retail in focus big names reporting earnings, foot locker abercrombie & fitch.ges republic and same store stock on tire abercrombie & fitch topped estimates stock up 20%, both up 20%, al frankin under fire accused groping kissing a woman on tour in 2006, there is the picture to prove it, more on allegations coming up. dealing with the threat just days after president trump returned from region, china sending envoy to north korea, what move means for growing texts with hermeare hermit king. >> top to his ahead of the biggest shopping day of season black friday a week from today, all those coming up joining me to he can bra it down fox business network dagen mcdowell, telly and company managing partner kevin kelly, economics professor brian, good to see you. . >> today -- you know two hours, flew by. >> kevin stop that. >> [laughter]. maria: we did miss you missed you a lot. >>. dagen: i missed you guys so much talking about taxes this morning, top story this hour is moving forward with tax reform package -- are comprehensive tax code overhaul in three decades by

if that in line with fitch's predictions?le digits sales vehicles inr china. this might be a better outlook. growthre not manyy catalysts for this year. the mass market, low end passenger vehicle markets and in the 4th quarter. to growt the market with the recovery of some brands like korean brands. there will be structure growth and luxury cars. yvonne: thank you. our series,ue tomorrow we are going to focus more on autos and aviation. sector and talking to air bus as well. we talked to the air bus ceo. it maturing to an innovation powerhouse. >> if you look at silicon valley in california, there's very little silicon that happens in silicon valley. the name goes back to the 1980's. today it is mostly a software and web services-based innovation ecosystem. shenzhen is the silicon valley of today. the goal of the innovation center is not the same they do in europe but really expanding outward. they are looking for potential partnerships with some of the tech giants. that is going to be an interesting conversation moving forwa

david: that cut from fitch might put pressure on the stock. , a lift across asia.today's of the year. ♪ with and addressing the south korean parliament. back the --ying you mohammed saying they know what they are doing it we're told the

creditors meeting to renegotiate an estimated one hundred fifty billion dollars every payments so fitch says it cut the long term debt rating from c. to double c. based on request and venezuela's history of missed payments meanwhile in israel a supreme court is blocking the vice president of the national assembly from leaving the country it says friday vera is suspected of inciting unrest during four months of anti-government protests earlier this year the opposition leader led many of the large demonstrations over the country's spiraling political and economic crisis. argentina's former vice president has been arrested on corruption charges. a second key official from the government the former president cristina kirchner to be detained. he was arrested early in the morning argentina's former vice president. was taken away by the police at an upscale neighborhood of one accused of corruption and money laundering . justice is being done. to cut the wings. of committing crimes try to hide their wrongdoing and complicate the case and that was decided he was called over all. who were invest

in a blow to president nicolas maduro his government or the fitch ratings agency has cut venezuela's foreign debt to grade the decision comes after model called for the creditors meeting to renegotiate an estimated one hundred fifty billion dollars of repayments that said it cut the long term debt rating to see from a double c. based on the request venezuela's history of missed payments. venezuela's supreme courts blocking the vice president of the national assembly from leaving the country and says friday voters suspected of inciting unrest during four months government protests earlier this year the opposition leader led many of the large demonstrations over the country's spiraling political and economic crisis. the united nations and colombia have signed an agreement aimed at disrupting the country's booming cocaine business it's all part of peace efforts between the government and fock rebels who long controlled the drug trade there but the deal worth three hundred fifteen million dollars has left some colombians skeptical alessandro run p.r.t. reports. it's the largest deal colo

"i likeng that song, girls that where abercrombie & fitch -- wear abercrombie & fitch." house tax bill might hurt universities and their sports programs. ♪ scarlet: for more than three decades, colleges and universities have leaned on an of skier tax -- obscure tax rule. a practice that generates millions in annual revenue for the schools. that is now threatened by republican tax legislation. there with more, evan williams. this is something in both the senate and house bill. >> it is terrifying for college sports and ministers -- administrators. they put at how immense football team on the field. -- a man's football team on the field. the entire athletic department is funded on the back of donations. how much of those donations come because they are tax-deductible? scarlet: they are similar to personal licenses you see in the nfl. >> once this was written into the tax code, the universities realized if we make the bulk of our donations as you pay $10,000 for the right to buy season tickets, that is great for donors, they are more likely to give if you do it that way. it

