david: let us discuss that and other endeavors of mastercard.singapore and the fintech festival. why don't we start their. tell us about that endeavor. ari: good morning and thank you for having me on the show. we are delighted to be here at the singapore fintech festival. we made the announcement of our fintech express platform and what we are really trying to do here is under this platform we are expanding our reach of fintech collaboration and partnership and accelerating the way mastercard works with fintechs across the region and making the whole process of on be in a fintech to seamless manner. an global platform is enabler. whether it be a traditional bank or institution or other fintechs coming down the pike in our rapidly changing world. rishaad: can you tell us more specifically, can you give us some tangible examples? if you really look at where our traditional business model have been where we were on boarding banks and institutions, the fintech express is targeting fintech players with rules, technology, capability, platforms, the l

we will be speaking to ann cairns, the vice chair of mastercard. bias to algorithms. european stocks edging higher. a lot of the asian shares rose amid the trade war headlines. we are seeing simmering tensions in hong kong. treasuries fluctuating. this is bloomberg. ♪ whether you're out here on lte. or here on a wifi hotspot. xfinity mobile has more coverage to keep you connected to what matters most. that's because it's the only wireless network that automatically connects you to millions of secure wifi hotspots and the best lte everywhere else. switch now and see how you could save up to $400 a year. and get 50% off when you buy any new lg phone. xfinity mobile. click, call or visit a store today. kong's financial district is paralyzed for second day, protesters blocked subway lines and police warn the cities on the brink of a breakdown. president trump might push back his decision for tariffs. nigelpitalizing on faraj's decision not to send the candidates 300 seats. this is "bloomberg surveillance." london, tomqua in keene in new york. we are pr

. >> mastercard and pay pal are two that i own let's talk about master card, pay pal and visa and thety that it presents look at the emerging market opportunity. the revenue growth right now in india and revenue actual exposure is only 2%. think about the potential opportunity there as we go from a society that is using less cash and moving more to a digital pavement structure i think both of thouof those nah fact that technology as a tech tore contin sector continues to grow and i think that they continue to work >> and we own many of these nam names. alphabet, amazon, facebook, crm, pay pal, i feel like they are laggards that much momentum names. led the first half of the year they've really been in a slump or they're pausing starting to pick up now and these are the names if if that if there is going to be growth next year and you have to assume for the market to go higher, we see earnings growth, they are going to be producing it so alphabet, facebook, visa, paypal these are growing earnings in the 15 to 23% range. they sell for some of the market multiples 20 times earnings. targ

mastercard says its goal is to avoid potential discrimination.e representing cable and streaming service giants plans to crack down on those who are sharing accounts. no. never. >> never do that. >> i would have never thought the alliance for creativity and entertainment estimate that they're losing $6.5 billion in revenue because people are sharing passwords and accounts. the alliance is comprised of netflix, amazon, comcast, hbo, and other companies. one of the strategies they say they are considering is requiring users get a code sent to their phones to verify they are the ones watching or using their thumb print to log into their service. now, this is a huge change. about two years ago we did a report on all of this and we couldn't get any of them to say it was a problem. they didn't even care. they were like, that's fine. can you imagine? >> i only watch channel 7 michael. >> what is this netflix? >> never heard of that. can you explain? >> here is a sure sign the holiday shopping season is upon us. oprah has put out the list of her favorite

credit cards like visa and mastercard are also getting into the payment processing game.quisition of honey still needs regulatory approvals... but the companies expect it to close in the first quarter of 20-20. (pam) for your health ... the c-d-c says, at least 17- people have been infected by e. coli in eight states - including california. seven of them have been hospitalized .... and two of them developed a type of kidney failure associated with e-coli. no deaths have been reported. e-coli bacteria produces a toxin that causes symptoms including vomiting and stomach cramps. the c-d-c is investigating products which could be connected to the outbreak. (pam) also for your health... check your pantries--- the maker of cheese nips.... is recalling some of its popular crackers. small pieces of plastic may have ended up in the product. the recall affects the 11- ounce boxes .... with expiration dates between may 18-th and 20-th of 2020. the plastic pieces may have fallen from a food scraper during production. the company says... no other products are affected. so far, there a

