particularly the mba and china over these protests in hong kong. we also heard that google pulled an app as well because of china's protests. liz claman, the dow's up 314 points -- 114 points, but there are a lot of moving parts right now. liz: indeed. apple's just $3 away from an all-time record high. we've got this breaking news, a secret meeting has just been revealed that could indicate movement in the four-week-old united autoworkers strike against general motors. one of the biggest gm auto dealers in the whole northeast is sitting on pins and needles and highly critical of one particular side in this fight. he's going to join me live in just-minutes. but it's really the trade talks controlling the tick orer tape right now. it was one big, happy family this morning as u.s. trade representative robert lighthizer and china's vice premier mugged for our cameras and shook hands with treasury secretary mnuchin, and the dow shot straight up 257

points this morning when president trump tweeted that he will be meeting with the vice premier tomorrow as china increases agricultural purchases w. with the dow now up 114 points, afternoon meetings are all well underway at the u.s. trade rep's offices. what is happening behind closed doors? we are going to take you right up to those doors in just a moment live. the wework mystery, that is still not solved, but who is to to -- who is really to blame? is it parting ceo adam newman, or did the initial investors fail to rein in a hot shot ceo with a disruptive and ingenious idea? the father of modern venture capital is here to tell us where wework went wrong. the chairman me discuss of gray croft is joining us in just moments. again, with green on the screen still here, we are less than an hour to closing bell. let's start "the claman

countdown." ♪ ♪ liz: to this breaking news about general motors, the stock is moving higher by about 1%. you know, volume spike on reports that ceo mary barra had a clandestine meeting with senior uaw officials yesterday to figure out some kind of way to end what you see on your screen, the ongoing more than three-week-old strike that has now, with the latest number, cost the largest automaker more than a billion dollars in lost profits. sources say that barra called for the meeting after gm had not yet heard back to an offer that the company had earlier made to them in a week. from autos to utilities, let's get to pg&e shares. you could say they're going down in flames, sinking to the lowest level since january after a court ruling pulled the plug on the company's solo plan for its bankruptcy process. look at this fall, down 27%

right now. very close to year to date session lows here where the ruling cleared the way for a rival chapter 11 plan from elliot management bondholders that are allied with the wildfire victims. of course, the california utility is struggling after billions of dollars of damages from bay area blazes last year that are linked to its equipment. in a preemptive move this year, pg&e has cut power to 600,000 homes and businesses in the northern california area, that news sending generac, yes, the generator company, up to an all-time high of $85.81. it's jumping about two and a third percent at the moment. we've got the ceo of the generator maker on the countdown at this time tomorrow. please don't miss it. all right, elsewhere bed, bath and beyond is moving beyond, or at least its stock is moving beyond after the housewares retailer appointed target's chief merchandising officer as

its ceo. bed, bath and beyond has been without a permanent ceo since may. the stock is down 48% over the past six months, it's gaining 20% of that back right now. big move, stock now at $12.01. all right, i need to get to the trade talks here and chinese vice premier lou hi. high level trade meetings are continuing after a short lunch break after they called in lunch from a place called clyde's. we're literally watching every single move here. china has announced big agricultural purchases before this meeting, imports of u.s. pork surging to a record. china's domestic pork economy ravaged by swine flu. also to soybeans, soybean purchases also announced, 398,000 metric tons purchased in the last 24 hours by the chinese. again, that news came ahead of

the talks. little bit of an olive branch there. well, for the latest developments, let's go to edward lawrence live outside the u.s. trade rep's offices in washington, d.c., and as i always say, you've got the dixie cup with the string to the door. what's happening? [laughter] >> reporter: exactly, liz. it's right inside that door right behind me, the trade talks are going on. they started this morning about 30 minutes earlier than scheduled, and they are still going. they're working right through lunch. this is a marathon session going forward. now, the white house saying that u.s. trade representative robert lighthizer's confronting the chinese on the big issues, on intellectual property theft, forced transfer of technology as well as agriculture and non-tariff barriers there. now, the chinese -- the u.s. wants to see what concessions the chinese would put back into a trade deal here. there was, it was deleted, they say, last may. they want to know exactly what's going on. from the chinese side, they would like to see the tariffs either rolled back or suspended, the chinese also saying they