dollars it owes moscow the deal comes just a day after credit ratings agency standard and poor's and fitch declared the south american country to have partially defaulted on its debt. venezuela isn't paying its bills and is already in partial default now it's over to a four hundred twenty million dollar interest payment the deal with russia will help fund that at least but the three billion dollar amount is nothing compared to the country's sixty billion in bond debt despite the rot in the domestic economy the country's central bank has been considered a reliable bond issue we're always paying on time as recently as sunday president nicolas maduro said his country would never default his communications minister making clear where the government places the blame. for say need to be refinancing for venezuela's foreign debt has begun in a coordinated manner. we are clearly overcoming the siege at the trumpet ministration national assembly president julio baugus and other representatives of the right in venezuela are attempting in venezuela. the fabric of venezuelan society is beginning to tea

head of the labor unions you get to say who's hired you get the kickbacks you get everything that fitch wrote about in his study of the labor movement so it's very much like in japan when america back. against the socialist japan had a very strong socialist movement mcarthur came in backed all of the most right wing japanese militarists japanese and the gangs the gangs to fight against socialists and that's why you have japan in the story state that it's in the day when it comes to industrial on the state and the steel mills. so it's an interesting areas of focus you know the thirty's and seemingly in minneapolis i mean ok there's organized labor before but then it became a threat in a big way because the capital system was collapsing i mean i guess before that it was more of an adjunct to deal for all economy where ok we're going to organize labor labor you know they invented the weekend for example organized labor without their organized labor we'd have no weekend and we had no hollywood we had no entertainment industry have no theme parks you know had no vacations you know they it's

it owes to moscow the deal coming just a day off the credit rating agencies standard and poor's and fitch declared the south american country to have partially defaulted on days the unwelcome status is bestowed on a country when it fails to pay one or more of its financial issues. is venezuela running out of money a sovereign default is expected on a daily basis but the much awaited answer for decisive government meeting with creditors ended abruptly after only thirty minutes afterwards participants talked of having listened to confuse statements but no concrete proposals on restructuring the country's massive debt instead they were offered colorful packets of venezuelan chocolate and coffee as recently as sunday president nicolas maduro said his country would never do falter and promised investors a good deal but wrapping up tuesday's proceedings with a press conference venezuelan vice president tarek ally sami had nothing firm to say about his country's future speaking on state controlled t.v. rather than laying out a plan he blamed the u.s. for venezuela's quandary talking of an econom

matt: where do we see these other rating agencies, like fitch right now on south africa?ued ratings afternoonin the late local time. they keep the ratings for the local and foreign currency at one little below investment grade. they went with the same grading they went through in april. and they just flagged some of the risks again like the one thing did in april. like any holding statement. matt: what are those risks? one of the biggest risk respective here later today from the main ratings agencies that we heard from fitch yesterday? rene: the risk they are fighting at the moment are the fiscal data. they say they want to see a sign of the fiscal data will narrow in the next two to three years. at the moment, that has in --that is not in the numbers. secondly, the government debt. they want to see that coming down at some point. and then also, the debt of state-owed agencies in the state economic growth, which is not in a good place. the banks say they see growth of 0.0 percent for the year, which is substantially lower pre-2012. matt: all right, thank you so much. up-t

. >> reporter: jeff fitch says one person was injured in the blast. >> we're not giving any information out involving the victim. >> reporter: a woman living in the house was hurt and taken to the hospital. she will recover. neighbors say a police officer owns the home. >> i think he works around alameda. >> reporter: the atf, alameda police and sheriff's department are investigating the incident and looking for evidence. >> a policeman came and ask us do we have a camera in your building to, and i said no, i don't have a camera, but what happened? he didn't tell us anything. >> reporter: investigators won't say if they have any suspects or where the package came from and why. >> at this point, we're not releasing any of those details. >> reporter: no one answered the door of the home when we knocked. in alameda, cornell bernard, abc 7 news. >>> and developing news, massage envy, with stores nationwide has been accused by 180 women of sexual assault, according to a report by buzzfeed. they cited police reports and lawsuits and other complaints by women against massage envy. they say eac

