. >>> last month we got behind valero, bowling, a sport that i like very much unlike most backs, they're a business with strong sales and excellent earnings and a generous buyback valero reported a mixed quarter, less than expected earnings and because they've previously been questioning the east stimates, y are great at the quarters therefore i think that's why the stock declined 1.8% yet and 4.5% beating today virgini valero is back to where i recommended it are you getting another bite to the apple or is there a reason to be cautious let take a look with the founder to learn more about the quarter and what is next welcome back to "mad money." >> jim, good to see you again. >> tom, i got to tell you, i went over the numbers and i know that maybe it's because i like bowling so much or i like the long-term idea i thought the quarter was fun. no surprises in it if anything, you talked about how leagues are coming back with a vengeance and parties are back with a vengeance and therefore it was a good quarter in my eyes but maybe you can enlighten the viewers where you think some of the str

they invited chevron, marathon, phillips 66 and valero.you can see, the table was empty. >> we asked each of them to participate in this hearing and each of them refused. it is unprecedented. we have had hearings and workshops with every energy in the state. i have never had an industry not show up? >> what if we didn't show up? >> those five refineries make up 97% of the gas supply. commissioners want to know why prices shot up in the fall . it is over two dollars above the national average. only about one dollars worth. they know that during that time crude prices actually declined . at its peak in june, the statewide price at $6.46. today it is $4.99 which is still nearly $1.50 above the national average. this is a preview of what we are going to see in a special legislative session that will happen next month. it is rd you ink that that is a deal now . >> if everything was above board with the oil companies, wouldn't somebody show up to say so? >> we show up but we are not the oil company. >>> and if there is a rail strike, those price

the california energy commission invited major companies like chevron, philip 66 and valero to the tableou can see from this video, governor newsom tweeted out, the table was empty. >> we asked each of the five major refiners to produce a bit in this hearing, each refused. >> i think that is unfortunate. i told them so, and it is unprecedented. >> commissioners want to know why california prices suddenly shot up earlier this year. putting the state average of more than $2.60 above the national average. they said that california's higher taxes and fuel requirements account for some of that discussion see, but only about a dollars worth. the statewide average for a gallon of regular hit $6.44. today, it is $4.99. that is still nearly $1.50 higher than the national average. we will talk numbers, we will talk weather. when i see $4.99 i think oh, that's a deal. and truthfully, it's not. >> i don't look. >> you don't look because you are electric, that's right. >> yeah. i philip a generator, and i look then. but when you were only looking every month and a half it doesn't sneak up on you. >>

but the state's major oil refineries, they're not attending chevron valero marathon phillips. 66 and pbf energy all refused invitations officials with the western states proposal, a petroleum association are representing those companies. instead, lawmakers want to know the reason for record-high profits by oil companies at their peak gas prices here in california averaged $6.43. that was said to 60 more than the national average at that time. >> as we mentioned at the top of the hour, it was a historic day in the u.s. senate. is lawmakers passed a bill protecting the right to marry for same couples among others. our washington, d.c., correspondent raquel martin joins us now live. raquel, what exactly does the bill do? >> good evening bill update. a 1996 law called the respect for marriage act. now back then senators define marriage as between a man and a woman. this new bill will reshape that definition to include same couples. it requires the federal government, regardless of state laws to uphold that promise. >> what a great day. 7 years after the supreme court upheld the right to

i know valero is a name you liked and energy is taking off and pulling back a bit.althcare. those are the areas that you feel comfortable with. the conglomerates and construction builders and those first sources with another one that i like. >> steadily outperforming and overall in the up trend in the past four months but nice defensive names they don't take such a hard hit when the market does pull back when they're disappointed by what the fed's doing. charles: and they make money. jaire they make money. >> you might want to own stocks and make money. erin, thanks a lot. appreciate you. charles: coming up, my take away on the celebrity culture that's been destroying our mind and now your wallet. we'll be right back. ♪ all k k kd ofit'seenocietetetgy sortrtrtf awawawl fofofoour enen ititit c t t tse s s sof untititic expepepeationsd force,e,e, t t tnk eveveven unuc but thththeconom c c cts contite tototolimbs welllllland ititit t just a a a maiaiain stststethene ofofof walalalstreet andndnd esy silililin vallllllavfallenenenor d sinknknk...tststhook, linenene ththt

