and the nasdaq up about know that microsoft, amazon and three-quarters of a percent or google are going to resume 74 points. records. >> energy the leading sector raising cloud capex and in the today. looks like they're focused on case of google specifically, the output cuts from opec and they talked about spending more on equipment, not just on less on the demand build for facilities u.s. inventories so less on building and more on thank you for watching power the stuff that nvidia makes. lurn today so i think all of those trends "closing bell" starts right now. we'll see you back here tomorrow bode well and gaming will be >> welcome, everyone, to solid. "closing bell. so i'm long on the stock i'm sarah eisen at the new york i hope the earnings report is a good one the last one was very good and hopefully we see the three stock exchange the stock is sitting out the handle once again. rally, will it do better than >> can we talk beyond meat for a second piper sandler says the good news expected earnings? we will talk to ceo larr is already in. if mcdonald does sign on you'll get a little boost, but they say merlot >> another record setting day. already at $115 -- >> the expectation is that i'm scott walker let's take a look at what's mcdonald will sign on and they driving today's actions. say if they do, that's $100 stocks climbing to highs as the million opportunity over many cases of coronavirus cases appears to be slowing and oil up years. so popeye's said chicken sandwiches gave them a 38% boost 2% and regaining the $50 a barrel level and the u.s. dollar in sales continuing to strengthen today, that's where it's at and meat is

the euro falling to its lowest level against a green back since $80 billion in america every year so 5% to 7% of that would be the 2017 we have a big lineup of interviews coming your way $6 billion opportunity who knows. it's very far out in the future. including ivanka trump and >> i saw for the first time in carlisle co-founder david an analyst note they have a chart in this report with instagram followers for the reubenstein and david solomon brands beyond meat has way more joining us for the hour and followers than everyone else, joining us is josh brown 900,000. josh, it's good to have you impossible foods only thas here. >> what are we doing here? 300,000 and morning star farms, >> i know, what show is this the competitor, how much do you as one firm said today this is think they have? >> morning star farms, who are the fef lon tape and it really those 40,000 seems to be. no matter what you throw at it, >> the mutual fund rating you have bits and starts but the company has a farm where they do market picks itself back up off burgers? >> no, they make other kinds of the floor and starts to go higher again. >> i think the biggest dynamic at play is something that has alt meat. >> with 35 minutes to go, you been going on for a long time, have another record setter on wall street. dow is up 250. which is that we get reasons to seems to be the highs of the sell coronavirus being a good example day. there's the s&p up a half a from this year and people make some sales at the margins of percent, good for 19.75 points their portfolio. but largely they keep the core intact, and then a few days go by and they say, what am i doing with all of this cash, they look around and see other stocks >> our closer today is

making new highs and see billionaire investor david momentum even in value sectors these days and they say i'm reubenstein. going to put more money to work he'll tell us why he thinks china has not been transparent and we inch higher about the coronavirus. a quick check on bonds, return of risk appetite means sell today we have new highs, the bonds. that's rushing yields higher europe stock's 600 index, a new ten-year yield firmly above 160, all-time high. this is very broad-based and it 16 p two-year note yield 144. shouldn't surprise anyone that we're grinding this way. "closing bell" will be right >> but it does feel like there back 1 p. has been lesser concerns and a lot of relief what the coronavirus recovery in china two-year note yield 144. "closing bell" will be right will look like with the addition back p. two-year note yield 144. of the chinese stimulus. "closing bell" will be right back two-year note yield 144. that seems to be a key "closing bell" will be right back liking the now fundamental driver >> that's fair, but then the >> announcer: the bond report is sponsored by pimco caveat is people that work on wall street know nothing about infectious disease or how often does that... epidemiology, myself included. so feel people better, but you never know when the next headline is going to come that jars them out of complacency and makes them all of a sudden feel not well and we don't know what that got it. headline will be or when it will

come but i do agree with you this servicenow -the smarter way to workflow. week no one is talking about it at all two weeks ago it's the only thing people were talking about. so that's definitely a dynamic now you can, with shipsticks.com! that's at play here. >> let's focus in on the big no more lugging your clubs through the airport or risk stories we are watching this having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com hour meg terrell has the latest on makes it fast & easy the treatment for the to get to your golf destination. coronavirus. and we're discussing the outlook with just a few clicks or a phone call, for the market let's start with bob pisani with we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. what's moving. >> we saw four to one at the shipsticks.com saves you time and money. open and two to one in the make it simple. make it ship sticks. middle of the day. i know there's a tendency to say shipsticks.com saves you time and money. there's faang names that are moving and we've had tremendous when yowhat do you see?itical issues facing our world, movement in amazon we see breakthrough medicines facebook is strong getting to patients in record time. microsoft peaked yesterday, 191. the momentum is coming out and i we see harnessing natural gas think that will probably happen with some of the other names as unleashing the promise of clean energy. well look at retailers. we see engineers simulating the future to improve today. there's no fundamental reason to have a nice little rally in some at emerson, when issues become inspiration, of these retail names in the last couple of days but that's the kind of momentum we've been focusing core strengths to create a better world seeing a little bit of politics, too. isn't just a result, it's a responsibility. you see hmo stocks all moving.

there's some weird pretzel logic emerson. consider it solved. out there that sanders winning big might increase the chances of president trump winning i know pretzel logic, but that's the way it works on wall street. disappointment today, bank stocks some of them are flat to sitely on the downside, even though yields have been improving back to you. >> and despite stocks trading at all-time highs, some individual companies are warning that they will take a hit from the coronavirus outbreak in china. carnival cruise warning investors it could dent earnings by as much as 65 cents per share if they're forced to suspend asia operations. remember they operate the princess diamond cruise ship which currently has 175 passengers onboard who have tested positive for the virus. luxury retailer announcing it has temporarily closed tommy

hilfiger and ralph lauren stores in china opec flashing their 2020 demand outlook for oil, citing the coronavirus outbreak in china as a major factor behind that decision and just last hour we heard from organizers from the world's largest mobile phone trade show. the mobile world congress calling off this year's event in barcelona. this comes as major companies like facebook and amazon already had withdrawn from the event on concerns about the virus's 30 minutes left to go until spread and there's the travel the close. here are the three things impact right there. driving the action >> meg terrell has details for dow, s&p and nasdaq all climbing us on the coronavirus. to record highs, as the pace of >> gilead has shipped enough of the coronavirus appears to be slowing. energy stocks and oil are an experimental drug for up to getting a big today. 500 trial participants in wuhan, wti crude regaining the $50 per china. and we should get information about how well the drug works within a couple of months. barrel level and the u.s. dollar meanwhile, questions are being is strengthening again, touching raised about intellectual property as a chinese applied a four-month high. >> time for a news update with sue herera. for a patent on the drug >> hello, everybody. the u.s. military pulling back

gilead says right now they're just focused on finding out if on efforts to combat islamic it works and on accelerating extremist groups in the region manufacturing if it does of west africa from trying to china case counts do appear to degrade their abilities to just be slowing and there's a question about whether that signals a turning point in efforts to slow its spread, containing them. >> there's a series of which everyone hopes it does, or challenges that everybody is if it's simply a change in how facing and what we try to do cases are counted. here in u.s. army africa is work we know that there has been a with our partners, work with our change in china's methodology, which originally experts allies and do what we call stacking overlays to make sure interpreted to mean we would see fewer cases. that, one, we're efficient with but the world health the resources we have, and two, organization saying it's the opposite regardless of which way it is, our efforts on the continent are complimentary. case counts are still rising by >> harvey weinstein back in thousands a day in china. >> so the lower numbers could court as closing arguments are actually be because of the different methodology in set to start tomorrow and deliberations are expected to counting start next week. the jury heard from the last of >> they could be but it's extremely unclear right the three defense witnesses on now. the world health organization literally just finishing a call where they said it was the tuesday. testimony aimed at casting doubt on the sexual assault opposite so we just don't know. allegations against weinstein. and cdc is saying today they're being optimistic and ford recalling over 240,000 interpreting the numbers suvs and cars because a suspension part can break and optimistically to mean things are making a difference in increase the risk of a crash chooen but we just don't know right now. the recall covers the ford flex, >> don't know what you can trust. that's for sure. that's meg terrell taurus, police car, taurus sho

