profitability full year 37 so we expect to deliver for 2021 >> so you'll be ebitda profitable in 2021hen you start to break even okay i'll ask you the same issue. how can you give this kind of timetable when there are still so many uncertainties out there particularly regulation as it pertains to your drivers you've got that gig economy that could raise costs significantly. >> so there are certainly many uncertainties out there, but what gives me comfort is you look at our ride segment of 631 million. that's up 52% year on year our business already pays for the -- i think we're just getting started in terms of the work we can do to increase rates, ebitda margins for that segment. up significantly and we think we can continue it. when you look at california, california ngts for about 9% of our bookings on a gloenl bbal b. so there's an initiative out there. we think we can get to a better answer but from an overall financial standpoint, we're a global company. we're diversified and we think we can get to 2021 profitability with the tail winds in the business and despite some of the reg

. >> we increased our 2019, the midpoint of our guidance and as far as ebitda goes by $250 million, and'll tell you, while we haven't finalized our planning and it's going to take a lot of hard work from a lot of folks, we are actually targeting 2021 for adjusted ebitda profitability full year. >> reporter: i also checked in with oppenheimer's to get his take on the quarter. he says the ride business was quite healthy, revenue was up 23%. he says there will be questions around eats, specifically with revenue largely in line on lower eats gross bookings. profitability metrics, at least his estimates he said were better than expected he was actually modeling 2022, so the goal there of 2021 ahead of schedule for him. on the call which just started khosrowshahi started off with regulations, noting that they'll continue to focus on productive engagement the regulations here in california have generated a lot of interest. lawmakers here would require the workers to be reclassified as employees instead of contractors. khosrowshahi says they're putting a ballot to voters here in california on t

break even roughly, and we're slightly positive on ebitda basis.think that's the right balance with not having negative cash flow, investing incremental gross profits back into the opportunity. it is a huge opportunity for us at least, we are focused on maintaining our lead and growing our lead as the world transitions to streaming we don't want to lose money, we also think it is wise to keep investing back in the business >> anthony wood, easy to come on when the stock is up, we appreciate you giving insight even when not everybody is buying anthony wood, great conversation thanks for being with us >> thank you still to come, the return of trevor kalanick. the new startup, and how uber tsacrsn. ea fto i man: how can i deliver superior long-term results? it begins with a distinctive approach to managing money. that for over 85 years has focused on keeping confidence up when markets are down. an approach where portfolio managers work well independently. and even better together. who don't just invest, but are personally invested. can i find a proven

guys that 1.5 ebitda are the ha hafls. diamondback energy priced $3 billion worth of debt at 3.5% or lower that's pretty favorable. that's what you're going to see going forward. we expect that's going to continue for the next six months at least. >> is there any place to hide out for our viewers that are looking for a bargain? >> at some point the stocks either bottom or disappear >> look, we think we're in the seventh inning of this decline, maybe the eighth inning. we have an opec meeting coming up here. you're not going to -- one of the things we're telling our clients is we need to see demand improve, and right now the supply and demand is out of balance by at least 6 to 700,000 barrels. that's going to provide a lot of headwind we're telling people to stay in the conocos, the diamondbacks, eog pioneers, and the guys that are the have notes at this point in time, the names like chesapeake, an ter roe, whiting, oasis, stuff, guys like that, that is not a secret, and those are companies that have been beaten down over t

on the call, they said they would be profitable on adjusted ebitda.21 what uber is targeting. does this target a resolution in the california bill make drivers possibly being categorized as employees, not just contractors which some say will hurt the business model. dara says, they are anticipating that they will still be profitable despite out come in california. will this be taken across other states? they say at this point they don't anticipate that happening. california is 9% of rides or eats. there is a better solution than this ab-5 bill which will categorize drivers as employees, not contractors. they're working through it. they don't see it impacting the business just yet. what about the lock-up period? we know early investors sell out of their shares on wednesday? uber's ceo says there is no particular amount of shares that they see hitting the market. they don't know how many will. they see sideline pent-up demand for the stock if and when it hits the market. that sounds pretty positive. back to you. melissa: susan see you at top of the hour

with six key areas of focusment most critically, though, he said that wework aims to be adjusted ebitda positive by 2021 and free cash flow positive by 2023 remember, guys, the company lost more than $1 billion last quarter alone so that is a long path to get there. in terms of the six areas of focus, they include things like monetizing spaces, expanding geographically in a smart and profitable way diversifying the way the business is operating by looking at more jvs, revenue sharing, and potentially franchising in the long-term. guys, more details to come out of that. but wework declined to comment back to you. >> deidra, thank you very much we are just moments away from a vaping meeting at the white house. the idea is kind of neck snapping featuring a diverse group including representatives from the vaping industry, medical associations, and advocacy groups. eamon javers is outside the white house with details hi, eamon. >> yeah, tyler, that meeting starts within the hour we've been seeing some of the presidents and ceos of these various companies and organizations arriving here at th