would like to see a deal on what's already been agreed upon, and this deal with everything else next year. >> sure. it could very well be. they could set the parameters of a deal which are set in a few days. i tend to think it's more difficult than that. you know, i know that president trump from all that we can see wants to delay the huawei entity list designation, he wants to sell stuff to huawei. there are a lot of people here who don't though. so there's going to be a lot of political back and forth. >> reporter: political back and forth on huawei as well as other companies. the u.s -- the president wanting to get u.s. companies to sell to china period, open up the markets there. the president also saying that a trade deal cannot be 50/50 because in his words yesterday, china's been taking advantage of us for a very long time. now, the president saying that he will meet with the head of the trade team tomorrow at the white house, the team will be

here at least one more day. we'll have to see what happens when these talks finish and those doors open up, liz, back to you. liz: you know that if the world is focusing on what they had for lunch, then obviously, it's very much the tea leaves, so to speak. thank you very much. which brings me to this: is there a possible deal as we look at the lunch arriving from clyde's -- we don't know what was in the bags, but i'm telling you, it makes it start to look like we are getting closer, perhaps. well, if the world is laser focused on something like that, are china trade negotiators and u.s. negotiators ready to at least get close to a possible real deal? let me get to the floor show. phil flynn, i'll begin with you. let's assume that a maybe there is a deal because we also know this, a hundred, a hundred-person-strong contingent from china is here. they wouldn't have flown all those people here if they didn't expect to really start getting some answers onto paper about this. if we do get a deal, what would you be buying now ahead of that?

>> i'd be like a kid in a candy store. i'd want everything, you know? i'd want commodities, i'd want chinese stocks that have been beaten up, you know, there's going to be so many opportunities, it's going to be crazy. take a look at alibaba. i can't say it today. but the stock is one that has really gotten beaten up on the concerns about this. there's another one that, you know, i have to get professional help to pronounce it correctly. it's -- [inaudible] a chinese netflix. this is a stock that really got beaten up on the concerns that we would not get a u.s./china trade deal. but you know i love commodities, and we already saw oil prices, for example, start to react to the fact taha we're going to potentially -- fact that we're going to pertly get a deal. oil prices in the last 24 hours when we saw a headline that came out of the hong kong press overnight that, you know, that there was no progr and the chinese delegation was going the

leave in one day, the stock market tanked, oil prices fell down $2. when it turned out not to be strong, look at the reversal on oil prices because prices are starting to go up. and what's key, i think, for oil prices and the stock market, you know, a lot of these markets have been pricing in the very real possibility that they weren't going to get a deal, right? and so the market is adjusting to that reality. if that reality changes, then a lot of these prices have to change, and they could change very quickly. liz: let me just say something about opec, because i don't think it's clear enough particularly on our banner. the secretary-general said opec plus -- that means russia -- will do, quote, whatever it takes to prevent a slump in prices. i mean, that's -- >> yeah, he said that today. and believe it or not, saudi arabia and russia are meeting on monday, and saudi arabia announced that they're going to try to get the ipo done on thanksgiving to keep up their tradition of ruining the u.s.

holidays. liz: all right. john corpina, it will be a rough ride between now and an actual signing of a china/u.s. deal. i mean, we've watched this thing, it's like a retractable pocket knife, right? it goes out, it goes in. there's a deal, maybe, maybe not, not sure. but until then, is there a way to be where the soccer ball is going to be versus where it is right now, and you say, all right, this sector i like and that a name i like? >> yeah. so i think if you lookvell, yes. this has been a long, drawn-out soap opera. i think at the end of the day we're going to see some resolution. we're going to, hopefully, get some information today, but if not today, soon down the road because this is going to have to come to an end at some point. i think both sides want to get to a resolution, and especially with the 2020 elections coming up, this is not going to wait that long. you've got to look at sectors that have the most implications to this tariff deal. and i think you have to look at the technology sector. clearly there's one that we've been watching, the technology

sector, the suppliers of large technology companies that trickle down from the top to bottom. those are the areas, i think, that you really have to watch because, you know, as the saying goes, rising tide lifts all boats. if this deal comes through, i think everything is going to get p swooped up with it. and like phil said, i'd be a kid in a candy store. everything is going to go higher. we're going to see a massive move in this market. it's just a question of timing, when and patience. if investors' patience really runs out, that's when i would be concerned. but right now i think in our minds we are looking at the worst case scenario, you know, mid 2020 for something to happen. so i think we've been waiting long enough that i think that horizon really isn't a that far away. liz: you know, you both said kid in a candy store. how about blind dog in a meathouse? >> better, i like that. [laughter] ooh, protein. liz: yeah. that's what they say down in the south. thank you very much, john corpina, phil flynn. thank you. >> thank you. liz: but lack of a signed trade deal, folks, does is have