by the way, tonight you can catch a special cnbc report, and lincoln mkt from the model outbreak, coronavirus, that is years 2013 through 2018. at 7:00 p.m. eastern right here on cnbc. with the dow on pace for a you can check the website record close yet again, let's for more details that is the news update this bring in blackrock managing hour i'll send it back downtown to you. >> thank you director and chief investment shares of cvs health officer of u.s. active equity. it's nice to have you here climbing after reporting its is this a teflon tape? earnings before the bell, but losing the gains throughout the >> there are a couple of things session. going on the company did beat on both the with respect to the coronavirus, you have to weigh what's top and bottom line and saw short-term versus long-term and i think there's obviously a very significant human element here but in terms of the economic stores sales increase. joining us the larry merlo the impacts, most of them are president and ceo. short-term so it really shouldn't affect good to see you. >> great to be here. the valuations of companies. >> it was a beat and you also long-term i think we have to raised guidance. think about supply chains. are you surprised to see the i think we've had this lesson muted stock price reaction >> we had a great year, great twice, the trade war and now the fourth quarter and a great coronavirus are telling you if you have a company with a outlook for 2020 concentrated supply base that and the early reaction was may be good for margins terrific we had some follow-up calls with short-term, but it creates risks. so companies and investors need investors and we're pleased that to think about that issue. >> so we're heading for our our 2020 outlook is ahead of what we had estimated last june. eleventh record close for the s&p of 2020. so i'm sure we're going to

how do valuations stack up at rebound. >> the stock is still down for this point >> look, the s&p is at a 19.2 the year multiple are you still getting that skepticism that you had when you that's pretty high by historical first closed the big aetna deal standards. but you also have to look at interest rates around the whole retail pharmacy the interest rate on the benefits manager, health ten-year treasury is 1.6%. that's also extremely low and insurancer conglomerate you have a higher dividend yield strategy. >> we had a very successful on equities than you do on investor day back in june. bonds. we mapped out the strategy in so the s&p has a dividend yield great detail the plan associated with that. of 1.8%. and over the second half of the year investors have seen the that's unusual so while stocks do look execution proof points associated with that and the expensive, they're cheap when you consider the prices that stock is up roughly 40% since bonds are trading at. >> from a portfolio construction the june investor day. >> cramer this morning was standpoint, it is a little bit talking about your stock i know you know jim well dangerous to say you're earning he said good quarter, good guide up but inevitably every says 1.6% on a ten-year treasury and you can get 1.8 in s&p yield, yeah, but amazon how do you get out of that you can pick a telecom company, >> you know what, we've talked a lot about not leaving any white space for disruption and bricks but you could lose 20% on the and mortar is not going to go equity side. away a bad day for stocks is a bad what's important is how bricks and mortar evolves to be more year for bonds the volatility profile very relevant, to meet the needs of different. >> what's interesting, though, is if you look at bond today's consumer and that's what we've been

volatility has been rising and working on and, you know, that's stock volatility has been led to the evolution of what falling. there's still a gap but that's we're calling our health hub what we're seeing on the we started this time last year volatility side. i agree in part with your point in the houston market. and what i would say is it's the early returns were terrific really important for investors to be selective to know what and consumers had a great they own, to be prudent and reaction we went to four more markets focus on quality and good and it's led to a rollout balance sheets because you've got to think more strategy of 600 to 650 by the about downside protection when end of this year, 1,500 by the valuations are high. >> one of the problems with end of 2021. focusing on quality is you get into the nasdaq 100 names that >> high drug prices still appear are already up 100% over the to be helping the business last year and they're the how sustainable in a political biggest market cap those are the highest quality environment where there's pressure to lower drug prices. names. they keep going up >> yeah, so i mean as a >> great comment and our pbm fundamental investor our job is care mark has demonstrated the to find underappreciated quality, quality that people are availability to lower the cost overlooking. >> where are you finding that right now? >> we saw the hmos up today a of pharmaceuticals for plan sponers and consumers. recently we rolled out a new lot. i think that's a high quality sector strategy for those that suffer it gross from diabetes and it allows health care gross as a percent of gdp clients to apt a benefit design that reduces the members, they have good share repurchases and yet dividends -- the consumers' out of pocket >> political risk, though. >> they do have political risk cost to zero and we believe it but when you kind of walk through the analysis, i think

the political risk is actually will save about $437 out of low. there will be a lot of noise and a lot of headlines and there consumer pocket books. will be stock price volatility, so we're excited about some of but i think at the end of the the innovation we're bringing to day we'll have grid lock, no market. >> how are you thinking about coronavirus? >> as we've seen in the news and matter who had president is and the recent report, it looks like not much will change. the actions taken in asia are >> the fed's policy seems to be starting to stabilize. >> if you believe that. >> if you believe that well defined and reiterated yet and prevention and preparedness again today by the fed chair himself on the hill. is important i look at the notes that you this all reminds me back to 2009 have for us today and the when we had the h 1 n 1 scare reasons for optimism are about half the size as the reasons for caution. what happens if those cancel and the role that pharmacists each other out completely and played all across the country in it's simply the guy in the suit terms of providing with the glasses on sitting in front of the senate who says we'll be aggressive with all of immunizations. pharmacists play an important our policy tools if we need be, role, whether it's disseminating information or being a part of and that's all that matters for the end of the day the solution. that's worked for ten years and >> if it becomes a bigger story here, are you going to be ready? going to continue to work until it doesn't. >> without a doubt is fed is >> we'll be ready in terms of helping to support the market. that's what's keeping interest whatever that action is required rates low and valuations high that needs to be delivered at a and they've told you they'll be supportive local level. >> what have you already seen in there's also a lot of money on terms of people going out and the sidelines, whether it's in money market accounts for buying masks or sanitizers private equity is that happening? that private equity money has to >> we have seen a run on that

go somewhere and there is a shortage of masks i think you'll see a lot of buy-outs of public companies available in our stores and >> you think it's all about the fed? at the end of the day no matter broadly across the country. >> there's also some concern what happens that seems to be where the that china on the supply side is optimism lies and why some would suggest -- let's say global sense. >> globally, yes so without a doubt that's very integral in your stores. supportive you also have to look at fundamentals and i would say they're pretty good. >> we have diversified our we have earnings growth picking up we've just had a pretty good pharmaceutical supply chain and we do not see any risks in terms earnings season. estimates for 2020 guidance of the continuity of the supply chain for our clients and looks pretty good. customers at this point in time. so i think we are in a period of improving earnings per share as >> are you still getting, opposed to declining though -- the numbers that we notwithstanding -- have, a very large percentage of >> albeit slightly. >> slightly, but improving pharmaceuticals are made in fundamentals, a strong consumer, china, coming out of china. wages are growing, employment is >> as we look at our supply growing. the consumer is 70% of the chain, it is a very small economy. obviously it's been a long percentage and, again, we've been able to diversify with cycle, but i don't see the end. >> tony, thank you. innovation we've got a partnership with >> thank you. >> still ahead, shares of cvs cardinal health that's called red oak that allows us that lower today despite upbeat

level of diversification. earnings >> what about the products sold the ceo will join us to break in the store >> yeah we have not seen any down the quarter. >> plus i sat down today with impact on that at this point in time again, it's something that we're ivanka trump, presidential continuing to monitor. adviser and the director of if >> i just wanted to ask you international monetary fund to discuss new legislation tying about the former aetna ceo who power of women to foreign was on your board told the "wall policy. >> there has never been an actual law that talks about the street journal" he was being pushed off the board role of women, 50% of the how tense is this relationship >> you know what, this was an world's population, arguably the effort -- you saw the comments most undertapped resource in the from our chairman last week that our board had grown to 16 and developing world >> much more from that interview, including comments on there was a goal to reduce it in the coronavirus outlook on the size, make the board more global economy from the imf. stay with us on "closing bell. manageable and that action was dow is up 222. taken. we've got a great board. we've got a tremendous amount of health care experience that continues to be resonate on our board from pharma to consumer care to health care policy, biotech and we have three legacy aetna directors who combined have about 30 years of service

