>> thank you all, happy black friday charles i want to show you this. aaron's son drew this of me -- and a the president. [laughter] i love you. >> making you laugh. that was a good one. i can't wait for mine. i put it on -- give me -- good morning everyone i'm charles payne in for stuart hope y'all had a great thanksgiving but we have a lot of serious stuff today and some big stories for you so the turkey is done a

lot of people say it is time to go shopping black friday national retail federation expects 164 million people over this long weekend average spending should be over 1,000 on holiday gift this is year. meanwhile president trump taking tough axon border he says if mexico can't get immigration under control he's willing to shut down border completely. meanwhile hillary clinton is telling european leaders that they need to get a handle on migration she says only way to stop the rise of white wing populism in europe, of course, shortened trading day and market closes at 1 p.m. futures pointing to lower open but you never know where we're going to end could be another crazy day when opening bell rings. "varney & company" edition starts right now. ♪ >> all righty folks let's get

right into it check the price of oil which has been collapsing all morning long. it was down $2 now free falling down 3.6. 3.61 cent website and a lot of people are taking some negative implications from this. i mean from the global economy. yes gas prices it is pretty good, in fact, gas prices down overnight natural average 2.58 this marks 44th straight day of declines. with us and cheap stakes for gas we'll know where stuart is today. >> who lives in missouri -- all our missouri viewers out there today you may bump into stuart varney. >> tighter than two coats of paint that -- >> 2.34 if you're road tripping around missouri. highest price state you know is actually hawaii which i guess shouldn't surprise any of us but $3.81 california $3.62 but lowest price 44 days in a row this concern about oversupply if

you talk to trade arers u.s. production, remember we saw it was a two weeks ago. 11.6 million barrels produced that was a record. saudi arabia is pumping. russia is pumping. so a lot of traitders are just saying o.c. there's a lot in the marketplace. we finally reach energy independence it seem like and pretty darn near close and prices are reflect that. >> i want to get become to markets right now futures, they've really accelerated in last 30 minutes right now dow indicating will be off 161 points. i want to bring in mark chandler, chief market strategist, mark, where do you see us going from here you know i should point out wednesday looked like it was one of those relief rally session an we did get a good day out of the nays dc and s&p but dow gave up a couple of hundred point orderly nevertheless bias to the downside seems like once buying stops we start to fall. >> i don't think we're ready to buy yet i think we're going to gap lower at the opening and gap lower on tuesday and gapses are

vacuum through market this is a gap that means we're down sight to it goes through that before we can find a more bottom. >> october 29th low, has been tested, though, nasdaq tested and about went under it so question is what happens if these other two major indices does the same thing. >> i think s&p will but that i think issue for many people is what federal reserve will do and power speak next week at the economic club in new york and i think you say that gradual rate hike is appropriate despite weakness in stock market and i think that will actually help the stock market find debate. >> wait a minute. so he's going to say we have more hikes going on we go back to the october third powell comments where -- they have a long way to go. they didn't know where neutral was i think that's what triggered the selling you look at where this market was in october -- third, we went to complete free fall after that a chance had to make amends ins dallas i don't think that he necessarily did although he acknowledged stock

market and housing market. he's got to say something by the way 10 fed officials speak on wednesday, someone has to say something to make us know that the fed has an idea of what they're doing and they won't overshoot again. >> like the communist party is central committee and that comes policy so despite all of these fed people speaking, i think there's free to watch. powell chairman, clear to vice-chairman and williams in new york fed president all three of them say that gradual rate hikes are still appropriate and still some distance away from neutrality and federal reserve in december will upon the to three and large center banks in u.s. are talking about four rate hike next year. >> trump is right according to wall streeters absolutely right they don't it need to raise rates right now they certainly do not that's a hot one right now on wall street. >> again on dallas when jay powell answered a question says hey there's no data that they can use right now, that will let them know how effective or what

kind of impact their actions have two years from now essentially saying yes this is a shot in the dark. how can they be so confident with crude oil down 30% in fact month with stock market hammered with housing market, how can they be so confident that you think they say yeah we're going raise rates four times next year? >> feds will -- position right now let's reare mind audience taking 50 billion out the economy every single month. yes i think they were fed is looking at, and almost anybody who is qualified to be a fed chairman -- including raising rates what does it that mean qualified -- like fed presidents we've had green span bern key, yellen i think all raise aring rates are right now and the decision will be unanimous. that all federal reserve and couple of dubses that you talk about cash carry so i think that federal reserve and 3.3% -- earnings growth full labor market, i think that federal reserve look fast the decline in oil prices in the u.s. we view

as a tax cut nos as a deflation their phenomenon. >> could people from north dakota down to texas, who have great paying jobs about that tax cut, you know, it's a different story produce so much oil more than a year ago. mark love having this conversation pick it up real again soon. urging allies in germany, japan, and italy to stop using china wallway you have this. >> chinese spy will embed technology in the hardware for the next generation 5g just now rolling are out so advice to ally germany, italy and japan stay away, you know our military bases around the world -- the current wall street journal that military traffic, the internet traffic goes through local carriers, and local technology meaning it could be. it is pointed out and this was important. the -- while we have a former people liberation army official it is also article 7 of china national

intelligence law says chinese companies are expected to support, work with and collaborate with national intelligence. that's chinese law. so the white house is saying hey this has been ongoing problem for some time not something that trump white house vetted it is a serious issue as 5g rolls out. south china post saying this is offshoot of the trade war. but to your point -- >> marco rubio saying be careful. be aware. so thank you very much. >> look what google has to build a censored search engine for china. >> now to this president trump taking a hardline migrant setting to our southern border. roll tape. >> we find that it's -- it gets to a level where we're going to lose control and people start getting hurt we will close entry into the country for a period of time until we can get it under control. >> the whole border. i mean, the whole border. >> and this morning, president trump tweeted this, republicans

and democrats must cool together finally with the major border security package which will include funding for the wall, after 40 years of talk finally time for action. fix border for once and for all now. all right come on in larry o'connor of washington times associate editor also wmal radio host your thoughts on this. >> charles either president is fulfilling campaign promise with his rhetoric and he needs congress to step up and fulfill their promise. let's be clear here, in 2006 we had a law passed on books congress got to go back to district senators got to go back to their states and democrats saying we passed a law securing border we're going build a border fence but for them this is what congress does it. they don't actually fund it. the law is on the books right now. the congress just is needs to fund this thing and actually follow up on what they've already voted for. it is ridiculous you promise the american people that congress is promised to secure border. they need to do it and as commander in chief, the

president is seeing a dangerous situation right now on the border. there are over 3,000 of these caravaners in tijuana right now, it's their idea to shut down border that's what ronald reagan did back in the 80s. j most american voters support him on this. >> shutting entire border not just tijuana crossing but the entire border, would that -- that goz beyond this is sending political message, though, right? >> well van is approaching boarld in other areas as well number one. but also, listen, you do have to sending a political message don't you? you have to start upping this. he's a deal maker starting to say okay, fine you're not going to get serious about this. i'll get serious about this. and then something is going to get done. i mean, what else could he do in he ran on this issue he's been president for two years even when oiz own party had majority in the house in the senate he couldn't get this done. he needs to fulfill this promise and by the way this is a security is issue. this is an economic and national

security issue. >> absolutely no doubt. happy post thanksgiving larry talk again real soon. >> same to you go blue woferl rebbes beat ohio state tomorrow. >> we'll talk about that off -- [laughter] folks let's check on futures here because we've been under pressure all morning but for a moment looked like we were working towards unchange clothes that's all changed dow futures near low the morning. meanwhile amazon workers across europe walking off the job today. protesting working conditions, and warehouses on black friday talk about sending message we've got more on that coming up, and more bad news for apple lowering the price of its iphone x in japan, they're worried about the man after a less than stellar launch. and democrat maxine watering likely to take over share of the house of financial committee, the question should banks be worried it is a short answer. we're going to talk to republican who is is also on that committee, next. - [narrator] do you have less energy than you used to?

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♪ now to politics in democrats tae over house and they'll be in charge of house financial services committee. i want to bring in wisconsin congressman a member of the house financial service committee shawn duffy so when do you think we'll see more bank regulations? >> trying to add more bank regulations maxine waters our new chairman and i get along well with her she's a wonderful person and disagree on policy but more regulation means stronger economy. that there's more equality in the economy. and so, yeah i think they're going to push hard to have more regulations more regulators. and i think that's going to be bad. >> okay let's lock at the data. okay, and see, you know, perhaps over the last couple of years -- you know, and it's only recently where some of these small banks have been relieved from -- you know, some of the owner

regulations that i guess we're aimed at big banks but seem to have crushed small banks that means that crushes podgily small bank customers. >> and -- for small town america that's a big deal because you know you have all of these small community banks and credit unions that serve small communities this isn't -- a locally, but you have a consolidation with with small banks out of business because of regulation are. now you have this is -- a far off larger city at a local community and democrats agree with that as we. trying to fir out what's the cuff yacht how big does bank have to before we give them reprieve from regulations but i'm -- i'm optimistic, though, because we have the senate so to put push is to democrats. >> you didn't get a chance to unwind from previous administration on to banking sector and i think there was hope it is that that would happen. and to help further unleash this economy. >> we did in the house. we did a lot of work in the house problem was in senate we have a 50 vote threshold so i

would have -- yeah, so my hope is that maxine can't do too much damage but she goes back to 2008 look at -- you guys have deregulated -- the finance sector, and a look what is brought us in 2008, all of the people that were hurt so we have to go back to stronger regulation, and a didn't do enough we have to go further but i think that's a holy gospel you can't change anything in dodd-frank. although frank himself admitted to mistakes in that bill. and retrospect. >> they cover their ears they go, no, no stop there varney stop saying anything bad about this bill. >> what about social justice angle that he seems to be bringing to the job, idea of correcting wrongs of yesteryear reenportion community reinventment act that is a singular focus, and you know, the argument, of course, from the banking side is if you force us to make loans to extremely high risk borrowers we're going to be in a more precarious

situation. whnch you have banks that are strong but two you have people who have loans that can't pay them back. both are bachelor's degree and again if you keact get a loan because of your sex or sexual preference that's a bad thing we want to look at your credit score and income and ability to repay. i think stu they're stepping and see loans made to people based on who they are again the color and sexual preference that's a bad place for finance. >> but we know that's where she wants to go there. as you mention she's trying to right wrongs of the past. instead of saying listen if we have a community that is qualified to get loans and they can't, well that's a problem. we're all standing together to fight against that there there's systemic issue but not blanket rules that say you have to give preference to people baa of -- >> another one backfired nancy pelosi willly now be speak of the house what does this mean for our money, for our economy? >> well listen, she's a collect

haddive socialist right she's a san francisco liberal, and so she believes that she can spend where are money but you can so on black friday people going out it stores buying things nancy is like no, no charles i can spend where are money better than you can, and you know, what they're true believers. we talked a couple of days ago about mayor de blasio wishes he could develop each pot of land in new york city, and control it all. control it all this is where they're at, and horrible for our economy. horrible for individuals. and horrible for freedom. but you know thank god we're going to push become as house republicans again we have senate republicans who -- president who aren't going down this path with them. but they're truly going to lay out a vision that is a socialist vision for america and again, i don't think it is good anybody across the country and i think that will be -- >> some things done i hope not all about investigations i hope there's some legislation and there's some you know there are a lot of things that could be compromised we have to run but -- health care potentially, and

infrastructure. those two things can get done. thank you very much. all right folks check on these futures again, again a real tough morning for the market dow up near low of the morning. off 176 points after giving up a 200 point session on wednesday. but it is black friday and shopping is in full swing more than 164 million people are expected to shop this holiday weekend. look at that. we're going to go live to a mall -- if our reporter is still around right after this. [laughter]

