>> dom, going to get a final check on the markets this morning. you can see that the number was friendly enough. the jobs number, and even the details. devil is in the details all the time we're showing some gains i don't know if that will be enough for the dow to close up for the week, but it just might, just might join us next week. "squawk on the street" is coming up next. ♪ ♪ good friday morning. welcome to "squawk on the street." futures are fairly steady as jobs come in roughly in line, 227,000. the unemployment rate ticking up to the highest since august. yields are lower ten-year hits 4.14, the lowest since mid october. we begin with the jobs numbers, above expectations

unemployment goes to 4.2%. elon musk and vivek ramaswamy are pleating with republican lawmakers to discuss their doge plans and lulu lemon, one of the top gainers on the s&p this morning, there's the ceo, calvin mcdonald he'll join us right now and we'll talk about the quarter >> let's begin with the jobs number today interesting internals, jim the six-month annual rate goes to a cycle low, 108. >> yeah. look, i think there's a lot here for -- to me, thought rates would go higher. rates are down where people are being hired is what i like to look at this travel and leisure, this hospitality component which to me is something if i were jay powell, people have a lot of leisure money. these are the thingsky say, you know what? you want to cut, go ahead. but this is a pretty good economy, and don't make it too

hot and don't make it too cold by your own needs. be happy, you've got this plan to cut, but then say hey, listen, we've got to wait and see and that's not bad >> don't you think that is kind of what powell indicated in that conversation he had with andrew the other day? >> yes, but so many people expect a lot of cuts this year i'm more concerned what the majority is thinking than i am with what he's saying. they seem to not want to get off the schneid we need more cuts. this is a good economy >> yeah, 53,000 in november for leisure and hospitality. health care, also 54,000 >> by the way, speaking of the so-called devil. when you have the government employees up 33,000, i mean, is that something where musk says we have to stop that we have to be like ronald reagan we've got the government and start shedding jobs in the

government >> that's government across the board, not just feds >> i think that they're setting a tone >> yeah. >> absolutely, look, they don't control -- we have a lot of things, people talk about regulations. they're going to cut regulations, but most regulations are state and local. reagan set a tone. i think that musk wants to set a tone, and just to assure in the f.t. today, musk donated more than $250 million to donald trump's campaign >> a quarter of a billion dollars. officially, the country's largest political donor. >> best government money can buy. >> as a percentage of his net worth, it's infantecimal >> i don't know, it -- we have a billionaire. are you saying that there's a

cleptocracy? >> i'm not implying that at all. it's similar if i wrote a check for $300 >> maybe you're saying we have oligarchs. what are you saying? >> there's a piece on axios this morning that the incoming administration will have 11 billionaires working for the administration, and the phrase oligarch era is all over the place. >> right but they's already hard to buy they don't come cheaply. you're a billionaire and someone calls you and asks for a favor >> my experience has been like so many things, mixed. i mean, i see some billionaires who want to move to puerto rico to avoid taxes you already are a billionaire, you can leave it to -- and yet you still want to leave your family and friends and move to puerto rico. so my point is that when you become a billionaire, sometimes it's a result of both your hard work, your success, your luck,

and your desire to make a lot of money. that doesn't go away >> what is to be done, david to face the fact that there's a whole other series of shows. when you were out this week, we talked about a big streaming show of just about musk. i have to tell you, i'm ready. i'm ready, because musk is just controlling the agenda here, in a remarkable way >> they're paypals, the paypal mafia with the deal between sax and musk >> they have a south african thing going, too >> in terms of their connection. >> remember how you were talking about being irrelevant yesterday and i tried to talk you off the lenl ledge? >> i don't recall that, but i'm sure it happened >> i don't know if you've seen

crypto, i have since the strategic bitcoin reserve reserve. >> we discussed it yesterday when it passed $100,000. >> the show could be about -- i'm just saying that there's an alternate market, crypto, stocks that are like gamestop today there's just an alternate market of unreality we can't say we're not paying attention. i'm making a statement about caterpillar. >> you had nice words to say about bank of america today and they're looking at crypto. >> the first time i've seen someone say point blank, we have to watch when we have this much money coming into the alternative, david, alternative being in this case code for things that are not typical that we don't follow for instance, if you were at goldman, you have a consumer package good and you should have

froth. i cover froth. what do you cover? >> froth can go on for a long period of time >> yes >> as those of us who reported during the dot com era remember. i remember, irrational exuberance was 96. >> so why not put a department of froth maybe actually pro-froth the reason i say that, they used the backlash against ginsler i knew him for like 40 years suddenly, i'm like, i didn't really know him. i never got to know him. people think ginsler stood in the way of capital im. >> he stood one place, in front of the fireplace this effort musk and vivek ramaswamy are making to get federal workers back to the office

>> what was the percentage of people in the office in the federal government >> they're saying numbers like 1%, that when you take out security guards. maybe it's 7% to 12% that does not seem possible. those numbers seem inconceivable. >> where did those numbers come from >> i don't know. >> when you see mr. musk -- when you see that, do you say i'm going to continue to focus on the idea that there might be an arbitrage deal with paramount? >> sure, that's what i do. >> so you heighten irrelevance i'm saying this is what people want to hear about, and there's nothing wrong talking about it, because it's nothing short of insane >> insanity. >> way, which is insane? speaking of insane, you completely lost me this morning. you started off with jobs, we went over oligarchs, then you went to bitcoin and their irrelevance, and now i don't

know where you are >> i'm trying to grasp the idea of the bitcoin that crypto has increased at a level value that's unfathomable, that we are watching rich people come to government and i've never seen this, change the way we think in what is not a republican way, but a libertarian way, and we don't address it as libertarianism, but that's what it is. we have to start focusing on it. that's what ginsler is about that's what the strategic bitcoin reserve is about.ertari and we've never had that in our country. that's my unifying thesis, we've never had -- >> much better >> david, it's part and parcel, the defense department is subbing palantir for the defense department remind me to get you to use analogs to grow, to grow >> you're dealing with

innovators, right? >> yes >> who see the possibility, and government is the obstacle naturally, they would want to reduce the size of government. >> you think of government as if it were the friction to greatness. if we could just cut the fraction, we would unleash animal spirits where we would have much higher growth. >> the irony is that musk in particular, contrarian to a libertarian stance, built an entire business on government credits, something he addressed with reporters yesterday take a listen. >> i think we just need to make sure we spend the public's money well [ inaudible >> i would like to get rid of all credits. >> now you get rid of the credits, jim, now. >> look, maybe it is cowboy libertarianism maybe it's unfettered

libertarianism where you can win with money with the government and then say no, and then argue that i'm done, i'm done. what do you do if you're gm, suddenly faced with this libertarianism what do you do do you just accept the fact that you're going to have a beatdown? >> no, you can't >> so what are you going to do, you have the horses to challenge these guys >> i don't know how that's going to work in this new administration >> maybe bill ford, not g.a.'s bill ford, but maybe bill ford from ford, he probably doesn't even care what i have to say, but maybe you need to have the billionaires of the auto companies speak up and call for crony capitalism as a way to get out of this problem. look, if we were at college and taking courses about this, it would be like what happened to the republican party it disappeared, both of them became irrelevant.

