasure b with nancy pelosi ripping up his state of the union address >> i thought it was a terrible thing when she ripped up first of all, it's an official document you're not allowed, it's illegal. she broke the law. i got very high marks on the speech and i didn't know she did it until i was walking out and some of the congressmen and women were saying can you believe what she did but i didn't know she did it >> douglas hodge, the former chief executive of pimco was

sentenced to nine months in prison for his role in the college admitting cheating scandal. he was also ordered to pay a $750,000 fine. jessica men doze will no longer be on saturday night baseball this after signing a contract extension with the network, espn announcing she'll be an analyst on weekday games as well as making appearances on various network shows. you are up to date send it back to you, ty. >> thank you very much, sue. we are right near the lows of the session now. the dow is down nearly 300 points if i can see it there, i need stronger glasses 271 is what it is. losses accelerating in the last hour the s&p and nasdaq both under pressure as well and the russell as dom pointed out is getting hit the harders. it is down 1.3%. >> time for the power movers game over for take two inter interactive. the share sliding after they

report i reporting disappointing earnings it's on pace to have its worst day since june of year and casper is deep in the red today after a strong public debut. the ipo falling below its $12 price after rallying more than 20% yesterday. it's given up much of that down 14% today final ly, canada goose is gettin cooked with the stock tumbling around 4%. the outer wear maker said coronavirus is having a material impact zblncht and now a market flash with meg >> the bio tech company is working with the nih on a vaccine for the novel coronavirus. they so far have seen no glitches in the development of that potential vaccine and if all continues that way, which he said he thinks it probably will, they could start a human clinical trial within two and a half months. you are seeing medern which has been rising all day, up u on

that news. the oil market is closing up for the day. dom? >> so much of the moving of the oil markets over the past week plus has been due to the concerns o coronavirus and the economic impact on happening with china, the united states and elsewhere around the globe you can see those prices moving to the downside. wti cruise off 1%. world benchmark brent crude off two-thirds of 1% 54.56. now much of the move to the downside today has been put on russian energy minister also novak, who earlier today made comments saying that russia needs some more time to mull or consider proposed production cuts globally from global oil cartel opec and its partner countries including russia those casting a bit of uncertainty. that's the reason why prices are lower and they've been lower all week back to you. >> thank you very much the national urban league partnering with the analytics firm 100 x to figure u out how to change the way brands look at

consumers and consumers look at brands they surveyed more than 1,000 people to understand how different communities feel about different brands and the hope is that these brands can then create better experiences for the consumers who in some cases, feel underserved here to explain how this works is rob pace. he's the founder of 100 x. also mark, president and ceo e of the national urban league from out in california welcome to both of you >> i'm going to cut to some of the results first in surveying 5,000 consumers, 1,000 of which were african-american. one of the things you found was that african-americans tend to be less satisfied than other groups with many prominent bran brands how much less satisfied and why do you think that is >> the data expands 40

industries and 12 companies. they're about five points less satisfied. there's three things that rise to the top reasonable for the big delta >> so it's service, not the product itself that seems to be most concerning. >> exactly >> and these companies range from companies as big as nike and costco to restaurant chains as well. >> 200 chains. span 40, 50 industries so they're just telling us here's what we think so we can benchmark every country and industry >> in a way, there's the new girl scout cookie. hey, if we want to raise money,

take your survey, pick the ones you want to talk b about give it an emoji reply and we'll raise money that way >> data we say is the new bake sale and when you do it this way, we get 80, 90% participation where as normal surveys get 2 or 3% participation. so we're hearing from a consumer antd demographic you often don't hear about and it goes to charity. >> so a charity like my son's baseball team could direct the members of the team to go to your site. take a survey and you'll devote $2 of that time which really values my time at 1$120 an hour if it takes me a minutes to finish and $2 of that will go to my cause >> the key is, you're likely to do 50 of these so you're going to raise $100 so your son's team will get a check for $3,000. >> you've been sitting nice and quietly. very plit o politely.