abercrombie & fitch fitch posting a rise in its same-store sales for the first time in seven quartershanks to growth in the hollister brand gap unchanged. aber crop by up slightly ur been outfban outfitters down% in earlytrading. >>> intuit is backing its forecasts for the year and its guidance is in line with estimates. >>> shares of zto express are slumping today they reported earnings and revenue that fell short of forecasts. >>> agilent technologies with results topping estimates. but the current quarter profit is lower than expected >>> still to come a round up of the global market picture and shares of palo alto networks popping in the premarket, we'll explain why. you're watching "worldwide exchange" on cnbc. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we c

. >> reporter: jeff fitch says one person was injured in the blast. >> we're not giving any information out involving the victim. >> reporter: a woman living in the house was hurt and taken to the hospital. she will recover. neighbors say a police officer owns the home. >> i think he works around alameda. >> reporter: the atf, alameda police and sheriff's department are investigating the incident and looking for evidence. >> a policeman came and ask us do we have a camera in your building to, and i said no, i don't have a camera, but what happened? he didn't tell us anything. >> reporter: investigators won't say if they have any suspects or where the package came from and why. >> at this point, we're not releasing any of those details. >> reporter: no one answered the door of the home when we knocked. in alameda, cornell bernard, abc 7 news. >>> and developing news, massage envy, with stores nationwide has been accused by 180 women of sexual assault, according to a report by buzzfeed. they cited police reports and lawsuits and other complaints by women against massage envy. they say eac

. >>> welcome back have you seen shares of abercrombie and fitch today, up 27% after posting same-store sales growth after more than a year of declines the company said that its california-themed hollister brand was a key revenue contributor for the quarter. saw sales growth across all channels and geographies. >> now i really feel it's back to the '90s with them up, gap brands up yesterday. >> there you go. >> talked about in this yesterday, walmart, cisco. >>> nelson peltz narrowly won a recount for a seat on procter & gamble this week what's become the most expensive proxy fight in history for what these battles mean to investors, we're joined by ann shaheen. ann, welcome. >> welcome back. >> thank you nice to be here. >> you guys supported nelson peltz here, to read the way that you framed your philosophy, you say you're passive investors but active owners. what would -- oh, and i'm sorry, we're just going to have to interrupt this for one second. we got to get over -- we'll come back to this after the white house press briefing, we want to briefly listen in. >> the basic idea is th

these are the questions many liberians are asking right now and a blow to venezuela's government the fitch ratings agency has cut its credit rating for the country's foreign debt that decision comes after president nicolas maduro had called for a creditors meeting to renegotiate one hundred fifty dollars of repayments fitch says it cut the long term debt rating to see from c.c. based on that call do it all and venezuela's history of missed payments argentina's former vice president has been arrested on corruption charges. do is the second key official from the government of x. president cristina kirchner to be detained for a civil reports from when a size. he was arrested early in the morning argentina's former vice president. was taken away by the police at an upscale neighborhood of one a site is accused of corruption and money laundering. option campaign justice is being done. to cut the wings. of committing crimes try to hide their wrongdoing and complicate the case that was decided in the cold over. who investigated or suspected of corruption. the fifty five year old economist faces t

northeast where i saw has been gathering recruits it's not clear how many of its members were killed fitch ratings agency has cut venezuela's foreign debt to grade the decision follows president nicolas maduro has called for the creditors meeting to renegotiate an estimated one hundred fifty billion dollars of repayments which says it cut the long term debt rating to see from double c. based on that request and venice with its history of missed payments argentina's former vice president has been arrested on corruption charges. is the second major official from the government of x. president cristina coached to be detained he was taken into custody over accusations of racketeering and money laundering. the u.n. is urging the to restore food water and health services to six hundred refugees who are refusing to leave its decommission prison camp on papa new guinea's monis island services were caught when the camp closed on tuesday but refugees are too scared to move out because of previous attacks by locals. runs offshore prison camps to house refugees who try to reach the country by boat tho