stocks -- >> you maintain your overweight exposure, and you are okay owning chevron, con phillips 66, valerohese are all the companies that i believe rightfully belong in a diversified area >> exxon, yes, you own it? transocean >> yes, and that's on a spectrum of beta to oil that's just the straight way to play it. if you want to play it safer, play it with a pipeline, and you can pick up transocean and that's risky i think this was a head fake to the down side on oil more importantly, you have got sanctions about to bite on russia maybe the sanctions won't hold, the price cap and a lot of questions, and steve said it was the stupidist thing he heard, and these sanctions are likely to bite on the margins in terms of the supply. and that's being papered over by what joe -- >> you said the implication is you think they will go way up? >> yep >> you said exxon or schevron. you said you could own both. they both had a great year you will take 51% or 77%, and 77% is exxon why is the out performance that dramatic >> it's the geography of where they explore and where they produce, and sometimes the

philips 66 and valero and it is marathon petroleum all four stocks within that oil refining subindustryht there. when strength in that group is driven by one or two stocks but across the board charts tell a story there and we're paying attention a lot of those names have either already broken above summertime highs or we think are positioned to do so so for those reasons we do see a high conviction breakout of play. >> kind of sell thechlumbergers? >> you run risk with a long-term down trend picking back up. >> ari wald, good stuff. see you soon. >>> we mentioned opec sunday yes, sunday meeting. thanks, opec a lot going on with oil in the next week or so. okay not only do we have china concerns a calendar what's coming up. december 1st, couple days from now, spr sale, latest one. 15 million barrels between 1st and 15th of the month. that's start up. certainly contributing some of the lower prices december 4th is that opec meeting in vienna, austria russia is expected to be there on december 5th, the monday, the full oil sanctions from the european union are expected to kick in. now, we

defensive so far this year we were adding cyclicality, but trimming names we like trimming mastercard and valero as well. i think you want to have cyclical exposure. the market will be volatile and you want to participate in the bear market rallies going on you still need to have the defensive posture. i think most importantly take a step back and look at what allocations make sense global equity with dividends covered call strategy. neutral strategies with long and short positions. these are the areas you need to look at in order to take advantage of the volatile market >> victoria fernandez, thank you. that does it for us here on "worldwide exchange. futures lower. dow implied lower by 130 points. "squawk box" picks up coverage we'll see you tomorrow ♪♪ ♪♪ be ready for any market with a liquid etf. get in and out with dia. these days, our households depend on the internet more and more. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us. so you get more of the speed you need for day and nig

that was mike valero reporting. i'm fredricka whitfield.t at 7:00 eastern time. >>> but first cnn "newsroom" continues right now with jim ac acosta. >>> you are live in the cnn "newsroom". i'm

. >> valero. >> victoria?ll right carrie >> home depot. if rates are peaking, that's a place you want to be the stock is down to below market multiple. >> i'll meet you at home depot at 250 >> i thought you were going to talk about skyworks. i did, but -- skyworks, the stock's barely down, despite the apple news 50%, 70% of the news comes from apple. to me it seems washed out, but i have to do more work >>> thank you, guys. i'll see you all in "overtime. >>> "the exchange" is now. >>> thank you, scott, welcome to "the exchange. two tech titans taking a hit apple, and meta planning large-scale layoffs this week. a lot of questions remain. >>> plus, do not let today's 70-degree weather fool you winter is coming it's going to be cold. there may not be enough energy to keep

that was mike valero reporting. i'm fredricka whitfield. don't miss "the situation room" with wolf blitzer tonight at 7:00 eastern time. >>> but first cnn "newsroom" continues right now with jim ac acosta. >>> you are live in the cnn "newsroom". i'm jim acosta in washington. one more seat. that is all democrats still need to maintain control of the senate. and today it's all eyes on nevada in a nail-biter of a race, where every last vote will matter. and more results are coming in today. look at this. fewer than 900 votes celebrate catherine cortez mass sew and the trump-backed republican challenger adam laxalt. democrats getting a boost after the senate race was called for mark kelly over another pro-trump candidate blake masters. he has not called to concede. democrats and republicans with 49 seats. they are so close. democrats, if they get one more, kamala harris would be the tie-breaking vote. republicans look better positioned to take control. that, too, is still being decided, vote by vote, race by race, as we are coming to you right

valero, we muet them. this is a spac rolling boiling allies making them cool, too it's a fun thing their printing money i want to own this one ahead if you want a speculative stock now, thursday, while it starts like at 4:00 in the morning like ally bue alibaba. i think the chinese government wants a good number. they want american investors back in the stock market and need the money and, you know, the easiest way to lure americans back in is have alibaba have solid results and commentary shook off by the government it isn't the first sam freedman bank but i'm sick of trusting the chinese government alibaba will be hostage to the party. this quarter that might be good for them, next quarter might be bad. two tough ones, kohl's and gap kohl's preannounced an okay number, i don't want to stick around for the holiday projections as i do like the interim ceo who takes over next month, as for gap, it's incredibly inexpensive unfortunately, gap is fighting for its life in a contest and i don't want any part of