the stocks that have kept us out of trouble, fisa, mastercard, they are strong on their earnings.did not make new highs. we are going to look you want to sell the stuff that is going down, you want to be long the stuff that is going up. don't try to pick a bottom. if the stocks are going down in this environment and it turns around, they are likely to accelerate to the downside. if you think you are negative, you take a stock like visa or mastercard, you have risk management levels in which that is the most important here. now, is the economy slowing? that is what it looks like. but again, the market can stay irrational far longer than i can stay solvent. discipline is the key. caroline: great to have you with us. house, speaker of the nancy pelosi weighs in on the impeachment inquiry and protecting the constitution. this is bloomberg. ♪ mberg. ♪ >> bloomberg's first word news. china's ministry of commerce the country has achieved a consensus in principle with the united states on trade. there was a phone call between he chinese vice premiere and robert lighthizer and secretary tr

and that has seen high profile backers including visa and mastercard walk away.ld's biggest cryptocurrency, bitcoin, has been incredibly volatile. it surged earlier this year, but has since lost more than half its value over the past four months. on wednesday it slumped a further 10% after china's central bank launched a fresh crackdown on cryptocurrencies, warning of the risks surrounding them. it echoed a warning by the us treasury secretary 00:02:09,883 --> 4294966103:13:29,430 earlier this year. the treasury department has expressed very serious concerns that liberal could be misused by money launderers and terrorist financiers. cryptocurrencies such as bitcoin have been exploited to support williams of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs, human trafficking —— billions of dollars. it's a long list. simon taylor, who advises banks on going digital. cryptocurrencies, unfortunately, have a very horrible reputation with policymakers and regulators. they are very easy to trace. when something is very easy

in 2018, millions took mastercard but not amex. is this a good idea or not >> they still haven't gotten over the loss of the costco contract, have they? >> that's a separate issue >> but that was a big loss. >> in some cases, it will take them six, seven cases to get the payback. >> it all comes down to swipe fe fees you may say i'm a small business, i'm not getting the benefit from your amex customers. >> have you had any experience with this? he asked knowing the answer already? >> i'm not an amex holder but i certainly have a couple of those friends who take them to a cool hipster spot in the lower east side, it time to split the ball and t -- bill and the owner says we don't take amex. >> how much of this is a function of the fact that visa and mastercard now actually offer real benefits that they never did before >> right that was the value add for amex historically they'd be willing to pay $400 a year for a card -- >> the best feature on a platinum amex card, if you have a problem in another country, they will literally med v

tristan from alabama >> my question is how do you play the space of mastercard >> mastercard is a stock be at 300 fantastic job this quarter i want you to buy, buy, buy. >> i'm mitch from california what do you think of lscc. >> lscc? >> lattice semiconductor >> incredible situation. buy it >> i don't know. >> okay. yes. >> sir, my question is with nike's leadership changing how twhil affect the stock >> which one >> nike leadership >> "new york times" said barker had to leave because of what happened with the women athletes i don't think that's true. i do like john donohue very much it's a buy yes. that's the new ceo he's from service. did a good job there >> ob from pennsylvania, philadelphia, pennsylvania anyway what are your thoughts on beyond meat. >> beyond meat is hard i think it's going to trade between 70 and 80. 70 and 80 until we get a couple of big contracts or the mcdonald's contract. you're all depending on mcdonald's saying the test of 20 stores will be a winner. i think it will be i like what it's doing what's the key ingredient in a hamburger? what's the biggest key ing