we increased our 2019 midpoint of our guidance and ebitda by 250 million.tell you, while we haven't finalized our planning, and it is going to take a lot of hard work from a lot of folks, we're targeting 2021 for adjusted ebitda profitability full year >> sort of echoes of what lyft said last week street is mixed on this. i saw price target cuts and raises today. >> you got rbc saying that there is 1.7 billion shares about to be unlocked. web bushes is has 163 million, interesting there was a dispute on that. this is one of those calls, you're listening, good, good, good, good then you get to uber eats and you say what why are they in that business? why don't they cede that business that would make it so 2021, maybe third quarter of 2020, that was the big issue you got grubhub last night shake shack talking about it last night this is a bad business it is bad for them maybe worse than others. >> gross bookings almost missed estimates. uber eats missed nelson, the cfo on the call, talked about nearly 100 cities adjusted ebitda margin positive for uber eat, b

. >> it looks to be ebitda positive they said ebitda margin was 22% which sounds great they talk aboutmarkets having an ebitda markets having 60%. that excludes 620 million in unallocated gna and platform r&d which is a pretty big number for the quarter. they sort of set that aside, but they're just sort of covering that unallocated gna >> you like lyft more but lyft is not profitable. it's just ride hailing at lyft they don't expect profitability on an ebitda basis until 2021, is that correct? they're behind uber on profitability for ride hailing. >> yes lyft has said exiting 2021 they expect to be profitable. >> uber is there already except for the 600 million definition >> exactly i think the market expects lyft is being a bit conservative with that time line and can actually beat it. look, the reason we prefer lyft is just visibility plain and simple if we had a super long-term time horizon, say three to five years, you know, wethink maybe uber's interesting for folks with that type of time horizon over the next 12 to 18 months, uber is fighting a lot of battles on a lot of fronts,

if they can get to that positive ebitda, you will find a broader group of investors willing to invest in this name and put multiples on ebitd rather than relying on a multiple revenue or bookings. taylor: lizette chapman, thank you for joining. walter piecyk will be sticking with us. i want to go to roku. shares are plunging as much as 17% after the video streaming company posted third-quarter earnings that missed analyst estimates. we will explore demand with increased streaming competition from disney and apple. we will be looking at that throughout the hour. also on the earnings front, i want to take a look at qualcomm. shares rose after hours on wednesday. that is after the chipmaker reported fourth-quarter adjusted earnings-per-share that did beat estimates. it also says fiscal first quarter revenue will be $4.4 billion to $5.2 billion. qualcomm also projected strong revenue with 5g technology which debuts later this year with samsung headsets. there's also wall street optimism for relationships with apple on future versions of the iphone and 5g. coming up, we will get the latest

taylor: tom, you can see the full-year adjusted ebitda loss, how much is that an encouraging sign they are able to raise prices on the consumer? tom: i think the improved outlook is nice. i am not sure it is enough given the way that investor expectations have shifted a little bit in regards to the high-growth names. investors are scrutinizing profitability a lot more and i suspect that, had uber provided more of a step function change in the ebitda outlook, as opposed to a modest tweek -- it is hard to call it modest but i think the stock would have reacted better if they were able to move that needle a little bit more. taylor: we spoke last week when lyft came out and said they would be profitable by 2021, ahead of estimates. we are hearing from the ceo of uber, saying they too will turn positive in 2021. where youmatchup with want to see profitability? tom: yes, that is basically right around the ballpark of where we are forecasting. i think the challenge for uber is that it is a forecasting challenge in a lot of ways. lyft operates in north american market that has two scale player

>> we think that the business should be valued between five and six times ebitda we think there is 300 million on the table that sprint or t mobile is leaving behind. we are willing to pay fair value. i spent two years, looking at nbos with private equity funds, three to four times that dish is paying is way below market value. >> how do you make an nbno successful in the 5g transition we're getting ready to go into while maintaining costs like employees that you talked about in. >> i don't think that 5g has any bearing on the consumers in the prepay market in the next three to four years. >> really, three to four >> networks have to be built, and hand sets will be expensive. talking about a low income market jumping from iphone 7 today, haven't gotten to the latest iphone. it will have very little impact. the capacity they talk about, increased capacity they're talking about is not going to be there for the prepaid consumer the best way to make it work and grow the business is focus on your customers, focus on value play, keep costs low if you have one on one side of the business, h