investors hanging up on one particular name in the dow, and it's cisco. with the closing bell ringing in 49 minutes, the networking giant is the biggest drag on the dow 30 after goldman sachs cut it to neutral from buy, down about 82 cents right now. and goldman also sliced its price target from $56 to 48. not even at 48, it's at 46 at the moment. goldman says blame weakening business confidence and an anticipated spending slowdown due to uncertainty stemming from the u.s./china trade war. the contract war between the uaw workers and general motors has striking members pinching pennies as their struggle enters its fourth week. but if you think these folks on the picket lines are the only ones furious with management, up next we've got someone giving the union workers some competition in the anger department. the businessman who's warning that gm's short memory could cost way more than the strike itself. he's up when " the countdown" returns.

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♪ ♪ liz: all right. let us get you more on this developing story on general motors. the stock may be up on news that there has been a secret meeting between mary barra, the head of the company, and the uaw, but one number in particular is way down. new numbers show that gm car sales in china have been skidding dramatically in the latest quarter, down 17%. and the picture back home is just as turbulent. we're now into week four of the strike against general motors, frustrating employees feeling the pinch nationwide now. we're seeing multiple reports that after missing their second regular paychecks, some workers are scaling back at grocery stores, giving up meals at

restaurants and taking on parking lot-time jobs while trying to get by on a strike paycheck of just $250 a week. if they're angry, the owner of one of the largest retail dealerships in the country is with them. ten dealer locations in the u.s. and says gm suffers from short-term memory loss when it comes to remembering who helped get them through the session. steve califer joins us in a fox business exclusive. who are you furious with, the uaw or general motors? >> general motors and the board of directors. they've had four years to figure out, guess what? there's another labor deadline coming, and this whole idea of this secret, clandestine meeting, principals should be meeting on a regular basis with principals. what's been happening with gm's executives and the uaw for the last four years? this strike should not have happened. short-term memory means someday they could be self-liquidating

again. they're not acting the way they should. liz: okay. then i have to ask you how is it affecting you. we have just talked about how it's affecting the workers. tell me what you see on your lots right now. >> our showroom floor we see customers are very frustrated. not only can't they get the cars and trucks they want, they can't get their cars fixed. the parts aren't flowing. our technicians aren't able to work full workweeks. we, of course, it affects our profitability, but the customers and our employees seem to be damned according to general motors. liz: wait a minute. you're telling me that the parts, a shortage of parts, that's got to mean that people's cars can't be repaired op on time for service, maintenance? >> every day we can't get a part, they're not making them. they have just in time delivery. they're not manufacturing the things that we need to fix these cars. and if i have a long memory, our customers have longer memories.

we are losing -- now, i happen to be, we happen to be a ford and a chrysler-jeep deal, dodge dealership. they're not just waiting for gm to go back to work. their leases are expiring, their a payments are over, they want another car. liz: yeah. >> they're going elsewhere. and they'll continue to go elsewhere. there's always a cycle to a customer, and general motors has forgotten that. liz: steve the, what about this news that we just gave people at the top of the hour that it's been revealed there was a secret meeting between mary barra and uaw leaders to try and find a solution to this? >> what took mary and the board of directors to decide to do that? principals should meet with principals. there should be a monthly ongoing a rapport with your biggest source of work, and that's called your laborers. so this whole idea of this is a clandestine meeting? i say, why? liz: well, yeah. i mean, why haven't they been talking all of this time leading up to it in and you talk about

short memories, going back to the financial crisis when gm had to get a bailout and who gaven concessions? >> the uaw did. listen, i don't want to sound like i'm pro-uaw, anti-gm. i'm pro-common sense. and general motors has not exhibited that, and it's happened not just in this, but it's happening with their marketing. there is a moat around the executive offices of general motors. i think ms. barra needs to tell people don't protect me from the outside, i've got to go on the outside. and it's not just cute or nice or a photographic photo opportunities. we need substance from general motors, not form. liz: steve, good luck. we're watching it, and i really hope that this ends not just for the workers, but for the hard working dealers who made concessions back in the day too. >> we did. we all are in this together, and it's not us against them, it's we are all here together.