on the legacy aetna board. so we'll continue to benefit from their counsel, advice and oversight. >> what kind of contact do you have with the white house or officials in washington about what their expectations are for coronavirus here >> we have stayed in touch with hhs and are getting their debriefs from the cdc and fda and again it's something that we're in constant contact with. >> i just want to bring up politics, of course we've got the results from new hampshire it looks like sanders came out on top how do you prepare all the democrats want to revamp the health care system how do you prepare for these scenarios, including bernie sanders? >> you know what, we talk a lot do you have concerns about mild memory loss related to aging? about -- first of all, we need prevagen is the number one pharmacist-recommended to separate health care policy from politics over the next memory support brand. several months and there's a lot of focus on access you can find it in the vitamin aisle in stores everywhere. and we believe in affordable care for all americans prevagen. healthier brain. better life. we don't believe there's enough attention being paid to outcomes and you look at a health care industry that's approaching $4 and when you open a new brokerage account, trillion, people are not

your cash is automatically invested at a great rate. achieving their best health that's why fidelity leads the industry in value outcome, especially those with chronic disease. we think that is a tremendous while our competition continues to talk. opportunity and that's what this ♪ talk, talk new company of cvs and aetna coming together is all about, what we're working on. and we're off to a great start. >> has the insurance company helped drive business for the rest of the company yet? >> what we're embarking upon is an integrated offering you combine the medical, the pharmacy benefit, you make health care local and be able to meet people they are, and so it's been a great 13 months we've got a tremendous amount of work done and the future is exciting. >> larry, thank you for coming in. >> thank you. >> good to see you we have 20 minutes left before the bell rings. here's where we stand. it's been another record setter. you've heard us saying that all day because it's been like that for basically the entire day. >> the entire week. >> you're not kidding. 255 right now for the dow. the s&p is up 20, russell 2000 is up three-quarters of one percent.

up next, we have your last chance trade. >> plus ivanka trump and we'll be speaking about legislation for global empowerment of women, the state of the economy and the coronavirus. that interview is coming up in the next hour. 45 minutes left of trade there's the dow up 222, being >> announcer: visit us on the web at sector spdr.com propelled largely by unitedhealthcare having a good ♪ day and apple as well. s&p 500 up half a percent. that is set for a new record high, so is the nasdaq composite up ♪ some individual market movers, lyft shares slumping despite posting what was a better than ♪ expected fourth quarter loss and maintaining its profitability target for the end of next year.

♪ that comes days after uber moved up its own profitability measure to the end of this year. ♪ some disappointment lyft did not ♪ follow suit. bed bath and beyond shares don't get mad. get e*trade, dawg. plunging as well as they reported declines for december and january and falling gross margins. >> it's been a week of good news and bad news for softbank as sprint mobile provided a pathway for a win but quarterly earnings coming up short. dana-farber cancer institute discovered the pd-l1 pathway. >> scott, the vision fund the pd-l1. they changed how the world fights cancer. culprit once again, losses leading to a 99% plunge in blocking the pd-l1 protein, profits at the broader softbank lets the immune system attack, attack, group. attack cancer. layoffs of portfolio companies pd-l1 transformed, as well as some high-level revolutionized, departures that the fund itself immunotherapy. are throwing cold water on son pd-l1 saved my life. saved my life. saved my life. investing credibility. what we do here at dana-faber, changes lives also throwing into doubt the everywhere. everywhere. everywhere. future of vision fund two. everywhere. everywhere.

>> we have learned lessons and this time at the moment, i think that our next fund side should be a little bit smaller because again we have caused concerns and anxiety to a lot of people. >> guys, he added that the fund, vision fund two, could be delayed by as much as two years and at least initially it will rely on softbank's own capital now, he also said, though, that the tide is turning and he pointed to what you mentioned, scott, the t-mobile sprint doprevagen is the number oneild mempharmacist-recommendeding? memory support brand. merger, a much needed win for him. you can find it in the vitamin aisle in stores everywhere. back to you. >> the bottom line is vision two looks like it's going to be prevagen. healthier brain. better life. smaller, because number one, he's gotten the message, and number two, they have no choice if the money is all going to be coming from so coming from softbank. >> absolutely and it's a little embarrassing because last summer they put out a press le lease talking about a bunch of msu's

that would get the fund bigger now they're scaling it back in a major way. shouldn't come as a surprise he talked a lot about the performance of uber and wework and he's been quite candid saying that he's made mistakes and he's looking at a slightly different strategy, one that places more emphasis on governance he has some work to do to convince some of the lps and investors to come back into the fund. >> you're at a tech conference close and we are seeing record highs, triple record dow, s&p and nasdaq. dow is up more than 260 now. i'm wondering what the ripple the winners, unh, united health effects of this are, if people are talking about it, if there's care driving a action today. an effect on fundraising in a it's adding 80 points to the dow broader context. alone. >> absolutely. i think that you're already apple is good for 41, seeing the effects of that, how that's playing out in the ipo caterpillar, boeing, nike, market of course, there was uber, there goldman sachs all winners. you're seeing downside for was wework's failed ipo. those were two of their highest merck, travelers, j&j. profile investments. it is a pretty broad rally but it's changed the business consumer staples are the losers. model and how that's being pitched to public market >> high of the day 267 for the investors.

it used to be growth at all costs and now the focus is on dow. josh brown, what is your last profitable growth. chance trade and while casper wasn't a >> i am about to talk about a portfolio company, you see how stock that i would bet no one on it's been received by public market, getting a third of its this network has mentioned in last private market valuation. five years, except maybe by so there's a lot of talk here about valuations coming down to accident avery dennison earth and the disconnect really did you ever hear of it? >> probably true between private markets where i researched it when i heard softbank had such an influence this was your last chance trade. >> you were already cheating and how that's received by public markets >> we'll see you a little later avy, listen, this company makes label ink, packaging equipment, with david soloman. things that you would never >> you know what they should do think of with all the cash? but it's actually a global massive buyback. economic growth story. this is one of the best charts >> softbank. >> yeah, $26 a share in the entire material sector. make the real bet. we run screens and look for the if you say you're undervalued best technical setups and then and you say you're being the fundamentals unfairly punished, buy back 20% 88% of the time when it reports earnings it beats. right now. elliot is right. nobody talks about the stock >> that is the other wildcard in the whole thing is elliot and no hedge funds really making big how that's going to progress moving forward. positions here this is a stock that is just >> and how that relationship is. trending higher. is it friendly, do you know? i really like it and i think >> i don't think anybody knows $126 is a very logical place to quite yet. >> as long as they listen. >> exactly. >> 40 minutes left to go in have your stop you know if you're wrong and the

today's session. dow is still up more than 200 trend has change points right now but until then, we want to be long names like this, not s&p 500 up more than half a expensive, pays a good dividend percent. we've got ten of eleven groups in the s&p higher led by energy. yield. noncontroversial, continues to work high skpr it's in a sector consumer staples the only weak spot after the break, one firm out that no one is looking at. with a new note on beyond meat i like it for a lot of reasons saying there's a different >> a little pop here. product that's actually more >> nobody ever talks about it. exciting right now to restaurant it might as well not exist owners we'll tell you what it is next. very sleepy, slow growth >> and later an exclusive but steady, consistent -- interview with david solomon >> but $11 billion we're going to get his take on >> yeah, $11 billion market cap. ipo woes and the crackdown on it's in the russell 1000. >> up next we're going to bring tech as well you uninterpreted coverage of the final minutes of trade when important things we take you inside -- music to know about medicare. first, it doesn't pay for everything. should kick in right now -- the say this pizza... [mmm pizza...] is your part b medical expenses. market zone. >> big lineup of guests, this much - about 80 percent... medicare will pay for. including ivanka trump and david what's left... this slice here... well... rubinstein and goldman sachs ceo that's on you. david solomon. and that's where an aarp medicare supplement insurance plan, you can always listen to us live rr on the good on the cnbc app insured by unitedhealthcare insurance company comes in. "closing bell" will be right