japan's trading at 8.5 times ebitda that's the same multiple the s&p got to at the bottom of 2008 soying all time high multiples, u.s. companies in japan, buying companies that at multiples similar to what the u.s. was at the bottom of the market ten years ago we're looking for value, for markets that aren't loved and the olympics in tokyo coming up next summer will draw a bit of a tension towards japan as well. >> japan has been hot, up 7% this quarter thank you very much for joining us on "worldwide exchange. hope you had a great thanksgiving day, good weekend that's it for us we'll see you monday "squawk box" begins right now. >>> good morning the black friday shopping rush is on. we got new data on billions of americans and they have already spent and how much they spent in the last 24 hours. >>> breaking deal news, cnbc exclusive report on a bidding war involving warren buffett we got the details straight ahead. >>> protesters celebrating in hong kong after president trump signed two laws supporting the demonstrations we're going to show you how beijing is responding. it is frid

website, and intimate metric that wework used in his early documents was the term community of thed ebitdawhich same means the profitability of an individual office location that wework uses. nobody has ever used that before. they ended up cutting it from the s1. you can see it in early versions, and that it dropped out around may or june, and does not make it into the final prospectus. it is clear they have spent some time trying to figure out how to present themselves the best way in the s1, but it may have been something that drew the attention of the sec. it was something that was closer looked at, kind of controversial. amanda: great to have your thoughts on this, ellen huet. coming up, wealthy house hunters are not looking to new york, london, or even vancouver. why the big apple could be losing its luster. this is bloomberg. ♪ vonnie: luxury home buyers are finding it harder to say sold in some major cities. house hunters in london, new york, and vancouver are finding those cities to be hostile. for more on the trend, let's welcome craig giammona. why is this happening in all of the

you're talking about 12.5 times ebitda if you got there. to see that happen probably based on what we saw last night. >> what do you think of dan's trade? >> at one point it was down 50% on the year and now it's rallied 80 some percent. came in a little bit today what does that mean? all that volatility means pumped up options prices. what's mike trying to do trying to wait for it to go sideways or a little lower i think it makes a lot of sense. i like the risk/reward and taking in 1/3 of the width of the spread a lot of this we will digest the news over the next couple of months. >> the word moon shot comes to mind tesla's low was june 3rd you talk about going from 175 to 380, more than a double. stocks that go too far too fast give back whether it's the news of a broken window or not, at some point, the point is now, it's time to do something. that's the point of this trade. >> i will say there were a lot of innovative characteristics of this -- >> you like this -- you like this truck. >> i ordered one i ordered one. i think we know some

. >> it is about 25 times ebitda i'm told by scott shiancoe, the interim ceo of ebay, yeah. he tells me, i spoke to him briefly moments ago, he tells me it is about a 25 times current ebitda multiple, pretty darn good what are they going to do with the proceeds, of course? you will be taxed here it is a taxable sale nonetheless, it is going to be significant proceeds for the company. he wouldn't give me a specific other than to say capital allocation plan has, of course, included buybacks, dividends and investing through m&a in the key business >> you're selling all the companies with growth, you're left with a company that i think is berift of growth. what do we do? >> that's a good question. >> what do we do >> use some of the proceeds? a, they're focused on trying to reinvigorate the platform. you know that. have they been successful? no >> shopify has passed them i can argue they should merge with etsy. etsy would never sell. but they have been left behind we have done a series of very tough pieces on realreal, authenticated, which are terrific investigative -- may not b

you could be losing money and have ebitda. >> peloton stock sinking after reporting another loss todayublic company. ceo john foley appearing on "squawk on the street" earlier and he talked about peloton's paft path to profitability. >> in a climate that people want profitability, we are, for us, profit sbability is a managed outcome. we could pull back on growth and become profitable tomorrow our core u.s. bike business is profitable the investments we're making in international, in digital, in new products, in new content, they're all smart investments, we're very excited about them. but even in the face of all of those investments, we have narrowing losses >> chris, does this go back to the conversation we were just having >> it's also a show-me story i think it's a great product and a great offering and service, but i think over time, they need to prove it. and i don't think the decision is in this to where this goes long-term. >> and look at the echelon bike, it looks exactly the same and it's cheaper and the monthly subscription is cheaper. it's made in tennessee >> you can't go

focusing on the ebitda beat. posting a profit and issued a down beat forecast for demand in u.s. and europe but will increase its base dividend to share holders in an aggressive manner shares are trading about 7% higher at this point >> skanska is posting a profit the swedish construction group posted a quarter profit. the indicator point to potentially slower growth. >> unicredit has reported to a line as italy's largest bank benefitted from gains in trading and announced the sale and slashed holdings in italian government bonds >> uber shares hit an all-time low as the post ipo lockup period expired shares had already dropped 10% this week on the back of the giant's third quarter results. even though it recorded a net third quarter loss >> i'm the right guy for the company now. in two years since i took over the company, think about where we are now versus some of the messes we had. we did take the company public at the right time. our bookings are up 70, 75% since the time i took over now when the markets are demanding this path and growth, i think we are going to deliver it >