what is the urban league's interest here? >> we held a bake sale and it was successful and it was focused on our young profe professionals who are mainly between the ages of 20 and 40. i think the important take away here is that there were gaps in satisfaction with many companies. for far too many african-americans rated the company lower than others did. so the it's a bit of a wake up call, but also a tool ta any responsible chief executive officer and business leadership team can use to understand how their company is doing, how their company is resognating with the customer experience level. so rob had innovated in a very important way to sort of marry

the capabilities of charities and not for profits with big data in a way that can be an instructive tool for corporate america. >> to you derive revenue from this project >> we've derived revenue like many other not for profits based on the participation of our members. when they participate, we receive a small amount of money. it's to focus on non-profits and their members as the places where if you will, the consumer data is derived. why that's important is the person's not motivated by anything other than benefitting in this case, the national urban league or your son's baseball team or the girl scouts if the girl scouts are doing it so it's an innovation. a fund raising element, but it ties to our mission because as you are also aware, we're trying to promote corporate diversity

for african-american consumers along with others. >> so rob, obviously the companies would love to pay you. that's how you like to make money for this data. we have a list on the wall there of the brands that african-americans sort of oversample favorably and it led by amazon, bath and body work, canada dry, chick-fil-a, costco, nike do you have any sense as to why african-americans like those brands better than many others >> yeah, costco was the king of our one through 1200 >> interesting >> the reason tyler is because they do the most important things well. so in our data, you going through and giving data and saying i like taste, attitude. restaurant, it's equal thety, taste, attitude. they do the most important things well that the consumer cares about. >> all right we got to leave it there, guys thank you very much. mayor, congratulations to the

lsu tigers it's been a month, but i know you're still riding high >> the fwraetest team f. >> one of them for sure. >> to the bond market now where rick santelli is tracking action at the cme hi, rick >> hi, kelly you know last week, last friday, it was the bottom on all markets. whether it was stocks or interest rates at least due to the coronavirus. look at a one week chart the far left you see the way we traded down to 131, we've moved higher since but we're giving it back again look at a one week of tens they're down seven on the week excuse me, down seven on the day, but up six on the week. but what's really fascinating is its lowest rate last friday was 150. the cushions are disappearing and finally, one market that seems to shrug it off, the dollar index it did have a bit of a sell off last friday, but more so due to the euro currency and

potentially the iowa caucus. it looks like it's going to have an up close today every day this week and it's at the best levels, nearly four months, nearly october back to you. >> netflix making a big push for the oscars cbs diving into the streaming wars and a friends reunion might tethbrk,e' hd s. afr e ea wlleato the red carpet and dive into these big media headlines. stay with us

three major headlines in the streaming space today. julia boorstin is live in l.a., hollywood, to be precise, for a special media run down let's begin with the oscars. you're live at the red carpet for sunday's big event netflix aiming to spend big, something like $70 million on marketing to clean up for its various entries. talk about it. >> well netflix has more write g ing than any other studio on what happens here because it has more nominations 24 in total. thest the only studio to have

two nominations for best picture, now last year, netflix was favored. people thought that roma from netflix would win best picture it spent 25 to 30 million to market that to the academy, to voters and i've heard they spent about the same on each of the two best picture nominations so we'll see what happens with the irish man. they've agreed they can use those awards to help lure top tall ept to work with the streaming platform >> i irish man and marriage story. >> and moving on to cbs viacom, who is it? julia, you andry going to get in the streaming wars it has announced a new deal, new service, bundling all of cbs all access, paramount moves. i could watch i carly until the cow u comes home what's going on? >> there are a slew of players

cbs and viacom just complete d their merger we'll more about this when they have their first earnings call next week. my colleague first broke the story. what i've confirm ed with source close to the situation is they're going to combine cbs all access, which was an early player in the streaming wars with all the assets from viacom. that means paramount movies. they could bring in the assets of pluto, an ad supported streaming service. some speculation this would be more similar to what peacock is doing. but going to take advantage of the fact they have both cbs and viacom assets combined now >> hard b to believe it's been 25 years since the launch of friends and there are now r reports that a long awaited friends reunion might become a reality on hbo max it's a reunion of sorts. not a new episode, right >> it's not a new episode and this is not officially happening