>> wait until the corporates line up to get car vouchers on tariffs. >> you're not making mexican beer in delaware >> no. >> it's not going to happen. i don't know, baja no we have -- i'm telling you this is blowing our minds and we have to be more expansive >> we need to enlarge our thinking for sure. there are new clues emerging in the hunt for the gunman who killed brian thompson on tuesday. good morning, bertha >> good morning, carl. we're now 50 hours into the man haunt for the gunman who murdered brian thompson, and police released these images of a man wanted for questioning in connection with that fatal shooting we see his face.

mayor adams telling cnbc this morning that the city's network of surveillance cameras have been an important tool for police to create a timeline of his movements. >> this was amazing police work here this was a fully masked individual, and because of our video surveillance system in this system, we were able to track him and get these videos of these photos that you see right now. it was not an easy task. within just a few hours of the men and women of our law enforcement entities are going to bring this person to justice. >> one of the issues emerging is how the gunman appears to have studied united health group's public schedule. last year, united health's investor day was held on november 29th. the gunman arrived in new york city this year on november 24th, ten days ahead of this year's meeting on wednesday that is something that has

corporate executives and security firms very much on edge i spoke with a managing partner who says the company has been receiving calls from executives about how they should be beefing up security. one of the things they're focussing on is publicly listed companies have to disclose their executive appearances at events, which makes it much easier for them to be tracked united health does use security checkpoints inside the event, and if you've been to events at the hilton, you know that they always have those. but brian thompson did not appear to have a personal security detail with him david, carl? >> bertha, thank you it has raised a big discussion about corporate security, to be sure when we come back this morning, a moment of silence here at the big board in remembrance of art cashem

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some argue that means there's plenty of people left to be a marginal buyer. this rally could go on for a couple of years. do you buy that? >> yes we've gone through this time and time again this has been one of the most hated rallies, one of the most powerful, but one of the most hated rallies we have seen i am told that one of the top-selling books in germany is about the imminent crash of the financial markets. so that skepticism is out there, and, you know, you go back to buffet you want to be fearful when people are greedy, and greedy when people are the other way. >> that's art cashin, sharing some words of wisdom on the markets five years ago one of his final onset appearances with us precovid the big board is about to honor him by observing a moment of silence, calling art a revered member of the trading floor community for more than half a

century. we've had a good chance this week, jim, to think about the change that he witnessed of his years here >> i wish he were here, obviously, because he doesn't come out and say this is a dangerous market he doesn't say this is just insane he comes out with actually the flavor of what the market, is and we don't have a lot of people who are -- you know, who aren't afraid to say what he just said, listen, you think it's crazy let me tell you -- >> art's observances in so many different ways will be missed. by the way, i made this point previously when we were discussing him with bob a couple of days ago. everybody listened when he talked about the market, whether long-term or right in the moment he had incredible array of historical insight for the current moment >> he was a hero to so many of

market participants of multiple generations, and it was one of those moment where is you turned the sound up when art was with us even for everything that he saw over the years, he stayed present, trusted friend, trusted voice. this place will not be the same without him.

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got a bunch of double digit gainers this morning, you see lulu lemon we'll talk to the ceo in a bit but smaller names like ulta is coming up, session highs >> enterprise software dave kimbell came on the show and said things are getting better, and they sure are.

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let's get to a "mad dash" the countdown to the opening bell final trading session of the week we've got some earnings. we'll talk to the ceo from lulu. >> i like the quarter very much. one of the things people should recognize, a lot of this is their ai business. hewlett, $6. 7 billion in cumulative orders. this is right to nvidia. nvidia's stock has stopped going up, i don't know why but when you look at what hewlett and everybody is doing, you feel pretty sanguine about it there was something pretty cryptic in there we kdebooked a large order, because we had a concern with a large customer

everyone is scrambling to find out who it is. >> do they do business with a company that had an auditor resign >> they're a competitor. i mean, this is one -- >> very interesting, very interesting. >> i'm sure someone knows it but on "mad money" -- >> thes go margins were down, i see that 400 basis points year over year. >> that's why the stock is not up a dollar. but i guess i'm trying to draw a large conclusion when you look at it, you do feel very good about the idea that artificial intelligence is being weaved through a lot of companies. a lot of ai practical uses right now, and it is impressive. we shouldn't lose sight of the fact that mark bennyhof is not the only person discovering ai.

>> the digital transformation. [ applause ] >> the big board, it is albany enter that's right corps celebrating its 50th a nonprofit serving communities in the bronx, upper manhattan and westchester. [ opening bell ] >> docu sign was interesting >> one of the things that was missing that people didn't understand, they all remember mortgages during the covid period it's now a very small part of the business docu sign is using it the way we like what are we saying about x i want everything that is farmland in montgomery pointy, pennsylvania if you can do anything with this stuff. >> it would have taken days to search for this. >> the same way shopify will say the best time to send your email is at 6:30 a.m >> look, they're doing things --

he's on "mad money" this week, that you have access in shopify the same thing that walmart has. it's really amazing. as harley said on "mad," david, the cost of failure has never been smaller >> right you also don't have to spend that much call pital either. >> you don't get yourself in a hole you want me to weave another theme in there besides libertarianism small business is unfettered, and that's very positive when they have money, they put it, i don't know, maybe in the stock market did you see the amount of money coming into the stock market since the election >> $140 billion. there's no month that's even comparable going back five years. >> this is rather ironic, if you're joe biden, by the way state president.

if you're joe biden and you say, did anyone think the market did really well under me but the reason is he would be oblivious to it. he used to tell me he was joyfully oblivious to the market >> he's going to leave office with a good market track record, '22 was a difficult year in the bond and stock markets. >> oil was bad under trump, good under biden, and here we go again, chevron cutting back spending >> chevron announced their cap ex budget and interim updates, and they did say 2025 represents $2 billion year over year reduction in capital spending. the quote is the 25 capital budget with our now structural cost reductions demonstrate our commitment to cost and capital discipline at a long time ceo mike worth what do you make of this, jim? >> i think that their big

opportunity is offshore. they don't mind offshore, but when i was down off the gulf of mexico, that's where the money is, where you get these long, live projects that they know how to do better than anyone again, i do think that oil, if you bring a lot of it out of the ground, it's not worth as much it's just what's going on. there's a lot of different things that can help if you have oil go down, that's good for inflation. there's a lot of things younger people in particular, there was a piece today about robinhood, they've become best in breed, but next generation, you have the generational transfer story, which is pretty powerful, along with robinhood you realize again, the old fashioned brokers may have been left behind. the old fashioned banks may have been left behind by bloc, by paypal there's just this nebulous group of people who are now coming into money, and they frankly

