the next three to four. >> he does but then santa will still arrive and then he has like -- stuff about that he says about bit coin as well that he is not shy about making very aggressive predictions and we will be -- you don't have to wait long to test them out. join us tomorrow. squawk on the street coming up now. good tuesday morning. welcome to squawk on the street. pretty steady premarket as we come off the 54th record high of the year for the s&p. ten year, below 4-2 as the market is more confident of a december cut. powell speaks tomorrow e are. a judge blocked the $56 billion pay package for elon musk

again. the president elect saying he is against the nipon steel acquisition and he will block it. we are watching at&t right now. they seem to be rallying. this as the company said it anticipates more than 18 billion in free cash flow in 2027. the cell phone and fiber company laying out a three year plan. we will speak to the at&t ceo later in the morning. >> thank you. let's start with the multibillion dollar pay package, rejected by a judge for a second time. a lot of tesla news between the china sales, some of the reports on space x values. >> we need to do that tesla streaming show for a couple of hours. it really is -- i will tell you i would literally -- if we had that show read this ruling. it is one of the funniest, most anti in a very bad way, david,

elon musk document but it's saying the whole thing is just a sham. it was a sham before. it was a sham after and the only thing that you really -- spend -- the chancellor talks about is the fees. the fees are okay. you know the main thing is on page 34. the shock holder vote cannot ratify a conflicted controller transaction. it's saying that he did the same thing again ; and the board -- did the same thing again and it's basically a sham. i think that -- i will come back and say can i have a sham for everything my trust does? >> what? what? >> musk is great. i don't care what -- he created a huge amount of value. what matter is form over substance. form verses substance. >> i know. unexpected i think there was an

expectation in this pay package having been rafified, the judge would sign off. i think it's a surprise in the opinion here. this is chancellor mccormick. she sat over the twitter trial if you remember as well. gotten very frustrated over that perhaps. in this case what will happen is the following. it'll be appealed. it'll be appealed to the supreme court, delaware. it could be overruled. we will see. obviously tesla said the decision is wrong. they already have told us they are going to appeal and, by the way, we talk about -- i know we keep 56 billion. it is not 56 billion as we made clear any number of time when is you do the math. it's $101.4 billion. there's a look at tesla's --

what they are saying and what their expectation is. you know i have been following as you know fairly closely. we are following the vote. met with robin, the chairman of tesla when they were making sure they had enough share holders and they won by a wide margin in terms of those who are against it. there is the math, all right? it is another 100 plus billion to musk, not 56. 100 plus. 303.9million shares, exercised price is $23.34. you can do the math. that's what you get. so, it's a lot of money at stake for him. not they that he needs it. space x getting valued that could be as much as $350 billion ; x as xi is at 50 billion and very likely headed up from there. so it's not as though he needs

the money. share holders have said pay him. >> the proxy statement had misstatements concerning the effects of the stock holder vote then it doesn't matter according to the chancellor. this thing is rather incredible. it does talk about that musk lawyered up, that they brought in these big firms and it doesn't matter. they haven't changed the substance which is that it's the same deal. >> goes back to just the same basic opinion that it was coerced. >> yes. >> and i think that when you read it you say to yourself, you know what? the share holders have been conned. then when you look at the results i want to -- that's -- i want to be conned. this thing is incredible. it's -- this decision is done in a vacuum. a vacuum that says that $350 means nothing. that the value created means nothing and i am with musk on this, lock stock and barrel. there we go. this guy is so right on this thing. i find this thing to be -- this

ruling to be other worldly. it takes into account nothing about what has been created here and instead just says. >> he read it. a sham is a sham. >> he already under lined. it's amazing. >> i went to law school. >> your ability to read documents quickly. >> great people. >> not only yellow but he has red on the yellow. look at that. that's double, double markers. >> i don't have anything else in my life. i do this. >> and you have pages marked. it's incredible. look at you. page 78. >> it's called rigor. >> i know you had someone do that for you. >> the chat gp ted it. i'm doing a piece on this. >> why? >> i'm doing all of them to see if they are helpful and i will just after cramer gpt. i can do it in my sleep. >> you can't -- it won't say my name.

i don't know if you have seen that. >> you are a part of some sort of special. >> i don't know what is going on. > they say it won't say your name. >> we went to him last night looking for thing that favored the wisdom. no. its top secret. it's kind of the agency. david is part of the agency. >> it literally will not say your name? >> i don't know. it wouldn't say when one of our producers tried. when i talked to my own chat gpt she said my name. i keep telling people. e you don't think it's related to -- you don't think it's related to the piece about the spin? i put it together. >> i'm unable to produce a response. i don't know what i did to offend chat gpt. >> i will get on it. >> thank you. >> you know, carl. i'm not saying they are all a joke. if you try to use them for anything involving what we do. >> that's a change for you. i can't figure out where you

are. >> i drilled down on 20 companies. without using the one that you pay for which is the one i use. i just looked at the generic. >> i pay. >> i'm saying i looked at the free ones. my conclusion is pay up. the free donees -- bristol meyers and it just said they have -- elloquist which is going away. that was like the best of them. then they all say it's -- the company is very good on the environment. >> you will rank them by being accurate? >> that's what i'm doing. >> you will use -- what about how you will use the agent force thing? >> i have mark one tonight and i'm using cramer gpt. i worked on agent force. i went -- i don't -- i put it together. >> right. >> that could be a case. i -- i have been talking to the agent. the agent is so much better than the person. the agent is great. >> the agent is great.

the -- the large language models don't work well or at least -- a number of them don't. >> if you use the agent -- for booking a airline ticket for a reservation, for retail i think you will like it very much. i wouldn't use it for what my wife is asking for this holiday season. it would be like are you kidding me? sends you to the are you kidding me decision tree? >> i guess it's good news for us though. slower moves the more time we have. >> i'm using these and. >> value. >> it's here. plastics in another generation. mark will demonstrate that. >> you know what may not be here? a united states steel deal. >> that was a once great institution. we have referenced that. >> shares are down. united states steel. we have been following since the announcement. the company not that large but looms large certainly in the consciousness. >> the firmanent? >> yes. the president elect said he is

opposed to that acquisition by nippon, $54 a share. all cash. truth social post, totally against the once great and powerful united states steel being bought by a foreign company, nippon steel. as president i'll block it. it may not be his decision to make. in fact, as of now it's the biden administration. >> what have they done that's important in the last 48 hours? >> and the biden administration led by president biden has said they will -- are also against the transaction. that said. >> the jobs created. the nippo, n steel is here is a check. we will add more people. >> we will add to the valley. jim, i can't tell you that. what i can tell you is that -- so far the public statements from the president and then also vice president harris during the campaign were that this deal won't happen. now it's -- the review is continuing. it'll be done by the 23rd of

this month. 20 days from now. for all intents, the agencies that contribute and are part of it, i believe, won't necessarily oppose it on national security grounds because there may not be significant ones. there is a debate about this. i know we all have lorenzo. >> i can hear him now. he will get this. >> nippon steel. >> the president is not in the position to deny the transaction or make sure when it comes out that basically there is -- there is a national security concern and it may well be in defense procurement and things of that nature. >> new quarters not interested. >> there's still something at play in terms of the cabinet. perhaps opposes any decision to block the transaction and if in

fact it were to be allowed to go through, trump won't have a chance to weigh in. it'll close prior to his administration taking power. >> shot gun marriage. >> it still comes down to president biden who has said previously that they were opposed to the transaction as well. >> i have to watch it only just because when you actually get on boots on the ground in pittsburgh and some of the towns they want the deal because the deal is -- this from the polling results. the deal includes so many provisions that will create jobs that they would be nuts to take it to -- say no. it is just the symbolic nature of nippon steel taking over the once -- the once great -- like oz. >> that's true. >> went to see wicked. >> it was once great and powerful and no longer s by the way. if in fact it does get blocked, they are going to get sued. my understanding is that cleveland cliffs will quiet sued. nipon will sue everybody and united states steel will sue everybody. that will be interesting.