i like noy and ebitda.and grow that over time, i have several ways of winning, both in multiple of sale and growth in the company. we can take that cash flow and reinvest it in what we really know. >> don't you think jeff bezos spoiled everyone >> not jeff bezos. >> i bring that up you wait around, no profits, you get to $800 billion market cap. >> you don't make the losses that they were making either. >> but that's what people -- what they say, let's grow revenue, let's grow revenue. build out the warehouses very few amazons around. >> very few amazons. he could have taken profits at any time amazon is singular. >> it is singular. >> it's interesting, the real estate connection. wework is bringing down property prices now in new york, london there's this connection between these companies that you think are over here and the rest of the economy. >> becky, to your governance point, the other version is zuckerberg and facebook. when facebook was private yahoo wanted to buy facebook they wanted yahoo to buy

about print its first positive ebitda quarter. pinterest, too.as struck by the positive inflection points rather than the negative ones. taylor: you brought up lyft and uber. are you confident that 2020 targets are intact? mark: no. i think they have a high probability of getting by insurance costs. i think they also have pricing power. i think these companies, as private companies, work run really inefficiently, really aggressively, more growth, which means a lot of wasteful spending. investors come in and say, we need profits. the management teams are responding to that. i think there are places they can take excess cost without sacrificing growth. i think we will become more confident in 2021 profitability. taylor: how much of a hit for uber was the london news this week where they temporarily did not get their license reviewed? mark: tbd. i want to be careful here. i don't think they have been kicked out of london. this has happened to them before. they will appeal the decision, be able to continue to operate for a couple of months. i assume

taylor: i was hearing about 25 times ebitda.re there any calls that this may have been an expensive purchase? liana: ebay has been working with goldman sachs for many months to find the highest bidder. it was competitive. different firms really wanted this asset. that really drove the price above $4 billion, which was higher than what we expected. we expected between $3 billion and $4 billion. viagogo had to bring on other investors to fund this because viagogo is a private company and not well-known so they had to get funding from jp morgan and others to make this happen. taylor: thank you both for joining us. the ceo of the new online marketplace and platform can battle rivals like amazon. we will hear how he plans to do that, next. bloomberg technology is livestreaming on twitter. check us out @technology. this is bloomberg. ♪ taylor: let's get a look at the top tech calls. loop capital markets upgraded lyft to a buy. they say the company has strong execution and benefits from an improved competitive environment share gain an

has lowered ebitda fiscal growth guidance, cut it in half.le google changes the way the algorithm works, really some are saying on twitter that organic search is dead just not going to it on your mobile phone and typing something in and getting a result and for that reason, expedia has had to rely a lot more on paid advertising to reach consumers. the search algorithms and getting there, the ceo said that challenges can be felt across multiple product categories and moving to paid links presents a sizable hid wieadwind for the company. again, search optimization just not being enough there it goes back to the power google has on that platform changes the way people go about searching or finding things. forced dramatic changes in companies. >> and there is an automatic yoit co outcome, down 25%. >>> and meantime stocks are hitting all-time highs as china says it has agreed with the u.s. to roll back tariffs but our next guest sounds the china alarm. joining us, senator marco rubio who is leading a buy effort to ban federal pension funds from i

the leverage level as measured by debt to ebitda are higher as well.world where the shiller pe multiple and the public market has never been this high except 1929 in 2000. me is totant thing for make sure we have those less market exposed investments in terms of fixed income, hedge funds, and cash. i think in private equity, an advantage is a wide dispersion of performance returns and we have been fortunate to be in the top quartile in our performance. in a down market, i think we can outperform to an extent we cannot in public equities. i think there are some deals getting done in late stage venture and in maker cap buyouts that people will regret later. we are more involved in smaller market buyouts on the margin then some of our peers. i think valuations are lower there. the sponsors have more control over the companies. marcus frampton, the cio of the alaska permanent fund speaking with bloomberg. time for our stock of the hour. it is gap, the worst performer in the s&p, down 8% after our -- after the ceo is out. kailey: if you ask the street, they

four and a half times next year's ebit to ebitda.d then another company -- >> is brigham. >> brigham minerals. >> the ticker there -- mike, unfortunately, we've got to leave it there we had some breaking news earlier in the show. parsley, wpx and brigham minerals we appreciate you coming on, seaport global, michael, see you soon > ec pas i ban >>chk,lee!s next h! giving one. the lexus december to rembember sales event lease the 2020 nx 300 for $329 a month for 27 months. experience amazing at your lexus dealer. nice rock. for $329 a month for 27 months. it's time to drop gold. go digital. go grayscale. that's what happens in golf nothiand in life.ily. i'm very fortunate i can lean on people, and that for me is what teamwork is all about. you can't do everything yourself. you need someone to guide you and help you make those tough decisions, that's morgan stanley. they're industry leaders, but the most important thing is they want to do it the right way. i'm really excited to be part of the morgan stanley team. i'm justin rose. we are