don't even know what a lot of the brokerages are >> there's a look at hood. mizuho is taking share away from crypto base. but your point is a lot of these thin teches that had a rocky start, the market turned on them after a nice debut, they're back >> not as big as they were during that heyday period, but i'm putting the other piece on "mad money" on monday, you merge affirm with robinhood with paypal, with block, and you go to jamie dime and say, bye-bye >> would be a formidable competitor >> yes, it would be. >> i like it, i think -- and very conceivably it will also be allowed to occur >> well, that's my plan, when you have unfettered capitalism, you have unfettered mergers

provide, they're not in tech i do think that there's a tech backlash that extends right to the highest levels in the justice department >> which you think continues >> i certainly do. i think those companies regarded as companies that are too powerful versus the shopify customers. i think that these people, and people in the justice department think that those companies block innovation they're too powerful >> we discussed that yesterday with the appointment of gale slater to run. >> that's libertarian. do you find it's uneven? i get the feeling that microsoft is getting a free pass, and meta, has, under the good places of the president-elect >> i don't know. i think the expectation that big tech will be able to do big deals may fall by the wayside. >> i do, too >> i still think there is an

expectation that will be a lot more m&a we've seen the impact of an idea of deregulation. the banks yesterday, jim, continue >> i think they may just say, you know what? if wells fargo wants to buy truist, so be it >> the idea of regional bank consolidation is going to be realized that's certainly something i've been hearing of late from those who traffic -- >> how many banks do they have -- >> canada's got seven banks. a lot of other countries have far fewer banks than we do that's not been traditionally the way we approach it we had this discussion after the mini banking crisis in march of 2023 do we need more consolidation. but we've moved past that. and now the concerns about commercial real estate are better to a certain extent, and the balance sheets, perhaps not as much of a concern, and the lower rates helping their

portfolio gain in value. >> really, great point i just think that we're in for a period, where someone who hadn't, say, bank a, bank b, they have always been afraid to get together now they make the call over this weekend saying you know what who's going to stop us not the consumer bureau, you remember that thing? why work for that thing. >> that's why you got that move there. i think we'll most likely see more consolidation that seems to be the expectation. big tech, maybe not. meta, microsoft, you can go on >> do you think maybe we don't need a consumer bureau that protects us. >> wait until there's a big blowup that impacts consumers. it didn't take long to say, is the fdic going to be there for

us >> i think you're so right i do think that it's all fun and games until somebody gets hurt >> ulta today, gross margins beat, comps were a nice surprise >> we're getting a resurgence in mass the other thing is, they were up against sapora they mentioned the competition is no longer opening a lot of different stores i think it would be great for them, you had this expansion with kohl's. i think that's coming to an end, and ulta is the beneficiary of the lessening of competition in the cosmetics business oh, my we have a good one i think we've got the best story out there in retail. we have calvin mcdonald, the ceo

of lulu, which had amazing numbers. i'm going to ask you point blank, first of all, hi. >> nice to see all of you. >> everyone tells me that china is terrible, everyone tells me there's so such thing as new, it's the most promotional christmas in history you have no promotions, you have newness and you have promotions in china what are you doing right >> we have our opportunity, as you know, but we're very pleased with our growth across the globe in every market we're in in mainland china, we have continued to see strong growth, putting up 39% in quarter three, q-2 has been strong. and that market in particular speaks to the uniqueness of the product. it's differentiated in every market we're in, so a similar narrative. and we're early. and the guests continue to respond well to our product, our community, so we're building the

brand with a strong foundation it's get to see the momentum continue there >> i think your loyalty program is not a typical loyalty program, where there's something on sales decline but let me ask you about something, i found quite amazing. you guys have what you -- you measure this, still an amazing amount of unaided brand awareness, you're telling me that people still don't know and there's that much out there, that you could still -- >> in a mature market, which isn't mature for us like the u.s., where brand awareness is 36%. even lower with men. slightly higher, but the blend is 36% so we do see continual opportunity. because once you drive unaided to aided, then you can drive familiarity and consideration. and that's when we get the conversion and the intent to purchase so we're excited about that continual opportunity for us, and we'll do it on the back of

our community, our product, and the way in which we reach guests but it's why even in the u.s., we're very confident about the growth story as you know in our power three times two, 24 is our third year to double the business again we set a goal of 15% cager, we are at 19% cager at the end of this year. that's a double digit in north america, and we are still focussed in delivering that goal so we see a lot of opportunity of growth still in the u.s >> what's the limit on driving awareness overall without branching into different audiences or price points? >> that unaided brand awareness we sample with our target guests so it is focusing on those that we believe are in the price point of a premium athletic wear again, it's not aids, which is the more important to drive consideration. but it is a consumer that we

believe can be a lulu lemon guest, and that's the opportunity we see >> not only do you control your inventory very well, but you control your stock buying very well you put a lot of money where people have lost faith in you. it was rather remarkable i wanted to know how you knew that things were so much better than we all thought? >> a couple of things. one, as i shared, the opportunity for us is very specific when you look at the growth leaders across every market we're in, 39% china, 9%'s growt believe we have owned it it was missed opportunity on decisions made around the merchandising mix. and the data is pointing to that and it has all year. high retained guests, traffic, high loyal it was in conversion

when we dropped newness, she responded and we had less than historical that we had that's what the team is chasing and addressing there's no metric that shows any concern to me in terms of the interest and attraction of the brand. we've acquired millions of new guests in the u.s. our membership is at 24 million. we have less historical newness. the team's focused on it, and we get back to that historical level in q1, and that's what we're focused on and believe the inflection will continue and excited to deep delivering for our guests >> newness is a cliche in your business, and the other people who are in your business yet when i go to their stores, there's nothing new. i don't know what it is. newness seems to be in your dna. how did you come up with new things >> well, we build -- one of the other strengths of the brand is that it's not a fashionable led,

but we're rooted in high performance. that's why we're able to manage our markdowns. we have a solid core driven business when we think of newness, it's building on that core. it's core, new colors, silhouettes and styles that's new we fell short and had less of that then there's new newness, innovation, and building through life cycle management the next franchises so we always do a mix that allows us to get that blends right. >> you mentioned china we talk about the health of the chinese consumer i would like to get your sense of the incoming administration, the impact of tariffs and/or tit for tat that could take place as a result >> in terms of the consumer we're seeing, we continue to monitor the macro obviously. we're not seeing any impact. obviously, as our q3 results

demonstrate and heading into the fourth quarter, we're pleased with the start across in all markets. we have a blend across tier one, tier two, tier three cities and i think it's a combination of the uniqueness and the differentiation and why we're able to continue to grow that revenue per share. we're monitoring but have not seen an impact and relative to the tariff conversation, we do no importing from canada or mexico. mexico is less than a half of a percent of our business. 3% of our finished goods from mainland china, so our current exposure would be minimal, unless it's a broader, all-import tariff. then we would, as others, have to look both internally and pricing as an opportunity to offset but as of right now, we have minimal exposure if it's a direct tariff on mainland china. >> do you see yourself being as