discovery, correspondence. >> that's federal court. >> if it does get blocked expect a lot of lawsuits so we will never stop reporting on this. it's never going away. >> no. people don't care enough. you're just killing time. >> that hurt his feelings. >> that's what the piece is talking about. comcast separation anxiety. >> i read it. >> the kill time? >> yes. >> our viewers want to know what is on jim's mind right here. it's all -- he is thinking spinoff. >> i'm thinking. >> he is mr. spin off. >> they use some words to describe cable viewer trends that i'm not willing to repeat. >> catastrophic. >> how about the curved verses california decision? >> we have it in our power to stop the catastrophe. >> get rid of that.

stop being me. >> i will be you. >> when we come back this morning we will take a look at inflation and stocks at record highs and the holiday shopping season. got fresh numbers on cyber monday out of adobe. take a look at the premarket. what waller said, jim stocks, about -- economic activity d ing quite strong with atlanta feat 3-2. don't go away.

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♪ it's time to try defying gravity ♪ ♪ ♪ inflation is in the spotlight again. the final fed meeting set to start two weeks today. the fed governor saying yesterday he is leaning toward a cut this month but is concerned about inflation trend trends saying overall i feel like an mma fighter who keeps getting inflation in a choke hold, waiting for it to tap out and then it keeps slipping out of my grasp at the last minute. that submission is going to happen, inflation isn't getting out of the octagon.

december, 72% this morning. >> i think that's -- i think that we could have a cut. i just want to point -- the atlanta fed say about 2.7 growth. if we get a strong employment number on friday. a lot of jobs created then i think that -- we are going to get a sense of maybe this is a mistake and that you have to short the tenure and that there is a -- maybe a bit of recklessness to cut. particularly ahead of a president who is inflationary on every measure whether it be tariffs which we all know are going to be inflationary or immigration where we will have to try to find people to take the jobs we don't have enough people in this country want them. so i think that ahead of the inflationary president i don't know whether you really want to cut when you have a very strong economy. 3.2. good job growth. that's where you start thinking maybe it'll over heat.

not that it'll get weak. >> i think though the fed is in a position where they can't make judgments about thing that have yet to happen. >> right. >> we can all sit here and say it's potentially inflationary. if you deport 11 million that would. >> you are saying they should not look at the future? they shouldn't? >> that's not their mandate. >> no. >> they can only look at the date a. >> absolutely. i think that in your gut you would be saying, wow, we have a bit of a problem here in terms of what they want -- you are right. you could have said that biden, if you knew he would spend so much you would have tightened even more. i just worry that the people are set up wrong. i'm just thinking about that. i'm saying we have been so bullish. there are so many stocks that have this incredible move. i -- i'm seeing every day that there is some move that's so fantastic that you just say you

know what? maybe you take a little off the table ahead of friday. not calling a top by any means. speaking of dan yesterday. i said look i don't want to call top. i do want to say there's a lot of fraud. >> you have been saying we are over bought. there's a thought this morning, the jpm desk is a good example where they think corporate comments in january won't be as specific because they also will be waiting to see what the first 100 days are like. maybe that's an opportunity to sell. >> i think that we have to be concerned. there's a -- there's a -- you have seen people that think that biden was bad for the stock market. >> didn't turn out that way. >> no. it was really great. >> we will have two -- back to back 20% years for the first time since the 90s. unless something changes in the last 20 days. >> president biden a lot.

his just ridiculous desire to not have anything to do with the stock market. it's almost like we have a president coming in that -- the stock market was his -- there was neilsens being important because of the tv show. then we had a president that just -- i don't want to say disdain. he didn't have distaken. it just meant nothing to him. i used to say -- i like dupont here. delaware company it didn't matter. it was all funny. it was fun and games until everybody did well. >> that's good. did you listen to me? >> yeah. it was fun and games until everybody did well. i listened. >> i looked up him during chat gpt. it says see spin co. >> what does that mean? >> i don't know. we have to come up with a name for this thing. >> why? spin co suits me. catastrophe. >> let's call it that. >> that's extreme. >> let's move on. >> i'm on all board.

>> how about oz? i don't care. >> dr. oz. >> oz the magician. >> he is like a real doctor. like real doctor. >> what is he doing? in the new administration? >> hhs? >> small jobs. >> it's a big job. >> okay. we'll talk more about that too. >> we will get the opening bell. tons of corporate news. if that's meta or live nation. we will get to at&t after a break.

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expenses and more in prospectus at invesco.com. welcome back. let's get do a mad dash for the opening bell. it's the largest activist position i can ever remember. we reported on it a couple of weeks ago.

elliot and honeywell. >> they made the case for elliot. they announced this incredible content deal. 17billion. it's a huge win. only these guys would make it sound stupid. they cut their numbers. it was ridiculous. they had to do that to get the business -- they had to lower the sales and profits initially. then it's just bountiful. they made it sound like business is weak, like we are once again this is the third cut. it's not a cut. they explain it as a cut. this needs to be broken up. i know that elliot is right. if this was an aerospace company alone and it got the deal and got up to the marquis -- rock well collins this would be up 10%. no, not with these guys because it's so buried all sorts of other none sense. elliot is right. the stock is down because elliot knows how to tell the

story better. okay? >> okay. >> it's time for a change. change is going to come. sam cook. >> let's get the opening bell. gary, jim likes to say. lot of investor days this week at the nasdaq its auto parts, supplier patrick industry celebrating it's investor day. kind of takes us to t. >> we are -- yesterday there was a deal involving commerce based where they put out rules. the same thing gelsifger is fired. you have the strangest move i have seen. restrictions weren't that bad they think. very positive and that -- by the way that china restrictions. >> for tat. >> yeah but those two products.