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bell." time now for word on the street. piper sandler initiating beyond meat as neutral with a $115 price target and now for their service to the community, that firm believes the plant we present limu emu & doug with this key to the city. [ applause ] based trend could be a $16 billion market it's an honor to tell you that of the operators they surveyed, liberty mutual customizes your car insurance so you only pay for what you need. 60% had interest in a new and now we need to get back to work. chicken sandwich while only 40% wanted a meatless burger. [ applause and band playing ] >> i'm in the 60%. >> you are more interested in chicken sandwiches. >> yeah, what are we doing here? only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ >> hang on >> ubs upgrading micron to buy, raising the stock to $75 to you should be mad your neighbor always wants to hang out. share. they say the structural bull is now taking over. and you should be mad your smart fridge >> jeffries racing its price is unnecessarily complicated. target on nvidia to $315 a make ice. making ice.

share. that bates out rbc's street high but you're not mad because you have e*trade made earlier this week of $301 which isn't complicated. their tools make trading quicker and simpler jeffries expecting nvidia to so you can take on the markets with confidence. report positive trends report iw don't get mad get e*trade and start trading commission free today. 12 minutes left in the trading day. we are now in the "closing bell" market zone, commercial-free coverage of all of the action going into the close. >> here to break down the crucial moments is the ceo josh brown and liz young. it is worth noting that this is liz's first time in the market zone >> welcome to you. it's intense let's kick it off with a dollar index. sharply higher over the last month. let's look at how that's been impacting u.s. exporters.

>> this has become a big talker in recent weeks. the dollar has had its biggest four-week run since july and companies that depend on international sales have the most to lose industrials, consumer technology, staples make up 40% of their revenue or more outside the u.s., the stronger dollar makes their goods more expensive overseas it is worth noting about 75% of semiconductor sales are generate outside the u.s. now, possible beneficiaries take a look at european stocks and etfs that track the stocks fresh record highs for germany and france as we look at the euro trade at its lowest level since 2017. >> they certainly enjoyed the week thank you. does this make multinationals less appealing with the dollar going up >> more appealing. >> because it means money is flowing into the u.s., it's flowing into dollars and stock, even if they have to get their earnings chopped by the strong dollar >> you can step up to the

roulette wheel and you can say ten blacks in a row. or you can say i don't want my whole portfolio to be comprised of indices where stocks are trading at 20 times earnings i am willing to take the bet that it can't be so terrible in emerging markets in europe that it's not worth buying these markets at 12 times earnings higher dividend yields, better earnings expectations for this coming year, and a recovery that is not yet priced in so if isms bounce back on the continent, if coronavirus fears kind of fade a little bit, these stock markets can go up 20% and 30% on no fundamental change whatsoever, just an improvement in sentiment so i think you want to be international. we are overweight international stocks it is the least popular thing on earth for a financial adviser to do with their clients, which is why it's probably going to work. >> i agree with a lot of the

things josh just said. as far as the dollar goes, it can't stop, won't stop but our call for the year is the dollar softens a little bit. right now it's obviously being driven by some of the fear of trade from coronavirus but i do like the fact that europe stocks are hitting new highs, em stocks are holding in there because we did have a good bullish call on europe. >> the question is whether >> on some level, yes. but it's not all about currency. you have some offsetting factors. a strong dollar is going to eat into some of the profits the only time that the dollar weakened was the fourth quarter of last year so i think companies are prepared for that for the most part if we have a weaker dollar it's that much more of a tail wind. >> spotify makes software to help businesses sell products online, and they said sales were lifted by strong holiday sales they've been on a tear up 200%

in the last year alone. >> that's a good-looking chart. >> canadian company, too so this is the biggest canadian technology story since probably blackberry and nortel before that this is their biggest tech stock and i think it's exciting. >> is that why you're bullish on canada >> it's nice to see a tech giant that's not another u.s. company. everyone looks at international stocks and they say they don't have tech. they do, actually. $60 billion market cap and this is the company that's taking the fight to amazon more so than any other company in the world and saying, hey, other people can sell things online, too. and it's just a phenomenally run business i don't own it i feel stupid every time i look at it and it continues to work its way higher. >> maybe you'll feel more stupid after the ceo appears with cramer tonight on "mad money," give you more reasons why you should own the stock don't miss that. boeing a big part of today's

dow rally. phil lebeau has the details. >> shares with tickling $350 the last time it was at this level, you have to go back to december 11th. that's when they told us the 737 max would not be ungrounded in to 19. a big part of the move today, credit suisse moving up to $367 from $321. they cite the fact that we're in a positive news flu on the max return boeing is targeting the max to be ungrounded and possibly returned to service by the middle of this year. today the cfo was at an investor conference in new york and he said the production schedule of 57 per month -- remember that is the target they wanted to hit at the end of 2019. he says that's not likely to happen until 2022. remember, this is a company that they're moving closer to getting this plane ungrounded. the next big hurdle is a

certification and that may happen in the next few weeks although remember that eats competitor airbus, it reports annual earnings tomorrow morning. we show you this chart because this shows you that there truly has been a divergence between these two stocks in the last year typically they trade in tandem not the case in the last year. >> phil, thank you josh, i don't know about you. i have update fatigue on the max. >> it's like the trade deal. >> we're going to do it tomorrow, it's going to be next month. the stock has hung in there, though the stock is $100 off its high. >> that's the problem with it, though you never got a crisis valuation for boeing when bp had its big spill the stock got down to nine or ten times earnings boeing never got cheap it's not like you can say if you're an investor, you can't say, you know what, i understand how terrible this all is, and no one knows when the planes will be back, et cetera, et cetera.

but i'm willing to pay 13 times forward earnings for that amount of uncertainty in a market selling at 20. boeing sells at a premium multiple to its sector, to the dow, so the russell 1000 so you never really got the opportunity to step in here if you're value oriented. >> to be fair, it's not the only plane they make. there's other things that are still out there. and if you look at the travel industry, the business traveller is probably the bulk of it >> correct. >> i travel a ton. if i have to be somewhere, i would love to check the aircraft and not get on a max, but i don't have a choice. so when it does come back online i'm still flying on the max whether i like it or not so i don't know that there's that much of a head wind, once they get the testing done, maybe it's not that big of a deal. >> it's a head wind for the stock more than it is for the company. >> but it's gotten beaten down. >> it's down 15% over 12 months. it's up for the year and i was just going to mention that industrials have been one

of the better performing groups this year. it does move in line with that. >> aerospace, anything with defense related, has gone like five times as well. >> 302 was the chance you got over a 52-week low, but that's it. >> i might have been on vacation. >> mgm resorts is getting ready to report earnings after the bell contessa has a preview. >> fourth quarter results largely are going to be overshadowed by what's happening right now in the coronavirus outbreak mgm's gambling operations have been shuttered to prevent the outbreak from spreading. analysts will want to drill down and find out how much they're spending a fixed costs, their salaries in particular and whether these travel restrictions in the united states are affecting especially its las vegas business casinos with macaw exposure took a hit but mgm relies less on

revenue from there than competitors. it's stock is up a percent or so over the last two and almost 3% on the day today sarah. >> contessa, thank you amazon, another big tech company is feeling the scrutiny by federal regulators. yesterday the ftc expanding the antitrust investigation to look into previous acquisitions of smaller companies. jay carney joined cnbc earlier today and weighed in on the probe. >> we cooperate with any government entity that wants to talk to us and ask us questions and investigate if they so desire when we announced that we were going to acquire whole foods, you would have thought based on televisi television commentary and commentary in both washington, d.c. among government officials, as well as in the elite newspapers, that we were taking over grocery in america, that we were instantly going to be the