experimental or exploratory as you were with the deal >> we are a test and learn business and it's part of our culture, part of how we want to continue to grow the business you know, i joined back in 2018, the business was less than $3 billion. the goal was to double it. we did that a year and a half early. the new plan is to double it again to 12.5. we're on track to deliver that early, and we are a growth business and growth is a combination of new markets, expansion in the markets, as well as new categories and new opportunities. so we're always going to be looking for ways to bring our brand to the consumer, to our guests in exciting new ways. but we have a lot of growth within what we control our categories in the markets we're in but we are a testimony to our own business we dream big and we're comfortable to pursue and see what we can create >> last thing, you talked about

how thanksgiving weekend was very strong. this may be a better holiday season than you think. >> we're off to a good start and as you alluded to, you know, when most of the ball is discount across total store, we launch newness, we're pleased with our regular price sales we saw inline expectation on markdowns but we're off to a good start, and there's five less days. so we're taking a rational approach to the uncertainty. there's a lot of the quarter ahead, and those are big days, but we're off to a good start and the consumer is signaling an engagement in spending and in particular with our brand. >> i want to thank you, calvin, and congratulations. you are an entrepreneur that's been around for a little while and it's great to see you. >> thank you when we come back, the president-elect's pick to share the fcc. brendan carr will join us and we'll talk some media and spectrum busy day for bonds the jobs number, 227,000, was

pretty much in line. we'll get some fed speak before the blackout window begins stay with us ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there.

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what a week it's been for some of these members. we just talked to lulu lemon, number two on the winner list. super microin there, as well datadog, meta, workday, broadcom jim was just asking where the sellers are. where are the sellers >> we'll have more after a break.

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pack rnd out of jefferies. >> people have been ying to kill that story of valuation for years, and you can't it's amazing how well that company's products are >> nasdaq is up 32% for the year we've got big tech once again sort of plowing forward. amazon up 1.7% meta, again, i don't know, are you concerned at all we mentioned the money that's come into the market >> i have been saying all week, i devoted -- look, this is -- you made so much money this year please, please, remember you haven't made it until you take something off. you feel rich. you feel like you've done everything right, but the bank is not going to take it until you do some selling. there's no sin, it doesn't mean i think the market is done going up, but there's no sin in taking some off >> but you imagine that would be

more of a january story? >> i'm just waiting -- when we get a lot of ipos, which i believe we will, that will be the supply we lacked the fuel of this rally is that there is no oxygen we get that oxygen, people will say i am going to sell my sound hound and get into ai, and that's it. we just don't have any deals, which is shocking. >> market conditions -- >> in terms of ipos. >> they should all go work at robinhood. i hope goldman is doing okay >> they're fine. >> are they going to different places, david? here's another one, i'm going to talk about the revival of the liquor business tonight. it's suddenly gotten to the point where people say you know what the stocks are too low >> a story you know something

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. good friday morning. welcome to another hour of "squawk on the street," i'm carl quintanilla with david faber, melissa lee at post 9 of the new york stock exchange. sara eisen has the morning off all time highs again for the s&p. we got to 6099 a moment ago, a point shy of 6,100 the ten-year yield, lowest since mid october. jobs number, 227. >> 30 minutes until the trading session. three big movers lululemon shares leading the s&p after top and bottom line beat guidance raise, strong international growth helping offset slowing u.s. sales.

ulta beating estimates, raising guidance, and a host of tech names hitting new 52-week highs at the open. tesla, palantir, hpe, surging following strong results ceo antonio neri will join us to break down the numbers. busy day for data. let's get to rick santelli hey, rick. >> now, these are preliminary. in a couple of weeks we get the final. they will be altered, potentially. there's some surprises here. if we look at the headline number, sequentially higher, better than expectations, comes in at 74.0 that's since april of this year. current conditions same scenario, better than the windshield, better than the rear view mirror by far 77.7 also the best since april of this yore.ear. now, here's the surprise what lies ahead, expectations takes a nose dive. it's below expectations. it's below the last, so it's lower sequentially

comes in at 71.6 last look in our final read was 76.9 that's the weakness since july of this year now, on the inflation front. also some surprising news. the one-year inflation jumps from 2.6 all the way up to 2.9 that would be the hottest since june of this year, when it was 3% yet 5 to ten-year came in exactly as expected at 3.1 1/10 cooler than the rear view mirror at 3.2. 3.1, this will be the smallest month over month change in that category, just since october when it was 3.0. the lowest read actually occurred in march when it was 2.8. so in a way, been there, done that, but it is moving down a bit. the aftermath, not much changing in what's going on with interest rates, but there was a big change from this morning when we came in this morning, we were at 4.16 now it's at 4.08

down 7 on the day, seven on the week before all the numbers this morning, and the ten is currently at 4.13, which means it's down 5 on the five on the r on the week. back to you. >> thank you for that, rick santelli stocks gaining, unemployment came in strong this morning. unemployment did edge up to 4.2. our senior economics reporter, steve liesman is here to break down numbers, talk about what it might mean for the rates. >> the november jobs report, a bit on the hot side, showed just enough weakness to convince markets the fed will remain on track to cut rates in december we'll talk about more in a second look at the data 227, right around the estimate, but those revisions coming in plus 56. unemployment rate. rising at 4.2, a separate household survey showing weakness, a decline in unemployment, and an increase in the number of unemployed, and there's a bit of hot stuff in there. average hourly wages up with a

year over year rate of 4%. that is unchanged. failed to deliver the broad up side surprise that might have raised concerns the academy could be reaccelerating post election in ways that might threaten further progress on inflation. important in that statement is the notion from core, the surprise had to be big and would have taken a big surprise to derail it. look, we've seen these before. health care, leisure and government, all three of those, 72, 53, plus 33,000. transportation equipment, that's the returning strikers right there. retail trade, interesting number there. a little less hiring, maybe because it was late, but maybe the hiring wasn't picked up by the november, which was the 15th maybe a late season meant there was late hiring. so we might get that strength in november as many as 100,000 jobs could have bounced back from the hurricane strikes, but when the

market looks at it, here's what they see the fed more likely to cut in december a little bit more in january, that's still a pause built in. the march cut, kind of sneaky, 38% not too long ago 56% before the number, now they're baking in another rate cut come march after a january pause, just on the wire. fed governor, michelle baaman, who has been theet, saying we'rl employment, even with the 4.2 unemployment rate and the fed should proceed cautiously with rate cuts. the question of whether or not she has other compatriots in the dissenting department. guys >> steve, i was also interested in that retail number, given retail stocks have been so strong remind us, seasonal hiring, has that picked up by these reports or only full-time jobs >> it's picked up by the