>> small business saturday is tomorrow, a day where people are encouraged to shop locally deirdre what can we expect? >> the idea this started after last recession when, american express started sponsoring this really trying to support local communities, and some facts that i think are pretty interesting for every 100 million dollars that you spend at a local business, 68 dollars actually stays in the community which is much more than 43 dollars that is kind of going by chain. also job creation 57 jobs created for every ten million locally spent versus 14 so it shows as we talk more and more about -- amazon we know that professor scott callaway been on this

program a lot from nyu saying big tech should be broken up one of arguments is how much smaller local retailers are hurt. and when you do look at stings like this you say there's pretty much double amount of money that stays in community and more than double the amount of job creation think like okay, wow there's you know free market people but that is one -- >> that is important point what you said. and other large or point right is that it's -- all of the companies are hurting the next generation. he feels like they've become monopoly. but i hear what he's said and amazon will say is they have small business or small business on his site. >> they're supporting -- >> but local right is the idea. local so local small, there are a couple of book stores that i go to and -- some other -- >> those close to so touch them, feel them try them on so go local. >> yes. i think that free market crowd who believe and live and abide by thingses that were written 200 years ago or 150 years ago

they have townspeople are going to rebel against this, and it has to be tweaked a little bit to save these kind of businesses, i think. >> evolve or die sure. thank you all very much. all right folks dow jones industrial afnlg opening at 5 minutes, and not going to be a pretty start. but we've got your back and we'll be right back. [laughter]

well the opening bell in just ten seconds folks, going to be a holiday shortened trading session but it will be consequential particularly when with you connect to a week that has been very, very tough for a all around, so here we have the opening bell ringing let's take a quick check as we populate our dow board coke wal-mart jj, got us to upside. not surprising exxonmobil and chevron biggest losers this morning considering ponging that crude oil taken in just last hour and certainly over the last month. let's check on s&p 500 as well, down 18 point. less than 1% but that does wipe out wednesday gains. also o.c. nasdaq which is at the epicenter of it all. those big high flying momentum names on upside were wonderful to downside has been no end in sight you can see down but there's before story of the

morning crude oil pounded just yet again all 6%, this is absolutely remarkable. of course that means it is same story for these big oil companies as i said. biggest losers on dpow so far. exxonmobil conoco chevron, bp royal, these multiglobal, multinational companieses, and this is despite recently posting some pretty good earnings from chevron and exxon. on a flipside that have black friday prep tailers are responding wal-mart fractionally higher. other names down kohl's a biggest loser on that board right there. and then let's get become to big momentum names most of them technology names. technically some consumer discretionary services speaking of which amazon should enjoy a great bang today and next five days. up only -- up so far at this early point of trading. i want to bring in company joining us today, market watchers david dietz and dr burton along with elizabeth macdonald and deirdre and

start with overall markets okay we have about a month left david any -- what do you think will end up this year? >> i actually think we're going to go higher i see, there's three main players here we've got china. we've got administration we've got jerome powell two key meetings you have it watch for next is group of 20 with chinese administration talking tariffs with with any sign of progress there this market goes higher. other key is federal reserve meeting in december if they just relax their hawkish tone there's good reason to do that market also helicopters higher. >> dr. >> well david had a great overview there. i would add the one thing that i'm looking at is -- is brexit news as well. if they have some crumbling there, that crumbling turn into's a falling part that can have a negative impact. ting that whole thing is about -- is about the g20 meeting we get good news out of there, i think we -- end year higher with that --

>> what's good news? >> what's good news is that, g and that g and trump have some very strong statements about their moving to fix things. i don't think they have to fix it at that meeting charles. but if they both give signals that they're backing off of this tit for tat slam for slam tariff battle they think i think that that will propel us into the end of the year. >> more dubbish tone out of federal reserve plus what dr said markets could pop higher. >> we did hear jay fowl say okay one thing i am monitoring is global growth, and so i think in some ways that was a little bit of a precursor to hey if we don't raise rates as we had telegraphed in 2019, that's the main issue to focus on. >> not to global growth and stock market and housing market but the pure fed watchers don't think they're going to change we'll sees what happens. i think as far as g20 and g meeting as long as president trump and president xi don't

have a breakdance contest i think we're okay that's my motto. [laughter] they don't do it on twitter. start breakdancing okay -- >> breaking news right here. smg holiday shopping season in full swing national retail federation basically spend average of 107 bucks up 4% from last year. dr how do you think this is shaping up so far for reare tailers to the end of the year? >> yeah. i say just from my channel check charles that things are looking really strong from my own personal experience, the -- the traffic here in -- in delaware has been outrageous in terms of what's happening at the malls in the area. very, very different tone than last year. >> so far well thanksgiving according to adobe where should be 3.7 billion or dollars, and that will be up significantly from last year, and so far november 1st through thanksgiving at 38 billion dollars. every day all day all 22 days of

this so-called shopping season, have been a minimum of a billion dollars in buying some have been 2 billion. >> yeah, of course the macro factor couldn't be better people have jobs they have confidence and paying less way with in taxes and to add ice on this cake you have cold weather already setting in. so people are are buying a lot of apparel and dry today, and on top of that paying less to get to mall to go out shopping because gas prices are so low. >> what do you make of the -- retail stocks i think it is amazing because -- you know you look at them over five days whole year target town 17% up 6% for the the year t.j.maxx over 20% of the year. even up today, so i mean is this a temporary dip? based on sort of wall street anxiety over peak earnings or something else going on here? >> certainly. we would like stocks who have become omnichannel built online retail and problem is, of course, margins are getting

squeezed because wages are going up. character raising prices. >> so margins are getting squeezed, though, foxes as they build out only me channel but once in place, you know, the promise it was that it would -- moneymaker at least lower margins. [laughter] more bad news for apple that's been at the center of a lot of this as well and bad news keeps coming today hearing about a price cut in xr phone in japan. , of course, worry there is all about the man david did apple make mistake when they decided to release all of the phones particularly cheap models at the same time? >> you know, i don't think so. i think everyone is demanding newer and better, and, of course, the way you make -- >> are they newer or better? >> more expensive that's the problem. so the real concern is that growth isn't growing in terms of unit sales they get less information going forward, and now to have a newer model have price plunguation so quickly that is concerning. >> that is a mistake they made when we don't tell you how many iphones sold they shut down unit sales.

what's interesting to watch apple, apple is full on about services right now. but when did you ever have you seen people have hair on fire excitement over their services. i mean, have you heard anybody talk about apple map or apple cloud or apple e-mail or -- even the music streaming? the music streaming walled off you can't boot up apple on other devices. and a it's kind of like they really behind 8 ball still. >> to your point, though, trying to move consumers from hardware only to more enmore music creating more content. so -- >> buying spotify i think that's an interesting idea they know they signed oprah more and more content creators to take on netflix and amazon prime, and that cost a lot of money. >> does maybe instead of buying back 100 million of stock every day maybe start doing some of those things. we'll see real quick dr do you like apple? >> i am -- i am for the first time in a long time a little bit concerned about apple charles. the great news that i thought

that came out of the last earnings report was that their profit major were up again they were up 23% year over year now that they're cutting prices i think they may have oversaturated with three new phone fact that eight is selling so well and that's concerning. >> absolutely. all right folks let's take a quick check of the big board because we did open down 170 point off 122 making -- some early buying on the dip we'll see how long that last. but it has begun already and, of course, watching it for you tick by tick. also taking a look at lululemon you know yoga pants people they say high traffic crash their website yesterday. lululemon has been interesting stock this year. and yesterday black friday shoppers, of course, weren't happy with that down 99 cents also nissan, you know saga removing carlos really most famous chairman of the company. but he was arrested and there's an internal probe to find out

how he misappropriated money right now story he used that to buy a home and enrich his sister doesn't sound like a made off esqes and the story this morning for shoppers out here that means you have extra bucks in your pocket but for market watchers does this mean that global economy and weakness could engulf america as well? here's your gallon on price for national average of regular $2.54 down 44 days in a row. david, the new debate, of course, is cheap oil, is it good or bad because we're such a big producer now? >> -- for the the economy. >> i think overall for economy it is a positive because -- for most players here consumer oil they don't produce it. having said that, you know 64 million question is is it just supply hiccup is saudi arabia being cautious about containing supply or a fundamental growth problem worldwide and that's

what we have to watch carefully. >> is there a sweet spot for crude oil in america where you know we can create amazing jobs from texas to north dakota but have consumer where is they can go out and keep buying suvs? >> you know, i talk with a lot of people in oil patch and we have some great oil analysts in our group and i think that number charles is definitely north of here 60 buckses is where people are willing to put a lot more new risk capital to work in the fraction field. and i think with numbers down here, it's a negative for the the energy companies which make up 15 to 20% of the stocks in the broader stock market very toughed in negative way by downward moving crude prices. so you know, i agree with david that it helps overall economy buts there's this certain group that is certainly drug down by this. >> and good news energy is a lot less than it was few years ago. we got some interesting information coming in lion air they want answers and anyone

bump say what's going on with this? >> officials will be visiting the seattle facility for boeing, eminently and report from indonesia coming out as the new reports coming across that, the pilots of that boeing 737 jetliner that plunged into the sea off of inked knee sha wases minutes of takeoff killing 1 the people they fought to the end the pilots fought to the end because against the robots putting in erroneous into self-mode they want answers and and bought dozens of those planes. >> american airlines has a bunch of them a manual in a plane that is deliberately going down and you're trying to keep it up, that's some l scary stuff we'll see. >> terrifying they often place people right so you have somebody from boeing sitting with the pilots same airbus the same. >> all right folks david dr thank you both have, very much dow jones industrial off 125

points so far take a look at overstock big on -- up big on reports that they're planning to sell their retail business against those something of a cryptocompany after that we'll see also big news from disney they release a trailer from live action version of the lion king they can have a huge hit on their hands this was absolutely great. everyone loved it. we're going to have more on that coming up. next week president trump heads to the g20 all eyesen his meeting with president xi of china question is will they make a deal on trade we're on that, of course. more varney, next.