snapchat is just about print its first positive ebitda quarter. pinterest, too. struck by the positive inflection points rather than the negative ones. taylor: let's get into those. you brought up lyft and uber. are you fully confident that 2021 targets are intact? mark: no. i think they have a high probability of getting by insurance costs. it is a big expense for those companies. i think they also have pricing power. i think these companies, as private companies, were run really inefficiently, really aggressively, more growth, which means a lot of wasteful spending. bring them public, public investors step in and say, we need profits. the management teams are responding to that. there's a lot of room to take out excess cost without sacrificing growth. we have seen that the last two or three quarters. my guess is we will continue to see that and then become more confident in 2021 profitability. taylor: how much of a hit for uber was the london news this week where they temporarily did not get their license renewed? >> that is a big issue. tbd. i want to be caref

globally, remember, they have 7 million listings, more than 100,000 cities ebitda profitable the lastrs, meaning profitable on cash flow basis. now the headline hit and they're getting unwanted attention, including from governor of california, gavin newsom saying our hearts ache for victims and all those effected carl, back to you. >> josh, thank you this comes with the journal saying airbnb is spending millions in jersey city to fight a ballot measure curbing short term rentals expected ipo first half next year recode co-founder and cnbc contributor kara swisher joins us to talk about implications about all of this. what do you think they are >> it is not good. these things happened before, early in airbnb's history, they had issues around people having orgies this is the same thing people using houses for other purposes than short term rental, the good side of airbnb. i think the idea of people being scammed if you're a user, scammed if you're an owner is problematic and they have to -- enforcement is critical because it is a good company in terms of providing a service that people

the stock does not react like the others the earnings a surprise. 40% growth in ebitda but also, theg kong now, they're talking putting it back on in november. that's going to drive this stock much higher. so at this point, i think 180 is about where it is. slightly under that's probably your support level once it reaches that and it will. and then i i think 200 is an easy pathway. >> let's do some final trades on this friday with the time we have left. 45 seconds what do you have, jenny? >> western digital yesterday, they reported people had a temper tantrum over gross margins. it was down 16%. it's up 3 today. i think it's a great time to get in. >> steve. >> let me give you adobe stock's been acting great. i still think there's huge upside to it particularly with the street taking down their view of the stock. >> xly consumer discretionary etf lag by about 60 base points. lot of consumer news next week i think it'll do well. >> big news we'll be looking forward to it. good to see you as well. farmer jim, what do you have >> caterpillar's performing really well. going back to the b

profitability for canopy >> yeah, you know, we remain committed to long term, we talked about being ebitdaositive in canada in 2021, long term profitable in the next three to five years. but what it does mean is the short term seeing a lot of head winds you look at our quarter, we needed to take certain provisions to right size and address inventory levels on oils, but overall, gross revenues were up 6% to $118 million, the medical sales in canada up 8%, international sales up 72% cannabis shipments up 12%. retail, same store sales up 17%. overall, 24. there's a lot of positive things out there, even in a quarter that's coming at a rough time for the cannabis sector. >> lastly, i want your thoughts on the lessons to be learned from legalization, recreational legalization in canada, what's worked, what hasn't as we in the u.s. continue to see this growing move towards it at least on a state level >> yeah, there's a ton to be proud of, despite hiccups and everything i'm talking about, we launched a federally legal system for recreational cannabis companies like ours stepped up, dpo governmen

. >> because people expected that you bought it for the growth, not for ebitda positive adjusted youpeople kind of felt, you know what, they can just put the pedal down we don't really care about how much money they make we want incredible growth and it turned out they were -- look, a prudent company. did the number that they said they did but people wanted more than that this is what happens when you make expectations that are realistic and do that as opposed to blowing it away. >> another of the ipo class of 2019 that is so far now below its opening price. >> and some of the price target cuts on wayfair today, from 100 to 65. >> wayfair was one of those companies -- there is an example, they said, listen, we're going to grow really fast. but amazon doesn't like them >> that's exactly right. >> amazon doesn't like them. >> jim chanos, who famously called for a short on grub, tells the ft today that october is one of his best months ever after p&g and grub. >> good for him. he does a lot of work. grub was a company that kept telling you, we're an ecosystem. this ecosystem is a term,