reports. i did the math it was 413,000 f you look , if t the retail trade unadjusted for october and november that was like 40 below what it was last year. remember, the seasons are all screwed up still because they're five-year running seasonals, they're screwed up by the pandemic we have a problem there. the 28th, melissa, you could write this down for future reference is the latest possible day that thanksgiving can come on i think the 23rd is the earliest possible day so this was the latest possible thanksgiving you would imagine that retailers might have waited until they had to hire for the seasonal holiday season and that may have been missed by it or just may be a season when they didn't feel the need to hire a lot of people if you're doing a lot of that online stuff, then you necessarily don't have all the people in the stores. >> i think that's the interesting part of it is that shift to online, right, if that's going to be sort of the

permanent thing. we see this continued decline in retail, really fascinating steve, thank you >> pleasure. >> steve liesman >> let's get the latest on the murder of a unitedhealth care executive. bertha coombs is here with the latest bertha >> brian thompson's murder outside of unitedhealth's investor day has rattled corporate executives, especially as more details emerge police released these images of a man wanted for questioning in connection with the fatal shooting, taken from a surveillance camera at a hostile where they believe he stayed the network of surveillance cameras throughout manhattan have helped police create a time line of the gunman's movements one of the issues that's emerging is just how the assailant appears to have done his own surveillance, studying unitedhealthgroup's public schedule last year, the company's investor day was held at the hilton on november 29th, just after thanksgiving police say the gunman arrived in

new york this year on november 24th, which was about ten days ahead of the meeting on wednesday. the ceo of security firm blackcloak told me that public company closures of executive events and even pictures of leadership and board members on their investor pages makes them all targets for harassment and threats. in the wake of the shooting, united health has removed understandably its leadership page cvs has taken down pictures of its leadership, and others have removed their leadership as well humana no longer lists board members. group security ben joelson said the shooting has prompted new thinking on overall security for executives beyond senior leadership >> when i was actually just speaking to a fortune 10 chief security officer yesterday who's thinking about not just the chief executive but who's in charge of labor decisions, who's in charge of hr, who's out there

on certain litigation matters which could be a lightning rod >> joel says there is a focus on trying to reduce risk as much as possible, especially when you're talking about these public events but it's impossible to eliminate all risk completely. melissa, carl. >> bertha, thank you bertha coombs. here's a road map for the rest of the hour the s&p 500 on pace for another week of gains. more on the key names driving the rally. >> we'll get a fresh read on ai demand when it comes to businesses the ceo of hpe is going to join us this hour. >> and trump's pick for fcc chairman, current fcc commissioner brendan carr is going to join us we have a big show ahead don't go anywhere.

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nate jones... lines things up... checks his fidelity app... looks to outside analysts to get a second opinion. nate likes what he sees... and he places the trade... talk about easier investing. trump finalizing names to lead to his regulatory agenda. we're still awaiting the ftc, but recent picks include paul at kins, gayle slater, the doj and antitrust chief. david sacks a white house ai and crypto czar. his choice to head the ftc, current commission brendan carr who has previously clashed with big tech companies, preparing an aggressive agenda to reign in social media, and accelerate the licensing process to support the space and satellite industry joining us now exclusively is

fcc commissioner brendan carr. good to have you, commissioner carr. >> great to be with you. thank you so much. >> we've talked a lot about the plans for deregulatory agenda, and so i'm curious for you at the fcc and running that agency, what is top of mind in adding to and/or putting into action those deregulatory plans >> there's four main ideas that i have been talking a lot about in terms of the agenda that i want to run. obviously first and foremost, i want to work with the trump transition team and make sure i understand 100% what their agenda is. for my part, number one is looking at tech censorship, number two, a whole set of media issues that i think deserve the fcc taking a fresh look at third, a whole set of economic issues from reform, to spectrum to the space economy where frankly, we've got to add rocket fuel to the process, and then finally, national security i think particularly with typhoon top of mind for a lot of people it's important to continue to

make progress there. >> i want to get to salt typhoon, we'll talk social media. when you say things to take a fresh look at, what are you talking about? >> you look at the media side, trust in media is at an all time low. jeff bezos did an op-ed, where he noted how media used to be the most trusted institution in america, and for a long time, at least they could say we're more trusted than congress, and that has passed as well it's fallen to the bottom, and i think there's a lot that needs to take place to restore trust and confidence in media, and there's a role for the fcc, at least on the broadcast side, for instance, they have to operate in the public interest and i think it's probably appropriate for the fcc to take a fresh look at what the requirement looks like. >> is that signaling that others have said you have done that you're open to tv networks having their licenses revokes if they have a perceived liberal bias bias. >> the communications act says you have to operate in the public interest, if you don't, yes, one of the consequences is potentially losing your license,

and of course that's on the table. broadcast licenses are not sacred cows, at the same time, when you think about media, separate the two issues. you've got the national networks, for instance, abc, nbc, cbs they provide a lot of the content that the actual licensed local broadcasts disseminate and so you have to look at empowering those local broadcasters to serve their local communities, even if that's in conflict with the interests of those national networks at the end of the day, you've got all of this content from hollywood and new york that's being distributed down through these local broadcasters let's make sure they feel empowered to do the right thing by their local community >> it's funny, when you mentioned it, i thought you perhaps were going to talk about the antiquated rules around ownership, cross ownership, foreign ownership, what about that side of things? could you imagine a scenario under which cnn and fox, for example, are owned by the same parent company . >> big tech, obviously they can reach 100% of the country.

but local broadcasters are limited by fcc rules, reaching a certain portion of the company i'm open minded on those separate set of issues as well how do we get investment in local journalism, investment in local news for too long the fcc ood by the wayside. there's a lot of reasons for that we have rules that prevented investment in local newspapers that certainly didn't help we're going to walk and chew gum at the same time there's a whole set of ownership issues that i want to take a fresh look at as well. >> when you say a broadcaster could lose its license if it's too liberal, who determines what's too liberal is there an example in the marketplace that's too liberal, a broadcaster that you think is too liberal and does the same follow for a broadcaster that's too conservative >> i didn't say too liberal, i said public interest, what does the public interest mean, what is a narrow interest in comparison i'm open to all of that. look at the end of the day, there's a statutory provision

that vents the fcc from censorship, there's something different than broadcasters than podcasters where you have to operate in the public interest right now, all i'm saying, maybe we should start rule making to take a look at what that means there's other issues, a news distortion complaint that's still hanging out there, involving cbs with nbc and snl, we had issues with equal time provision. we need to reinvigorate the approach to the issues as congress envisioned. >> are you saying to broadcasters, be on guard under my watch >> i'm saying follow the law the law has been on the books for a long time. it's not my decision to hold broadcasters to a public interest obligation. it's congress. if they don't like that, they should go to congress to change the law. my job is to enforce the law passed by congress, and that's what i intend to do. >> brendan, when it comes to, you know, your focus in terms of what you call censorship, you've

discussed the fact of using and the fact that the tech companies perhaps use section 230 as a shield, and colewd, lude not to compete on speech. how aggressive to you intend to go get, beyond the letter in the use of the news guard. >> this absolutely has to happen we have been sort of living under this wave of unprecedented censorship the last couple of years. it has to come to an end there's a lot the fcc can do i look forward to working with the ftc on this as well. frankly, this isn't just a separate issue from the economy. there's a straight line between censorship of words and ideas and a wet blanket over economic growth all ends up being connected. what the ftc has said, if you're agreeing to effectively not compete on content moderation, that's no different than an agreement not to compete on say, pricing. i would look for ways the ftc