now, let's see what gm does. liz: steve kalafer, great dealership on the east coast. good luck to you with, thank you so much. >> thank you. liz: hexo going to pot? the canadian cannabis producer getting smoked after withdrawing its full-year 2020 forecast citing an uncertain environment and slow store rollout. that stock is falling 22% right now, hitting a record low of now just $2.84. and, by the way, it's dragging down the other pot to stocks -- pot stocks. canopy growth is down 9%. aurora, down 6.5%. look at tilray, down 12%. just one of the areas grabbing the company of venture capitalists, but we've got the dean coming up. find out what alan patricof has to say about investing in start-ups and also the wework

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♪ ♪ liz: tim cook defending am's removal of a mapping app in hong kong. the apple ceo says protesters were using this map of the city, hong kong, live. they were using it to track police activity in the city. well, what's wrong with that some people were asking? so in a letter to employees, the ceo, tim cook, said, quote: the app was being used maliciously to target the individual officers for violence and to victimize individuals and property where no police are present. well, the controversy not hitting apple shares at all. they're not just hitting a a 52-week high, they are within spitting distance of an all-time high after getting an upgrade from longbow, pulling it to a buy from neutral. the analyst is citing an

increased demand for new iphone 11 models, and now a apple suppliers are also getting a boost on a report about its 5g prospects. let's go to gerri willis live on the floor of the new york stock exchange -- yeah, when is the 5g phone coming out, gerri? >> reporter: we're hearing late next year, but you never can say with any authority until apple says it itself. two companies on fire today at 5% hy account analysts say these companies will benefit from this move to 5g on your iphone. as a matter of fact, the stocks are up about 5% each, you also see apple cruising higher, close to beating its all-time high. these stocks make radio frequency chips which enable smartphones to connect to wireless networks. that is the secret sauce. and as you know, that is going to increase the speed of your average iphone by 10-40%, so that's a very big deal. analysts raising price, skyworks

to 95. you could also is say they're both outperform stocks. good news for these companies, obviously. liz, back to you. liz: thank you very much. we'll be watching apple til the closing bell, about 34 minutes away. weworks' ipo, who's really to blame for former ceo adam newman's extravagant spending, hiring family members and shoddy bookkeeping? it was a big party, but did his early investors drop the ball, or did they ever even have a grip on it in the first place? up next, the father of venture capitalism, alan patricof, is here. he's ready to point the ficker at the culprit -- finger at the culprits and tell us how he has helped some of the best without stepping into some of the potholes that have sunk weworks. " the claman countdown" is coming right back.

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♪ ♪ liz: when you look at stocks that you invest in, you wonder sometimes how did some of the biggest names we all know from whom we buy, how did they get their start back in the day? office depot, apple, america online, also known as aol, they can thank alan patricof, the founding father of venture capital has current investments that include venmo, the real reel and huffington the post.

cofounder and managing director of greycroft, alan patricof joins us now. thank you so much for being here. >> nice to be here. liz: i really want our viewers to understand how venture capitalism works because there is such controversy right now about start-ups that have gone public and, in many cases, fallen flat on their faces. weworks as an example. you give them money as fertilizer to grow, correct? >> that's a good way to describe it. liz: and what are you looking for? >> the first thing is always the jockey, who's running it, how capable is it, what kind of a team, how can he mobilize other people to follow him. we've found that the best kind of jockey is someone who did it before in a similar industry and then can attract people from his former company to join him, which means they're voting with their careers. whereas we're just voting with our money. and putting that together and

matching it up with a product or a service that there's some background from the entrepreneur makes for a good combination and also probably the third element is the economics of the business. i mean, do the economics make sense. and that's where perhaps wework ran into its problem, you know? did the economics work. no one knows yet because they're still going through the figures with a fine-toothed comb to figure out really does it make money, does it lose money, and if so, does it have a formula for profitability ever. liz: let's go to we wherein work, because you just -- wework because you just talked about the jockey versus the horse. and, obviously, well before in the thing dipped its toe in the ipo waters -- never made it, obviously, but well before it did, people knew that this guy was a partier, that he was hiring his relatives, he was putting them in positions. he had bookkeeping that didn't hold up at the moment, and yet venture capitalists that got in there -- you were not one of