fitch has cut table pharmaceuticals credit rating to junk. have been struggling with high debt and declining prices for generic drugs. they say they are facing significant operational stress at a time when it needs to reduce debt from the $40 billion acquisition. a teva spokeswoman declined to comment. steps tocryan mulls renew growth at deutsche bank. the frankfurt-based lender added 24 managing directors at its american corporate finance business this year, a record hiring pace. among the goals, to become a top ranger of leverage loans, the risky debt that has surged among low interest rates, and the possibility of a rollback of postcrisis regulations. that is your bloomberg business flash. manus: thank you. let's get to seoul, for the president the united states has touchdown. stephen engle is on the ground, covering his asian tour, and has a guest. stephen, good day. >> good day, manus. we are in south korea, after donald trump this morning. this is the second leg, and then on to china in a couple days. the three big legs of the five nati

for a creditors meeting to renegotiate an estimated one hundred fifty billion dollars and repayments fitch says it cut the long term debt rating to see from c.c. based on the call by may do it all and venezuela's history of missed payments. i mean while venezuela supreme court is blocking the vice president of the national assembly from leaving the country says freddy givaudan is suspected of inciting and rest during four months of anti-government protests earlier this year the opposition leader led many of the large demonstrations over the country spiraling political and economic crisis mexico has made its biggest on shore oil discovery in fifteen years as president and dk pena nieto says the field discovered by state oil company pemex could contain a round one and a half billion barrels of crude sites in the eastern state of veracruz is close to existing infrastructure so tapping could begin soon at a relatively cheap cost the oil company says the size of the fine could turn out to be even larger perhaps double the estimate a chance chile is now one of the world's leaders in clean renewa

the global credit ratings firm fitch ratings estimate state and local marijuana taxes could be as high as 45% in some areas. >> want to go, pay the tax. nbc's meteorologist bill karins joins us now. hello, bill. >> weather over the weekend, bad storms in indiana and ohio, the headlines. frigid air is coming down from the north. this is some of the coldest air we've seen in november so far. 21 today, 19 a high for temperature. 21 degrees below. we've heard how low it's been in the 48. not today in the northern plains. it's going to stray chilly. we had some snow. in the northwest, snow down to the valley floors in some locations. colorado, a little in wyoming, also heading into nebraska. not a big storm. san juan mountains could pickup 4 to 8 inches of snow. looks like from denver to pueblo, not too bad for you. maybe a dusting or so. roads should be just fine. today's forecast, storms behind the system, chilly air, 43 in seattle, california comfortably cool, 60s from s francisco,anso cascades and that continues today in areas of the northern rockies. >>> looks to be a quieter weather p

dollars it owes moscow the deal comes just a day after credit ratings agency standard and poor's and fitch declared the south american country to have partially defaulted on its debt. venezuela isn't paying its bills and is already in partial default now it's overdue a four hundred twenty million dollar interest payment the deal with russia will help fund that at least but the three billion dollar amount is nothing compared to the country's sixty billion in bond debt despite the rot in the domestic economy the country's central bank has been considered a reliable bond issuer always paying on time as recently as sunday president nicolas maduro said his country would never default his communications minister making clear where the government places the blame. for a year say need three financing for venezuela's foreign debt has begun in a coordinated manner. we are clearly overcoming the siege at the trumpet ministration national assembly president julio baugus and other representatives of the right in venezuela are attempting in venezuela. the fabric of venezuelan society is beginning to tea

fitch says not releasing any details. >> i lived down at the corner for 51 years and nothing this crazy has ever happened this close. >> reporter: investigators say incidents like this are rare. >> it is a federal offense. serious federal felony. >> reporter: parts at the scene will be sent to the crime lab to be examined. >> just ahead, a problem with deadly consequences. >> we investigate how stolen guns are feeding deadly high profile crimes in the area. next. >>> reports of stolen firearms are on the rise and as we found, those guns are often used in violent crimes. >>> reporter stephen stock. >> reporter: for the first time our team traced nationally where these missing pieces come from and where they end up. we found guns connected to kriekrie crimes here in california came as far away as florida texas and georgia. from the mass shooting in san francisco that led three people dead. to the shooting of kate steinle. to a s.w.a.t. team holding. every case involved, at least, one stolen gun. we found more than a dozen high profile murder in the bay area involved, at least, one stolen