i do a lot with the mastercard team, and if you look at the mastercard spending, jewelry is holding ups is a good one. francine: how much can you change tiffany? knownuy brands that are but aren't huge everywhere. tiffany has a pretty good footprint in asia and the u.s. how can they transform the business? stephen: what you want to do is evolve the business. tiffany has a good position with silver, but you can elevate the brand. there is a lot you can do in modernizing the business. certainly from even a presence in asia, there is expansion opportunity so i think lvmh can do quite a bit with the brand and i have seen them do it with all their acquisitions. francine: are there any brands that are as big as tiffany's that people will want? tiffany's was the last independent jeweler that could be bought out. stephen: there will continue to be consolidation. tiffany's is one of the biggest, but there are a lot of midsized brands ready for consolidation. retail in general is a story of consolidation. tom: what you did more than anything is you brought exclusive, single items to saks fifth a

to take action even though it was a consensual relationship >> the going gets rougher for retail mastercard holiday season forecast south it's stoet grow 3.1% compared to last year's 5.1% this is the shortest holiday calendar with six fewer days the sales started before halloween. >> exactly i do think that's funny the calendar is something a lot of executives and companies are focused on and i think they will try to get the messaging out to courtrooms so we don't p procrastinate. he's hoping it will even out the season mastercard's forecast is interesting. 3.1% is not nothing especially if we're talking about an economy that slowing but propped up by the consumer not as bullish as some of the other forecasts but out a lot later. you're closer to the season. does that mean you're more accurate and can sort of factor in other macro economic data perhaps. 3.1% is not nothing. that's a decent holiday. >> what's interesting when it comes to certain type of consumer in which power the holiday season, it comes down to whether or not there's a certain spectrum of spin they feel the market at recor

visa and mastercard are widely seen as payment leaders. lauren: i don't have an am ex. report of massive layoffs at wework, now drawing attention from the new york attorney general. reuters is reporting thatly at t latisha james opened an investigation into the company. wework plans to lay off at least 4,000 workers this week. the company has pulled the ipo and its ceo, adam newman has resigned. a wework spokesperson says they're cooperating with the new york ag office. cheryl: faster wi-fi may be coming your way very soon. the commission is pushing for a public air wave auction for the next generation of high speed internet. it could free up money to rural areas could get better service. lauren: the rest of the kardashians can't keep up with kiley. she has sold her 51% stake in the cosmetics startup that she crecreated in 2015 to coty for $600 million. cheryl: how many instagram followers does she have in. lauren: 150 million. how old is she? cheryl: under 25. tragedy at walmart to tell you about, folks. three people were shot and kill at a store in duncan, oklahoma, 8

economy forum in beijing and we have plenty of great interviews ahead on our programs including mastercard's device .hairman also eurasia group's president as well. competition was really focused on trade tensions, the risks for the global economy, the u.s. and china dynamic. we will see more conversations about today as well, but also more focus on technology, ai, 4g, and transitioning into 5g. much: it was very optimistic or hopeful is maybe a better word, hoping to come to some sort of heavy copper mines, but there was the idea that some of these issues are just going to remain issues forever, like henry kissinger saying the issue remain kong will problematic and other people saying the issue of sovereignty will be sensitive and will come up during trade negotiations. all of that has affected the sentiment for the markets. kicking offarkets trade. sophie: we are seeing green shoots in sydney, posse shares adding about .1%. bhp among the biggest mover so , but still set for the first decline in three, proving tough to crack, especially after the midweek stumble. the bank's board is to meet

investment grade on's to the market, offering mastercard representing the lion share of the volume.,g with investment concerns raised about the valuation in the triple b space. >> a lot of investors are not allowed to go into noninvestment grade, going into the lowest level of investment grade and that has in turn boost to the amount of money coming in. iain, your perspective on the triple b space. this turned out to be the best performing of the investment grade asset class. where we headed with the triple b? at the moment, there is a grab for yield and people are looking at triple b. we can still buy investment grade quality bonds and get the yield pickup and it doesn't look like treasury yields will move higher anytime soon. the central banks of got our back. i think we see the demand coming in and we have more overseas demand coming back as a some of the hedging costs that were so painful to european and japanese investors are coming down as the fed has been easing policy. i think there will continue to be strong man for anything with yield, and triple b is in an ice bucket for