minerals are not in use right now in the united states. i think that the reason why you are seeing micron which is what is this aimed at because people realized wait a second. it's very pro china, not so bad. its beginning to question something that i know that a lot of publications are talking about which is musk is so powerful and close to the prc. the question is, is -- are we going to go soft on china? musk is in there. we know that the new -- nsa and the new secretary of state are anti china. musk is more powerful than they are and he is very close relationship with the chinese and the 40% of their business comes from china, tesla, so next thing i know this -- i don't know why the chinese bother to tell you. it was very pro schein a. >> china. >> criminal is referring

jim is referring to the two metals they banned. >> we don't buy them from china. >> i wasn't aware of them putting in that expo rt control. not that -- i thought we used them for chip making. >> no. i have to say i was shocked we weren't tougher online a. >> tougher? >> this commerce department have both been isn't a chain china. >> that's very important. it was supposed to be aimed at capitol equipment and they don't have to change guidance. >> they have a -- that's a big portion of their business. >> huge. what you have is the situation where maybe the biden team is coming in and not as negative on china. you have -- we don't use the minerals because we have stock piles and then musk and he is so pro prc.

david could this be a -- pock them and terrace? >> i don't know what that means. >> peace in our time. pope john the 20. >> english. >> sorry. >> interesting view you had that musk's influence will push the president elect toward a more friendly approach. >> yes. >> i will believe it when i see it. ? >> ? navarro is the wild card. >> i thought he was the hammer. >> he was the hammer. >> i have seen reports that say that -- not being a part of the administration so far was because trump viewed him as not being tough enough? >> i think there's a lot. >> that's a report i think -- we have all read that. i don't know if it's accurate. >> well. >> i will be curious to see. >> you are right. musk and tesla. there's an -- there's no doubt china is very important. factory. what is built there. send into the domestic china

market. not here from there is very important for that company. to then extend it to the idea that it'll lead to a more friendly approach, i don't know. >> we should probably say that at least once that the president of south korea declared martial law today. the samsung is down like 3% in london. stock market will open normally tonight apparently but -- it's a serious situation. >> such a great ally. i don't know. >> want to talk about at&t? >> no. i want to talk about -- maybe trump is setting up -- you will like this. you will be able to make fun of me mr. blacked out. >> you denied my ability to discuss at&t. >> one of my favorite stories was team of rivals. >> wonderful book.

>> maybe. >> about lincoln and his cabinet. >> they are often talked in the same -- that maybe he is setting up a team of rivals. >> i don't see that. >> you have people in the cabinet that are pro china and anti. musk. >> musk is not in the cabinet. >> he is bigger than the cabinet and you are bigger than united states steel. >> i'm taking the other side of your bet. >> i thought you said compare lincoln to trump may be factious but you didn't. >> they are both republicans. > you went team of rivals. >> wonderful book. >> trump loves dissent. >> that's what i'm getting at. he loves dissent, anger. >> musk is looking for more enemies. he doesn't have enough apparently. >> bennie came up with that love thy neighbor.

i want to talk about crm. the stock is up about 5.7%. you may have heard john stanky will join us later. i will speak to him. the ce or. he has sat over a significant transformation of the company getting them out of those disasterrous deals taken by his predecessor. stankey was there for those. direct tv and warner brothers. as our viewers know at&t returned to his roots and it has the investor day to day talking about unlocking new abilities that further its momentum while investing in future growth. that's at least part of the press release. we will talk about exactly what that means in terms of creating what they say will be a different position with in the industry. how? obviously wireless is a key part of that though they are number three behind verizon and t mobile.

fiber is where they have been spending so much money and they have real ambitions in terms of the capitol investment. high end of a 21 to $22 billion range. i'm not sure where we are on the full year outlook. let's talk long term. consumer fiber broad band growth in the midteens 2025 to 27. they do see mobility in the 3 to 4% range yearly. you can see it right there. business wire line. that continues to decline. capitol investments about 22 billion range yearly. going to buy back a lot of stock. they will get to 2 and a half times leverage and buy back as much as 10 billion from then to the end of 26 and then another 10 billion in 27. about 40 billion in capitol return. leaving another 10 billion to kind of pursue acquisitions and the like. >> that's very positive. >> you can see the charts here. >> very positive. >> its been a goodyear for the stock and they continue to be

positive on their future obviously as a pure play connection provider. >> they have done a lot of things right. i love to see the buy back. balance sheets repaired. warner brothers, discovery one of the top ten in terms of the s&p in the month of november. people. >> that has nothing to do with at&t. >> the balance sheets. there's a lot of companies with balance see sheets that are better. > that's manageable. >> yeah. without a doubt. >> have you anything on blackrock? >> yeah. you want to talk them? we mentioned yesterday. this deal that's been long discussed, blackrock buying a large private credit business but it's a private business as well. 12billion. it's all stock. >> i think that's important. >> they took stock. they are staying with it. this guy from goldman.

this is the old high bridge which was a part of jp morgan and then split off a small private credit business a long time ago when nobody was talking about it. of course as our viewers know it's grown. it's still growing. that is -- direct lending essentially whether it's to large cap, midcap, small cap, you name the cap. there's the lending going on. we have talked about areas. we have talked about -- i talked often times about the giant apollo. >> much bigger value. >> this can get that multiple. i think it's a good move of technology. >> that's the hope they will get a higher multiple. >> it's not insignificant. 150billion in credit. >> they will have 600 once you roll in infrastructure. that's two big deals in one year. >> and individuals will be -- this is really important for people. they will be able to participate. the returns much better than just being in a -- in let's say

a passive investment. i think that -- my travel trust -- i'm talking to my own website. >> your travel trust owns blackrock. >> yeah. >> i believe in larry fink. having a great time. not going anywhere and doing great things. i think this is -- we have to grow ourselves out of this deficit if there is any hope. this will help us grow out. constructive way to look at things. >> and kapnick will stay as you pointed out with blackrock. i'm looking at comments from the call at 8:00. fink said we aren't shopping. we only looked at the best in the credit space which they also bought for a very large sum but brought in again. made them a lot bigger than what we used to call alternative assets. now they are the -- main stream and you make some of these new product that are available to not your highest end investor but more of your retail investor as well. >> that was great.

>> exposure to private credit. blackrock with the capitol markets. >> that's so good you said that. when larry fink came here i -- we can be a bank. we can lend. we can be the asset collector. we will be the new version of what people will be thinking of in the finance. they can do a lot more than the typical bank. i like this deal. i like what larry is doing. i think that larry is about that and about everybody participating and that last -- his last corporate report was -- it was about how people is should be investing in the power of compounding and i think that he represents a line of thought that people that isn't talked about enough. if younger people if they get invested they can get rich. not that they can do okay. they can get rich and i think that he represents the american dream far more than most people who are doing their paycheck. >> the other point is if life span keeping expanding the way it has been you will need the

money. >> don't bet against yourself. i have been saying those who decide, look, we are going to stop investing a little mor aggressively when they are 65 are betting against themselves. >> a few other things in financials. kbw up city and state street. >> and wells fargo like citi. >> jpm to 275. >> we are back liking these groups. i have to tell you. >> banks. >> wells fargo had to be removed. i the stock up 52% this year. these moves are incredible in the financials. >> looks like -- a hyper scaler. >> yeah. >> hyper scaler. >> maybe. >> it's building data centers. >> liquid cooling. >> we talked about private credit and the private markets. i mentioned this briefly. it's worth coming back. the latest value on space x.