checking on big board down 111 that might be best we've had so far this morning open down 174 points. meanwhile disney just released for lion king movie christina is at the new york stocks exchange christina this was going to be a big hit for them. it looks great. pfnlgt i was superexcited when i saw it on twitter but stock

performed well over past year stronger than s&p 500, they had revenue 59 billion now you have the latest the fact that lion king is expected to come out in summer time you've got james earl -- sorry james earl jones mufasa beyoncé in this movie john and donald glover going to be simba 2019 fiscally 2019 for disney shaping out to be a very big year not only launch of lion king but launch of frozen 2, aladdin another "star wars" auto, of course, 11:st century fox a lot going on for disney in 2019. they better get star wars right a lot of people those last were clunkers so those others i'm excited about -- >> right. absolutely. thanks a lot. [laughter] back to the markets now, dow jones industrial average off 116

that nasdaq though looking great and airlines are up and disare in reagan budget director. david, i know -- the prompter says i should ask you where do we go from here but that was be disingenuous how far down do we go from here? >> i have no idea but i know the foundation is not stable. we've got a perfect storm of a madman in the white house who is pursuing trade war, a fiscal policy that is totally out to lunch and attacking the -- [inaudible conversations] >> before you run are them all one at a time. it's kind of harsh for you to call president trump a madman because he's fighting back against unfair trade, and intellectual property theft, a country that's building manmade militarized islands that all of their neighbors say have imperialistic ambitions that president of malaysia said they're columnizing world to debt trap loans you don't think

we should be pushing against china? >> china is not a threat to us whatsoever. if they want to waste their money on sand castles and south china sea, be our guest. >> you know that's chamber -- you know, and state look the other way. >> the economy is house of cards this 40 trillion of debt biggest spree in history without our export markets without 4,000 wal-mart everything else in america, their economy would collapse. they don't dare threaten us and idea -- point is that they are threatening us. presenting military threat to you read what's happening -- retrofitting main goal able to go to war with america certainly to dominate the pacific. you don't -- >> you know last week, last week this was so last week. >> because if you -- if you belief this you should sell everything in sight because -- because there's a war between the united states and china.

the whole world financial system will crash. burn, beyond anything you saw in the 1930s it's not going to happen. >> just because you said that it is not beginning to happen people didn't think het her would invade poland. >> it has nothing to do with hitler okay. nothing to do -- nothing to do request china ambitions. and this is that they have made public china 2025 we want to dominate world they put it out there. should we ignore it should we ignore what they make an island out of nothing and then put warplanes on it. >> it's in their backyard we do everything we want in caribbean sea -- >> in their backyard -- that they took over shiwe have 180 bases around world troops hundreds of thousands. >> they told us to be on guard for this kind of thing. >> not the imperial policeman of the world that is why we're going bankrupt. everything we've done is a failure. there is a failure iraq is failure. libya is a failure. the whole mess and persian gulf

is failure we don't need to be tacking iran. >> we're not listen here's the point -- here's the point we don't have to be imperialistic police the world but we have to pay attention. history does repeat itself right now, biggest threat to the world to the global free world at least i would think would be china over the next 20 years in many ways checkly and militaristic -- >> same thing they said when i was in the white house about the soviet union the soviet union collapsed because communism doesn't work. china is a house of cards that is going to collapse on its own we need to do nothing but stand by, hold our ground and the whole system is going to come on -- because it doesn't work. >> i hope you're right but if you're the president of the united states you can't bet on that alone it is not mad whatness to try to protect your country. >> he's totally out to lunch. >> we have to leave it there. folks real quick on dow 30 because it was inspired by david we came up full ten points. i thought you would like that. [laughter] leading the way fill your oil

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♪ now this today is black friday and sales on black friday well, someone thinking maybe they can hurt cybermonday bring in john, adobe marketing consumer insides vice president. john. shed some light on this because, obviously, more and more people doing online shopping can they coexist? >> absolutely. yesterday actually we saw 3 7 billion online saw that earlier it was big basically a 28% year on year increase. today we're expecting 5.sorry -- today is actually 5.9 billion. but the biggest one is going to be cybermonday where we're expecting 7.8 billion. and people have been asking, though, are we polling forward sales at all with all of the preblack friday we're not seeing that actually fresh off the the data this morning, 28% year on year growth.

black friday -- >> i know that this online shopping, adobe has to change number two or three times this has been a lot stronger anyone has anticipated what i thought was interesting with smartphones 54% of traffic but only 30% of sales so -- you know we always got image of brick-and-mortar being place where you go for showcasing and then -- but is it -- something could there be a weird relationship where we're doing showcasing or looking on phone but shopping on a desktop or even in the stores? >> a couple of things thanksgiving in general tends to be the most mobile shopping day of all of them. so the fact that we saw so much on smartphones yesterday -- was not really a surprise. it was bigger than we expected but it is always biggest day of the shopping season for phones. the second thing, though, is one of the things that we notice is that, online retailers who have a brick-and-mortar presence have a 28% higher conversion rate online, pure play retailers

because people really do like to go in as you say and see what the product looks like if it is clothing maybe try on apparel. so you get even format like nordstrom right now with stores that don't carry inventory that is basically there to showcase see what it looks like order online and pick it up at home. >> john this week one of the big ?oirs retail i think you take targets result -- is they took market share and all of the categories they're in. the margins look pretty good. traffic looked pretty good but spend a lot of money to build up this omnichannel that you just described does that investment come back because we always thoughts that omnichannel meant bigger not smaller margins. >> what we see is that it depends how compelling the the instore experience is if you're omnichannel. so simply you know stacking it high and watching fly might not be enough anymore. >> thank you very much. appreciate it. all right folks check on this big board dow off less than 100 points 170 at the open and as migrant caravans arrive at sorn beard a new poll from gallop

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charles: 10 a.m. on the east coast, 7 a.m. out west. three more hours of trading left this friday, the day after thanksgiving. dow off 100 points even, but we're seeing some internal improvements there. want to check on the retailers on this black friday. walmart is only one up, but not down too badly overall. online retailers doing pretty well as well including amazon, of course. then there's the big tech names that we check every single day. let's check some of those. okay, a little bit of a mixed picture there. and a check on crude oil, because it's headed for its seventh weekly loss, and this is one heck of a loss. now, the good news for consumers, the gas prices are down again. overnight, national average $2.58. it's 44 days straight down for

the price of gasoline. and now this, a gallup poll found that 21% of americans believe illegal immigration is the top problem facing the united states. this as president trump warns he'll close the southern border. i want to brung in tammy bruce -- bring in tammy bruce, fox news contributor. >> hey, good morning. charles: are you shocked at that number? >> no, as a matter of fact, polls prior to this showed the numbers even higher, and it's clearly why the president was elected in part, because of his arguments regarding, obviously, the wall. so people are aware of it and, of course, this is highlighting what we're seeing to some degree is not new. this has been an issue for a decade with people organizing to try to come into the country. charles: although it seems more organized and, certainly, the size and the breadth and just the images of the fights in tijuana. i mean, that was really, you know, i don't know all the story, but i heard that, you know, a lot of folks reached out in tijuana, i don't know what happened, but there's been one

donenybrook after another -- >> they also had a major influx of haitians at one point a number of years ago, and he said this did not happen with those immigrants. they were respectful. they got apartments. they worked in the community. they were helpful. so it's not just the fact that they're immigrants moving into an area, but it's a matter of the attitude and the violence that has broken out. they said that's what is new. and they've not seen that with other communities. a lot of the haitians p ended up stay thing in tijuana, did not try to move into the united states. the president's reaction is interesting. people are focusing on, oh, i'm going to close the border entirely. that was a message attached to mexico regarding trade. he said, you know, that means cars aren't going to come through and other materials aren't going to be able to get through. this was an encouragement to the mexican government to get even more involved because it could hurt them as well. charles: do you think they didn't get involved enough? there were some promises made, and it looked like they tried to block their southern border, but that was overrun.

>> sure. charles: they've offered jobs, asylum, it seems like they have extended a pretty good olive branch -- >> it has. and, apparently, thousands have taken them up on that, and that's reasonable. there are going to be more opportunity it is. so many have taken advantage of that. and really the southern border for mexico, they're famous for being aggressive on their board. and the fact that there was -- on the border. and the fact that there was this rush with thousands of people, kind of overcame them. there's been some discussion that there is the same sort of plan -- look, it worked down there, why wouldn't it work up here -- around the san diego area. and that, i think, the president's concerned about. we seem to have got a lot of impediments up there which has been helpful and has worked, but i think that the president is signaling, once again, he's not going to be bullied by what, let's say, what a court or what the left might say. he's going to stick with his commitment to keep the nation secure. charles: right. >> not to keep people who need

asylum out of the country, but to make sure it's done in an orderly fashion. it's the very least that every nation wants. elizabeth: should he shut down the government to fund the border wall? >> that is a negotiating start point. i don't think that -- the democrats learned last year that's a bad idea. that hurt them. i think that's a negotiating start point. but the president realizes also that he's got to start somewhere when it comes to negotiating with the democrats. they gave up on dhaka. that was going to be -- daca -- he was willing to give up on that, and the democrats were like, no. he's got to be able to work with them on this, and i think he'll have some success. charles: it's great seeing you. happy day after thanksgiving. >> thank you. keep me out of the story. [laughter] charles: yeah -- well, you know my size, cash. cash. [laughter] now to the markets, looking at the dow we're off 96. look at that, folks, nasdaq up wednesday almost a whole percentage point, up again today. maybe folks are starting to buy this, some of these beaten-down tech names. let's bring in jason rothman,

advisers president. jason, interesting market. maybe it's getting its footing. where do you think we go from the here? >> well, we have a couple factors in play. first and foremost is that some of the generational stocks, as i kind of called them last week on the fox business interview, amazon, alibaba. you will not go wrong, in my opinion, by purchasing these stocks literally today. i'm going to add them to my retirement accounts imminently because i don't care whether they go up or down over the next week, two weeks, three weeks, even next three months. their growing, they're -- they're growing, they're internationally expanding. they're going to beat the market over the next five years from these levels. number two factor is that interest rates are starting to come down again, and that is tremendous tailwinds for the market -- charles: well, let me jump in real quick, jason, because the irony is, is that as they started coming down and as the 10-year yield started pulling back, i heard the narrative was

that it was negative. [laughter] so when it went up, it was negative. as it comes down, it's negative. explain to the audience why it's so good that we're starting to get some equilibrium there. >> well, it's just a historic fact. when there's easier credit, that stimulates the gdp. that's also an axiomatic truth. so when people get lower interest rates, they can spend a little more, invest a little bit more. maybe it'll cause the housing market to reverse its slump. the slump was directly correlated to interest rates going up, so the opposite's true as well. charles: okay, beyond amazon, alibaba, walk us through the rest of the year, perhaps 2019. >> the broader market, i mean, the rest of the year's, what, 30, 45 days? charles: a lot can happen. the last 30-45 days have been put rough. >> yeah. i'm kind of more of an advocate of picking stocks at this point, because if you invest in the