. >> does it bother you that visa and mastercard know everything that you buy? mean it is the same premise here. these are professionals -- >> that's a flawed comparison. you know why? because when i purchase it, right, i already know that i'm using my visa card; right? they are settling the transaction. you know, when i walk into the doctor's office, how would i know at the time that i'm seeing the doctor that google will get my information? >> also sharing it with a bunch of other partners as well. you know that already. maybe not google. >> where someone's work life could be impacted by people finding out they have an incurable disease so their future is somewhat limited in terms of efficiency. david: that's why it is different for visa and mastercard. we have to move on. what a great segment. thank you, gang. the supreme court deciding the fate of more than 600,000 undocumented immigrants brought here as children. will they hand president trump a win and overturn obama's controversial daca program? that man you're looking at right now, fox news senior judici

stocks of the best past decade. >> well, we still see mastercard is about 25% below our estimate of fair value. we have 16% long-term earning growth and over the next couple years, they can post 17 to 18% year over year growth in earnings so it's a very impressive company. >> just, just trickle back to you and give you the final word here what do we need to watch for to make sure the fed doesn't screw things up? >> no, i mean powell's done a reasonably okay job. i mean, he didn't make a mistake which is good. but we've had a lot of communication snafus over recent history. to me, again, the market's up on the good employment numbers, the lack of positionsing on the equity side. i'm going to be watching data and my guess is manufacturing's bottoming here and you're going to see corporate sentiment improve. obviously, china -- >> how much longer can the cycle keep going >> australia's going since june of '91 the economy hasn't ripped the last ten years it's gotten better but again, i always worry about the fed because the fed has the ability to slow this economy if it so desires. >> a

investment grade on's bonds to the market, offerings from mastercard and other banks represent the lion of the volume. sticking with investment grade, one company is raising concerns about the valuation in the bbb space. >> a lot of investors are not allowed to go into noninvestment grade, have gone into the lowest level of investment grade and that is in turn was doing the amount of money coming in. stealey, your perspective on the bbb space. this turned out to be the best performing of the investment grade asset classes. where are we heading with the triple b's? iain: i think what is happening at the moment is just this grab for yield and people are looking at triple b. we don't have to go low investment grade, we can still buy investment grade quality bonds and get the yield pickup , and it doesn't look like treasury yields will move higher anytime soon. the central banks have got our back. we are starting to hear more overseas demand coming back to some of those hedging costs, that were so painful to european or japanese investors the last year or so, coming down, as the fed has bee

threat to global financial stability, and that has seen high profile backers — including visa and mastercarde, the world's biggest cryptocurrency — bitcoin — remains incredibly volatile. on wednesday it slumped a further 10% after china's central bank launched a fresh crackdown on cryptocurrencies. nathalie oestmann is chief operating officer of the uk digital banking platform. we have been talking about a cashless society. does this move mean we are getting closer to getting rid of physical currencies? there is a trend towards cashless. we have traditional forms for payments that are digital like a payments that are digital like a payment card or an account you can tra nsfer payment card or an account you can transfer but then you have technology companies coming into play like apple pay and google p who have introduced mobile wallets and uc applications plotter for rating and across the world the us is leading the way with classlessness in terms of transaction volume. followed closely by europe and asia and deftly forward three years age well triple 41 to 350 billion. we are seeing a shift

we will have the mastercard vice-chairman as well as indonesia's unicorn travel app ceo.uickly, what is the vibe in terms of the overnight cautiously optimistic about a trade deal? do people share that cautious optimism? >> i think that sums it up. it is cautiously optimistic. everybody is concerned, but they are hoping for the best. caroline: we thank you. good luck today. enjoy it all. more on this story, don't miss daybreak asia. meanwhile, the numbers for germany. pmi comes out tomorrow. joe: and i will be looking at economic data, preliminary numbers in the u.s. out at 9:45. romaine: don't miss this. the first speech as used to be president. caroline: that is all for "what'd you miss?" romaine: bloomberg technology is up next in the u.s. joe: have a great evening. this is bloomberg. ♪ >> this is "bloomberg technology ." overhauls after the iphone 11 launch was riddled with bugs. we will have details. and later microsoft cofounder seriously hampered by ongoing u.s. trade tensions. his commentsm