them -- >> no, i was not. liz: did you pass on it? no, but i knew adam newman, and i met him on one occasion and i went to see the facilities early on and, frankly, when i walked away from the second visit i said, wow, this is the future of retailing. at the time i was on a new york stock exchange-listed aaa office company, and i said, guys, you ought to watch what they're doing, because it's a very exciting concept. what adam did in terms of building it and where it ended up is a whole different story. liz: okay. but something told you that you weren't going to commit capital there. >> well, i don't want to, i don't want to put it down. they weren't raising money at the time i went to see them. i just was interested in the concept. liz: how much, i guess, do earlier stage investors or have responsibility for what happened at wework? i mean, in essence, you had the late stageuys g like softbank coming in at a $47 billion

valuation. that clearly has been a mistake. you're always looking for an exit, are you not? >> absolutely. you don't go in -- we're all, anyone in this business has usually a ten-year fund. maybe someone has a seven-year fund, but it's a ten-year fund that whether you like it or not ends up being 12 or 4 before you can dispose of your entire portfolio. so it's not a forever fund. whereas there are some forever, what they call evergreen funds. i don't know what softbank's characteristics were, but it's unusual to have an evergreen fund. liz: at some point though how does a venture capitalist now who's dealing with limited partners or investors look them in the eye and simply tell them, you know, we're ignoring what's right in front of our faces in some of these cases where they go public, and it's not been a good situation? >> well, i think that you're hitting on the heart of it. i think that the person who really is a good venture capitalist is someone who really does pay attention to the numbers and does pay attention to what the company's doing and

asks the right questions and tries to impose, from a director's role only not in an operating role, the right conditions and does question steps that are being taken. and along the way, i have to say i, if i had been on that board or many other people i know in the venture business, they would have questioned what was going on and questioned the economics and done the things. but -- liz: i mean, they bought a plane? i don't mean to harp entirely, because we're going to move on to what you love right now, but before they even went public, they bought a $16 million plane with venture capital's money. >> i think what happened was they were all seeing the pot at the end of the rainbow and that we were very close. and remember, he had a very significant supermajority class of stocks. so he had the votes. he had put the people on that board, so that's a very difficult thing to offset.

we don't go into companies, for the most part -- as far as i know -- that have voting classes with two voting classes. liz: let's talk about a what you are doing, the real reel. you committed a lot of money to that, and it has eventually gone public. it's now public. this is -- >> selling at a premium, i'm happy to say. liz: good. and it has turned luxury fashion up on its head. it's amazing. but what did you see in the real reel that told you i'm getting in on this? >> well, honestly, that was done by one of my partners on the west coast, a woman, who did a -- who believed in it from day one . anyone who meets julie wainwright who runs it, it's somewhat of an infectious idea. and the whole concept of recycling premium luxury goods because, you know, most every woman probably would like to own one of the brands that they have whether it's hermes -- liz: i would.

>> sure. so does my wife. but the purpose of buying because they can get pretty, almost perfect merchandise at very, very inexpensive prices. liz: the sock is up 5.5% right now. ood. liz: i'm sure you're thrilled about that. venmo is another one. obviously, owned by paypal, but now there's something called zel which is citibank's in on it, wells fargo -- >> well, first of all, obviously, it's not a venture-backed company, so i'm not aware of the intricacies. venmo was a pure start-up. i forget how much was put into it, a couple hundred thousand dollars. and very honestly, there was a point we came within the first year or two where things were growing but we couldn't, as venture people, support the growth. we sold it to a company called brain tree that sells to paypal, and paypal has -- with their huge assets behind it, they made it a huge success, and it's a very big part, as i understand, of paypal today. liz: what's your most exciting

investment in 2020 as you look ahead? >> that's the old story, what's your most exciting child. [laughter] where i personally just closed a deal with a company called lex which is a new concept of a real estate equivalent of, let's say, nasdaq where you can buy it, sell minority interests or small interests, less than majority interests in real estate. and that is going to be qualified for non-accredited investors. we've also done several investments in the podcast area, the most prominent is called wondery, dr. death and dirty john -- liz: don't ignore everyone talks to liz, that's my podcast. [laughter] >> sorry, everyone talks to liz, don't forget that one. but we've also invested in a company that's doing ad attribution called pod sites for podcasts, a company called glow which is going to offer subscriptions for podcasters, a company who's going to measure