index, i don't think you're going to do that well. but amazon, alibaba, iridium, you have to look at stocks individually. charles: and i'm also in amazon, and i have no plans of closing that out. jason, thanks a lot -- hold on, do we have time for -- okay. i'm not going to let you go yet because i do want to broaden out. what about some of these other tech names, you know? the semiconductors started to come on a little bit this week, apple is getting hammered. what about some of these other names that our audience probably owns? >> you know, i've been looking at netflix. apple, again, it's not really a growth stock anymore, so will apple climb back to 200? probably. it's probably not going to go down another 20%, but we're not going to see the explosive growth over the next few years as, again, of course, alibaba and amazon. i'm even looking at netflix. netflix has gotten demolished from its highs. that's not going anywhere. if you look at their financials, you will be inspired to buy

netflix just based off their revenue and income growth. charles: i think we've got a case there where reed hastings just oversold, you know? if he'd have been cool, you know, i think the stock would have taken a smaller hit. i appreciate it. good stuff, my man. have a great weekend. >> you too. charles: don't forget small business saturday, okay? [laughter] >> thank you. charles: millions of people out there shopping today though because it's black friday, and our own hillary vaughn is standing by at roosevelt field mall in garden city, new york. all right, hillary, what's going on out there? >> reporter: hey, charles. well, i want to show you this line because this is the seventh biggest mall in america, but that doesn't mean there aren't lines out the doors. this one line here wraps all the way around, and then it continues over here. we've seen a lot of people out shopping here today. a lot of young people, girls who met up with their friends from high school in the morning, got up early and are getting in on the black friday tradition. so for brick and mortar at least at this mall every store has a

lot of shoppers cashing in on really big deals. i talked to someone today who said that she doesn't want to shop online because she's had web sites crash on her before, and she misses out on the deals. she said coming here, getting up early is actually the best way to really get -- guarantee that she gets some deals. charles? charles: all right, well, have fun and be safe out there, hillary. [laughter] much more for you coming up. our government trying to get oural lies to stop using china's huawei, i'll talk to someone who advises president trump on his china policy. and i want to know what kind of threat this poses for all of us. apple, beaten-down stock here lately. in fact, in a bear market. there's more bad news there, the company cutting the price of its iphone xr in japan, they're trying to boost sales, so they're lowering the price. i'm going to talk to one of the foremost apple watchers, how much worse could this get for

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charles: checking the big board, down 122 points rt for the dow jones industrials. and now this, lion air wants more details from boeing about those 737 max 8 jets, the one that crashed, of course, last month in indonesia. what's happening? elizabeth: yeah, what's happening here is there's an interim report that could come out next week. we've got safety officials going to the seattle facility for boeing. this is the fatal crash killing all 189 individuals just minutes off takeoff off of indonesia. the robotic software put into automatic downward nose mode, and the plane's pilots were fighting to the bitter end to stop that. they couldn't override it. here's what the head of boeing

told maria bartiromo about what happened. let's listen to dennis muilenberg. >> this is an ongoing investigation, so it will take whatever time is necessary to make sure it's done thoroughly. again, we participate fully in these investigations. we've provided technical assistance. we'll continue to do that until the work is complete. the bottom line here is the 737 max is safe. elizabeth: well, southwest airlines has that plane, also american airlines, to your point. again, the pilots were desperately trying to correct the plane's erratic flight. it had -- it's been speculated that this new anti-stall device that incorrectly read air speeds, the software incorrectly read the air speeds and put it into a downward stop/stall mode, and they couldn't override it. charles: automatically pushes the nose of the plane down. did they get the black box? elizabeth: i think so, yes. we're going to hear more, a report will be coming out next week -- charles: and the problem earlier

this week, boeing -- at the last minute -- canceled a conference call, and that's added more intrigue to all of this. it's a terrible situation. and now there's this, the united states government urging germany, japan, all of them, please, stop using china's huawei technology because of cybersecurity risks. want to bring in michael pillsbury, author of "the 100-year marathon." michael, it's so funny because the south china morning post today put out a headline, huawei says it's surprised by the report that the u.s. is pushing -- [laughter] surprised? everyone's been complaining about this for a couple years including, you know, folks like senator marco rubio. they shouldn't be surprised. >> yes. well, as you know from your previous guest, david stockman, there's two different views on china, you know? he's very similar to steve mnuchin, that there's no problem from china, we've got to be friends, we have to avoid the trade war. and these people give a green light to huawei. they can't understand the american government's objections which began under president

obama to huawei because of its role in, frankly, in signals intelligence and espionage. so it's just two different views in washington about what to do about china. i thought you had a wonderful -- you brought that out very clearly. [laughter] charles: yeah. and you didn't have the's espreo on -- by the way, it's natural espresso day. we certainly woke you up with that segment. >> i'm surprised you didn't slap him across both cheeks. [laughter] charles: you didn't see the other version. we have two versions that run simultaneously. [laughter] >> the big news of the day though is conciliatory. the -- four chinese cabinet departments just about 12 hours ago, they had a press briefing to sort of send president xi off to meet president trump. and they all four made statements. and one of the statements was we're going to meet president trump halfway. another statement they made, this is commerce, finance, central bank of china and the foreign ministry having a four-department press conference, charles.

another one of the messages was we've heard the americans want to make a deal, so they're kind of echoing president trump, saying he's heard they want to make a deal. so the prospects are good for some kind of agreement in principle. but the details are going to be just very difficult to work out. charles: you know, michael, you know, it seems to me that people who oppose the president's efforts here are in two camps. one camp who just believe china poses no threat to us -- >> right. charles: -- and despite all the overwhelming evidence that they do. and then the other camp that just, they make so much money off of business as usual. the very powerful people, the very rich and perhaps trillions of dollars that they get from so-called, you know, cheap supply side. they control media, they control a lot of things. so the administration is not just fighting china on this, they're fighting public opinion which is always going to be stacked against them. >> i think that's right, charles. and part of the problem of what you might call the goldman sachs faction, the chinese believe

them. they have told the chinese, we have pretty good public evidence of this. hank paulson's speech in singapore is one of the best pieces of evidence. they tell the chinese, we are going to take care of mr. trump for you. don't believe this, don't make any concessions. it's all america's fault. they attack president trump. and if they're misleading the chinese, i don't think it's intentional, but the chinese tend to think, okay, we have no problem with trump. we can get away with offering nothing, and that's maybe what they do. charles: what do you make of those people who say, you know, this is sort of -- you know, for instance, you know, china's got a million muslims in concentration camps. if that was a million property stabilities or a million jewish folk, people of the jewish faith, you know, would the goldman sachs, wall street, anybody in this country say, hey, let's be so conciliatory? why do we look the other way on so many things here, but we want to sever relationships with saudi arabia over a horrific,

ugly incident, but also understanding we have very few allies in that part of the country? the inconsistencies bother me a lot here. >> yes. well, i think it should, charles. as i tried to explain in "the 10046 year marathon," we have had the policy of making exceptions for china because they end helped us so much in the cold war. that's not a trivial benefit. then as you mentioned, goldman sachs and others made millions, billions and even trillions of dollars. so these are two big pluses in the chinese column. what president trump is doing, he's the first president to really blow the whistle and say, okay, this is unfair. i just want reciprocity. charles carl right. >> what's interesting to me, i think your two schools of thought are sort of correct, what's interesting is the pushback from president trump from his own supporters, a lot of these major financial powers, billionaires if you will, they're friends and donors to president trump. charles: yeah. >> how's he going to -- [inaudible conversations] charles: when it comes to lower regulations and lower taxes and

anything else that hurts the bottom line, the profit margins, they skip town pretty quickly. [laughter] hey, thank you very much. you're really the best guy out there to talk to this about this -- >> no, charles, the best guy is you. i saw you putting down david stockman. that was pretty good. [laughter] charles: thanks a lot, michael. hey, black friday today, 160 million people expected to go out and hit those stores. they want to take advantage of those deals. but for most of the country, it's absolutely freezing out there. we're going to go to the weather center to see what you should expect when you go out to get those bar gains. ♪ ♪

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charles: oil down bigtime, down almost ae 7%. this is the story of today. it is getting absolutely hammer. of course, consequently, big oil company shares under a lot of pressure today, and those are some of the big components in some of the major undie cease, including the dow. it's been a chilly couple of days for thanksgiving. we'll go to adam klotz standing by in our forecast center. the forecast for today, black friday, is it mostly freezing around the world, adam, the country? >> reporter: yeah, charles. that's certainly the case here across the northeast where temperatures again, second day in a row, the feels-like temperature down into single digits, at least the teens. here's what we're looking at from boston, 11 degrees to 18 degrees, that's what it feels like here in new york city. upstate, a little bit colder than that. cold our, there are a few spots, and they're limited, but if you're in the middle of the country, you've had a really nice couple of days. these are your current temperatures, so 50 degrees in kansas city, this is well above

average. 41 in minneapolis isn't too bad for this time of year. but there's also a bunch of cold air and a winter-like system that's moving across the western side of the country. it's not just the east dealing with the cold, the west is also. and they've got a little precipitation to mics with it. a couple -- mix with it. a couple of big low pressure systems, and as a result, winter storm warnings throughout the mountains, stretching back across the rockies, even rubbing right along the west coast. that is a flash flood or flood watches and warnings in the green area. the reason for that, everywhere we saw those fires, you lose that vegetation, you get heavy rain, you can see flooding, mudslides, so a bad situation for those folks. this does linger for today. you see the cold weather in the west, the cold weather here in the east. but by saturday, things begin to retreat a little bit here in new york city, closer to 50 degrees. things do improve this weekend for us, charles. but, yeah, today it is going to be frigid for a lot of folks out there. charles: all right.

we gotta do what we gotta do. thanks, adam, appreciate it. coming up, it's been a bad week of headlines for facebook this as zuckerberg says he has no plans to go. our next guest says that's a good thing, and he'll make his case. looks like nancy pelosi has a basically wrapped up her speakership. what does that mean for your money? we're on it. ♪ ♪