on its massive debt pile that's according to the rating credit rating agencies sounded impose and fitch now the states is given to a country when it fails to pay one or more of its financial obligations s. and p. gave in his way to a thirty day period of grace before it came knocking but it said that the south american nation had failed to make repayments on two hundred million dollars worth of foreign debt and a last ditch attempt the government in caracas met to try to renegotiate its debt but to no avail. is venezuela running out of money a sovereign default is expected on a daily basis but the much awaited answer for decisive government meeting with creditors ended abruptly after only thirty minutes afterwards participants talked of having listened to confuse statements but no concrete proposals on restructuring the country's massive debt instead they were offered colorful packets of venezuelan chocolate and coffee as recently as sunday president nicolas maduro said his country would never default and promised investors a good deal but wrapping up tuesday's proceedings with a press

head of the labor unions you get to say who's hired you get the kickbacks you get everything that fitch wrote about in his study of the labor movement so it's very much like in japan when america back. against the socialist japan had a very strong socialist movement macarthur came in backed all of the most right wing japanese militarists japanese and the gangs the gangs the fight against socialists and that's why you have japan in the story state that it's in the day when it comes to industrial on the state and the steel mills. so it's an interesting areas of focus you know the thirty's and seemingly in minneapolis i mean ok there's organized labor before but then it became a threat in a big way because the capital system was collapsing i mean i guess before that it was more of an adjunct to deal for all economy where ok we're going to organize labor labor you know they invented the weekend for example organized labor without their organized labor we'd have no weekend and we had no hollywood we had no entertainment industry and. theme parks you know have no vacations you know they it's

two hundred people the crackdown on the kingdom's elite is seen by many as consolidating his power fitch credit ratings agency said it could bring a backlash and create a political uncertainty in an already volatile region the prince's purges been a wake up call for many people doing business in the arab world's biggest economy and oil producer that's despite the saudi central bank saying it's business as usual for lenders and the companies own by those arrested for say wealthy saudis are moving assets out of the region. assets built up through corruption will become state property so how much money is at stake or the wall street journal reports the government is targeting as much as eight hundred billion dollars and one of the tech world's most important investors is among those detained prince and waleed bin talal has stakes in twitter and apple is net worth has fallen over two billion dollars to nearly sixteen billion since his arrest and shares in his company kingdom holding dropped shares have been selling off across the g.c.c. and as of wednesday more than seventeen and a half bill

targeted the group there the strikes were in the northeast where i saw it's been gathering recruits fitch ratings agency has cut venezuela's foreign debt to great the decision follows president nicolas maduro is called for creditors meeting to renegotiate an estimated one hundred fifty billion dollars of repayments which said it cut the long term debt rating to see from double cd based on that request and venezuela's history of missed payments argentina's former vice president has been arrested on corruption charges is the second major official from the government of x. president cristina to be detained he was taken into custody over accusations of racketeering and money laundering. mexico's president says the state oil company premix has made its biggest on shore oil discovery in fifteen years the fields estimated to have one point five billion barrels of crude president pena nieto says the site is close to existing pemex infrastructure and could produce soon relatively low cost. a group of argentinean men who survived tuesday's truck attack in new york have spoken following the deaths o

and a blow to venezuela's government the fitch ratings agency has cut their foreign debt grade the decision comes after president nicolas maduro call for creditors meeting to renegotiate an estimated one hundred fifty billion dollars of repayments if it says it cut the long term debt rating to see double c. based on the request and venezuela's history of missed payments. to travel in a straight and has formally released a report that details the growing threats of climate change from human action however the national climate assessment is sharply at odds with the government's policy mike hanna reports. president trump has publicly described the concept of climate change as a hoax and that was one of his reasons for announcing his intention of withdrawing the u.s. from the paris climate a called the paris climate accord is simply the latest example of washington entering into an agreement that disadvantages. the united states but he's directly contradicted by report that maintains the u.s. is experiencing more heat and rainfall events that twenty five coastal cities experience more flooding