is lifting its guidance, so that is positive as well they're saying now -- they're seeing adjusted ebitda of 3.1 to 3.3 billion euro for the year. and the adjusted net profit of 1.45 to 1.65 billion euro for that year. so essentially i guess eon as a share has been lagging the general dax environment. so it is only up by not even 4% here to date, where as the dax is up by more than 25% it couldn't -- it didn't go that well because clearly it is very defensive stock. but now with that energy deal, which passed regulators in september, they're the big oft infrastructure plan, energy infrastructure in europe and going forward that should be attractive investment also for investors now as their tackling all the problems they're having. with that, back to you. >> thank you so much for the details there. just to bring you some details from an interview involving the british prime minister boris johnson, going on at the moment. the prime minister saying that once again the national health service in the uk is not up for negotiation in trade talks, of course the opposition labor party has been ve

. -- ebitda. it is all about oil where i am on the ground.he ceo last night talking to me about volatility in the oil markets. he would not give me a price. $15 is the range. sub $60.pec, the call from morgan stanley. we have got the indian oil ministry. one of the biggest buyers of crude from this region. it is the air, it is not good. nejra: when you talk about oil, the line to be drawn for the trade war is clear. he might talk about sub $50 oil. let me get the deutsche numbers here. they are saying the guidance for 2019 and 2020 is confirmed. the ebit guidance is reaffirmed. the context, the last earnings, the forecast with $5 billion in ebit for 2020. then what we heard was basically the target. post what, when deutsche said that in october, a slowing trade war. important questions to put to frank appel when you and i speak to him. 15.55quarter revenue at billion euros, that is a beat. ebit also beats. ebitill sees full-year that 4 billion to 4.3 billion euros. that guidance will be key when thepeak to frank appel, deutsche post ceo. let'

look at numbers, ebitda over debt is terrible. i called them on here before. they're debtflix. reed hastings says we'll spend more. they grow and grow to squeeze the market. the market is doubting it. getting into the the an anime play. we'll see. melissa: apple goes with all original content but it is does differentiate them. i mean, that is the lure on most things. you pick up, you go to prime because of the original content. you're excited about a show you can only see there. it is the same thing with netflix has an original. what do you think about apple's approach? >> i think it's a smart approach. remember you have apple tv which has an awful lot of content. the new programing, they have got some of the best directors, you know, oprah winfrey, steven spielberg, all these people. they're also investing in animation. they have a new product that is spin-off of "sesame street." it is helpsters designed to teach children about coding. can you imagine 3 and 4-year-old coders? i feel like a dinosaur. melissa: erin, who has the winning approach? >> some are direct competitors. a

top and bottom line and guiding for smaller losses for the full year when it comes to what we call ebitda, basically how much revenue you bring in for the company, and they are also talking about profitability in the year 2021. but the market doesn't seem to be believing them at this point. as you can see, the stock is down close to 6 1/2% right now. now, mcdonald's, shakeup there, another top executive out at the golden arches, the company's ceo was fired over a relationship with an employee. we will have the latest live from mcdonald's headquarters. that's comes your way next. >> this is a bad relationship with a superior who is dating a subordinate because everybody gets hurt. the stockholders got hurt today. the employees got hurt. the reputation got hurt. chevy's the only brand... to earn j.d. power dependability awards... across cars... trucks... and suvs. four years in a row. since more than 32,000 real people... just like me. and me. and me. took the survey that decided these awards. it was only right that you hear the good news from real people... like us. i'm daniel. i'm casey.

so this is -- you have -- you have a ride-share business that this quarter delivered 22% ebitda marginsfrom even a couple of quarters ago, 8% margins. fundamentally the ride-share business is of scale, is global, is an attractive business, and it's only going to get better within a competitive environment, right but the expectations and trade-offs between growth and profitability, those formulas have changed we've got over $12 billion in cash we've got $12 billion in investments as well in the bank. we've got a great balance sheet. we've got all the cash that we need to to get to profitability. so i actually think, one, thank god we went public and two, in this environment we are advantaged against our competition and at the same time in this environment the hurdle for success and the demands for the market are higher. one of them is great, one of them is tough. but i think it's going to force us to perform. >> so when you went public, we sat together outside the new york stock exchange that morning, and i asked you when you thought you'd ever get to profitability. >> yeah. >> and back

full-year adjusted ebitda comes in at 802 million euros. a little soft on the full-year adjusted two number. 42 billionevenue at euros. estimate, 41 .6. that comes in slightly better than expected. the strategy was key for investors as the industrial giant reports these numbers today. months of investor focus on the development of the elevator unit disposal. really, what we are seeing and focusing on is it being set to suspend this dividend as losses have been widening. dividend to suspend payments after it warmed losses would deepen. crisis for thee industrial giant peered losses were significantly worse in 2019 and 2020. the uncertainty around the u.s.-china trade war have complicated the operating environment for companies. the industrial group has downgraded its full-year earnings outlook and said weakness in the asia-pacific region oppressed its third-quarter revenues. china's economic growth hitting the slowest pace in 30 years. it has affected big multinational companies. for more, let's get to shery ahn at bloomberg news economy for