. >> reporter: in los angeles, i'm mike valero reporting. >>> coming up on cnn, dana bash talks to representativesenator chris murphy.

s&p 500, biogen, moderna, valero energy.nies are at the top of all these winners list. top of the nasdaq. netflix up nicely this morning up $10. 3.7%. amd got a couple of positive upgrades. amd up 2%. dollar tree doing well. >>> inflation hitting childrens toys ahead of the holiday shopping season, wouldn't you know it. lauren, toys are getting smaller? lauren: an cheaper. if they're smaller and cheaper. mgm entertainment, know them for lol. they're making 200 does costing un$10. they had 10 or 15 toys that were that cheap last year. this was huge hit t comes in a downsized version. it costs $25 versus 40. they have the three inch dolls called fashion figets. there they are. selling on amazon. they are $8 each. they have 2-inch brats dollars, they are smaller. this is smaller cheaper for the company to switch. i'm saying easier for the parent discard. stuart: it is true. lauren: it is true. stuart: i use in america, lived here for 50 years. you never use the word cheap. lauren: i use it all the time. real cheap say it is che

. >> reporter: in los angeles, i'm mike valero reporting. >>> coming up on cnn, dana bash talks to representative adam schiff, governor asa hutchenson, and senator chris murphy. \s >>> it doesn't stop. another holiday marred by tragedy. >> i'm going to try to get rid of assault weapons. >> is there any chance for that, and would it stop most gun violence? >> senator chris murphy joins me next. >>> table for three. former president trump sits down with rapper ye and a prominent white supremacist in mar-a-lago. how is his party responding? arkansas governor and potential 2024 gop candidate asa hutchinson is ahead. >>> plus, deep dive. as the january 6th committee prepares to release its report, questions arise as to what will be included. >> please remember what's at stake. >> what will the months' long investigation reveal? democratic committee member adam schiff will be here. ♪ >>> hello. i'm dana bash in washington where the state of our union is gearing up for the holiday season. president biden returns from his thanksgiving break in nantucket today as he and his party look ahead to an ambitiou

all five oil companies marathon valero phillips, 66, pbf energy and chevron rejected invitations to attend. the hearing comes nearly two months after the commission demanded answers from the oil refiners about why gas prices neared record highs in september and october. that is when california prices averaged $6.43 per gallon that was $2.61 higher than the national average, the largest gap ever. california requires the burning of cleaner fuel to reduce the negative impacts on our residents. fuel costs a bit more state taxes are higher than average around the country, and we have environmental fees designed to address the threat to life on earth that we all know is posed by the burning of fossil fuels. but these factors only account for about $1. and they didn't change between september and october, so they can't be the cause of this unprecedented spike to 2061 cents higher. governor newsom has called for a special legislative session. he's asking lawmakers to draft a bill that would impose a new tax on any oil companies that make what he calls excessive profits. chevron is preparing to mak

we begin in ukraine where president, valero me, zalinski has cast doubt on russia's announcement. it's withdrawing from the key southern city of her phone for several weeks. ukrainian forces have been advancing in that region. rushes defense minister says he's ordered a retreat to be a st in bank of the didn't a pro river near the sun, but ukrainian officials are worried that troops may walk into booby traps and more tax federal and from your associates. having comprehensively assess the situation, i propose that we take up defensive position along the left bank of the denay pro river. i understand this is a very difficult decision. at the same time, we will save most importantly, the lives of our troops and the overall combat effectiveness of our forces, whom it is futile to keep on the right bank in a restricted area. in addition, it will free up some forces and means they will be used for active operations, including offensive ones on other fronts, monitors which hidden attack. yes, those that are unique to understand that no one just goes away. if he doesn't feel the pressure

chevron valero marathon phillips, 66 and pbf energy all refused invitations officials with the westernn are representing those companies. instead, state lawmakers want to know the reason for the record high profits by oil companies at their peak gas prices in california average $6.43. that was about 2 and a half dollars more than the national average at the time. breaking news just into the kron. 4 news room. the senate has passed legalization cementing a federal protections for same marriage. it is a historic step that follows months of bipartisan negotiations and puts the landmark bill just steps away from becoming law. the respect for marriage act passed in a 61 to 36 vote with 12 republicans joining all the democrats to advance the bill across the capitol complex. the measure requires 60 votes to pass. the proposal puts into law protections for same marriages that were initially handed down by the supreme court back in 2015 and that some feared could someday be in jeopardy after the high court overturned roe versus wade. the summer. so the bill that is now passed in the senate goes