charles: fitch yesterday said this would have a short-term impact and would not pay for itself. the bond market doesn't seem to believe anything is going to happen, or if it does, it would be ineffective. should republicans still focus on a pro growth bill? >> i think we are in the first quarter. charles: i thought the clock was going to strike midnight any minute now. >> we have a long way to go here. we have the senate bill that will come out tomorrow. let's wait and see what pat that does. it could make up for some of the mistakes or challenges the house is facing right now. i think we have to be careful about getting too far ahead of the game and look at the long picture. all of the pieces are in place to make this a pro growth tax plan. moving to some sort of expensing so companies can write off their investments of capital expenditures. all of those things are pro growth. and you have to be careful about the kind of offsets we choose so we don't pick the kind of offsets that impede that growth. there is a real delicate balancing act here and we'll have to wait and see how

retailers -- gap, foot locker, abercrombie & fitch all posted earnings that have investors climbing ins. you can see the retail sector is actually outperforming the s&p, year to date. as the purple line. it's not all sunshine and smiles. that might perhaps apply best to amazon, which is the online. -- the yellow line. and that's walmart, the white line. they are really taking the fight. if the apocalypse does come, they might be there to take on amazon. julie: who will be the cockroaches? maybe that's not the best analogy. over the last 80 years, strong annual equity gains have usually been followed by positive returns. the s&p is on track for the 15% rise this year. this annual gains in the s&p. that game was matched 27 times in the last eight years. the stock market was high, 70% of the time. averaging a 5.3% return. stocks posted at least a 15% years, 17 of the last 50 rising an average of 7.2% in 71% of the years after those strong returns. lovely stats to end the week, g #btv 1790. julie: i do love my stats and retailers near and dear to my heart. mark, i'm going to give it to you

. >> reporter: inspector jeff fitch says one person was injured in the blast. say a woman living in the house was hurt and taken to the hospital. she will recover. neighbors say a police officer owns the home. >> i think he works around ali me da. >> reporter: the atf, alameda police and the sheriff's department are investigating the incident and looking for evidence. >> a policeman came and asked us if we have a camera in your building to -- and i said no, i don't have a camera but what happened. he didn't tell us anything. >> reporter: investigators won't say if they have any suspects or where the package came from and why. >> at this point, we're not releasing any of those details. >> reporter: no one answered the door of the home when we knocked. cornell bernard, abc7 news. >> san jose police are investigating a deadly shooting after the victim was discovered behind a building on ringwood avenue at about 4:30 this morning. the mercury news reports the coroner identified the victim as 24-year-old jose ricardo ruiz. police say the motive and circumstances sur

. >>> abercrombie & fitch's shares soaring.hat beat estimates by 8 cents. comp store sales rose 4% abercrombie will close up to 60 stores in the u.s. by year-end that includes 14 stores that have already closed this year. >>> gap reporting that third quarter earnings and same store sales that beat forecast rsh results are driven by a turn-around at its gap and navy brands that effort bearing fruit. the retailer is also raising its full-year profit and sales estimates. >>> william sonoma posting better than expected third quarter profit however, the home furnishings retailer is narrowing its earnings outlook for the year. the company is also buying augmented reality start-up outward for about $112 million in cash. >>> pringles looking to become part of your upcome holiday. the brand rolling out eight new chip flavors based on traditional thanksgiving day foods. i don't know what i think about this the flavors include turkey, mashed potatoes. this one is strange to me. stuffing and then cranberry sauce. you can get a cranberry sa

we are also seeing abercrombie & fitch doing better than estimated. the company crediting a sales boom at a revived sales hollister, the teenager chain. well,e gap is doing fueled by old navy, which has been consistently strong as people look for lower prices. mark: we are down for the eighth day. we haven't fallen for two consecutive weeks since july the 28th. that is the run that european stock markets have enjoyed. of -- the decline -- .4% .4 of 1% is the decline. french pay television recorded their first growth and customer numbers since the start of 2015. pushhairman has led this to require states in the carrier . shares up by 4%. this is the biggest declining stock in europe. the worst-performing stock. shares in a french company down by 16%. it is a french catering and support services group. what it did earlier was issued a profit warning, saying its target of significant growth in adjusted eps will not be met due to start of costs and you contracts and the impact of hurricane irma in september. and the profit warning could put at risk their