another musk company. $350billion. this is others reporting, talking about a discussion that some insider shares. just to put it in perspective it's basically the same size, market cap wise as bank of america right now. it's bigger than disney. it's bigger than -- i mean you can go bigger than disney, tmobile, way bigger than ib m, on and on. just to put it in perspective. one of the biggest public companies let alone of course one of the largest, if not the highest private market value out there. bytedance has to be up there as well which is something else we haven't talked about. >> last night the president of shop ify. >> their cyber monday beating

the 23 record by this%. >> i think people get it. you go back to what the fed is doing. they look at these numbers which are -- wow, entrepreneurs are using tiktok and instagram to build their businesses and it's working. i think that -- like. we just went from larry fink talking about how to make a lot of money if you invest right. harvey said the cost of failure has never been smaller. never been lower. people out there who want to -- go about their dream, listen. you can do it. it won't cost you much because shop ify is such a great infrastructure backer. if you have questions -- they will do it. they have humans. >> not a surprise that in this country we saw record new business applications this year. here is a quick piece of sound of what harley said last night. >> consumers buying completely differently now. when you think about on the

channel usually that suggests online and off line. we are seeing so many other channels that s had,o, pify is powering. social selling. 57% of 18 to 24-year-olds say they will buy on instagram, 65% on tiktok. they are buying across every channel possible. >> the other big part of that story is luxury and travel and leisure making a stand here last few days. >> look. united airlines was one of the top 15 companies in the last november and there is growing -- a growing belief that -- that -- air craft is accelerating. travel is accelerating. i know. that's. >> that's incredible. >> if you look at royal caribbean they are saying everybody is cruising. carnival, carnival cruise. norwegian, viking, these are -- these are signs.

they are inexpensive trips but they are trips. you look at these. david look at that. >> i'm looking at it. it's incredible. >> this is -- these are amazing moves. >> what does it mean? >> it means that people still have excess capitol and have changed their lives. i think post covid people said i'm not going to lead the same life. i could die tomorrow. so i'm going places and doing things. i don't want to read it as the fed has to be careful in this particular thing. >> yolo. >> yes. and -- yeah. you are a -- you are a hoddler. >> what is that? >> it is just part of. >> hold on for dear life. >> okay. >> we are at that point. yolo. really. >> speak for yourself. >> you don't want to sit here for the next 20 years in that's your idea of a great time? >> i miss those shows. >> what shows in. >> the lone ranger. i have to watch fire country. >> the three stoo ges.

you can still watch that on cable. >> it'll be a big part of the spin co. we are bringing back the three stooges. >> they are is 100 years old. >> i love lucy. >> remember when -- there was a person that ran cbs. >> leslie. he used to talk about that. >> you are allowed to say his name. i think. >> speaking of names. mark, tonight -- on the show. >> yeah. >> and what are they doing at crm which, by the way is smaller than space x at a 3 and many other billion. >> i think they have the most serious ai you can use day to day and it's the point of sale for retail, for reservations. those are the two biggest markets. you really want to be there -- anyone that has customer service and you want to go the

health care system. i don't know if anyone has tried to speak to anyone in the health care system. it's not possible. you can use -- you don't need them. you can go to a -- to a -- this is not where mark is yet but he will be. >> aren't they doing kaiser stuff in california? >> yeah. he is kaiser. you can speak to an assistant which is what you would get at the city doctor's box. the assistant knows more and -- i like speaking to them. i'm tired of people. people are grouchy and the only customer service i have connected with in the last month that was great was amazon. >> really? >> incredible. >> which by the way i think continued its streak of 7, 8 years up on -- or out preforming the x rt on cyber monday. >> amazon. what can i it. you said it. >> i said it. >> okay. good. >> as we go to break watch bonds today. not much data. we will get jolts in a few

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it's time for jim and stop trading. >> carl, i was gratified to see that deutsche bank thinks that cbs is at a trough valuation, upgraded hold buy. this is david joyner i think we have to root for him. we need a strong cbs i know that sounds -- but you don't want just this one company, walgreens and amazon and i think that -- remember they also have a lot of managed

care. >> they have a board refreshment with larry robbins joining the board with a number of new direct sneers i think david joiner is doing a good job. >> it's very early. >> i think when you look at the price of the darn thing, ahead of the jpmorgan conference, perhaps it could be good anyway, i've been waiting to see where it could bottom and deutsche bank is taking a leap, might be a little too early because there could be one more bad quarter, but it's worth talking about and i think it's good it's better than honeywell which is down 5 because they don't know how to tell the story what a bunch -- really i mean, the gang couldn't talk straight. >> target is 66 from deutsch on cbs. how about tonight? >> tonight is sales. mark seems to not really like co-pilot i think we have to check on that because co-pilot is microsoft and it's not selling the pcs that have it are not selling that well with the consumer. i'm watching that.

i'm watching honeywell and just being -- and cry in my beer there because we own it and i cannot believe how the split must occur and i think that elliott, by the way, david, is dead right on honeywell. dead right. >> well, it's a lot of capital they have invested there remains to be seen what's going to be happening. >> the company does not seem to understand they need to break up and it's hurting their narrative. if they did better maybe the narrative would be better. >> that's usually how it goes. >> right i don't want them to go in a separate direction like the chicago bears. >> breakups are great. >> what? >> break ups are great. >> different direction like the nfl. >> jim, we will see you tonight. when we come back john stankey first on cnbc in a minute

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"squawk on the street. i'm sara eisen with carl quintanilla and david faber, live as always from post 9 of the new york stock exchange. stocks are giving a little back coming off of record closes for the s&p 500, there is unchanged because you do see pockets of strength under the hood. communication services, utilities and technology all higher today everybody else is lower. industrials sort of bringing up the rear in the market, but only down a half a percent. the nasdaq is a little bit positive right now to date we're up 1% because yesterday was such a good day. treasuries right now, we're going to get data in just a moment we started the week selling treasuries with yields a little higher, backing down a little bit today. look at the ten year yield it's below 4.2 and the two year yield up 4.2 as well. >> our jolt is the big data point of the morning let's get it from rick santelli. good morning, rick. >> good morning, carl. even though rates are definitely down from where they were pre-thanksgiving they're moving up a bit on the jolts for october because instead of 7 million and a half we are at