how the content people measure theirroducts. so we're trying to get around the whole podcast business. liz: regrets. the ones that you passed on. >> i'm most famous for telling all the time how i missed on starbucks, and that's because it came from one of the people in, at that time, in an office -- this was years ago -- who was in seattle and told me about this new concept of a coffee shop. and i said in new york we have a coffee shop, two or three on every street the, certainly on every corner, what in the world do we need a new coffee shop. and i just, i -- and we, but i'll say i -- didn't, couldn't understand. i was too parochial. i was seeing my own narrow market. it was a new style -- liz: well, they should have said bar versus shop. coffee shop, you know, it seems like an old -- >> hanging out, working, enjoying, socializing. you didn't do that in the luncheonette counters of new

york. [laughter] liz: nor l.a. alan, thank you very much. not to rub it in, but starbucks is now $85 a share. [laughter] >> and they have 10,000 units as opposed to three or four when we looked at them. liz: listen, could have, would have, should have. alan, thank you so much. >> thanks for inviting me. liz: alan a patricof. we appreciate you being here. way moe signals its next move. remember when we took an exclusive ride in the autonomous ride-hailing cars earlier this year, right there in phoenix? well, now the self-driving taxi service is taking a next step into the great unknown. we are going to tell you what that is in just a moment. and check this week's everyone talks to liz podcast episode, featuring market wizard larry heit. it is the most inspirational, aspirational story of how he beat the odds not just in investing, but in life. born partially blind with a

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were you going to tell me about this? i know ian't afford to go. i still have this car so you can afford to go. i am so proud of you. thanks. principal. we can help you plan for that. start today at principal.com. ♪ muck. liz: waymo is apparently ready to give its safety drivers the heave ho. waymo, which began as alphabet's moonshot company announcing to itself customers via e-mail it will soon be sending out its autonomous cars -- seen right there -- to pick up these customers now without any safety driver behind the wheel. totally autonomous. currently, its self-driving cars, of course, are still monitored by safety drivers in the drive's seat just in case something goes wrong. google up less than a percent in trading today. again, waymo is spun off at the

moment, but we are watching -- [laughter] look, mom, no dreier. all right. while we're on the auto track, waymo's not the only car innovator in the news, tesla warning users in california you guys need to top off your batteries before a planned blackout rolls through the state. to connell mcshane with a prerue of what's coming up on "after the bell." com, you know, waymo, i was in there. i thought it was very cool. i would do it, it was so controlled with no safety driver, i'd do that. connell: you know what? me too. i know a lot of people are nervous about it, but i actually want it to take my kids to soccer practice. that was my whole idea. [laughter] liz: go, please. connell: i would too. my logic has always been that most of the accidents on the road are csed by humans making stupid mistakes, so the quicker we can perfect this, the better. after the bell we will go out to california, talk more about this story. you mentioned he's tesla -- tesla, so many questions are being asked about what could have been done in the past that

would have put us in a better position than we are now. james freeman from "the wall street journal" on that and more. and, you know, the other thing obviously, liz, as we close it out in, what, 14 minutes or so, edward lawrence will be reporting on china, we have a china expert on, so we're going to talk about a what we can expect tomorrow because we should have president trump in our hour. he's supposed to leave the white house on the south lawn, maybe make some excellents ahead of his big -- comments ahead of his big meeting tomorrow. liz: that is what moved the markets today, was the president tweeting that. we'll be watching for news. thank you so much, connell. we've got the closing bell ringing in and minutes. up next -- in 13 minutes. up next, charlie gasparino is moving stocks with exnews on what's really happening with that lawsuit filed by state attorneys general against t-mobile and sprint. charlie's rushing down to the set right now, he's going to break the story next on "the