in q4, we've committed to the street, we'll be at 20% ebitda margin and we are cash flow positive.pany has grown responsibly. we're in this for the long haul, jim, and that means that we need to have a responsible growth path for the company we're still growing fast you're still growing last quarter, 28% but it's not a growth at all cost strategy at all we're quite different than a lot of shriek companies that it's this responsible and digestible growth story >> when i look at what you guys are doing in terms of the cloud penetration, i have to tell you, i'm astonished that it is so little a lot of people tell me, jim, you interview all of these cloud companies, it's got to be much further along. i'm trying to figure out how you can survive as a retailer and not use you these days >> you really can't. we're doing surveys and talking to customers 84% of customers say that the experience you deliver is as important, if not more important than the product or service that you're delivering. so that's -- and by the way, it's much more important for millennials than it is for boomers, wh

alexander: if you look at the ebitda ins, we are getting closer to the end of the year.ve eight trading weeks left. we think it is prudent to guide within that range into a narrower band in order to provide the market with as accurate data as we possibly can do at this point in time. -- matt: you have done great if you look at the -- the stock. is this part of your plan? alexander: when i joined, the net captures the relaunch, and a number of different activities within that in order to kind of put the business on a healthier footing, that was kicked off late of q3, and we see some strong signals that this program is starting to yield. as i mentioned, taking promotions down, we are putting out some new store concept, investing more in the media, putting out a new marketing program. so a number of important elements which are all there to entice consumers. what we have seen in the late trading of q3 and actually into october, we have more consumers coming back to pandora both on and off line. we are putting the business on a healthier footing. having said that, we are kin

. -- positive ebitda.hey can show operating leverage and become profitable, and i think they have to show a path now. what are the biggest challenges to win back investor confidence, but also to forge a cohesive strategy and head for the company? >> the biggest thing is the unit economics. we know the unit economics are very good in developed markets like the u.s., but when it comes to food delivery or latin america or some of the asian markets, they are still using a lot of subsidies, and our view is they may actually end up exiting a few of the markets. they did get out of south korea. we think they may end up doing the same in latin america simply because the unit economics will not be viable for the foreseeable future and i don't think they have enough time going forward to keep subsidizing these markets. haidi: in the meantime, the legal and regulatory battles continue. sort of thing going to continue to haunt not just uber, but i guess the entire space? how did that potentially evolve? >> that is a g

have two, three, four times ebitda.n and they are your debt to ebit levels going up, we see a lot more chapter 11 in 2020. that will take the lower cost weaker -- or higher cost weaker --panies out of the market wi markets, which should leave a good environment. >> following that through on a realized price basis, it wouldn't be a show if i didn't talk about heavy crude oil. crude quality matters. what is actually being produced, which is why offshore make sense. bring has been waiting to back that neutral zone, and saudi arabia is finally like, let's do that. problem whenpply you're looking at what kind of oil there is. when you look at the best, we have a lot of ultra sweet, ultralight, and all of that has a place in this market. a lot of these refiners need that heavier crude to make those assets. alix: have you ever heard me not talk about a lot of oil when these guys are on? [laughter] alix: thank you very much. always fun to get you on set. now we are going to give you an update on headlines outside the business w

although they missed by looking or 100 million ebitda loss i know we have the ceo at 11 i want to point0s when our country had to protect the farmers, we killed catlet. we killed hogs and we plowed under crops. if they don't plow under cannabis in canada, they're never going to get any pricing what's happened is there is a zur serve ed of cannabis they don't believe in, i saw this in oregon, they ripped up the pinot noir fields. to pe it doesn't matter how good you are. there has been major misjudgments it's not as big an industry people thought maybe one day it will be these stocks are disastrous. >> a lot of industry seems to be waiting for legalization, federally here in the united states >> that will be the big moment right? if it ever happens >> they liked vaping here more than -- it's something that's happened, a very big disappointment i want to warn everyone that owns these stocks, it's not over there is way too much -- not over >> no. >> so was that money well spent by constellation >> that's a great fight. that's the number. 5 billion cade that's a very good question because i