and fcc can partner to make sure we not have collusion with respect to protection of first amendment rights. >> i want to talk a bit about satellites and obviously elon musk is an important adviser to this administration he wants to put up another 22,500 satellites, for example are you supportive of those efforts. and the efforts to open up more spectrum than i believe is already underway for satellite providers, whether it be star link or project kiper, for example, from amazon. >> absolutely, and you're right to talk about star link and kiper, look, i talk a lot about star link, it's a brand name that a lot of people are familiar with. it's like kleenex. i want kiper to succeed. it's for national security purposes, too. china is putting up their own version of star link and kiper right now. think about the geopolitical implications of china being able to provide high speed internet all across the world, pairing it with their own content

moderation filters we should want merica's innovators to have all the support they need to succeed, and that's what i'm going to try to do with the fcc. >> you know, when the wireless providers, it ends up going to the u.s. treasury. not the place when you're using spectrum in your satellite provider, why is that? >> there's a law passed by congress that puts them in a different bucket, with respect to fees, and paying for spectrum when it comes to spectrum authority, that's last at the fcc, we have gone nowhere on spectrum during the first trump administration, we freed up 6,000 megahertz of speck truck, and -- spectrum. we have to get our auction authority renewed and then we need to start moving on freeing up spectrum with the same pace and cadence we did in 2017 through 2020

i mean, look, the spectrum coverage is bear but president trump has turned this thing around once before with his policies. we're going to start doing it again here >> actually, on that note, you may have already given an answer i would love you to listen to an answer that john stankey, the ceo of at&t gave me earlier this week after he wrote an editorial discussing the fact that there needs to be more spectrum allocation in the u.s. please take a listen, and give me an answer to what you hear. >> the reality is when we project 80% band width increases over the next five years, if no new spectrum comes into coe system, you're going to have congested highways, like ou 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's no more capacity, ultimately prices go up and that's not a good thing for the consumer. >> he points out the defense department has an awful lot of spectrum he seems to want to get his

hands on it. >> i think he's right, and senator ed cruz who is positioned to come in and lead the commerce committee, freeing up more spectrum is his number one priority i agree with that. it drives down prices for consumers. you can see mobile wireless, for instance, competing in the inhome broad band market with cable. that's a great thing for consumers. when we free up spectrum, the world takes notice we get to set the rules of the road on a standard setting process. there's no question we have fallen into a deep malaise under spectrum on the biden administration, and i hope we get to turn that around, while protecting dod we need a better balance than the last couple of years. >> back to satellites, i'm curious, given musk seems to be speaking with a lot of people. are you in regular contact with him? have you been discussing his ambitions and/or those of the country when it comes to what you want to try to accomplish with gio stationary? >> i met with musk a couple of times, but far more often and

frequently with the heads of many other regulated entities. i think it's important that we go forward every person in the country should get a fair shake. we're coming out of an administration where, again, from my perspective, i think elon musk was given the short end of the stick for a regulatory perspective, for political reasons, not policy reasons. if he's right, i'm going to agree with him if he's wrong, i'm not i'm not going to strike a percentage of balances, wins and losses, if he's right, i'll agree with him, if he's wrong, i won't. >> salt typhoon, we have not discussed that much. perhaps it should be more. not just telecommunications networks in the united states, seems to be around the world, part of a decades long effort by the chinese in terms of espionage. what are you going to do about it as fcc chair? >> look, this is deeply concerning the current fcc chair gets access to a lot more information than the regular commissioner. i'm starting to get the chair level briefings. i had one with the ic community recently, and i've got to say, it was deeply concerning, the information i heard.

it made me want to basically smash my phone at the end of it. i don't say that top flippant but to give you and the viewers a visceral sense of the situation we're in we should not be in the situation. the horse is out of the barn at that point and i'm going to work with the transition team. make sure we're supporting the ic community right now we're in a tough spot with this particular issue it's a serious one we've got to support them to resolve this quickly. >> finally, if i could come back to, you know, what you seem to be focused on in terms of a number of interviews i have watched you give on fox, for example, smark shing the censori cartel give our ers, what the interplay is between you and big tech and alphabet and meta and on from there. what are your expectations when it comes to that >> they have been saying a lot of the right things recently about coming out of this era of censorship and trying to embrace

a trudy versety e diversity of . we can do so in a way that's going to promote more speech and less censorship. we have other authorities at the fcc where we can promote transparency, we can work with the federal trade commission, there's not collusion to suppress speech. and our equipment authorization process. there's no piece of technology that can come into the u.s. without going through the fcc's review, and that's where we need to continue to take a look at in particular on the national security front, that i'm going to want to try to reinvigorate here. >> you send them a letter on november 13th. nadella, and tim cook, you gave them until the 10th of november, have they done so in terms of the questions you had in this letter >> not yet that was an initial letter i talk a lot about the concept of the censorship cartel people ask what that means it's simple. a lot of censorship these

companies are doing on their own. you have secondarily pressure. and you have this cohort of advertising and marketing agencies that are sort of the tip of the sphere to enforce a lot of censorship, news guard, in my opinion, is one of them. that letter focused on news guard. news guard has come out and attempted to defend themselves i'll send them a letter as well. i've got questions for them. >> commissioner carr, appreciate your time. look forward to further discussions once we take office. >> appreciate it, thanks. quick programming note as well we're going to have an exclusive with president-elect trump that ill be this sunday on nbc's "meet the press" or, we, being the broader nbc family, i guess. right? >> and news group. >> the short lived news week. >> why some of the biggest gainers on the for the week, smci continues to lead we talked to lulu a moment ago

palantir, ulta and estee lauder behind meta. bitcoin is the in green on the week but is backing off 100 k, more on the stocks that may benefit if that rally continues in a moment. and using workday to put finance and h.r. on one platform. tim, you are a rock star. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars. (clears throat) okay. most of you are not rock stars. oooh. data driven insights, and large language models. oh, that's so rock roll. it is, right. he gets it. yeah.