♪ ♪

charles: all right, folks, check the big board. now the last leg down in oil, again, coinsiding with this leg down in the price of the market, really having a huge impact on the market. now you can see some of the big tech names mixed. amazon was up a lot more earlier in the session. nothing getting destroyed but, certainly, pressured to the downside after that first rally attempt fizzled. nancy pelosi's path to the speakership now looks like it's pretty clear, so will she be successful in hiking your taxes? want to bring in doug schoen, former clinton pollster and a fox news contributor. doug, is that the goal here? >> well, i don't think it is the stated goal, but the democratic left believes in redistribution and higher taxes on the rich. so i don't see nancy pelosi and the democrats joining donald trump and the republicans for a broad-based tax cut, that's for sure. charles: that's for sure. but we know that there's been

talk of pelosi working with republicans to push through things like infrastructure. >> that's right. charles: could that be something, you know, because they say we want infrastructure, but we want tax hikes to pay for it or something like that. >> well, here's the thing, the democrats are not for public/private partnerships. they're for higher taxes. i don't see donald trump going into a presidential election agreeing to anything like that. charles: could there be an infrastructure deal without that? because even with his private, you know, public partnership it felts like there wasn't enough money from the public side, right? that's what some of the critics said. so would this be sort of the cover that he might need if they, indeed, want to get something done? >> i mean, you might have things like increase the corporate rate a point or two from last year's tax bill, something like that, and throw in some middle class tax relief. maybe something like that could work, charles. but candidly, i think the

republicans -- given this last election -- will be tax-phobic. charles: they obviously wanted bigger taxes for middle class households and wanted to make these tax cuts permanently. >> precisely. charles: that's not going anywhere with nancy pelosi. >> absolutely not. i think nancy moses, despite what she says, is going to be much more inkleined to go for a full-on investigation of donald trump and the republicans after the mueller probe is released than she's now letting on. and if that happens, all bets are off. charles: but she is a student of history, and i don't know that history looks too kindly on this kind of thing. i mean, it feels like are, okay, the american public is saying we want, we want some sort of checks and balances so, dems, you have the house. but i don't think they gave them the house to go to war with president trump. i mean, don't americans want to see things get done? >> well, i certainly do, and i think most americans do. but the democratic caucus, i'm

not so sure. you've got a small number of moderates, prominent ones like conor lamb from pennsylvania, but you also have ocasio-cortez, presley, newly-elected democratic socialists who are going to be pressuring nancy pelosi not to compromise, the fight and really to -- to fight and really to reject the kind of common sense solutions and compromises you and i would think make sense, charles. charles: speaking of alexandria ocasio-cortez, we know she's such a big star that she's being honored at a historic event. the first pair of shoes she wore on the campaign trail are going to be displayed at a museum. [laughter] so, you know, i will say the shoes are -- i saw a picture of them. they're all worn down, they've got holes in them, and i think they, you know, if anything, hillary clinton should probably put a picture of them in living room if she's or thinking about

running for president in 2020. what about the superstar status she's achieved so far? >> you mean ocasio-cortez, not hillary. [laughter] i think that it is emblem mat you can of where the party is going. you take a victory with a small number of votes, and she becomes, indeed, a national, international superstar. that doesn't make a lot of sense to me but, charles, that's what's happened. charles: by to your point -- but to your point earlier, the elders in this party, they might be listening? there's a lot of anxiety and frustration over the fact that nancy pelosi and some of these're folks are still in leadership and that the young people who are generating the most excitement are sort of, you know, being kept out. >> well, last week you have ocasio-cortez with a sit-in in pelosi's office. charles: right. >> this week at the beginning, apparently, she's acknowledged that pelosi either should or will or both be speaker.

so i think the younger, more activist left has a degree of influence on the older leadership that, in my mind, is not that healthy. charles: doug schoen, great seeing you. >> charles, always. charles: apple slashing its iphone xr prices in japan. joinings us now, concern joining us now, gene munster. first of all, apple launched all of these models, less education pensive models all at the same time. in retrospect, does that look like it was a big mistake? >> i don't think so, and what they've been doing over the past four years, charles, is trying to give a little something for everybody. and so the breadth of the product has become much wider, and they needed to do that to compete against lower price android phones and -- so i don't think they made any mistake. i think they're being very

thoughtful about the product line, and i think some of these data points that are coming out related to the potential demand, i think, are a little bit misplaced. i've tried to read some of these tea leaves and found it is a dangerous subject especially when you're this early in the quarter. i think these data points are more relevant when you get to the end of a quarter like the end of december. charles: right. we are accustomed to these stories, there's always a stories of somehow an apple supplier being in trouble. consequently, the stock takes a short-term hit, is and people look back later and say, golly, i wish i hadn't listened to the scuttlebutt. one of the things that's working is average selling price. it's gone up dramatically. maybe they're take thing a small hit to overall sales, but is it

more important for their margins that they keep this average sales price going up? once that stalls and perhaps maybe even volume stalls, that could be a terrible one-two hit to the company. >> average selling prices have been the big win for apple over the past year, that's exactly right. they've gone from call it the high 600 to the high 700s on average. and that does create the question about how do you start to the anniversary some of those price increases, how do you keep this growth story going. i think, surprisingly, there's still more upside to these prices. part of the reason is most people, call it three-quarters of iphone other thans globally, buy their phones on an installment basis. so the difference between $1,000 phone and a $700 phone is about $10 a month. and this new idea -- so i think that my take is you're exactly right. if they cannot continue to move prices higher over the next few years, that's a problem. but i suspect they will be successful in doing that.

charles: all eyes on that and, of course, not breaking out the sales, i think, is something that's going to gnaw at wall street for a while. i do want to switch gears, gene, and i've got to ask you about facebook. it's been pretty rough on this company, but ceo mark zuckerberg says he has no plans to go. what do you think? >> tough year for facebook. not only from the headlines, but also the performance of the company and the stock. i think that zuckerberg is still the right person to -- he knows the company better than anybody, and i think it's even more important for him to be at the helm, because i think it's going to get more difficult for facebook to retain some advertisers. there are two major trends working against the company. one is it's becoming more clear that the company uses really gets into people's emotions to propel engagement. you think about all the political content on facebook, and that creates a brand around facebook that isn't very appealing to advertisers.

charles: right. >> and separately, most people don't feel good about themselves after they use instagram or facebook. i think that could be a pushback. it's important that zuckerberg's at the helm during this period. charles: i agree. plus, he joins 60% of the voting shares. gene, always great talking to you. we value your knowledge on all of this stuff, thank you. >> thank you, charles. charles: as millions of americans were sitting on the couch watching tv yesterday, disney debuted a 90-second teaser for the much-awaited remake of the lion king. we're talking a live action remake, and we're going to -- it's going to hit the theaters july 19, 2019. you've got donald glover, beyonce, seth seth rogen and james earl jones is back too. remember the 1994 version held the title of the top grossing animated film for several years. disney's stock right now -- we'll get to the share price in a moment. but the big -- there it is. it's only off 52 cents. it's had a pretty good year so

far, and that looks like it's going to be a great movie. also this, president trump says republicans and democrats must come together to work on border security, but democrats now control the house. i want to know how likely it really is that we're going to talk to the president of the border and commerce security council next. ♪

♪ ♪ >> reporter: congressman sean duffy with us last hour, he told us how he thinks the small banks will be affected by the now-democrat-controlled financial services committee. here's what he told us. >> all these small community banks and credit unions that serve small communities, decisions are made locally about consolidation or those small banks go out of business just because of regulation. now you have decisions made in a far-off, larger city, and you lose that touch with local communities. democrats agree as well, trying to figure out what's the cutoff, how big does a bank have to be before we give reprieve from these regulations. i'm optimistic because we still have the senate, so to push new regulation, i think, is going to be hard for the democrats. charles: right. ♪ ♪ meeting the increased demand for lithium, an estimated 800,000

tons per year by 2025, requires an innovative approach. our approach employs the best analytical tools that can be applied. the smackover formation in southern arkansas may hold one of the most significant lithium resources globally. the key to unlocking this resource lies in deploying advanced lithium extraction technologies and standard lithium leads the industry in the application of these processes. learn more at standard lithium com. charles: checking on general motors, thes are launching a safety investigation into about 2.7 million gm pickup trucks and suvs over problems, at least reports of problems with the power braking system. and an update on that romaine lettuce e. coli outbreak. deirdre: the fda commissioner tweeted out saying he thinks that the romaine lettuce outbreak likely originated from

california. so as you know, we've been talking about this story. more than two dozen people have been sick over 11 states, one with kidney failure. i mean, e. coli, of course, nothing to play around with. so essentially, the fda commissioner is saying our goal is, obviously, to withdraw all the affected products and then new romaine coming from florida and arizona, in other words, different supply chain soon to be harvested and put back on shelves. charles: thanks a lot, appreciate it. well, president trump sending out part of his holiday wish list this morning he tweeted: republicans and democrats must come together finally with a major border security package which will include the funding for the wall. after 40 years of talk, it's finally time for action. fix the border for once and for all. so will the president get what he wants? nelson baldio, commerce security council president, and he joins us now. what -- such an explosive issue, and it's been around for so long. and you wonder what it will take to get this done.

the imagery of the caravans coming in, the fentanyl outbreak and all the other things, when does the urgency, do you think, get there enough for congress to agree with the president? >> well, you know, i think what you have today is folks that are approaching the border that want to orderly claim asylum, right? the fear is what's going to happen if they rush the border. i know the president has talked about closing the border, but what happens is you're looking at a $1.6 billion economic fluctuation over the border on a daily basis due to economic trade. about 200,000 people cross the border legally, legitimate trade and travel, and it looks at over a billion dollars a month in economic impact in texas on the border and folks that are buying and especially for christmas, right? charles: sure. >> what we really need to look at is how do we secure the southern border of mexico. we need to look at the issues of why is it, why are people coming

from honduras, el salvador -- charles: they're allowed to go through, right? they don't settle in mexico. >> that's correct. charles: ultimately, that would be on the mexican officials. >> it's right. what's happening is mexican officials are getting to their northern border, our southern border. not only do we need to secure our border and rook at the wall is -- and look at the wall and other things that need to happen, but we need to have rules in place and really pressure the governments of central america and mexico -- charles: how do you pressure them, you know? because we've talked about withdrawing some of the funding that we send each year. does that work? or -- it doesn't seem like if people are saying, hey, i'm a legitimate asylum seeker, that that doesn't matter. >> well, the thing is, is that it may not matter to a certain extent because if you approach our border and seek asylum, by law as soon as you touch u.s. soil, you become an immigration issue, not a border security issue, per se. whether you're crossing in

tijuana, mexico, as soon as you touch the u.s. soil, even if you hit the wall, now i'll have to go around the other side of the wall to arrest you, right? what that does is give us the opportunity to arrest the individual that is crossing illegally, and then they've got to go through the processing. when they to through the processing, it takes up to 2-3 years once they are released in the united states to go to an immigration hearing which 7-8% only show. charles: isn't that where we should be focused? isn't that where we have some control? went -- can't we change those laws? everyone's gaming them, so why don't we fix that? >> we have to fix that. that's exactly what needs to happen. republicans and democrats need to look at the crux of the issue, and that issue is the immigration problem. charles: here's the thing though, because you talked about the economics of closing the border, and yet nothing has changed, no one has done anything. it's an issue -- and it's a persistent issue, and it's an economic issue, it's a crime issue. again, you know, i worry about

some of the things like the fentanyl that crosses over every single day. maybe sometimes you have to take a drastic step to break the log jam, particularly the indifference that appears to be in congress because it's one thing to say something, but when they take no action administration after administration, party after party, it feels to me really, honestly, that there's an indifference there. >> i think president trump's trying to do something. however, we're going to -- i think you'll see the democratic congress blocking that, right? because that is a wedge issue that they like -- charles: have you talked to democrats about this? >> i do. charles: what do they tell you? what's their plan, their solution? >> well, it's interesting, because they all have different solutions. when you talk to them one-on-one, they all feel like everybody wants to soft the issue, but -- solve the issue, but when they come together, they just can't agree. charles: i know i botched your name, say it again? >> nelson balido. charles: retailers are scrambling to fill that need. i want to know who's going to do

it the best. we're going to ask the former ceo of toys r us, he's with us next hour. ♪ ♪ an independent financial advisor. for our firm, it's about trust and transparency. trust that we do what's right for our clients, without the constraints imposed by the traditional brokerage houses. transparency in the way we're compensated. our philosophy is one of service, not sales... that's why i'm independent. charles schwab is proud to support more independent financial advisors and their clients than anyone else. visit findyourindependentadvisor.com