largest groesher in america because we were in fact buying the grocery store that a lot of those folks shop at. as you know, whole foods is one of the smallest grocery chains in america. >> talking about the whole foods deal there amazon shareholders don't seem that worried by it closed up yesterday on the news and closing up at a new high today. >> one thing that jay left out is the day they announced that deal to buy whole foods the market capitalization of amazon actually went up more than the price they were paying, which is one of the charges that's frequently made about amazon and its dominance, which is that they've become so big that it's almost impossible for them to fail in any given arena. and that's one example of that but his point is well taken. i think it's like they have 1% market share of groceries or 2%, not online but just in general so it is come praebl very small given the size of the industry. >> let's go up to mid town

manhattan where the nasdaq is on pace for its best month in a long time. >> best month since june at this point. and we're only half way through and we've got the usual suspects today on pace to close at records. amazon, apple, looks like microsoft now turning positive co star group today surging after buying an online rental site market. chips are really the stand joud, applied materials hitting all-time highs 4.1 billion in revenue, 93 cents. and going to the mattresses, those competitors to casper today hitting all-time highs as well over to bob. >> united health, $13 increase, almost 100 points on the dow a lot of talk there. sanders winning in new hampshire increases the odds of president trump winning, a little pretzel logic. alibaba and pepsi, two big global companies, they'll tell us a little more about the

impact of coronavirus very soon. that's going to be tomorrow. there's the closing bell important thing about it, the dow closing at new highs and new record in the s&p as well. records all around at the close. welcome, everyone, to "closing bell." >> i'm scott walker in today for wilfred frost. take a look, because it was another record-setter on the street, the dow closing just shy of 300 points. almost 1% to the upside. s&p in record territory. nasdaq in record territory take a look at the russell 2000 as well, a strong day, a gain of nearly 12 points. >> joining us to talk about the market today liz young is still here, director of strategy and so the josh brown >> another record-setting day on wall street. you look at valuations that are

historically high. some say interest rates still look good. how do they look to you? >> i think valuations look a little frothy or at least fair i would really be surprised if we didn't see another pullback from coronavirus we haven't gotten all the bad news yet people are still quarantined we don't know how it affected china on the first quarter economically and i think a lot of the estimates are too low so as we move forward and we get some of the q1 data, i think we're still going to see some bumps in the market. >> i think the assumption is it's just going to come right back, that all the loss of economic activity, there will be a lot of stimulus and once they can contain this virus, china aepz gdp takes off again. >> and i don't disagree with that and we've seen how quickly the market can get over things but as we know the market trades on expectations more than events so if right now the market is expecting that we might get a couple of hits to gdp in the first quarter and then we suddenly bounce back in q2, it

will be a disappointment if the hit is larger than themarket thinks or lasts longer so they could see this shake out through the first half. >> that's a really good point. and then you ask yourself what is the implication for investors. well, if we get back into the environment where growth is at risk, gdp is timer than expected, what do they do? they go back to the faangs and the secular stories that do not require overall growth in order to do well so if that's the case, then maybe we've already seen the beginnings of that, because the faang stocks once again are far and away the leading names in the market. >> things get bad and the fed comes back into the picture yet again. >> i think the borrower is a lot higher for that now. we don't have much more room to go on rates. they would have to get creative on how to stimulate the economy and i really think the bar is higher. >> they don't want to invert the

curve again. they did that last summer. >> it's happening either way. >> but they don't want to be the proximate cause of the next curve inversion. there's really no reason for it. you're at full employment, labor force participation rate has gotten better, wage growth is just fine, exactly where you want it to be. there is absolutely no reason for them to do that, unless the s&p breaches the 200 today, the tweets start coming and then maybe. but i agree with liz, they are not finger on the trigger as i think they were throughout the course of '19. >> energy was the best performing sector and also some opec related headlines, and then health care names we should mention as well. the insure stocks, bob pisani mentions this, the idea that sanders wins new hampshire, his

odds go up and then the odds of a trump presidency go up, so they get a boost does that make any sense >> i think it's really about the odds of trump staying in office or not staying in office and if the democratic party can't get behind one particular candidate that looks like they could take him out of office, we're going to continue to see reactions like this. but just to be a long-term investor, you can't make investment decisions based on policies that may or may not go into effect from a candidate who may or mantd be elected. there's no sense in trying to chase these. >> he's coming out of new hampshire two points ahead of pete buttigieg, which is a name no one ever heard of six months ago. i would not be excited if i were a bernie bro if i were in the sanders camp that would not excite me to be in that position at this stage in the game, to just barely be edging out mayor pete. like this is not a triumph ant result, even though he's the presumed front-runner. i do not think the market is

looking at that and saying, uh-oh, here comes bernie sanders. >> despite stocks trading at all-time highs, there's a new note predicting struggle stock valuations are currently stretched to highs according to the report which predicts that most investors are fully invested in the market the note says current conditions spell a struggle for stocks until valuations come down you've gotten multiple expansion in the market more than you have earnings earnings growth has been, you know, modestly positive through earnings season, but what about this note and the premise here >> my quick answer is yes, earnings growth last year was flat, and multiples expanded but the year before you had 23% earnings growth and the stock market fell 5% so let's pull the lens back a little bit and look at an average of the two years and let's say, hey, we've got about 11% earnings growth and 11% average annual return for the market

that's an average period of time so if we're just going to focus on one calendar year and say multiples expanded, i think it's myopic. >> i agree if you look at the average earnings growth of the s&p since 1950, it's somewhere in the 6 to 6.25 range if this year we're still expecting to come in at 9.5, we may be below that because we're going to get a hit in q1 as long as we're above average the market has fundamentals to fall back on and we've been disconnected from earnings up until this point i do think that we'r if not to surprise on the upside in the first half of this year might be tough because earnings will expected to be back unloaded but as long as we're trading with breadth in the market on the upside we're going to be okay. >> we mentioned energy, liz. no matter where you look, last 12 months, year to date, under performer. do you see value there

>> i mean value from a valuation perspective, sure. i don't know that i see a lot of opportunity from a return generating perspective it's one of those necessary evils where the sector isn't going anywhere but it's going through a little bit of a transformation and you have to be choosy about i. we talked about this a couple of days ago there's different objectives in a portfolio. if you're using energy for growth you're probably going to end up disappointed. you can use it for the dividend on some of those stocks, but other than that, i don't know that it's something i would be piling money into. >> why play such a hard game >> the good news is for the s&p it almost doesn't matter the s&p 500 energy sector is so small and its earnings contribution is so small that if it were to go away entirely, i don't think it would change the multiple in the market however, if it were to resume growth and you upside surprises in the sector, actually it would serve as a tailwind

so i think generally speaking for investors, it's almost a non-event. >> what about investors who want the dividend income? is it a place to go there for that >> again, you have to look at these as total returns so you can look at a juicy yield like 3% or 4 hrs, lose 10% of your principal and what did that do for you i have been debating people are master limited partnerships, owning them for the yield for like seven years on this network. you have to consider the whole picture. >> let me just interrupt real quick, if i could. trip adviser earnings are out just as we speak seema has the numbers. >> 38 cents adjusted on revenue of $335 million. so it's actually a beat on its top and bottom line. although, i would point out the total revenue in the fourth quarter did decline by 3% year over year due to weakness in

hotels and media but you are seeing the stock up over 5% here in extended trade if you take a look at a longer-term chart you'll see that trip adviser has really suffered it's down about 40% in the past 12 months. the ceo has been one of the most outspoken critics of google's search practices and digital trends i also reported three weeks ago that trip adviser was cutting 200 jobs or about 5% of its total workforce. so look for those two topics to be discussed in tomorrow's earnings call. right now we are looking at the stock getting a bit of love in after-hours trade. >> seema, thank you. it was down 50% over the last 12 months would you touch this thing >> no, this is not for me. absolutely not way too competitive. >> with google and everyone else >> yeah, barriers to entry for online travel are effectively zero and any of the tech giants that wants to get bigger can. marketing budgets are huge