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getting a news alert on tiktok for that, we're going to turn to julia boorstin hey, julia. >> that's right. a defeat for tiktok. a federal judge has refused to block the law that says that tiktok has to be divested by its parent company, chinese bytedance by january 19th or will be banned the judge had been asked to review this and rule on whether tiktok must abide by the doj's ban to give them time to appeal this so this is a defeat for tiktok we do expect tiktok to appeal this up to the supreme court we have reached out to tiktok for comment. we have not heard back yet

and of course, carl, there is of course this wild card of what incoming president donald trump will do because he's going to be inaugurated the day after this ban is scheduled to go into effect a lot of questions here about what will happen next. we do, in fact, expect tiktok to appeal this decision by the judge to refuse to block this law that would call for a ban or divestiture of tiktok. >> looking at some reaction out of shares out of meta, for example, julia that's going to be another all time high, up a couple percent there have been, i think, a school of thought, and you can see it in some of the stocks of social names in the last few days that maybe this was in the offing >> yeah, i mean, look, when you look at the potential implications for this, the companies that would benefit from the additional eyeballs and ad dollars would be meta, snap and also you tube. those are the companies that are really competing for those social ad dollars and eyeballs but there was a sense that this was unlikely to happen because president trump had said that he

did now oppose a ban spite the fact that when he was in office the first time, he was advocating for a ban so even though this judge has ruled the way that he has, there are still various options here for president trump to say that, in fact, tiktok is in compliance with the law, and then we'll also see what the supreme court says they could either opt to allow tiktok to continue operating while the litigation proceeds or the supreme court could actually just rule on this before january 19th >> meantime, we haven't really talked a lot about the new law in australia that bans social media use for kids under 16, i believe, but it is interesting the way some policy around the world is coming to collision with this industry >> yeah, more and more criticism of the impact on teens and kids. we see companies like meta really work to try to get ahead of this. they have their instagram for teens. they're trying to agegate that, and you have the fact that this

australia law really tries to put the pressure on these social platforms themselves to deal with that age getting whereas companies like meta would rather have the likes of apple or google, the app stores be responsible for figuring out how old people are when they are downloading and using these apps there are so many logistical challenges here, 13 years old or don't have 14 years old. you don't have facial recognition to figure out how old a kid. and complex issues, states in the u.s., also raising the issue of trying to limit access of social media platforms by teens and that's something that if there's a patchwork of these laws across the country would be challenging for a meta or say a snap to manage. >> right thinking back to benioff's comparison to social media and impak, tobacco, it's interesting to see how they're treating it like an addictive substance.

julia, thank you for that breaking news on tiktok. we'll watch for the stock's response let's get a news update with silvana henao. >> good morning to you, president-elect trump today reiterated his support for pete hegseth, his choice for defense secretary despite the head winds he's facing over misconduct allegations. trump said in a truth social post that hegseth is a winner who will lead with charisma and skill. the head of south korea's governing party, says yool should not remain. in addition to declaring emergency martial law in the country on tuesday lawmakers lifted the order six hours later in a vote. parliament will decide tomorrow whether to impeach yoon. and new zealand announced three mountain climbers, two in the u.s., and one from canada, are believed to have died from a

fall from the country's highest peak rescuers found items belonging to the men on tuesday before calling off their search until today because of bad weather, carl i'll send it back to you >> silvana, thanks. stocks gaining here a bit, an hour into trading or so let's get to dom chu, back at hq good morning. >> let's take a look at bitcoin first off. it's in the green so far today still below that 100,000 threshold mark that we hit earlier this week for the first time ever. 103,000 plus was the level 99,362 is what we're currently at right now bitcoin's run has been a major boost to crypto-related stocks like micro strategy, coinbase, and riot platforms, they're all relatively on positive side this week micro strategy has been a big buyer of bitcoin, now up more than 500% so far this year so keep an eye on some of those bitcoin proxy plays. let's turn now to shares of docusign there are more than 20% higher after the e-filing company, e-signature company beat on both earnings and profits and issued

an upbeat revenue forecast as well lots of wall street reaction this morning to this stock piper upped its target price from 90 bucks to 60. jeffries from 115 to 95, and baird upped its target price we'll finish with a huge move in shares of asana, up about 37% or so right now after the work management software company reported a smaller loss than expected and better than expected anticipated revenue for the quarter. the company also said it's seeing strong demand for its recently launci studio product. baird is boosting its target price on the stock to $19 from 13 jmp securities went up to 25 from 21. melissa, asana shares up 38% an eye catcher today i'll send things back to you guys. >> a great week for software igb up 5% on the week. dom chu. goldman's take on the latest jobs report, and what it means

for the rates this month as we head to break, check out meta, amazon and apple hitting all time highs waarlmt and costco touching all time highs we will be right back. stay with us

stocks in the green after the payroll. better than expected unemployment enamelled higher to 4.2% which matched estimates goldman sachs chief economist joins us here at post 9 to break down what it means for stocks, and of course the fed. jan, always great to see you does this materially change your view of what the fed does in the next week or week plus >> at the margin, it probably confirms cuts are likely in december not because of the payroll those were quite strong but really more the household survey, which showed an increase in the unemployment rate and decline in household employment. i think that supports the idea

that the labor market's still in the rebalancing process. and, yeah, i think it probably means a cut. still not certain. we obviously have inflation numbers next week. but i do expect it. >> speaking of inflation what we have been hearing in the retail conference calls is the talk about tariffs, of course, and the impact on price, and pretty much they say that it's going to be paid by somebody else the consumer will probably pick up the tab they're going to pass that price increase along to the consumer, so you might pay more for a barbie doll or whatnot how do you forecast that into your view of inflation and whether or not the fed can reach 2% it seems like the consensus on wall street is 2% is not going to be hit. it is going to be more like 3. >> 2% in 2025, if we do get a meaningful tariff increase, i think, is probably too optimistic, and we had a forecast of about 2% before we built tariffs into the forecast. but now we're at 2.4% for core

pce inflation, by the end of next year. there's still a lot of uncertainty. we don't know what kind of tariffs are really going to come is it going to be just the china, maybe auto tariffs, which is our baseline or is there also going to be a broader across-the-board tariff that would add to that 2.4%, if it's a bigger tariff. the other thing to keep in mind is that this is more of a one-time level increase in prices, and you should think of it a little bit like a value-added tax hike, which we have often seen in europe. you get a higher inflation number, but then as you look forward, that drops out of the numbers eventually, i think the underlying trend is still disinflation and today's jobs numbers underscore that. you have a labor market that's still cooling off, and i think that's going to keep inflation pressure coming down. >> there are some questions this morning about three-month

analyzed wages up 4.4. how does that fit with 2% inflation? >> that's higher than expected that number was a hotter aspect of the jobs report you're right i would say if you take the production and non-supervisory workers, which often is a somewhat, like, more stable measure of wages, that was a little bit cooler. but you're right if we keep growing at 4% plus, that's probably a little too high to get down to 2% on price inflation. >> is oil a big -- do you think disinflationary force? is it worth watching >> it hasn't moved that much, so so far, i think, if you just look over the last several months, i think it's consistent. still with disinflation, which is our baseline. i don't think it's as much of a fresh impulse. for that you would probably need some bigger moves, and those could happen i would say in the near term, the risk is probably a bit more

to the up side because of potential nsions with iran longer term we think, you know, this kind of 70 to $85 range for brent that we're forecasting, that might be a little bit more to the downside, if there is more investment, and more production >> i know stocks aren't your thing, jan, but we've got markets at record highs, effectively. so we have this wealth effect going. we've got the impact of tariffs, potentially, upward pressure on wages. i'm wondering if you think that's fed's path in your view is certainly in the cutting or if there's a possibility down the road of a hike >> i wouldn't say stocks aren't my thing, but -- >> in terms of a forecast or whatnot. >> i do think that the environment that we're forecasting for 2025 is generally a market friendly, stock market friendly environment f we

environment. we have the economy growing at 2 1/2%, and we have inflation still edging lower, despite the tariff point that we discussed we have the fed still delivering gradual cuts all of that should be pretty supportive and our strategy team led by david costa has a 6,500 price target for the s&p 500 in a year's time, so that's a pretty, you know, it's a pretty constructive environment obviously the market has moved a long way it's a valuation definitely high. the macro environment we're predicting is pretty supportive. >> jan, great to see you goldman sachs. >> thank you. still ahead this morning, shares of hpe hitting all time highs after new numbers there. the ceo is goi tjongo in us to break down the quarter in a moment for a limited time, get iphone 16 pro, on us.