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charles: and now this, cryptocurrents lie bitcoin has been really hammered. christinachristina parts neverls us now. give us the number. >> reporter: down 4% today. year to date, over the last 11 months, down almost 80%. so it went from $19,500 all the way down to $4,035 on wednesday when it had a flash crash. definitely seen the fall like you're seeing on your screen right now. according to bitcoin traders, the reason -- there's three reasons. the first one, the fact that it's mainly due to lack of liquidity in the market. the second major reason too is there's no viable investment vehicle. and then the third one, it's still difficult for a lot of investors, those that are trying to understand the cryptocurrency market. so will that $4,000 mark, which is the support level, will it fall lower than that? you've seen it fall lower over the last little while. still too early to say, but it's

on track to fall for the month of november, and over the past six years it's usually ended in the green for november, so much like markets, we'll see. back to you. charles: we will see. overstock.com ceo patrick byrne says he's taking his company's future, he's betting it on block chain. deirdre: i mean, this guy's really a character, right? for two decades he's also been elon musk-esque, right? he said the short sellers for his company were like the sith lord, a little "star wars" reference. he's going to sell off the retail part of his business, and he's been buying up bits of block chain businesses, other block chain businesses. he has this thing called t0 which is meant to launch in the first quarter of 2019. basically, he wants to redo this company into a block chain company. he's investing in something like $170 million in all of these different companies that are related to block chain. still is taking a hit.

over three years, he's sort of been building this portfolio. he says first quarter of the new year overstock is going to be all about block chain. he says, essentially, this is a bet on the future, and he doesn't see where the company can make any missteps with that, although his investors might not be so patient because the company has been, that particular division, losing money for a few years. charles: although the stock, it was $89 at one point in part because of excitement -- deirdre: yeah. listen, he says we have cold fusion and block chain. he is a true believer. he has been very vocal on it saying this is the way of the future, this is how all kinds of data's going to be transferred and paid for. charles: a lot of people agree with the block chain part. hey, check the markets here, two hours left in the trading session. your dow jones industrial average off 111 points but das knack building up momentum -- nasdaq building up momentum. we're going to see how this ends. the third hour of "varney"

coming right up. ♪ ♪

charles: good morning. it's 11:00 a.m. in new york, 8:00 a.m. on the west coast. checking the big board, that's a lot of green for this session so far. dow jones industrial average, though, off 30 points. we are off the lows of the day. remember, too, also that today, the market closes early, 1:00 p.m. eastern time. let's check the s&p 500. s&p relatively unchanged. very small fractional loss to the down side. on wednesday, nasdaq was the big winner, up almost 1% even as the other indices lost steam. so far, i wouldn't use the word big but it is the winner so far today, reversing earlier losses. checking on the big tech names, of course, that drive this market more than any other, right now, microsoft up but the others aren't down that much. they have been getting hit and

that has been a big story. joining us, hedge fund manager and fox news contributor. jonathan, you have been very cautious lately. do you still or how much down side do you see for the overall market? >> charles, do we have to talk about it? let's talk about christmas cookies. charles: what's your favorite recipe? >> something sweet, something sugary. something for the season. not, unfortunately, the stock market. we want to try to be as optimistic as possible but you're right, i'm cautious and i remain cautious, not even because of politics or anything else, but because of the market itself. you talked about some of the internals. 100 new 52-week lows today, literally four new 52-week highs. when i see stocks like citigroup, goldman sachs, slvalo at 52-week lows, it's a bearish sign. charles: it is, no doubt about that, and so is the collapse in crude oil which we know

initially began as an oversupply story but feels more like it could be an economic story. we know also by the same token, our economy is relatively strong compared to the world. is this suggesting that we join the rest of the world at some point and maybe, you know, 2019's not going to be such a great year for the economy? >> interestingly, kristina partsinevelos mentioned the crypto currency collapse. you mentioned the crude oil collapse. we are also seeing even recently some of the high yield bonds price collapse. look at jmk and bkln. what i'm seeing is really not even so much an economy crisis, but perhaps somewhat of a liquidity crisis. all the assets that have had great gains for the last four or five years, you can see whether they have been borne by a liquidity bull or not, i think you will continue to see down side. as you said, the economy fundamentally is strong but price is very weak. that's a warning sign to anyone who owns assets. charles: now, it is black friday and we want to talk to you about

retail. in fact, i think you actually do like a stock down here. land's end? >> yeah, land's end is a fascinating company, charles. it's wisconsin, midwestern, close to my own heart. this is a company that sears now, of course bankrupt, paid $2 billion for in 2002. here we are now a decade plus later, it's valued at a fraction of that and it's surprisingly strong on the charts. even as amazon continues to dominate and e-tailing takes over, there's a space for the brand itself here. look at canadian goose, the company that's had great success with premium coats. you could see the same type of appeal for an old brand like land's end if investors can make it new again. charles: so interesting. i was just talking during the break about canada goose. last year i kicked myself, that was the gift everyone wanted in my family, every single person, and i didn't buy the stock. i did buy some on weakness about a week or so ago. you're right, the specialty

names seem to be faring pretty interesting. this one seems to be oversold. jonathan, we will talk again and work on those christmas cookie things. >> be well. great holidays to you and our viewers. charles: thank you, jonathan. breaking news on facebook. the "washington post" reporting that mark zuckerberg has rejected a request to testify before lawmakers from seven different countries. facebo facebook's richard allen, vice president of policy solutions, will go to those hearings instead. president trump getting ready for his meeting with president xi jinping of china at the g20 summit next week. listen to what the president said yesterday about reaching a trade deal with china. roll tape. >> china is right now paying us, right now, paying us billions of dollars a month. that's never happened before. and soon, they are going to be paying us many, many billions of dollars a month. but china wants to make a deal and we can make a deal, we will. charles: joining us, john

lonski, managing director of moody's. so how do you handicap this meeting next week? between the two presidents? >> well, i wouldn't buy today in anticipation of good news next week. however, there's always that possibility we get an upside surprise. china's economy is not doing that well. the chinese stock market is down 22% for the year to date. perhaps china will probably try to make some type of offer, some move that will be pleasing to the united states. charles: we heard from michael pillsbury who has great insight on this and advises the white house as well. he said just hours ago, four key ministers from commerce and other departments briefed president xi and they all had pretty good things to say about america. in other words, maybe the temperature's cooling off at just the right time as we head into this meeting, and to your point, you know, their economy isn't doing so well. first, when i hear people say well, they have a 100 year plan,

they deliberately have made in china 2025. not 2125, not 2225. i don't know that they can continue to take the kind of economic -- >> they still have a lot of poverty in china, underemployed, underpaid people, and they have to do whatever is necessary to keep improving living standards in china. they fail to do that, they face social unrest. charles: we don't need a deal. no one is expecting a deal next week. but maybe if the tone is better, could that help the stock market? because the market's grappling for i think direction. no one expects hey, we will walk out and ta-da, you know? >> next week could be a week of a lot of positive surprises. we not only have that meeting with the chinese in buenos aries but we also have on wednesday, november 28th, jay powell speaks before the new york economics club and may offer some hint that perhaps the fed is going to take a different approach to monetary policy.

charles: man, if he did that, it would be amazing. there's a new report out that claims the baby boomers are going to hand down $68 trillion to future generations over the next 25 years, but it will be the biggest transfer of money ever in the history of mankind. how is that going to impact the economy? >> well, that could be a positive but that's not going to happen overnight. that will happen over time. perhaps over a 25-year period. it's worth noting that $68 trillion represents roughly 68% of all household net worth outstanding despite the fact baby boomers account for only 23% of the population. this is a big thing. but i wouldn't tell my kids to go ahead and get anxious about receiving this any time soon. at least i hope that's not the case. charles: you may not tell them that. they may get excited on their own. >> the other thing we want to think about is if baby boomers live longer than expected, a lot of this will be going to health

care, going to nursing homes and the like, and not to the descendents of baby boomers. charles: you may have to make it on your own. appreciate it. now this. apple heading to the supreme court next week. deirdre, what is this about? >> this is essentially about the take that apple charges at 30% commission that it charges on all app sales. the app economy, apple and everybody else, went from $82 billion a few years ago. it will be something like $160 billion by 2022, according to analysts, so basically, this case is about whether or not apple can keep charging that 30% commission. but the reason so many people are following it, the reason it's so important is if the decision goes against apple, you could see a bunch of other tech companies really feel the heat as well. i will go down the list. alphabet google, facebook, any kind of e-commerce where i pay you for something online, they

would be in the crosshairs, especially if they are app developers. charles: that's a big one. thanks. house lawmakers will soon return and they have a few weeks to get a few things done before the democrats take control. the republicans, the question is will they be able to pass another round of tax cuts? rnc spokesperson kayleigh mcenany is coming up on that one. sales expected to hit $700 billion between now and new year's. coming up, the former ceo of toys "r" us says today could be the biggest black friday in history. it's also the first black friday since they closed their doors for good. we will ask which retail will benefit the most from their d i dem demise, next.