customer acquisition costs are huge so even when things are going well for these companies, the next phase is even more brutal competition and potentially even lower margins. so it is not for me. >> it will be interesting to hear on the call any commentary on the coronavirus and what's going on with travel trends. cisco earnings just out. josh lipton with the numbers >> cisco reporting 77 cents, the analysts were calling for 76 revenue $12.01 billion and they were looking for $11.89. q3 guidance looks basically in line they're looking between 79 and 81 krenlts they say revenue they look to be down between 1.5 and 3.5%. the segments, infrastructure platforms, 6.53 billion, applications 1.35 billion, security at 748 million, call starts at 4:30 eastern back to you. >> josh, thanks. the stock has done nothing all these other tech stocks, and

even some of the older line tech stocks that have gotten bumps, this thing has done nothing over the last 12 months. >> they missed the boat on a lot of stuff they should have been a big data center player. there were a lot of things they could have done over the years effectively this company gross at the rate of gdp the biggest customers are like governments, large enterprise spend but like on the equipment side i know they bought security software stocks over the years not much has come from that. it's a steady company. there's nothing wrong with it. i don't ag microsoft -- >> that's what i'm thinking about when i raise the question. >> they've the trends in tech. >> the chart over five years has been quite strong. >> it's fine. >> considered good management with chuck robbins and a nice gauge on what's happening with enterprise spending. >> so if you want to make the bet that global equipment spending across the board, government and enterprise is

going to be strong, this has not been a bad play. but that is a very slow growth cyclical business and you're relying on a lot to go right around the world for it to ever really accelerate. >> which brings up the whole software group liz, what's your take on global enterprise spending as it relates to gdp and whether the stocks are worth a look? >> they're worth a look if you're a bench mark hugger and it's one of those things that sometimes it's a risk not to be in things that are represented in the bench mark. but to josh's point, this is probably just going to chug along if we're looking at enterprise spending and it continues to get overshadowed by all the tech stocks that are going to be the ones that people want to be in. as long as animal spirits keep driving that part of the market. >> we've got breaking news on mgm resorts, more breaking news on that one. contessa bureauer with the details. >> the ceo is out. he is also the chairman of the board of mgm resorts and today we just got a release saying

that he will no longer serve in the company, though he will stay in the role until a successor is found. this of course follows a period where you had investors come onto the board they instituted some real cost reforms, some ambitious plans to remove costs, and to return shareholder value. and in fact, we are also getting news that they're embarking on a new plan to do a big buyback program. his future had come under some scrutiny because of performance. there were analysts who told me privately that they thought that his tenure really would rely on getting a license for an integrated resort in japan the performance in las vegas in the fourth quarter was under some scrutiny. and there has been some question about how long he would remain in this role though i will say at this point it's coming at a time that's fraught with a lot of problems

for mgm, because of course the casino has been closed in china due to coronavirus concerns and we've heard this on recent calls, they've had a slowdown in far east play in the number of visitors coming and playing and that has depressed some revenue in las vegas and the new casino in springfield, massachusetts, has not been performing up to expectations that's the big news coming down now. you can see how the stock is reacting, up 6% in extended trading over the news that a man who was hand-picked by the founder to be in this role who had been groomed and mentored is now going to leave a company that he has been the leader of since 2012 sarah. >> thank you very much >> stock at a new high, 52-week on this. the question is, is the turnover of the leadership or the buyback announcement the reason why the stock is up, or a combination of

both >> or just the idea that it's time for a reset for a company that had been underperforming, and as contessa laid out, facing difficult. >> it's extended hours you also might have had people who thought it would be way worse given the coronavirus. so i wouldn't make too much of it we'll see where it opens tomorrow that's the true test. >> liz young, thank you for being here. >> thank you for having me. >> josh brown as well. a lot of you today >> sorry, i apologize. >> still ahead this hour, we've got a great lineup of guests coming your way, including ivanka trump and krislitana gore gee va and and krislitana gore gee va and davi ♪

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major averages all closed at record highs today as investors brushed off fears of a slowdown due to the coronavirus joining us now as our closer today is david rubinstein, the co founder and chief executive chairman of the carmichael group. there's a lot to talk about. we might as well start with the market hitting another record high do stocks deserve to be where they are today >> well, the market always reflects what people think so i guess it deserves to be here to some extent. on the other hand, you have to always worry, can it get any

better than this it's been so wonderful for the last year or so and i think that all people who buy stocks are always wondering if this is the market high. but i don't think it is the high because everything seems to be aligning very well you have low unemployment, you have low in flag, you have know interest rates so right now i think the economy has a way to go, the stock market has a way to go. >> you also have this coronavirus, which is grinding the entire chinese economy to a halt, david. have you seen any impact on deal making, ipos in any of your businesses >> we haven't seen any real impact in the united state going to go forward for a while and clearly there's going to be some impact on the chinese economy. i suspect jpmorgan is for example one firm that says that the chinese economy will probably grow at only 1% this quarter, the first quarter of the year and the united states economy probably will take a 0.1% impact

from the coronavirus but right now i don't think people are that worried about it we don't know enough about it yet. it's still spreading in some countries, it's in 24 counts, but only 400 incidents outside of china so we don't know how it will spread right now i would say it's not something that people so be unduly alarmed with, but i think in china it would have some impact. >> you interviewed the fed chair not all that long ago. you said on our network not all that long ago that you thought he was doing a pretty good job, jay powell would the market be where it is right now without what the fed is doing and how long do you think the fed should continue to keep interest rates where they are? >> i should disclose that jay powell did work at my firm for about eight years, so i have a close relationship with him and i do admire him. i think the fed generally works by consensus, so i think almost anybody who is chairman of the fed now would probably be about where jay has taken the fed because they do work by consensus.

so i think jay has done a good job. the economy is doing well and somebody deserves the credit and there are many who would like to take the credit, but i think the chairman of the fed deserves some credit. i don't think that interest rates are likely to go much lower, but because of the coronavirus there is some speculation in the market that at some point this year, maybe by june or so, there could be another cut in the interest rates. but that's speculation and the markets may be wrong on that. >> how should wall street prepare for bernie sanders >> well, let me just say that i did work in the carter white house as some of you may know in 1977 and 1981. jimmy carter was the last non-incumbent democratic candidate to win the new hampshire primary. in other words, it's been more than 50 years since somebody who wasn't already president of the united states like barack obama or bill clinton won the new hampshire primary and went on to become president of the united states so the history of new hampshire picking people who go on to be president of the united states, at least for the last half

century, hasn't been wonderful so i don't think the markets are that worried about bernie sanders in terms of whether he's likely to be president of the united states or not because i don't think new hampshire is a great indicator yet. >> sure, but you've got to be talking about it and preparing for the possibility, both in your industry as private equity, which is a common punching bag, from the democrats, and also just broadly for the markets and the economy. >> i think the markets are doing quite well and the economy is in pretty good shape. i think the markets generally do not think that bernie sanders is likely to be president of the united states. now, that could be wrong and sometimes the markets are wrong, of course. but at the moment, i don't think that bernie sanders is seen as somebody by the markets, maybe not by democratic activists or his supporters, but i don't think generally the markets think that he's likely to be president of the united states right now you have a situation where whatever you might think of donald trump, positively or negatively, he has an economy going very well for him. the last time a president of the united states lost re-election when he had a pretty good

economy, ie, it was growing well, was i think will yard howard taft. presidents loose re-election when they're running for re-election when they have a recession. jimmy carter, gerald ford and george herbert walker bush 61% or 62% of americans say that they are feeling better off economically than three years ago. that's probably the highest number we've seen. so with those kind of numbers i don't think the markets expect that all of a sudden you're going to have a revolution and have someone like bernie sanders get elected. that could be wrong, but where the markets are today i don't think they feel that bernie sanders is likely to be elected president of the united states >> david, let me ask you lastly before we go, your own industry, for those who suggest that private equity is a giant bubble, there's so much money sloshing around, rather than ask you whether you think it is or it isn't, tell me why you think it isn't >> people have been saying there's too much money in private equity for roughly the

last 40 years and for the last 40 years private equity has outperformed every single asset class for rates of return in virtually every five-year period of time. so i think private equity is doing pretty well at making companies more efficient i think it's done very well for making the united states economy efficient. and i don't think there's too much money sloshing around in fact, the amount of money that's available is a fraction of the money that's available in public equities or fixed income. so i don't really see there's any kind of bubble out there at all. >> david, we appreciate your time so much thanks for being here today. >> thank you. >> that's the carlyle's david rubinstein joining us. >> movie theatres in china are shutting down and that could deal a $3 billion below to the box office we've got details next. >> as a reminder, you can always watch or lteisn to us live or on the go on the cnbc app "closing bell" will be right back at fidelity, online u.s. stocks and etfs are commission-free.