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ai transforms your entire business. your people work better, your customers are happier, and todd... well... he's practically euphoric. practically. so, let's get to work. (♪♪) hp surging on the top and bottom line tweet. quarterly ai server topped 1 1/2 billion dollars, and the company forecasting revenue growth in the mid teens. shares are hitting all time highs today. 41% for the year to date hpe ceo antonio neri is with us to talk about, antonio, whether you think the street is unlocking sort of the story here on ai. >> well, good morning, carl, and thank you for having me today. we have an exceptional quarter, and i think the street is coming to realize that we have a right to play in many aspects of the market and obviously, ai has been the leading element of that. but as you said, you know, we

had a terrific server performance, but at the company level, we recorded the highest revenue ever in the history of our company with $8.5 billion, up 15% year over year, 9% quarter over quarter, and we recorded $4.7 billion in servers, which included $1.5 but we did that with discipline, carl, and we did it with an amazing record performance on profitability. so we delivered $938 million in profit dollars, and that resulted in exceeding our guidance of $0.50 on non-gaap diluted per share. free cash flow was also record breaking, and i would say the reason why this is all happened is because we have innovated throughout the year and customer loves our innovation across network and ai hybrid cloud, which also had a terrific quarter, and we do that with incredible discipline in delivering the results, both on eps and free cash flow.

>> do you consider the quarterly guide conservative >> no, i think it's the right guide in the context of -- remember, when we think about the guide, we think about, you know, q4 tends to be our highest quarter ever in four quarters. and q1 tends to go down just for seasonality reasons, but whether you look at that, you know, we guided mid teens, which is very very high, considering our prior q1s, and we are right in the middle of what the consensus was in terms of eps. i understand that there is margin improvements quarter over quarter at the company level, so we feel this is the proven guidance now we'll say the biggest upside is networking because the market is still in recovery. >> the guidance on the revenue growth, antonio, reflects sequential declines in servers as well as hybrid cloud, and i'm wondering if you can talk us through sort of the breakdown

between the ai servers and the traditional servers in the first quarter and what you're seeing for the rest of the year >> yeah, melissa, this is, again, it has to do with the normal, typical seasonality that we expect on the traditional servers. and on the ai, you know, as we said in my commentary yesterday, we have to more than $3.5 billion in backlog, and more than one-third of that is now black well, which will take time to convert as we get into 2025 that's the way we gathered on servers. on the other hand, i will say, very pleased that we had the third consecutive quarter of double digit year-over-year growth, in traditional servers called cpus and on the networking side, you know, we still, through the recovery, we have had growth in q4 again for the third consecutive quarter in

areas like security, data center, and the early phases of wi-fi set up refresh and what i'm excited about that is that we are early in the wi-fi server refresh, and that will also drag our refresh because ultimately these new access points need more power and the switch itself needs to be upgraded because you need more power over ether net. that's why i believe networking will continue its recovery throughout the year, and the reason you don't see that completely in the revenue is because a lot of the growth we saw in the back half of 2024 hasn't related to subscription, which obviously drives our margins out, you don't see that immediately in the revenue >> antonio, some attention, of course, on the juniper deal. you mentioned on the call various approvals you have gotten around the world. how confident are you you're going to also get the approval from the department of justice, as you continue your dialogue with them? >> yeah, thanks, david

you know, as you said, we are very pleased that we have received pretty much all approvals around the global. and i will say that undisputed, unconditional approvals, which basically says they see the transaction as pro-competitive for the department of justice, we're working with them in a very very collaborative way, and we're still in the original time lines we committed when i announced the deal last january 10th, which was in the calendar 2024, early part of 2025 and so we are going through the process, answering the questions. obviously there is a transition here, but we are still very very confident we're going to get this approved in the early part of 2025. this is good for customers i spend a lot of time with customers. i just came back from barcelona two weeks ago. we have 4,500 customers there. they are super excited about the combination, they see the benefits of the combination, and for the united states, it's also

good for u.s. national security perspective because when we compete outside the united states, obviously the number of competitors including china increases. >> all right finally, we were talking about this earlier, jim cramer and i, the debooking that took place, the $75 million order. i assume you don't want to tell us who it was, but i'm curious, obviously i would love to hear, but what goes on in terms of your own diligence, i guess, in terms of a control environment where you say, hey, you know what, we don't want to do business with this counter party? >> yeah, so first of all, i'm very pleased with the bookings we had in q4 it was $1.2 billion, as you said, we did book the $700 million because of the strong controls we had in place. so the bottom line is, we felt that this customer had a lot of risk in terms of fulfilling these obligations against that order, and therefore we felt it was prudent to debook it you know, obviously we look at, you know, end user, where the

orders goes, we look at all the elements associated with the financing and the like, and we felt there were too many risks to manage, and you know, my view, where there's too many risks, itst no the worth it, and so therefore we felt let's move on we have so many customers at this point in time, and rather locate supply to other customers that are more sound at this point in time. >> antonio, having covered liquid cooling with you a few weeks ago, and now the quarter, we can't wait to see what '25 has in store it's always good to see you. thanks. >> thank you, carl, thanks, everyone >> speaking of technology, of course it does -- it is powering to a certain extent this market higher, as i mentioned earlier the nasdaq in particular up some .6% it's year-to-date performance now exceeds 32%. i don't know the last time that occurred but it's got to be pretty good i thought you might because you are certainly a master of statistics, melissa. >> not when it comes to that

meta shares, julia brought the news about tiktok, the setback in court for tiktok. this stock has been levitating, to your point at that time, carl, maybe somebody was getting a sniff of this happening. meta is up 8% plus on the week that's an interesting move to watch. >> some 75% on the year. we got a lot more coverage for you of these markets right after this

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good friday morning. welcome to "money movers." i'm carl quintanilla with melissa lee here at post nine of the new york stock exchange. today former it fed president on the chances of a december cut. how the jobs number might impact that decision. and dramatically changing makeup of the labor force especially agriculture and pelt care potential impact on gdp. the president-elect new a.i. and crypto czar. david sacks could influence regulation. and check on the markets at this hour. slightly higher across the board. near record highs. s&p 500, about 3