7,744,000 a bit higher than expected last month was downgraded from 7.44 million to 7.372. why is that important? whether it was revised or not both numbers remain at near four-year lows going back to january of '21, but we have lifted from that level a bit and how does the current read of 7.744 million stack up it comps to august where 7.8 million but it does break that kind of big drop that we had last month if you look at yields they have moved up a bit, but do remember we're still way below some of the levels just think it was about 14 sessions ago ten year was trading in an intraday high of 4.5% a lot going on in the world, carl we want to watch that chinese currency, right now it is at a one-year low versus the green back sara, back to you. >> yeah, fears over tariffs playing in, lack of stimulus

thank you very much, rick santelli just to put a longer picture on what rick just reported, on the job openings, so the trend has been softer job openings, say, from what we saw, remember, coming out of covid. here is what it's looked like over the past few months not including that number that rick just reported at 7.7 million which you can see is elevated from where we were last month this, past month it's been probably a little bit distorted by the strikes, the labor strikes, the storms, keep that in mind but remember they were coming in above 12 million at march 2022 so when the fed is now focused on the labor market and looking at signs of softness they do see that in the fact that job openings have come down, they look at the ratio of unemployed people to job openings pat will mention that, that's come down to closer to 1 basically, 1.1, slightly lower than the pre-pandemic peak of 172. as far as what we expect friday, it's going to be a big mover on jobs, the overall monthly jobs

report expectations are for rebound in the month of november after october was weak, as you can see, because of the storms and the strikes. looking for a number around 200,000 jobs added in november, 207,000 is the latest estimate so, again, could speak to a job market that is still doing all right, even though the fed is really focused on maintaining that balance fed governor waller who i always pay very close attention to spoke yesterday, made some market-moving comments here is what he says about the state of inflation and jobs right now. >> overall i feel like an mma fighter who keeps getting inflation in a choke hold, waiting for it to tap out yet it keeps slipping out of my grasp at the last minute, but let me assure you that submission is inevitable, inflation isn't getting out of the octagon. >> they forgot to put lighting there. but he basically said he's leaning toward a december rate cut and the market is leaning there, too, around 70% odds at

this point unless we get some sort of surprising data on that front. i mean, he is saying -- and i watch him because he sometimes is a thought leader on the fed -- that the policy is still restrictive enough that if they go again at the next meeting, it doesn't really change the stance of monetary policy i'm not sure what they're looking at to show how restrictive it is, but it does feel like they're increasingly targeting the labor market and are seeing signs of softness there, even if they are not recessionary or super stressful or anything like that. >> interesting i think the range on the nfp estimates you mentioned the meanian but i think citi is the lowest at 155 which given where we've been the last month or so isn't it terrible number. >> no. >> the high is barclay's at 275. >> both would be a bounce back we got the first price data from november in the ism yesterday and it was good because it was soft and that's good because there are signs that manufacturing is bottoming and

looking up and at the same time that that's not necessarily coming with price pressures that the fed would be worried about so we'll see what we continue to get on the november data as far as wages look, the overall backdrop is still one of easing and it's not just about the fed bank of america, excuse me, i'm losing my voice -- bank of america put out a chart for next year showing more cuts are expected from global central banks based on projection that is rate cuts are happening they expect 124 rate cuts, another big year of monetary easing next year from the 153 that we got this year and for policy rates to come down and that should support equities overall. now, bank of america likes the international equity story on this but either way, you know, even though the market doesn't expect the fed to ease as much as it initially thought because it economy looks good, it's still happening and that's a good backdrop. >> we talked about it every day, continues to be. >> well, that's what we do,

david. the market focuses on it every day and the odds change. >> i'm not -- i'm not offering criticism. i'm just saying i don't really have much to add. >> what we can add is that things are still in decent shape. i mean, we just got the job openings data, 7.7 million job openings still in this country. >> yeah, and quit rate not moving that much up from 2.3 from 2.2 let's get to the broader markets. goldman predicting the s&p will hit 6,500 by year-end of '25 our next guest expects the mag 7 to outperform but by a narrower margin joining us here goldman sachs chief equity strategist david kosten is back with us you've been asked about your target the last few days you generally point to earnings growth as opposed to a multiple expansion. >> so in the last couple of years the pe multiple for the s&p 500, carl, has gone from 17 to about 22. so huge multiple expansion, we think about the market going forward, it's mostly going to be

earnings growth in terms of our analysis so earnings growth we are looking around 11% earnings growth for 2025, 7% earnings growth in 2026 now, that's because most of the companies trade around fair value, not necessarily all companies but in aggregate pretty much close to fair value at this level, and 21.5 times multiple so the earnings growth and the point that's worth emphasizing is that the relative earnings growth between the mag 7 and the rest of the market is narrowing dramatically put some numbers on that you've got the mag 7 have earnings expectations for this year of around 33%, that's going to be relative to the rest of the market around 3% so in the aggregate you will get around 8% for this year. next year that's going to narrow to around -- around sort of 5% to 6 percentage points and that is the reason why the expectation we have is that the mag 7 will outperform but by a narrower amount. put some numbers around that, two years ago it was 63 percentage points of excess

return, this year it's around 22 percentage points, next year probably 4. >> and that growth slowing is greater than the rest of them catching up, in other words? >> it's a little bit on the both sides. the diminution in the growth rate for the mag 7 and an increase in the growth rate for the rest of the market in aggregate we will be around 11% for next year. >> that's why you said my kids should be in equal weighted s&p index funds. >> the idea of the equal weighted index is likely to do better than a cap weighted index over the next decade the thought process is the concentration, sara, is so high right now and historically speaking you have a concentration likely to come lower. you could have the largest stocks in the market a little reduction in their pe multiple or the broadening of the market and i think that's more likely to happen than not what are the portfolio managers asking they're basically asking three strategies, one is the mag 7, how to think about that, it's been the number one determinant of whether a mutual fund outperforms or underperforms

their positioning in the mag 7 the second is the m&a. if you have 25% increase in m&a activity, 750 transactions over $100 million is our forecast and model. a portfolio of companies that are higher probability than normal or than the typical stock likely to outperform that's one strategy. >> and you guys have a basket for that, amazingly enough. >> we do, david. >> you guys at goldman are so creative 62 potential u.s. m&a candidates. >> correct. >> that's a very long ticker. >> the idea of those companies where the individual analysts at goldman assign a 30% to 50% probability of a merger transaction or between 15 and 30 percentage points, two different categories that's one big area of focus and the second is an area thinking about the expectation that small business optimism will lead to more spending and activity on the part of small and medium-sized businesses.