gap andp today -- abercrombie & fitch are up-to-date.e bloomberg terminal, i have s&p retail index. it is having a great day today. up about 6%. and a number of others are doing extremely well today. there is of course something we should continue to talk about, amazon. i will change the chart. 7326. what you can see is the retail index has been doing a better than s&p turquoise line. amazon is the yellow one. the white line, that is walmart. if there is one giant that will survive the retail apocalypse is probably them. they had a great earnings report this week. we saw their e-commerce sales have risen by 50% in the third quarter. they had some of the best groups since the recession. if anyone is taking the fight amazon, it is walmart. david: making a substantial investment in e-commerce. emma: that is really paying off. shery: think you so much for that. david: we learned robert mueller subpoenaed over a dozen former trump campaign officials last asking them to turnover doctorates related to its investigation into possible links with

a new fitch ratings report shows that taxes on cannabis may gets as high as 45 percent in parts of thehose taxes could be enough to keep consumers away from legal marijuana stores.. the report shows consumers will pay a sales tax ranging from 22 to 24 percent.. and any additional state and local taxes ranging from seven to nine percent. (steve) there has been at least one fight and one arrest before a speech by milo yiannopoulous. also a heavy police presence on the campus of cal state fullerton where the conservative provocateur is speaking yiannopoulos was invited by the university's college republicans student group. they say they feel left out of the campus' political conversation... and bringing the provocative speaker would shed light on the issue. events featuring yiannopoulos have a history of violence. (steve) earlier this year... violent clashes broke out at u-c berkeley just before an event featuring yiannopoulos. the university was force to cancel his speech. barricades-- set up to keep protesters out of the area-- were picked up and thrown into windows. fights broke out an

as for earnings, foot locker and abercrombie & fitch report before the opening bell. >>> it's a big daypos. six companies are set to go public today so what's driving the latest ipo boom let's bring in john martinco from drexel hamilton good morning >> good morning. >> sum up the year for us and particularly q4 how that is shaping up in terms of volumes >> there seems to be acceleration this is typically what we see around the holidays going into thanksgiving the high water mark was 2014 with 275 ipos, we're on pace for 150 after today. what is that in terms of market value, how does that stack up this year? >> was about 90 billion issued in 2014. and the market value is obviously a touch lower than that i think what you're seeing today with the six ipos, i expect them to trade six different ways. two i'm watching today, sale point and stitch fix >> tell us about those two >> sale point is interesting there seems to be a fatigue that is taking place this week on these ten ipos let's not forget in the primary issuing space there's 25 secondary and block trades a lot of paper hit the mark

gap has a short position, shoe carnival, 12%, abercrombie & fitch, 23%. the buckle, 23%.eally wants those guys to go out of business, but i think brick and mortar is still something of a proxy for main street. even though more and more people, obviously, are shopping online. you know, though, here's the thing to remember: often the death of malls match the plight seen with the death of main street, so we should cheer the impressive gains we saw in brick and mortar today. now the housing revial. it continues to go very well today. starts and permits came in significantly above wall street consensus. housing starts in october up almost 14%. single homes were 5%, multi-family homes, you know, the condos and stuff? 37%. what about those permits for october? the annual rate almost 1.3 million, up almost 6%. single homes up almost 2%, multihomes up more than 13%. i would say ride personally like to -- i personally would like to see more traction with single family. millennials' desire to live in and around large urban areas. and then there's elon musk who continues to be a cont

. >>> fitch has joined snp declaring venezuela in selective default. they have missed payments and now faces pressure from investors to find a solution venezuelan leaders have blamed the united states and large lenders for the crisis saying they're waging an economic war against them let's get out to nancy hungerford still at abu dhabi. i'm looking at data saying venezuelan oil output last month fell to a 28-year low. that's not going to make this whole situation easier, is it? >> that's right. for the time being when you look at what's happening in the price of oil today t appears markets are focused on the supply fundamentals, also a bit of a warning from the iea on demand yesterday moving markets you can't ignore the situation around venezuela given the vast resources that are in the country and what many insiders are saying have been squandered due to the political situation in venezuela we talk a lot about what that means for the supply dynamic but there's also the question of the oil services companies operating in venezuela with pdvsa, i had a c