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charles: millions of americans out there right now looking at those great black friday deals. here in the northeast, shoppers are battling both the crowds and freezing cold. hillary vaughn is at a mall in long island. how's it looking out there? reporter: hey, charles, it's getting pretty busy. this mall did something pretty interesting. they were actually open on thanksgiving day until about 2:00 a.m. they closed for a few hours, then opened again. these are really the daytime black friday shoppers, but i want to show you something interesting. you can see a lot of people carrying bags, but there are some online retailers that are getting into or trying to cash in and capitalize on black friday. red town is an online only store but have a popup shop here to kind of test out the waters to see how their in-store sales go, to see if they're getting enough traffic. the mall tells me they do this a lot with online retailers that want to test and see if they want to open an actual location

and lease a spot here in the mall. they have had several do that because they get a lot of people coming in that want to try their products so this is kind of a test-out version for them. we have seen a lot of people here today, lot of young people with their friends getting in on the black friday tradition. so things are hustling and bustling, and really, people are excited to be out on black friday and so far, we have seen a lot of people make some pretty big purchases. charles? charles: hillary, thank you very much. i want to stay on black friday and bring in gerald storch, former ceo of toys "r" us and hudson bay company. you are saying this could be the biggest black friday in history? >> absolutely. the consumer is in great place. they have jobs, they have money, and are spending it. retail sales have been through the roof from the last reports and even the first bits of information on shopping during black friday, still early black friday, are very good. suggesting it's quite large. charles: i know adobe analytics put out a fair amount of information on online shopping and the numbers are eye-popping. online thanksgiving, $3.7

billion. they had to revise that twice to if upside. over all, the numbers are absolutely significant. is that taking away from brick and mortar or are we finding the sort of area where they co-exist with omni channel platforms? >> totally co-exist. it's sort of a false distinction between online and bricks and mortar. much of this online growth is at the arms of the brick and mortar retailers themselves. macy's.com, nordstrom.com, walmart.com, they are doing big numbers, too. amazon the big gorilla online. what we are seeing now beyond the growth online which of course was expected as we continue, is more traffic back to the stores. some stores have reported increase in traffic. positive same store sales in bricks and mortar themselves. this is just a great time. charles: traffic numbers have been phenomenal, but then the buildout to be able to compete. i find it interesting that target, your old company, took it on the chin this week.

their stock did, even though they took market share in every category they're in. they saw comp store sales up, they saw online business up 49%, but wall street punishing them for having to build this out. >> retailers are still in a herculean battle versus amazon for the future of retail. that requires them to invest both in stores and online. kind of funny thing's happening on the way to the marketplace here, as the bricks and mortar retailers get more serious about being online, they start to copy amazon's practices, and they aren't great in terms of economics, so amazon doesn't make a lot of money in the bottom line, their bricks and mortar sale. you see a lot of margin pressure on bricks and mortar retailers as they are growing online faster than they are growing in the stores. some are doing better or worse with that. charles: it's worth the investment. they are saying we want to be able to have delivery, we want to be able to have this pickup, we have to pay more wages. >> battle for the future. they don't do it, they won't be around. if they had done it, when amazon started, amazon wouldn't be who they are today. that's for sure.

walmart now is investing like crazy and they are going to grow online even if it hurts their profits. but in their report that just came out the week before target's, they did see some gross margin pressure but they made up for it with leverage so they did okay in the bottom line. what we saw at target was a lot of pressure on the margin line and no pressure on the s & j line so profits are deteriorating and people are worried about that. charles: it must be frustrating to be at these companies and see where amazon got a free pass for building out, never being profitable, became the -- >> they got a free pass for years. we talked about nothing else. as good as they were, people were still hammering them. at the same time while they were being bid up to the moon, we're getting hammered for doing the right thing. charles: i do want to ask you bau of cours because of course you are the former head of toys "r" us. first holiday without toys "r" us.

i went shopping for my granddaughter for her birthday, i went to target, a ton of toys. who's going to win? who's going to benefit the most? >> the people that are going to win are the ones who are already big in toys. walmart, who is still number one in toys, amazon, the fastest growing player in toys, and target, who has a strong positioning. you might see a little progress from best buy and kohl's who had a small position in toys for a long time. as for all the other people jumping into toys, good luck trying to learn a new business, do well. this is not a business for amateurs. they will lose their shirts and a lot will be out of toys like that next year. charles: i look at performances year-to-date in some of these stocks and it tells me specialty retailers are doing okay. is there ever going to be a space out there for a stand-alone toy store? >> i always think there was and there is. toys "r" us, i was gone for over five years there, but their problems were highly tied up with the great leverage they had, their inability to make the kind of investments you were just talking about are required

for bricks and mortar retail to make that conversion to the all channel retail of the future. charles: a pleasure. thank you very much. well, now it's time to check on bitcoin, as painful as that might be. getting hammered, down another $186. it is in complete freefall. how much that is benefiting gold? to be quite frank, not as much as you might expect. gold, in fact, down today, stuck at the $1200 range. crude oil, that's the story of the day. might be the story of the month, to be quite frank with you, down over 6%, getting absolutely hammered. there are implications there and big questions but for the consumer, it's good, right? gas prices now, the national average down to $2.58. in fact, it's down 44 days in a row. that's amazing. bad news for espn. it lost millions of subscriber ins the past year. disney trying to make up for that by launching espn plus. it's an online streaming service with more than a million subscribers so far. "forbes" magazine out with its list of highest paid female

singers and the person at the top of the list made close to $100 million last year. we will tell you who it is, after the break. - [narrator] do you have less energy than you used to? - when i was young, into my teens

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charles: oh, that's katy perry. why are we playing her music now? because "forbes" magazine just named her the highest paid woman in music. she made $83 million last year. that money coming mostly from her sold-out world tour. her salary from being a judge on "american idol" didn't hurt. taylor swift made $80 million and rounding out the top five, beyonce, pink, and lady gaga at $50 million. lot of bucks there. hollywood also getting a lot of bucks, in fact, getting ready for what could be a record-breaking holiday weekend. the new disney cartoon "ralph breaks the internet" expected to take in $94 million from this past wednesday through sunday. that would be the biggest thanksgiving weekend ever for a single movie. the new boxing movie "creed ii" expect toed to take in more tha

$60 million. dog lovers can't get enough of whiskey. that's right, whiskey, the whippet, named best in show at the 17th annual national dog show. roll tape. >> best in show at the national dog show 2018 happens to be a whippet. >> the whippet! whiskey. whiskey wins. charles: whiskey always wins. the 3-year-old is from sugar valley, georgia. whippets are originally from england, where they are descendents from the greyhound, in case you are ever in a pitched battle of trivial pursuit. more and more small lenders are closing their doors after rising interest rates put more pressure on the housing market. are the troubles in this industry a bad sign for the broader economy? we are asking that question. there has been growing talk lately of a possible recession on the horizon.

coming up, we have a guest who says the stock market is pretty good about predicting recessions. what has this market been telling us? we'll ask him. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. you'll only pay $4.95. there's brushing...and there's oral-b power brushing. oral-b just cleans better. even my hygienist said going electric could lead to way cleaner teeth. and unlike sonicare, oral-b is the first electric toothbrush brand accepted by the ada. oral-b. brush like a pro.

>> all right check on big boards getting better folk this is near the best we've had all day long dow off 64 points. but you're seeing a lot of green populate in the market overall we're off lows a shortened trading day remember markets are going to close in just 90 minutes so it is a race 90 minutes can they get positive? hey take a look at this headline from "forbes" that reads stock market is predicted nine of the past recession so written by our next guest who joins us now brian, he's "forbes" columnist senior fellow for supply economics and brian, obviously, there's a tongue and cheek element to this. but what do you make of folks saying you know what, between this stock market, between crashing crude oil, between thing like even bitcoin falling apart, we are something is wrong with our economy. >> paul made that quip in 1966 the economist stock market is

predicted nine of the past five recessions and great wall street journal editorial page editor robert amended that saying yes and other four washington got the message in the adjusted policy in tomb but market has been doing since september is worrying that we're going to have tariffs, that we're going to have a democratic congress that spending is blowing through the roof unless those thingses are reigned in, of course, we're thinking ab recession. >> why didn't it worry it be we hit all time high ab month and a half ago so this was what i don't get market knew about tariffs market knew about everything else that you mention and we still powered to a record all time high. >> yeah, back then over summer there was still a sentiment that tariffs were temporary, in fact, that terrorist ares bring ab global agreement that there be no tariffs at all every passing month where that global agreement doesn't happen, the stock market gets more and more worried. >> do you find it iconic then third earnings quarter call that 33% of companies manage

tariffs oppose 38% in second quarter why isn't corporate america talking about it the way wall street is talking about it or-- economic pundit? >> well the wall streets worried about future quarters not current quarters. that's what conference calls are are. that third that's why we have conference calls talking about the the future. unless they talk about about a third quarter than sending quarter is wall street making too big of a deal out of this what they're worried about fed and worried about strong dollar we're worried about higher wages. >> the nancy pelosi house which i think the market started to adjust to in late september means big time spending no prospect of tax rate cuts, and probably the trump tariffs. that's nothing to stock market is going to like. now i expect president trump to have a big counterpunch to whatever had pelosi is doing. and should that happen, the market will rebound nicely and we will slip that recession just like robert bartley predicted.

>> we'll see market has done well as mounting debt a ticking time bomb we're up big as we hit 21 trillion dollars but i know someday we have to pay everyone of those i want to ask you about house market there's no doubt it has been a trouble spot particularly more lately now we're hearing more small and mid-size mortgage companies cutting their staffs closing the doors that is whatting with the being boys as well. so what's happening with housing and how worried are you? >> housing generally negative contrarian when the economy is really booming like in the 1980s and 1990s housing is flat. when there's a lot of uncertainty in the economy are there any good investment opportunity here people slow into housing like 2,000s we want to see is low and stable and people rush had to real profit making enterprises. >> so then you're not concerned about what's happening here maybe overdue could -- pullback particularly i guess and it is local but overall prices really made a big move to

upside. >> if there's asset shift from housing in to real enterprises that means economic growth. it it is that kind of decline in house market that's a beautiful thing. >> all right brian always appreciate talking to you buddy talk to you real soon. >> all right. take a look at oil because it is really the big story right now. all three dollars and 33 cents president trump he says saudi arabia the deserves some of the credit. roll tape. >> saudi arabia has been a -- a long time strategic partner, they're investing hundreds of billions of dollarss in our country, i mean, hundreds of billions -- they keep the oil prices low. i see that yesterday one the papers i was blamed for causing traffic jams because i have the rights so low. >> joining us now james, he's the vice president of national security and foreign policy at the heritage foundation james well the president he's doubling down in his defense with saudi arabia is getting criticism from

all sides on this. how smart of a move is it? >> look, i think you take the trump rhetoric aside and you just look at u.s. policy is, i think it is the exact same policy that president obama would had if he was president an hillary clinton same policy. >> i think -- i don't know about you but i do find it really interesting that the same people that criticized this administration from for withdraw of america from gloanl stage global stage who want them to cut off ties with saudi arabia. is that being disengenius? >> we have a strategic relationship with saudi arabia. now with particular individual. with the county like people that you don't like in the u.k. or france or whatever. it's because you don't like anybody even if they're a leader in the country you have a strategic relationship with that countries because it is strategic interest you blow by that is really playing partisan politics with foreign policy. >> what about, though, the idea that there's more sanctions and