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with peace of mind. call... and ask about saving $1000 on a walk-in bath, or visit kohlerwalkinbath.com for more info. ♪ ♪ liz: all right. we need you to take a look at some intraday moves. t-mobile's stock popped after charlie gasparino sent out a tweet involving a a lawsuit against its merger with sprint you can look at sprint as well, and here's the tweet. charlie gasparino tweeted, quote: breaking news, t-mobile/sprint lawyers say more state ags will join mississippi's ag and drop suit to block the t-mobile/sprint merger. and now you've got more breaking news. >> right. that ag in mississippi is tim hood, as you know. the name i hear they are targeting now to join the coalition of about eight state ags, mississippi now, kansas, florida, louisiana, nebraska, ohio, oklahoma, south dakota is

texas ag ken paxton. logical choice to join the coalition of the willing, so to speak. he's a republican. many of the state ags involved in trying to block in the deal are democrats. as you know, this deal got approval from the u.s. department of justice and antitrust division, a republican antitrust division after many -- remember, this deal's been going on for a long time. it was blocked in the obama years, the trump antitrust division has approved it. it now is facing a serious threat to it by state ags led by laticia james of new york. and, you know, that coalition is laely democrat. now, they are picking off shares state ags. the mississippi state ag, tim hood, i believe, is a democrat. but ken paxton is a logical choice to go after as a republican. what we're hearing insides from the legal team, and it's a war room. you know, they are meeting every day to figure out who they can pick off one by one to join and support the merger before the

december 9th trial date in the u.s. district court in manhattan. that's where the rubber meets the road on this thing. so they are looking every day to pick i off. there's a logical one i hear they're going after now is texas, and if they get that one, it's pretty big because texas is a huge state, as you know. lots going on t. initially, ken paxton said he was going to oppose the deal, right, join the coalition. one reason he probably didn't is, you know, in his state is none other than at&t which probably sees sprint/t-mobile as a major competitor. that said, ken paxton is a republican, and he's much more free market than laticia james, and he would also be bucking the trump administration and getting on the wrong side of his party if he stayed against this deal. and i think that's the legal argument -- that's the argument that t-mobile and sprint's attorneys and legal team are making. but coming into the -- i mean, why e do they have to pick off these companies, these state

ags? let's face it, so when they go before the federal court in new york in december, they're going to say, hey, it's not -- this is political, you know? laticia james, whoever the california ag, you know, they want to block this deal to screw donald trump. and if look at all to coalition that we have on the other side that's saying this deal should go through. liz: t-mobile and sprint have divested -- >> yes. liz: -- they have made very clear promises they will not lay off workers or hike prices. what part of this is such a problem? >> you know, you've got to talk to them. it's very theoretical on their point. listen, sprint may not exist if it wasn't for this deal, just so you know, and that's what got it through the justice department and, of course, the dish deal. look for more state ags, i'm being told, to join the coalition approving the deal. target is on texas to get them to switch. liz: charlie, thank you. we'll coming right back.

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♪. liz: we have some breaking news. take a look at the u.s. trade representative's office. doesn't look like a lot of activity here. that is because the talks just appeared to end for the day. treasury secretary steve mnuchin just departed we're told. liu he, the vice-chair of the chinese government he left. tomorrow is supposed to be a big day where he meets to face with president trump. the dow up 159. s&p up 19. what is the key to the next run in the bull market if there is one? icon advisor greg callahan, he says he has the callahan key. what is that, greg?

>> we would expect the next move to be higher. >> liz: even with the runup we've seen and near record highs? >> we never use pe or price to book. we compute intrinsic value. our value guide has been a great guide the last 10 years in this bull market. we still think it is. liz: looking at s&p 500 yield at 1.94% and 10-year yield is 1.66. your key is when the 10-year yield goes above the s&p, is that it? >> that is unusual. happened five times since 1962. happened in 62, 2018, 11, 12, and 15. on average after those reversals the yields are like that the s&p 500 advanced 22% over the next year and 46% over the next two years. so it is telling us that people are afraid of stocks. they love bonds. so bonds are expensive and

stocks are cheap. [closing bell rings] liz: great to have you, craig. come back when that actually happens. craig callahan. green on the screen. trade holding the key at least for today on stocks. melissa: trade hopes lifting stocks in day one of crucial stocks happening in washington. major averages ending the day in the green. ahead of president trump's high-stakes meeting with china's top trade negotiator tomorrow. the dow ending up 155 points, but off session highs. s&p 500, and the nasdaq also ending in positive territory for the second day in a row. i'm melissa francis. connell: there you go. i'm connell mcshane this is "after the bell." we'll have more on big market movers. here is what is new at this hour. president trump expected to leave the white house shortly, making his way to minnesota, have a campaign rally there