all five oil companies in california marathon valero phillips, 66, pbf, energy and chevron were invited to the hearing. but none of them attended. the commission has asked oil companies to answer questions about their profit margins and why california had near record high gas prices in september and october. energy researchers say. during that period, california prices were $2.61 higher than the national average. that's the largest gap ever, the experts say. california's higher taxes, environmental fees and the cost of the state's special fuel blend only account for $1 of that markup. california has fewer gas stations per car, and it has far fewer off brand gas stations, the ones that tend to have the lowest prices and put the most pressure on the branded stations to lower their prices. so california's market just doesn't seem to be as competitive as the market in other states. a spokesperson for the oil companies said they don't know the reason for the price spike. governor gavin newsom has called for a special legislative session on december 5th to examine the state's high gas prices,

all five oil companies marathon valero phillips, 66, pbf energy and chevron rejected invitations to attend. the hearing comes nearly two months after the commission demanded answers from the oil refiners. about why gas prices neared record highs in september and october. that's when california prices averaged $6.43 per gallon that was $2.61 higher than the national average, the largest gap ever. california requires the burning of cleaner fuel to reduce the negative impacts on our residents. fuel costs a bit more state taxes are higher than average around the country, and we have environmental fees designed to address the threat to life on earth that we all know is posed by the burning of fossil fuels. but these factors only account for about $1. and they didn't change between september and october, so they can't be the cause of this unprecedented spike to 2061 cents higher. governor newsom has called for a special legislative session. he's asking lawmakers to draft a bill that would impose a new tax on any oil companies that make what he calls excessive profits. water main break shut down

but the state's major oil refineries are not participating in this chevron valero marathon phillips. 66 and pbf energy all refused invitations officials with the western states petroleum association are representing those companies. instead, state lawmakers want to know the reason for the record high profits by oil companies at their peak gas prices in california, average $6 and $0.43. that's about 2 and a half dollars more than the national average was at the time. still ahead here, the parents of college soccer player katie meyer filing a lawsuit in her death. what we know so far. >> plus, officials calling it the deadliest animal health disaster in history. the staggering death toll from this year's bird flu epidemic. (vo) it's a fact! two out of three americans who qualify for medicare do not receive all the benefits they deserve. you could be missing out! now anthem blue cross introduces a free medicare plan checkup to make sure you receive all the benefits you qualify for in 2023. call 1-866-336-3448 today and receive extra benefits for a zero dollar monthly premium. benefits l

marathon valero phillips, 66, pbf, energy and chevron have rejected invitations to attend. the hearing comes nearly two months after the commission demanded answers from the oil refiners after gas prices near record highs in september and october. that's when prices averaged around 6 43 a gallon and spiked $2.61 more than the national average. california requires the burning of cleaner fuel to reduce the negative impacts on our residents. fuel costs a bit more state taxes are higher than average around the country, and we have environmental fees designed to address the threat to life on earth that we all know is posed by the burning of fossil fuels. but these factors only account for about $1, and they didn't change between september and october, so they can't be the cause of this unprecedented spike to 2061 cents higher. governor newsom has called for a special legislative session for lawmakers to draft a bill imposing a new tax on oil companies which make excessive profits. any meaningful action is not expected until january. covid-19 lockdowns, triggering massive protest

valero i don't know pick them out of a hat >> and 40 plus in free cash flow is incredible, those numbers >> how about aramco. say we will put a 50% tax on you. >> we will lower gas prices and make the saudis pay for it >> i'm the chief prop began difficulty >> we did talk 12 million barrels a day yesterday, according to government data that is a post covid high. take a look at futures more "squawk on the street" in a moment and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com to adapt in the changing world, you could hire a professor of theoretical mathematics. we all know this equation, right? he'd crunched numbers day and night. that's it. to maximize profitability. morning. i have quarterly numbers that are beautiful. and forecast revenue from every corner of your organiza

. >> we're talking about valero? >> can you just hear me out?>> i'm looking for signs that there are people who want to come back to work. >> okay. >> last year, they had no one. they were desperate to find people to work at the lanes. now it's easy as pie i'm hearing this, at restaurants, that people have returned now, if the fed were to just wait a little more than, i think they would find that people are coming in from the sidelines that child tax credit was a very big tax credit but the fed wants to press the bet. i think people are coming back to work. there's a big immigration period >> your point about coming back to work, labor has never -- it's not as though labor has sold off at all >> i think -- >> isn't that what you've said we need? that could happen. >> because if we saw two quarters -- >> because we're -- wait >> no, james gorman came on the show and we -- >> from morgan stanley, yeah >> we said, if you get 4% unemployment, the drum beat is going to end for rapid rate hikes, but we don't have that. i am trying to get ahead of what