fitch ratings looked at this and concluded it will put dramatic strains on state and local budgets since people in those states are not going to be able to take those tax deductions. so either you're going to see dramatic cuts to school funding, health care, or you're going to see state and local governments raise the property taxes in those states. so you get hit coming and going if you're a middle-class homeowner. this also damages our economic development efforts in many parts of our country. it repeals the new markets tax credit. and while it doesn't get rid of what president trump said was a huge giveaway -- the hedge fund loopholes. can't remember how many times during the presidential campaign candidate trump talked about how the hedge fund tax break was a total giveaway. that's not eliminated in this republican bill. they keep the big hedge fund loopholes. but here's what they get rid of. they get rid of the ability of people with high medical expenses to deduct those expenses from their taxes. they even take away the additional standard deduction that currently applies to taxpay

fitch ratings outlook for the blueprint concludes that the proposed tax cuts would add heavily to u.sdebt with only a modest and temporary economic growth increase. the penn-wharton budget analysis said the plan would lead to a drop in tax revenue of 1.7 $5 trillion over the first ten years. karen joins us live from the web summit in lisbon where president trump is a top topic i imagine >> everybody is counting the cost of tax reform and don't forget technology is one sector that is the main beneficiary of changes. i spoke to oracle yesterday, they have 60 billion stashed offshore there is a feeling if there is a change, a repatriation holiday that would lower the corporation tax, that money could come back on shore oracle saying they would reinvest in the economy, or whether they would use the money to pay down debt, but oracle was firm they would be using money to hire workers and for other investment plans i also spoke to intel, another company that stands to benefit from tax reform. specifically the way it account force some capex currently the way it's accounted for, it's not con

abercrombie & fitch, shoe gap, and a good beat at old navy.o spend if you will buy at a discount. and the theme seems to be that younger consumers are driving sales for the holidays. we will see if that hands out. williams-sonoma a little bit weaker in their earnings. a divergence between the equity market and the junk bond market. the high-yield market last week, we saw a lot of outflows over $3 billion. that highlights would we have seen. the blue line is junk and high-yield outstanding. you can see how much we are seeing that drop in the past few days. the flipside is yellow. purple line the shares outstanding for s&p. you have investment grade and shares outstanding holding up relatively well. junk continues to get hammered. is a't know if this telecom, utility, fundamental --nings-pacific earnings-specific story, or if there is something we need to look at the equity market. jonathan: is that a move to quality that you see? >> we are seeing a little bit of that, yes. these are -- there are specific names dragging things down. i think we a

rishaad: right, let's discuss that with theo head of china bank ratings at fitch. surprised by this? >> not really given that china in publicdvocating statements that they are committed to financial sector reform. iting wise, i think coincided with the u.s. president's visit. that is probably something that was planned on by china's side, but it is not likely to be a game changer in china's banking foreigne given that banks combined on the account for less than 2% of the sector currently. rishaad: we don't know when it the legislation has been trapped it come up but there is a timetable for when it will be introduced, and it is remarkably quick. is it hasty? >> it is probably something they had planned for years. the fact that previously one of the major restrictions on foreign bank expansion apart from ownership restrictions is the fact that china used to have a deposit ratio that was an effective way to constrain foreign banks and organic growth domestically. now that the ratio requirement has been removed, theoretically speaking there are already barriers to gro

inspector jeff fitch is with the united states police office and said multiple agencies are investigating. this is a huge safety issue to your investigators and the public. >> if anyone spots anything, we're asking them to call 911 or call postal inspectors. >> reporter: kpix5 has learned the package was delivered by the usps to the home of the officer who was off duty at the time. sources tell us when the officer's wife opened the package, she thought it looked suspicious, so she threw it. when the bomb exploded, she suffered minor bombs and ear trauma from the blast. the package was 11 inches long, too big for a mailbox. that is why it had to be hand delivered. >> some of these parts are very rudimentary. they just are wires that when you open a package, they full on each other and make contact and that's what completes the circuit. some of them are not very sophisticated, but there's always some sort of footprint left how this device was made. >> reporter: now investigators believe this bomb was created by the same person who mailed another bomb to a home in east palo alto october 19th