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there are 70,000 movie theatres in china and every single one of them is closed right now coronavirus. jul julia boorstin looks at how that's affecting the market. >> it's almost $3 million of the

box office in the first quarter. imax is the u.s. company that is seeing the biggest impact. mkm lowering its price target on the stock, as well as lowering revenue estimates for the company. 860 chinese theatres drive about 30% of its revenue no major hollywood films have yet been delayed but disney could suffer if theatres aren't open by the end of march when it is set to release "mulan," which is set in china. before coronavirus, the chinese box office was expected to surpass the u.s. box office as the largest box office in the world this year. >> julia boorstin, thank you still ahead, casper shares down sharply since going public past wk.ee we'll have david solomon for his outlook. that's coming up later on "closing bell.

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we're back it's time now for an update with sue herera. >> here's what's happening at this hour, everyone. house democrats are looking for support to get women's rights into the constitution. tomorrow the house will vote to remove the long-ago expired deadline for ratifying the equal rights amendment this, after virginia became the 28th state to ratify the amendment last month >> my resolution to facilitate ratification of the era is a vote for equality. it's a vote for justice. it's a vote for sisterhood and

motherhood, survival, dignity and respect. 97 years we've been trying to get this in the constitution of the united states. >> secretary of state mike pompeo welcoming foreign minister prince to the department it's his second meeting in the last three months. and winner, winner, chicken dinner, that's siba, the top dog at the westminster dog show and she enjoyed chicken at the world-famous restaurant in manhattan. traditionally best in show gets a steak dinner, but siba doesn't eat red meat and she retires the top champion i'll send it back downtown to you, sara. >> next endorser for beyond meat. >> i was just going to say, i guess -- >> she eats chicken. she just doesn't eat red meat.

>> sue, thank you. >> that's all i know >> important stuff the goldman sachs technology and internet conference is under way in san francisco, where investors and tech leaders are discussing the ipo pipeline and investment opportunity deer dra, take it away. >> david, thanks for having us this year. >> delighted to have you here. >> so the ipos are front and center you guys advised casper, it went from a billion dollar valuation to about a third of that today what kind of message is that sending to companies looking to ipo? >> there's no question that the market is shifting in terms of looking for earnings and looking for sustainable earnings as we bring ipos to market i think some of the momentum that was really driving growth at any cost has definitely subsided and so people are clearly looking to understand

the path to profitability or clear profitability in these businesses i also think direct-to-consumer businesses have a much, much tougher slog and that's a very competitive space. so it's different for different spaces, but that's an example of one where they're going to have to build from here. >> so when they're coming to gold man and looking for perhaps a market valuation, do you have to get real and tellthem that' not what the market is looking for right now? >> i've talked to a bunch of them over the course of the last few months because the ipo process has different transparency these days with all the private capital that's raised if you think back a decade ago, there was little visibility on these companies before they went and started talking to banks about becoming public. today you've got private capital meshing with public capital, preef private valuations with set because an investor sometimes makes an investment in a company and the process of going public is wrun where banks sit down and companies and they really think

about the future and think about what investors will want and sometimes that's not in sync so there's a process to get companies to a place where the market will accept them in the public markets. >> softbank and it's $100 billion has been behind some of the biggest valuations and mash yoeshy is polarizing here in the value. has the conversation around him and his investing credibility changed? >> i haven't heard a lot, but what's great with being at the conference is they've got about 1,600 investors and there's an array of companies that are here presenting so in the time that i've been here today i had an opportunity to talk to a handful of ceos and listen to people talk about what's going on in their business i just spend time interviewing andy jazzy and talking about amazon web services and the impact it's having broadly so most of my focus has been taking the opportunity to listen

to our clients tell me about what's going on in their business and how technology is evolving in their business platforms. >> last year you said if goldman were out here in silicon valley people would be throwing money to own a piece of the business why then nearly a year later do investors still place higher value on the likes of pay pal and others than they do goldm goldman sachs. >> when i was referring to, you're referring to the comments i made around marcus we're proud of what we built in our consumer business in a short period of time in just three years froma standing still zero start, we've built a digital bank that is $60 billion of deposits, 5 million customers, $7 billion of loans, big credit card platform with the launch with apple. at the moment we're not getting a lot of credit for that. >> why is that >> because i think it's inside goldman sachs and i think people are in love with the trajectory of growth from a startup or disrupter and sometimes people discount the fact that a big

established company can become a disrupter and i think we're doing that with our consumer business and over time we'll prove that out we'll show that and over time i think the market will reward us if we build a platform that serves our clients well. >> you're not going to move the headquarters to san francisco any time soon? >> we have a big office in san francisco and a nice office, 555 california street and growing and i enjoy coming out here. but no, the headquarters of goldman sachs is going to stay in new york for the time being. >> i've got to ask you about markets, setting new records high today but this is an election year and we got the results from new hampshire last night your predecessor tweeting that bernie sanders would ruin our economy. is bernie bad for the economy? >> well, that was lloyd being lloyd, and so i'm watching this election and i think it's super interesting. we're really at the beginning. we've had two primaries. we've got south carolina and nevada coming up next. and then we'll get to super tuesday and start to see, you know, a process of progress.

so to say that this one or that one is having any impact on the economy, none of these people are even the democratic nominee yet and then none of them are the president yet. so let's start thinking about policy, it's a little bit early. >> is it early for your modeling for your investors to be thinking about what would happen in a bernie presidency surely you must be thinking about this already. >> like everyone, i'm watching with interest. but to be honest, you're really not thinking about what if because we're really, really early. and by the way, the indicator that people aren't actually thinking about what if is look at the markets the markets at the moment don't care about any of this bus it's too early. it's really too early for it to have an impact on markets. and there's also a huge difference between campaigning platforms, rhetoric, and then ultimately getting elected, becoming the president, having the right mix of who is in congress, who is in the senate to actually create legislation so i think the markets are sending you a signal that this is all very interesting, we all care about it, it's important

stuff. but it's not something we're spending a lot of time worrying about. >> and just very quickly, i know that you were asked about coronavirus just a few weeks ago but this is a story that's changing on a daily basis. gdp being revised down, companies chaining their guidance does this have the ability to throw off this market rally that we're seeing economic growth >> sure, the virus could have an impact on economic growth and i think it's going to have a small impact on economic growth. our research analysts werest magt, based on the current trajectory, that theythink thi could come out two tenths or three tenths of a percent off global gdp growth. i think versus a couple of weeks ago when i commented on this, i think we now think the trajectory is kind of peaked and we don't feel good about what's going on, we're obviously very concerned about our people, particularly our 2,000 people that are located in hong kong and china. but at the same point, i think the economic impact at the moment is going to be a little bit more controlled if it stays on the course or the path it seems to be on at this point in

time. >> thank you very much for sitting down with us enjoy the rest of your time. >> thank you for having me. >> sara and scott, back to you in new york. >> thank you, and our thanks to david solomon for joining the show up next, an exclusive interview with ivanka trump and kristalina georgieva discussing the economy and how they're working together to empower women in the workforce. >> announcer: cnbc news upindicate is sponsored by comcast business ience oflife. - [man] without snhu, i wouldn't be the leader i am today. - [woman] i graduated high school 19 years ago. i still finished. - [man] in the military, you feel that sense of accomplishment. that's what snhu is. - you will march from this arena and say to the world.. i did it. - [woman] you did it. i love you. - [graduate] i love you too.