it was low 6.8 times ebitda so it's not too surprising you would see these advisers reaching out to otherg, hey, apollo's getting a good deal here how would you like to be in the mix? it's be interesting to see if this new offer is a fairer value for the company and does solicit additional bids. i think they have a provision for another week and a half or so >> december 9th. giving them the fiduciary out that they need to say, hey, just because we signed this up doesn't mean we aren't still looking. we think this may be the best outcome. but in this case as you point out, it wasn't certainly at $130 perhaps $145 will prove to be given it's a higher multiple you can thank warren buffett for that unclear yet if we see another topping bid. i have no idea seems unlikely given they already have reached out, you'd expect the advisers to see and solicit other potential offers >> yes absolutely and i mean, one thing that you spoke about with becky earlier today is this idea that it's unusual to see buffett come in and make a competing bid he doesn't participate in auctions at least certainly not

he said the start-up ames to be adjusted ebitda profitable by 2021 and free cash flow positive by 2023that he would look at things like more jbs and franchising. still, it is difficult to see how they get there, considering the company lost more than $1 billion last quarter i was also told that there was no mention of adam neumann at the meeting. rather, much of the focus was on that magic word of the month, profitability. back to you. >> deirdre, i realize that clure was laying out a five-year plan, but is this the first time we've heard these numbers? >> we did hear a plan before this they made a presentation about a 90-day plan, but this was before so softbanks' rescue package. the one he laid out today is new and the two years, 2021 and 2023 for free cash flow positive were new today. >> deirdre, thank you. mike santoli, free cash flow positive, 2023 how do you think that's going to be received? >> to me, the interesting part of that is how many of these companies are now essentially targeting not next year, but the year after next, that they're going to basically cut back enough t

projections for when you expect to be profitable on the bottom line >> so currently, we're expecting to be ebitda think about the revenue growth, 500% this quarter compared to the same quarter last year, that's because of investments we made in 2017 and 2018 we have one project left in portugal that we're wrapping up and that investment will increase not only our revenue going forward, but our profitability throughout 2020 and 2021 >> how are you actually going to get there? to be profitable when you see prices falling and more competitors entering the market? >> so, when we look at our average price per gram, you know, none of the pricing on our existing products fell it was purely product mix, based on what the provincial quarter and it changes from quarter to quarter. in q4, we will see new products, new form factors, as part of the next phase of legalization and those products generally have a higher profit margin. >> brendan, i wondered if you look at the way, and the timing with which you listed the company and wonder whether cuddle do it differently or do it at a different period in time,

they have now raised their full year guidance when it comes to earnings and that's ebitda, which meanse sign. we have inventory declining 9% in the quarter. that means they're moving more goods than anticipated, in light of heading into the all-important holiday shopping period. so jc penney, there's a lot of positives. we have store rationalization and merchandise movement and i think all in all for a stock that's come along way down and has seen over a decade of falling sales, this is a pretty good quarter for them. maria: the stock is all the way down to $1.17, susan. i didn't realize it had gotten that low. this morning as you know, the good newses has it up 6%. susan lee with the latest there. the top story this half hour, china trade an national security. william barr says huawei and zte cannot be trusted, yo ahead of a vote. i spoke with com commerce connet wilbur ross about huawei. here's what he said. >> they've been put in the penalty box. they're on the entity list. it's over that kind of issue that we have done that. it's also over that kind of issue that fcc is in the proc

. >> right private equity on average is paying an ebitda almost 12 times.s not even 10 because we have all of this money that's gone into private equity because they feel that's somehow safer. granted, they've had great returns over the past 20 years you don't mark to market you look at last december, we talked about the decline in stocks private equity didn't mark to market their company all of this money is piled in. it's burning a hole in private equity pockets buffet is obviously more price sensitive than a private equity firm that wants to deploy capital. what's interesting is for warren buffet tech data was a way of playing technology by being technology agnostic. they have over 100,000 different customers and products, ibm he chose who was going to win in technology apple he considered a more consumer products company. tech data, it doesn't matter who wins and loses in terms of software and hardware, as long as companies are using technology, tech data benefits. >> tech data, a little more information about it because i didn't know that much about it

you a better multiple on their earnings, which is up to about 20 times forward earnings, 13 times ebitdaphenomenal stock. we are into the 5g rollout for next year and markets are beginning to discount that. it should be a good year for apple earnings wise, if things in china stay calm. scarlet: that is a big if. howard: the card is not a factor. scarlet: it is grabbing headlines. role, warren's putting the burden on them to override the flawed algorithm. this is marring goldman sachs's attempt to get in on the mainstream business segment. libby: any company wants to stay out of these types of headlines and that is true in this case. what you have seen with goldman , its and elizabeth warren is hard to go up against a formidable presidential candidate. not thecompany, this is adage of all press is good press. this is press they would rather not get. francine: thank you both for joining us, howard ward, and libby cantrill. in order tooomberg not miss our exclusive conversation with the founder of alibaba, jack ma. we will have more what he said about the u.s.-china trade war and investment