yet. i can report there have been talks about this warner media would love to put together a show. it could be, it would be an unscripted now what i've heard is that they would be paying as $2.5 a million to each of those friends stars to come together and to use this as a real marketing tool for hbo max obviously hbo max has the fri d friends library. they have spent a lot of money on that and this would be a key thing to help get people to subscribe to the new service it's unclear if they're going to get everyone to sign on, but they're certainly offing a lot of money >> our producer wants know if ross and rachel are going to get back together. >> it's not scripted they're just going to come and sit around and talk about their careers, so no promises there. >> well we can wish them the best >> good luck on the red carpet we'll see you soon >> up next, the bitcoin book is

back and some say it could get better thanks to a decision by the sec. we'll tell you about that after the break here on "power lunch." ♪ ♪ if they saw you on the street would your advisor recognize you? at ameriprise, we see you as more than a client. that's why our advisors care about what's important to you. they offer personalized advice to help you prepare

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crypto is kind of crushing it this year

it could get even better for investors after filing an application in november, bitskates is approved to be independence and what will that mean for the bitcoin price >> join us is is michael sutoehshine. an s.e.c.-approved product could generate institutional interest. how much institutional buying are you seeing >> we're seeing quite a bit. if you look back to 2019, about 71% of the assets we raised last year were coming from institutional investors. i think grayscale becoming an s.e.c.-reporting company should senate that the regulators are willing, and hopefully it opens

this product to a brought of group of investors. >> what does that designation mean in practicality what kind of stamp of approval, if that's the cliche to use, is it >> it basically hold the reporting obligations for grayskate to be the same as any other public company or any other exchange-traded product or any or instrument that investors are using. you're seeing it going to fi10 hks. 10-qs. >> and it's what investors want. this is a level of disclosure that they want, and quite frankly that investors deserve. >> so for you, obviously, this could make you the major player when people are looking for an etf as a way to get access to or exposure to bitcoin, so the price is now about $10,000 how much of the run-up do you

think is on news of the democratization that you're talking about, how significant is it to unlock this method of owning it. >> i think the past year solidified a couple things first and foremost, bitcoin is a safe haven where there are dislocations in the market investors can think about that role which gold and bonds quite frankly used to occupy now bitcoin is part of that conversation, but i think it's important for investors to understand that the prevalent of grayscale family of products, this is opening doors to more investors participating and there's a lot of -- we're seeing it with coronavirus, with tensions in iraq, we're seeing any of these dislocations in the market as another reason investors are looking to it, not to mention the next bitcoin -- >> i was going to say crises

send people to hard assets. >> and as investors are looking to new uncorrelated bitcoin is part of that. >> so a peak was marked in the futures market a couple years ago. is there a kernel of worry in the back of your head that bringing an etf would mark another high point or top in the market >> i think what we're more focused on is the development of the derivatives market we all have to remember that bitcoin in this asset concludes as a whole didn't even exist 10, 11 years ago ought these heads of companies are getting involved in the space, it lends itself to validation that the asset classes here to say. >> michael, good to hear from you. >> appreciate it. "check please" is next, and you can always, always watch orself to itself why wouldn't you wt anto do

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emerson. consider it solved. some news on airbus. dom? >> those particular companies, according to "wall street journal", are now in advanced talks for airbus to acquire

bombardier's stake in the joint venture program to jointly develop a new a-220 single aisle jet. this is a competitor some thing to the boeing 737 line of jets so we're watching for any new developments with regard to the industry dynamic those two companies had been joint partners, now it amount that airbus wasn't to buy out the entire stake we'll be reaching out to the companies. back to you, kelly and tyler. let's look at cass per the friendly mattress company. after its debut yet, it case priced at about $10 a shares now it's back below its offering price of $12 a share as people fall asleep on casper.

>> no one wants to be long on the weekend. the virus vern are, the whistle-blowing scientist lost his life over this. >> i worry about the people in wuhan, who aren't able to get incoming food and-month-old supplies as the quarantine stiffens thanks for watching, everyone. >> "closing bell" is right now. hello, welcome, everyone, to "closing bell. i'm sara eisen at the casper post 59 minutes left to the close >> i'm brian sullivan. maybe not a happy day for stocks, so let's look at what is driving the action on this friday number one, you did have the jobs number showing continued strength