a tougher tone you know everyone -- buys into this idea that hey, tone matters. >> well i don't because i don't think tone matters. i think real, real people that do real foreign policy and move chest pieces around on board they look at what countries actually do. first of all this administration is said people should be held accountable. that human rights matter, and that you don't go around and kill journalist an they haven't foreclosed senate putting together like we have tone in many other countries putting together bills and sanctions specific individuals. when we can hold them responsible including the crown prince. >> i have another one for you james fed -- well feds are reportedly reaching out it other countries right now they're asking them to -- drop chinese tell come company and you know people are -- jittery about this one. are they right in this big on this big move? >> i think yahweh and zte have done most corporate behavior if you lock at venezuela for example, where zte is helping

venezuela monitor citizens this is a country near destitute with 70 million to oppress its own people and can't feed its own poem and i think there's a global -- push b.c. on this. i think people are looking at the behavior of interesting because i heard there are a lot of people on wall street who are up in arms saying this is independent company nothing to do with china and now senator marco rue owe and tom cotton they introduced a bill in january that sort of suggest that same thing that hey this is, these companies is a danger and -- they have access to information and potentially they could harm these countries so -- what do you it make of the idea that you know wall street thinks you know we should be backing off that -- these are legitimate enterprise. >> that was whole notion as china matured it could become a

normal country and do business in a normal manner clearly it doesn't. many of the countries are either publicly or secretly controlled well they are. by the government. the companies are owned by government. government is owned by party and it does exactly what it says and anybody who believes that if you have genuine national security concern or public safety concerns or private information concerns, and they are safe, or it is safe in hands of a chinese company we have a over a decade of history that proves that that's just a fallacy. >> all right james thank you very much. appreciate it. >> thanks for having me. britain president sworn to rate to support for a brexit plan what's up deirdre? >> theresa may has proposed her ideal compromise now it is really up to u.k. parliament to basically fight it out which is going it happen in december. bank of england warning in the meantime that no deal would be an economic shock to britain not unlike 1970s oil crisis so tons of alarm bells but what

she's propose sod a compromise a allow u.k. to maintain biggest trading partner, of course, but also reclaiming and this is coven a big issue control over it borders and we've been talking about that across europe, of course, in this country as well and that was really a sticking point for a lot of citizens who did vote for in favor of brexit. so long story short is, she put her plan forward, now the parliament is -- going to basically just go at it, and -- in september. >> reject it i really do. >> there are tons of strong opinions. and bank of also voted yes on brexit worst thing that ever happened as well. >> i think it is a crisis right -- >> we'll see it hasn't lived up to hype when they said before the vote bank of gland said don't to it we'll have a great recession it didn't happen england going pretty good since then. >> we saw the pond fall but recuperated some individual stocks --

the company is actually cutting its prices on model s cars and s's in china. and in lululemon check this out, victims of their own success high traffic cost their website to crash yesterday in a stock aingt doing so good today. president trump not messing around when had it comes illegal immigration. he is threatening to shut down the government as congress is not reach a deal for funding that border wall coming up spokesperson caylee on that one. >> facing protest and walkout over k utilities and what effect on amazon on crucial holiday shopping season, details in 90 seconds. ♪

♪ well we're seeing right now is shares of amazon trading a little bit lower news coming from europe. is that there is a strike in germany 620 people and striking at black friday happens next thing is paine is going to do same tomorrow on saturday. so you see that and amazon, however, you have got one competitor best buy saying that best buy is the one to go because they are a good competitor for amazon they're doing quite well with

electronics so a price hike at 65 you can see the stock is trading at 2 more importantly i am standing with children of the traders here today. it is the day after thanksgiving and everybody has come in family day and that's why we wanted to give you the breaking business news from the floor of the new york stocks exchange. whew. say bye. >> bye. we like bears or bulls -- bulls. i knew about the tremors. but when i started seeing things,

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checking on the big board dow jones industrial average about 100 points off the low of this session. meanwhile, president trump well he wants his border wall and he's threatening a government shutdown if he doesn't get it. the question with, though, really are is how real is this threat, and will it force democrats to try to cut a deal with the president joining me now caylee spokesperson, for the r are nc nice seeing you on this holiday week thanksgiving week. caylee, you know, president trump is not one to just sort of these things out there but typically prepared to follow-up on what he's saying so everybody has to take this seriously what's goapg to happen? what do you think democrats are going to do -- with this? >> good to see you charles. i do think this is a negotiating tactic the force in thes to the table when you utter word shut down, you strike fear in the hearts of democrats because they were blamed for the schumer shutdown that was a very bad moment for the democratic party. so i think this is an effort to get them to the table. and to try to get this done before the end of the year

because as you know it is infinitely hard orer to get border wall funding the next session of congress because we will no longer control the house. so president trump is working has had to get this done. >> what is he offer aing democrats in return are? >> so if you look back at the compromise teal he offered it was very fair and even handed he said i will budge on daca give you legalization for that key group they've been advocating for in exchange for border wall funding, though, also component like ending visa lottery, but could that deal work? even if it was just a border wall fund that's up to the president to decide. but i have inkling if nancy pelosi took one step towards president we could make this happen. but nancy pelosi and chuck schumer absent when that teal was offered. >> political kalings plus have been for democrats despite fact that you're right that general -- conventional wisdom blame the democrats for last shutdown is that, to wait president trump out with no victories even though things that say are near and dear to their hearts.

>> i think that's exactly right because you look at things that the president has offered or put forward as key io it tells for him paid family leave this is something democrats have wanted for decades but where are they ugh about this with ivanka trump and we have multiple opportunity to talk about infrastructure and last session of congress they were not there. they were rejecting plan and immigration, high cost of prescription drugs nancy pelosi wants to work she has a negotiating partner waiting at the white house to do that. >> so far she claims too that she wants to legislate not -- spend all of the next two years investigating -- you know the thingses that don't really matter. but, but if the president shuts down the shuts down the government, this time around, how does he explain it to the american people? >> well he's explaining it to american poem that we have to have lawfulness when you have a caravan of thousands approaching, i mean, polling shows that most americans want

to barrier on sorn border this is a winning issue for the president. if it takes shutdown to force in thes to the table that's what it takes but i would note that president talked ab shutdown before we've never seen that happen, for which he's been responsible for so it maybe part of his brilliant tactic which he's known for. >> another tax cut during midterm campaign, of course the gop now losing the house, sort of a lame duck session in congress, is -- do you think party can get somewhere with the limited amount of time out there on this issue? >> that's heavy lifting there are only 15 legislative day on calendar that's not a lot of time to get tax cuts 2.0 through right now. president said this unmistakably i want to make it permanent and additional 10% decrease in taxes for the middle class so he's ready to sign it is up to mitch mcconnell the and republicans in congress to see if they can deliver that in 15 days -- >> and last year, so i mean just you know why did they swannedder this opportunity?

>> you know, we got through history tax reform you know that charles there are major, major cuts not just the corporate rate but also for the middle class. so doing it twice, maybe they fought that political will wasn't there but i can assure you they were hard at work on this as was kevin brady trying to herald a second round before the end of the lame duck session. >> great seeing you thank you very much. >> good seeing you. >> youtube will begin attacking two ads actually back to back right before videos starts and ads will be skippable so you won't have to sit them but youtube says this less likely that ads will pop up in middle of a video which the company has say is complain among users right now all day today, of course, celebrating business of small business but up next we have the ceo of a craft brewer that is based in new jersey he wants an end to the trade dispute with china. he says tariffs on aluminum starting to hurt his business and he's going to make his case,

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>> president trump says his tariffs on foreign goods benefit american businesses but u.s. beer make reverse saying tariffs have a negative effect on their bottom line joining me now to explain ryan krill company ceo welcome to the show, brian. >> thank you for having me. now you're talking specifically these aluminum prices right we've a bunch of aluminum cans the main problem that you're having right now. >> it is main problem that we're having right now. marpght of our beer goes into aluminum cans. >> so -- you know it is interesting on that one because -- i feel like particularly after we have u.s. mca remove at least the the tariffs on canada and mexico. i know that's being negotiated i think that might be a good idea. by same token when they see that metal producing capables are near where we were at the end of world war ii i do worry ten years from now with a war can we build battle ship and planes so

concern it is, you know, i grapple with this. as a businessman how do you look at it? >> so when you look at -- is really our prices on aluminum and steel for the vessel that we use to put our beer in for kegs and we're a small business we have 85 employees and just districted in new jersey and in pennsylvania. so we really can't absorb major price increases so a 5 to 7% increase in aluminum. can't pass those costs on. >> we can't it is very, very competitive so we're not a price elastic product. >> did you -- petition the white house did you submit, you know, some sort of effort to try to get a waiver here? >> we did. we're very active members of the beer institute and brewers association which represents breweries in the united states, and we're -- we support making a change had to the tariffs. and then also to the midwest premium which is a big part of the issue for -- canned prices for us.

>> what's that? >> midwest premium is a -- shipping and handling charge that aluminum suppliers charge and they control are their own prices not regulated at all that has been -- >> you want it to be regulated? >> should be some kind of openness into how it operates. >> what about barley i heard that was running you a little bit. >> that's what we do full ingredient in beer, yeast and barley when that goes up that hurts us as well. >> all rooting for you we advocate small business and leaving some brew i hope this works out for you and stick it through and we're all better off when it is over but appreciate you coming in. and congratulations. always great to see american success story. appreciate it. >> thank you. >> there's some thieveses in canada at least some who have learned a heart lesson when they try to rob a store. check this out. [laughter] we have got to tell you employees fought back when crook try to get away with thousands of dollars worth of jewelry.

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charles: check this out. all right. these are workers at a jewelry store in canada. they fight back some thieves who tried to bum rush them. the police say the thieves actually smashed their way into the store and then the employees pulled out swords and they rushed the crooks. one of the thieves tried to fire his gun but that jammed. the four criminals all ran off and police are obviously looking for them. the hint will be the gash wounds, okay? any nearby emergency hospitals. check the big board, folks. remember, we only have an hour left until closing, so this next hour's going to be critical. we keep rallying and it keeps fading. every time that happens, at

least this week has been an absolute catastrophe. even the nasdaq was higher and that's giving up. negative momentum is going into the last hour of trading. connell mcshane is in for neil. connell, starting to fall rapidly here. connell: thank you for giving me that. who has a sword, by the way, behind the desk, who is ready with a sword? charles: three swords. connell: all right. thank you, charles. have a good one. we will see what this market does here for what is the final hour of this shortened trading session. i'm connell mcshane filling in for neil. that's the way it goes on black friday, day after thanksgiving. you get a shortened trading session on wall street, get a little bit of volatility but that's the norm these days, to have a triple digit move on the dow. it's just about every day we see that. down 135 is where we are right now. now, oil is really probably the bigger story than stocks in many ways, and we'll talk about it, what it might mean for the economy. it is really sinking again. the oil price now down close to 50 bucks,