if you are a company whose customers, whose clients are small and midsized businesses, they are likely to benefit that's what we saw a huge increase in the optimism index at the beginning of the first trump administration, that is the argument behind companies who more than 50% of their revenues are coming from companies in small and midsized areas. those are the three areas that fund managers are focusing on with us right now. >> the m&a basket is it mostly financials >> a number of health care companies, some financials, some industrial companies it's a pretty broad cross-section. we've been having this since 2004, for 20 years we've been looking at companies with a higher than average probability of a merger transaction and relative to the typical marked, the marked out of 1,500 companies, the s&p 1,500, but 2% of those companies get acquired and -- in the course of the year and our basket is around 9%. >> you mentioned the mag 7 it has to be such an important, as you pointed out, piece of

positioning, so to speak for so many fund managers because if you are underweighted in '25 and it's another one of these years, you're going to trail significantly. >> our argument and thought process is a diminishing increase or premium of the earnings growth rate is likely to lead to a demolishing excess return still outperforming but a narrower amount. >> we don't just get a multiple revision higher. >> while the fed is cutting ten year yields will be roughly around this level, you are less likely to get a pe expansion. >> did the election change anything for you >> the expectations, not from a fundamental point of view. the economy is still growing pretty rapidly, perhaps fewer cuts that may emanate as a result of the potentially higher inflation, a lot of variables still to be decided in terms of the policy laying out, but from a fundamental point of view the u.s. economy is still doing well and the equity market and earnings are still rising. >> is the thinking that congress with this thin margin at least

the house can put a corporate tax cut into play. >> that may be the case and our forecasts were not assuming that in terms of our expectations there is a lot of focus on the part of tariffs, on the part of fund managers, but from a probability of a tax cut, may happen, we will see. >> finally, does europe get looked at as a value play in '25 relative to the u.s. >> carl, that's been the question people have been asking for 20 years and the idea that multiple in europe, the europe stocks trade at around 13 multiple, the u.s. stocks 22 times -- >> but this performance is -- you have to go back 30 years. >> and the problem is that next year the earnings growth for the european stock market is 3%. 3% earnings growth in 2025, maybe 3% in 2026 the u.s. you have 11 and 7 in the next couple years. better earnings growth, higher multiple and a lot more technology and that's where a lot of the focus is on fund managers. >> you had a busy week thanks for making the time for

us as we head to break here is our roadmap for the rest of the hour the holiday shopping season under way, the big themes that are emerging and which stores are best positioned. blackrock making that big move into private credit with the $12 million deal. and at&t is expecting over $18 million in free cash flow for 2027 the company's ceo john stankey is going to join us. a first on cnbc. the company's investor day occurring later in the day right now a lot more "squawk on the stetcongouwa re" mi yr y. that moment you walk in the office and people are wearing the same gear, you feel a sense of connectedness and belonging right away. and our shirts from custom ink help bring us together. we make it easy to wow all your groups with high quality custom apparel and promo products, all backed by our guarantee at customink.com.

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welcome back to "squawk on the street." at&t shares a 52-week high its investor day is later in the day. the company announcing a multiyear strategic plan focusing on 5g and subscriber growth in fiber. expectations are that it will reach more than 50 million total locations with fiber by 2029, also offering longer-term guidance at&t saying it expects the sale of its entire 70% stake in directv as well to tpg will close in the middle of next year ceo john stankey joins us, live from the investor day taking place in arlington, texas, at at&t stadium john, good to see you. nice to have you >> hi, david good to be back. >> you say that the company expects to be in a, quote, differentiated position within the connectivity industry by the end of the decade. explain to our viewers what you mean when you say a

differentiated position. >> well, look, we expect the consumers are going to continue to need to connect to the internet in more and significant ways moving forward, and we think the only way you do that effectively is by having dense rich fiber assets so that you can run world class broadband networks connected to people's homes and businesses we think the amount of fiber we're putting in the united states, putting in the ground and how we're going to engineer and offer those networks is going to put us in a unique position versus our competitors and it's a very unique, organic path to growth. >> you've obviously made a significant bet, so to speak, on that why are you so confident and what have you seen already from when you have fiber in the ground that gives you the confidence that, in fact, this you will get the necessary returns? >> well, let's start with the customer 77% of customers tell us that

they would like their life to be simpler connecting to the internet and they'd like to work with one company and that's what we're aim to go provide is instead of thinking about a wireless service and a broadband service in your home, go to one company just to get on the internet second, when customers actually buy it from one provider, in our case four out of every ten of our fiber subscribers subscribe to our wireless service as well, our churn is lower their satisfaction with the company is dramatically higher and the lifetime value of that account to at&t is higher. so that's a good thing for them and a good thing for the company as well. >> you know, there are no shortage of naysayers, i talk every year to john malone, for example, who talks about overbuilders in a way that is fairly der sieve in isive in te never get the return that's promised what do you say to those and

that you cannot predict a technology change like perhaps a starlink what are your thoughts on that >> you mean somebody who is long on cable doesn't like fiber? >> agreed. understood understood i get it >> my point of view on that is -- >> go ahead. sorry. >> it's real simple. we're building a better technology, the disrupter is us. we're going into a broadband business that cable owned for the last couple decades and done incredibly well at building a better product that customers like more. it's not just the product performs better. customers are telling us we're providing better service, there's no hidden fees, there's clarity in what we're giving to them they like what they're getting and staying with us longer and enjoying what they're doing. i think that's actually a winning formula when you think about it we're not an overbuilder we've been in the broadband business for a long period of time, we're one of the players in this market we're upgrading technology

we know how to serve customers in this space, we know how to come n we own a wireless network that allows us to even bring more products and services into that household that a cable company has to rent or lease from somebody else. >> what do you think about starlink in terms of its potential competitive threat to your ambitions given that at some point the starship, the far larger obviously rocket is going to have enormous capacity to launch new satellites that conceivably will increase the capacity of elon musk's starlink to bring broadband to a lot of areas that can't currently be serviced effectively >> it's a great product and is going to serve a really important place in the broadband portfolio that people need to connect anywhere they go, but it's never going to replace the performance of fiber once finer is in the ground there's no rf technology around that can match what fiber can

doen on a margin and cost basis. and the overall throughput of the infrastructure so satellite is going to be great in rural areas, less densely populated areas, facilitating some mobile apps that have to move off of embedded wireless networks, but it's not going to replace a fiber connection into somebody's home or business it's just not economical for it to work nor is it going to keep up with the kind of performance that's necessary as we move into the world of ai and increasing demand on applications to have symmetrical band width. >> i am curious about the thoughts about the increasing demand from ai how do you think about it obviously given -- we can move to 5g as well here and the new iterations of apple's iphone and what that's going to mean in terms of the way people begin to use it on the phone itself john, how do you think about it? >> i think one of the things that's so important about the investment we're making today and while we're deferring a little bit of return in the near term to build a more sustainable

infrastructure, it's based on this bet and it's based on a bet that actually work loads going from the customer up into the network are going to become more important over time. ai is just one of those dynamics that's going to drive it we're also seeing a rise of user-generated content that will drive it but if you think about ai in particular, just think about how sensor technology, the number of cameras that are now out in somebody's life, around their home, in their car, in a store, and all that have video needed to be shipped up to the network in order to be analyzed using ai algorithms, that alone is going to drive an incredible amount of upstream bandwidth and demand on a network and that's why we think these investments are really appropriate to make right now and puts us in a unique position. >> is that as well why when you talk about longer-term growth targets for mobility and here i'm talking obviously 5g, ebitda growth in the 3 to 4% range annually, i don't want to put words in your mouth, but is that

why you have the confidence to put a target out there long term >> we absolutely have that confidence you look at how we've been growing over the last four years and what this business has been able to achieve, both in our organic wireless growth and what we're demonstrating as we start to put wireless and broadband together and the magic of fiber, we have every degree of confidence we can continue to win customers, we can continue to grow our business and we are going to continue to grow ebitda and that's why we're putting that guidance in front of everybody. >> on the financial front we've talked about obviously your goal of reaching 2.5 times leverage target to net debt to adjusted ebitda you're going to get there you say by the middle of next year you have obviously a capital return plan, both through purchases and the dividend, you're keeping the dividend at the same level can you give us your thoughts as to why not perhaps increase the dividend a bit, send even more confidence into the market on that front. >> well, sure. i mean, everything has been a series of steps and chapters and