today marks the one-year anniversary of the wgdp, the women's global development on prosperity initiative. it's focused on advancing jobs for women in developing countries through funding and public and private partnerships. presidential adviser ivanka trump today announcing 12 million women around the world have been impacted and unveiled some new legislation i sat down for an exclusive interview with ivanka trump and kristalina gore vee va to talk about the impact. >> today a bipartisan bill

called the wgdp act is going to be dropped by senator shaheen and senator lindsey graham in the senate, in a couple of days. there will be a counterpart bill in the house and it will for the first time in the history of the u.s. government codify women's empowerment as a foreign policy priority at the state department and create the appropriate resources. so for years, since the bush administration, there has never been -- there has never been an actual law that talks about the role of women, 50% of the world's population, arguably the most under tapped resource in the developing world and there's never been a priority with funds or with dedicated personnel at the united states state department so this will change that. >> so you guys are taking this on the road, you're going to dubai this weekend why, kristalina, dubai

ithink of some of the lower women's participating rates in the world. >> exactly, for that reason it is important to concentrate on where the barriers for women are, and i want to give credit to the middle east they have taken very decisive steps to open up for space for women to participate in the economy. >> part of this trip is convening ministers from across the regions and heads of state to discuss areas where they have moved and areas where we would love to see them move and want to support them in those efforts. so the five laws relate to the ability to travel freely, not just driving, but get a passport, mobility. >> and without askingfor permission from our father. >> exactly the ability to own, inherit or manage property. most people don't realize that in 75 countries across the world there's at least one law prohibiting women from owning,

managing or inheriting property. access to institutions how can you start a business if you can't go to a court of law freely, if you can't create an llc. access to credit and then work in the same industries as men. so 2.7 billion women are precluded from working in the same jobs as men jordan just made a reform which was very significant because women weren't allowed to work after 5:00 p.m. >> the trump administration in the latest budget as we've seen in previous budgets, wants to cut foreign aid. if you have a tough time taking this message on the road of international development, while at the same time sending perhaps some mixed signal on aid. >> i actually don't think it's a mixed signal i thin results, and then there are choices, right and there's a difference, like i said, between aid, life-saving intervention, famine, prevention and development assistance development assistance is supposed to result in it no

longer being needed. and that just doesn't happen in a lot of cases but this aligns with america first, too, because it can't be a one-way street if there is going to be receipt of large-scale development assistance, there has to be cooperation towards achieving a result if you can't access institutions, if you can't work in the same industries as men, if you can't own property, these are so foundational that let's start there, rather than going a mile wide and an inch deep >> i just want to follow up on the values question, because a lot of people -- i mean, the trump administration does sometimes get criticized for its narrative around women and there have beees that are pro life do you find at allt at's a difficult message for you to sell >> i don't. >> -- to empower women at the same time? >> i think if you look at what is happening in women in this country and around the globe -- first of all, this is the first time globally that it's ever been a priority. it's part of the president's own

national security strat jegy, ti goodwill of uplifting women domestically, women are thriving like never before. 72% of new jobs went to women. the fact that women's unemployment rates are at the lowest rates they've been in 75 years and women for only the second time in history comprised more of the u.s. work force than men, the fact that we've backed policy not only creates the growth that enables that type of economic opportunity, but also recognize the complexity of being a women by supporting high quality child care, for parents who are working and can't afford it. >> speaking of the trump economy and the u.s. economy in general, have to ask you about coronavirus and what the impact is going to be both on the u.s. economy and the global economy at this point. >> well, it is still too early to make projections for the impact we are still at the point of the

scenario of the impact the base line scenario is a v-shape dramatic decline and very significant recovery. >> for china >> for china, and therefore a mild impact on the rest of the world. but will that happen this is what happened during the sars epidemic at that time, however, the virus was different, china was different, the world was different. this virus is clearly more impactful and the world economy then was in a very strong position, the world economy today is somewhat less strong. the u.s. economy is very strong. we project u.s. to grow above

potential this year and next year, and therefore we have a situation here domestically that is much more -- >> do you think that the u.s. can keep up the 2% growth level even if china grinding to a halt >> for now we are projecting 2% for 2020 again, we need to see -- ask me in ten days, because in ten days we will know what is happening with the value chains with china reopening. but let me just stress that we have to recognize the ability of china to mobilize more lek widity, which they have already done. >> billions. >> they've poured $415 billion into the economy their ability to add stimulus if it is necessary, and by doing so, helping themselves, but alst also smoothing the impact on the world economy. but again too early to say.

>> how hard do you think it's hard to main the 2% growing with the unemployment level low. >> we are confidence new business, new business formation we just signed into law amp a a year of being stuck in congress but finally got usmca signed into law. that will have a tremendous impact on gdp. we are estimating at least a half point annually. >> but there are still tariffs in place. >> and the tariffs are bringing in revenues allowing us to have tough conversations with our friends and partners about reforms that need to be made also the u.s. china agreement. >> yes. >> we were very pleased when the u.s. china first phase was signed what we sflu but you were not happy with the tariff approach. >> of course we would prefer the world economy to have the engines of growth trade in full speed. and we really really hope that

we will move from what is now trade truce to trade peace and actually we mean how great in driving peace everywhere. >> imf managering director and kristalina and georgieva >> the biggest mesov after hours, we break them down.

welcome back quickly we have breaking news regarding tesla. the shares after hours as

reuters reports they are calling 15,000 model x suvs because of a potential issue leading to loss of steering assist increasing the risk of crash. the national traffic safety administration or nhtsa and transport said aluminum bolts attaches the power steering assist motor may cause a loss in power steering assist in the 2016 marylandle year vehicles. tesla shares down $6. up next looking ahead to the earnings on deck tomorrow. stay with us but inside every etf... there are untold hours of careful construction... infinite "what ifs?" and contingency plans. creating funds that help target gaps in client portfolios. tap untapped potential. and strengthen confidence in you. flexshares. powered by over a century of investment expertise

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mgm earnings are out after the company announces the ceo is leaving. contessa brewerer has the results. >> the revenues in line with expect aches at 3 p 2 billion. earnings at 3.91 a share dlug the 2.7 billion-dollar gain from semg the bellagio. but the ceo announced he is leaving his the post-. the results for the quarter came in below expectations in the earnings statement because of lower than expected hold and weakness in las vegas and far

east bakara resulted in loss in table gains. in china net revenues were up 6 and a quarter the% mgm resorts withdrawn guidance for 2020 given the unknown around coronavirus suspended operations in macao. it did announce a buy back program including an auction tomorrow to purchase $1.25 billion worth of shares. and the big news the chairman leaving. but he will stay as long as they don't have a successor yet guys >> contessa, we appreciate that very much. thank you for that update. nvidia out with earnings tomorrow josh lipton gives us a preview >> here is what we expect from nvidia q4 eps of 1.67 op revenue of 2.97 billion implying a jump of 35% on the

top luna the stock up about 15% this year up 80% the past 12 months. some might think it ran too far too fast especially with macroissues in china and geographic for the company but other analysts say the it's solid gaming better than the street things. >> josh hut lipton giving a preview of nvidia. cisco out earlier. wanted to do what those are doing. a stock left behind the last year in this tech run, cisco shares i thought i saw them down they are down about 2.75%. >> patch and go out tomorrow i'll follow that to see whether the record rally dow s&p and nasdaq another strong weak after last week. >> all right "fast money" begins now. yes, it does live from the

nasdaq market site over looking times square this is "fast money. i'm brian sullivan welcome, everybody your traders tonight are tim seymour. karen finerman, dan nathan and guy adami. tonight on fast, the juggernaut rally steam real rolls on. new highs for stocks, the dow a new record but too far too fast we asked before. but tonight one stat will make you go mmm plus facebook