we are in the next chapter right now and my point of view is the dividend is still yielding over 5% and i'm confident we're going to drive the stock up a little further. we have had a pretty good run. i should expect if we execute on this plan it's going to improve even more. when that yield starts to look like it's consistent, one, with the risk involved, that dividend is more secure now than it's ever been if you look at our cash flow characteristics and coverage, but also the float on the stock is pretty significant and it's significant because of past transactions that have occurred and some of this buy-back is to get the float kind of back down to where we want it to be. >> which is -- all right which is where >> less than where it is today, david, and as we've said today we're announcing we're going to do $20 billion we've already approved the first tranche of $10 billion we are going to begin executing in the middle of next year. to your point as we move through this particular tranche of buy-back we will evaluate where

we have in dividend yield and where terms and interest rates are and all of those things will be taken into account as we think about other capital return programs as we move on into the next chapter. >> you're also talking about a 3 billion run rate cost savings by the end of '27, that is inclusive of the current target of $2 billion in run rate cost savings by mid '26 are you going to be cutting jobs, john you have 140,000 or so employees. are you going to have fewer? >> well, we've been on a pretty steady decline in making our business more efficient for the last several years and in the investor data a little bit later today we're going to talk about what we're doing to migrate away from some of our legacy century old technology like copper and how that's going to change the profile and footprint of our company. as we start to concentrate the business a little bit differently, as the fiber infrastructure becomes the dominant network that we own and operate, it will be more efficient and more effective and it's going to cause us to be able to run the business more

effectively and those benefits ultimately accrue back into our customers. we've been demonstrating that over the last four years but we do it in a way that i think is responsible. we have a strong and stable relationship with our labor unions, part of what we do is while we're taking costs out we're reinvesting in opening up other businesses as well and i think that's just the normal competitive spirit that everybody has to drive to. >> but said simply copper requires -- i should say more people than does fiber. >> yes, it does. >> finally -- >> and more power and energy. >> and more power -- yeah, and more power and energy. we need a lot of power in this country, that's for sure, it's a separate conversation. john, let me end on a recent editorial you wrote for "fortune" about a looming air wave gap you seem to go after to a certain extent how much spectrum has been allocated to the defense department why did you write this >> well, look, i think it's really important to understand that one of the great things

about america is that we have innovation, we have fiber and economic growth, those are things that are really important to our national security and our well-being, it's what gives us the creativity to come up with wonderful ideas that ultimately have made this country the great country it is, and wireless technology and the ability to have high bandwidth, resilient wireless networks, huge part that have equation just imagine what the last ten years would be like without the smartphone and the reality is when we project 80% band width increases over the next five years, if no new spectrum comes into the ecosystem, you're going to have congested highways just like you might have on an interstate too many cars trying to get down a lane and then you start to get into rationing the supply and demand which means if there is no more capacity, ultimately prices go up, and that's not a good thing for the consumer, it's not a good thing for having cheap, affordable bandwidth out there that drives innovation and

without more spectrum that's the situation the united states is going to be in and most importantly the united states is already behind 13 other countries in the sprem drum we have al gated to 5g. we need to make sure we stay competitive. >> so much more to discuss and i know we will have time down the road good luck today with the investor day and always appreciate you joining us. >> thank you, david. i appreciate you having me on. as we go to break this morning, take a look at the south korea-related etfs all you u. under pressure as the president declares martial law there's been some tv footage of troops blocking the entrance of the national assembly where the opposition-led majority could potentially lift that declaration. the currency there also falling against the u.s. dollar. we wl ilmonitor that as "squawk

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the street." south korea's president declared an emergency martial law today claiming opposition parties have taken over the parliamentary process and are sympathizing with the north the move is sending shock waves through south korea which has been democratic since the 1980s. a vietnamese court said the death sentence for a real estate tycoon could be commuted if she pays back $11 billion of what she defrauded in the country's largest ever financial crime she was convicted in the spring of embezzlement and bribery amount to go $12.5 billion, roughly 3% of the vietnam's gdp. it's now giving tuesday and melinda french gates is matching up to $1 million in donations to two groups supporting women. the first supports moms running for political office, the second advocates for health caregivers. back over to you all right. thank you. blackrock expanding into private credit, it's buying hps

investment partners. it is all in stock the deal expected to close in the middle of next year. it comes during a boom for private credit that we've been discussing for some time blackrock says the transaction will create an integrated private credit franchise with $220 billion in asset. hps is bringing almost $150 billion, sara, in assets obviously it's direct lending, we have talked about it a lot. i first sort of started to work on it when i noticed any number of highly leveraged transactions, for example, going with lenders such as aries or blue owl or blackstone as opposed to banks, but it's far beyond that and suchen important component of fee-based income. >> and hps was front -- in the front of this trend. they got ahead of it they came out of jpmorgan, 2007 three partners that run it, and they will stay on and they

became one of the biggest in terms of private credit. quality, private quality and it's ballooned blackrock now has $600 billion in alternative assets. really going where the pension funds and insurance companies are going beyond the world of public equities. i remember when larry fink was on for the last earnings report, he started by talking about private credit and being so interested in the private market, which is just interesting because you don't think of blackrock in that way charting a different path. >> yeah, but -- right. i mean, the asset composition changes and the opportunity, i think, as well in bringing some new products to -- to their audience is a significant one for the firm. >> and a big opportunity for hps. up next the shopping themes that are emerging and which stes aorre best positioned keep it here on "squawk on the street." dow is down about 150.

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welcome back to "squawk on the street." holiday shopping off to a strong start. cyber monday expected to have delivered over $13 billion in sales online our next guest seeing some key themes emerging this holiday season joining us at post 9, dana tulsi. >> thank you for having me. >> you were talk being the new aritsia store in soho. it is a stock we don't talk about much because it trades in canada, but it's up 90% over the last year and $5.5 billion company. is that a good one >> look what they're doing what they're doing is they are attracting the mom and daughter, beyond the super puffs that have been appealing creating awareness in the u.s. through our stores and are inviting the new store in soho is one of their largest stores i was there on thanksgiving day and there was traffic. i think you can see more things like this with physical retail that's attracting consumers. >> you mentioned the super puff, this is their trendy jacket. >> yes. >> it's very popular and

importantly the weather has turned colder because all the retailer last quarter were complaining about how warm that was and hurting profitability. >> a big change. help for thanksgiving weekend. it's 30 degrees t drove sales, drove traffic and e giftables. whether you're thinking about weaters, scarves or hats that' what you need when it gets colder >> which stocks do you like off of this? who is winning and underestimated >> who is winning for black friday weekend continues to be abercrombie and hollister. batting and bath and body works, whether the new items or new scents. take a look at ralph lauren which has expanded who was the surprise this holiday weekend, victoria's secret there were lines at victoria secret stores around the country. they are gaining improvement given the fact that they have sport out, too, and the implementation of what the new ceo is going to do

that was the big surprise over the holiday weekend. >> would you say it's been a lost season for electronics? >> yes we know that best buy's comps improved up 5% but you're not hearing as much about it as you had in the past. i was in best buy at 7:30 on friday morning and there were some people there, but it's more the lower priced items than the higher priced items. >> there's been some discussion it might be a wait for some kind of ground-breaking pc to drive traffic, right >> we need that and luckily ces is coming up in january, we will see what the new items are. >> when it comes to who is ceding share who do you think -- >> kohl's is ceding share, h & m is ceding share, in footwear you may have the dsws ceding share one of the strengths in newness, birk en stock, on and hooka. >> is niek nike getting any love >> nike is only getting more promotional not less promotional. >> have to wait for elliott

hill. >> thank you. >> dana telsey. >> after the break we will reflect on the life of art cashin who has passed away, his impact on the nyse floor and those who knew him

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wall street is remembering a legend today, long time cnbc guest art cashin has died. ubs director of floor operations at the nyse, he was a fixture at the big board for six decades, known for his colorful daily

market commentary titled "carbon's comments" which he had sent to clients for more than 40 years. bob pisani is here to talk about art. tough day yesterday. >> tough and very emotional for me and you, i know the influence on you, david, you would regularly speak to him as well art cashin befriended me and greatly influenced my market reporting. he was a master market historian but he was not an academic his greatest gift was that he was a master storyteller who knew how to translate the often arcane world of stock trading into simple language that anyone could understand in the intensely competitive and often vicious world of stock market commentary, art cashin was that rarest of all creatures, a man respected by all, bulls and bears, liberals and conservatives alike. he was born in jersey city, new jersey, in 1941, and began his business career when he was 17 years old and still in high

school >> so what you need is comfortable shoes for your workday. >> in 1964 at age 23, he became one of the youngest members of the new york stock exchange. years later, he would proudly point to the book he signed the day he became a member a book that contained the signatures of other notables like -- >> jpmorgan, john d. rockefeller, arthur d. carbon jr., december 30th, 1964 >> carbon was made of floor trading for pane weber than ubs and was a regular commentator for 25 years he was best known as a teller of stories and a regular at the water holes around the new york stock exchange part of his charm was his refusal to adopt many of the conveniences of the modern world. he refused to learn how to use a computer, his notes were handwritten and sent to his assistant. his desk was piled high with papers he can accumulated over many years he refused to buy a smartphone,

refused to use credit cards and paid for everything with cash. >> you pay by credit card, people know where you went to drink, how much you drank and what you were drinking so if you want to keep the anonymity in there, you pay cash >> but carbon is perhaps best remembered for his skill as a storyteller about the markets. >> i have been fortunate enough over the years to be able to look at very complicated situations or problems and be able to reduce them to understandable items by using a story or a parable or something. >> his daily market commentary "cashin's comments" ran for over 40 years it began with a history lesson that was applied to the stock market.

>> sue sends you a big kiss. hold on. >> i wish you had to delivered it personally, sue. >> among his many friends he will perhaps be best remembered for his modesty. he seemed genuinely puzzled about his popularity. >> people have an interestfter . >> when the "washington post" ran a long profile of his career calling him wall street's version of walter cronkite. >> i think i owe an apology to walter cronkite. that's all right ♪ wait until the sun shines, nelly ♪ ♪ as the clouds go drifting by ♪ ♪ we will be happy, nelly ♪ >> one of the great joyce s of lift was dinner with art cashin. you start with two scotches, he drank duers, it would progress

to pigs in a blanket, he called it irish caviar, french fries, burgers and a steaks there were days we didn't get past the scotches. he was a slow drinker, deliberate and in a few hours in i would say, art, i have to go home next morning "cashin's comments" would be in my mailbox 1:00 in the morning he would be writing. this is a menu from eberlin's, art was a regular here on page 2 there is spaghetti ala arthur cashin. they opened at 6:00 a.m. what would you be doing this there, art? he said we would be hunger, out all need he had a special recipe named for him. i said you guys were out all

night? he said, well, yeah, and in between i'd find some way to write my "cashin's comments" and we would show up he had an amazing capacity but all night sitting next to him for 25 years i can't describe how much he influenced the way i look at the world. >> i'm glad you mentioned that he didn't chase innovation, technology, but he could talk about it he could talk about anything that was current. >> he knew exactly what was going on in the world and yet there were things you just couldn't change with him at the end of the night he would whip out this giant wad of bills. i said, art, there are credit cards. he said we don't need them he thought it was an invasion of privacy. he didn't care about cell phones he had a bad flip phone. he never answered it it would ring, not do anything he absolutely insisted that that was part of his personality. it was very carefully crafted persona. there was nothing haphazard about him at all. >> i don't want to overlook his

prescient market commentary. he had a feel for the market that was unrivaled i know you know that, bob. i would talk to any number of wall street professionals who had great success, but when he would come on, everybody would listen. >> yeah. >> to art because he had a feel intraday especially for the market that was really unparalleled. >> it was remarkable he had no enemies. you know, this is a business that generates a lot of anger, jealousy, controversy. nobody ever had anything nasty to say about art cashin and i think it was the manner in which he described how he was thinking he had opinions and some of them could have been subject to definite challenges, and yet people always said, i have a lot of respect for him he somehow managed to take all of this complicated information and make it fairly simple and easy to understand and it was very difficult to sort of disagree with him. he would sit next to me after the nights sitting across the day at bobby vance and say, bob,

you missed the point today very, very important he was very professorial always at the end didn't matter if you were deep within five or six scotches. >> one thing that i will remember about art is some of the emails that he would send me specifically commenting on my interviews he listened. he was a consumer of cnbc as well and always listened to what smart people like ray dalio would have to say and would send me from the assistant direct comments about what he said and included them in the notes. >> being part of the cnbc family was important to him two the most important things in his life were his family and the new york stock exchange and cnbc and even as you see the floor trading declined over the years, he stayed very, very involved in what was going on on a daily basis. the work that he did after 9/11 with the fallen heroes fund, the charity work that he did, we don't have time to talk about it, but it was -- he never ever

sort of stepped back even until the very end. i spoke to him a month ago and first thing out of his mouth was some market commentary, even when he was sitting in the hospital it was -- he still knew what was going on even after a difficult decline for him. >> it's a really moving remembrance that you wrote >> thank you. >> our thoughts are with his family art cashin was 83. this is our future, ma. godaddy airo. creates a logo, website, even social posts...

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welcome back with the broader markets down, the s&p down about .17%. we're going to keep our close eye on all of those markets in the next hour ahead on "money movers." what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish.

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good tuesday morning, welcome to "money movers," i'm carl quintanilla with sara eisen. today steve mnuchin on tariffs and trades and the importance