expanding here mastercard, visa and american express up more?est poised to benefit from china, local joint venture with leon leon. this is precisely what white house wants to stamp out but better than nothing. i think all buys goldman sachs and apple corp said don't want it to be anything other than domestic hard to build a credit card system from scratch and goldman ready to take on china better than nothing. paypal bought gopay, chinese company to gain access to the chinese market maybe ought to look at that again. semiconductor space, boosted tech too rallied off a wells fargo update big three in 5g plays. wondering if the move was bolstered by the fact our government is talking about relaxing restrictions on one of the biggest clients, huawei, only publicly traded company that algorithms recognize as winner in china trade, deere is going up steadily. either get a deal and sell more machines here, or no deal and sell in latin america. because china needs to buy somewhere. all the leaks from the chinese side the u.s. media treats china as more

it came out in june and there's a lot of enthusiasm from the likes of mastercard and paypal, others steppingy. although some of it is from regulatory uncertainty. facebook took a pretty aggressive, arguably naive view to run into this, despite a lot of concerns. taylor: that was the ripple ceo brad garlinghouse. up, impossible foods cooking up impossible pork for china. we look at a taste for plant-based meat craze in shanghai. that is next. this is bloomberg. ♪ taylor: this is "bloomberg technology global link" where we are joined by bloomberg "daybreak australia" to bring you the latest in global tech news. let's take a look at the top global tech stories of the day. >> thank you. a key u.s. lawmakers the latest to sound the alarm over tictoc -- tiktok as a national security threat. called out apple for storing icloud data locally for users in mainland china. s alipaypayment giant and wechat pay are planning to let card users use the service for price. , owned by alibaba and tencent, account for 94% of the country's mobile payment market. billionaire founder says there are not any u.s. buy

steve saito of of mastercard and saira malik.make a formal buyout build for walgreens. that stop is up 7%. we want to give you an update on headlines outside of the business world. sebastian: the former u.s. ambassador to thesebastian: the. ambassador to the u.s. says x white house chief of staff john kelly and former secretary of state rex tillerson tried to undermine president trump. nikki haley says the two told her that when they resisted the president, they were trying to save the country, according to her new book. peter king's probably quit after 14 terms. the new york republican is the 20th member of his party and the house to plan an exit next year. johnson's., boris conservative party has switch the focus on the election campaign to one of its strong suits, the economy. conservatives estimate the cost of the labour party spending plans at $1.5 trillion. the chancellor of the exchequer blasts the proposal. spending $1.2 trillion will be absolutely reckless and will leave the country with an economic crisis within months,

likees not have stocks amazon, mastercard, netflix, and several other performing stocks over the lastve come up with an amazon test. we think investors should be careful and except they will miss out on some of these highflying stocks, which probably should be excluded but we think what is excluded is as much of a surprise for investors as what is included. this is part of the education of esg and there's no area more important to look under the hood than this one. romaine: you can check out that chart on the bloomberg at gtv . guy johnson, are you there? what you have for us? guy: i definitely here. let's talk about polling in the united kingdom ahead of the election on december 12. at the moment it seems the pound is moving lockstep when it comes to the chances the tory party winning a working majority. the polls are important when it comes to the financial markets. let's take a look at where we are. the blue line is the conservative party, which dipped into this year, and has since started to rise since boris johnson took over the reins. what has unnerved the pound over the las

another top performing sector there, some of those stocks like payment companies, like pay pal, mastercardthank you very much for more on the great rotation and what it may mean for your money, let's bring in chief investment strategist at janney montgomery scott he manages more than 2 trillion. michael joins us from the schwab impact conference out in san diego. welcome to both of you mark, you're pretty positive on the market if i had some incremental money, that i wanted to put away with a -- let's say 1 to 3 year time frame, where would you put it now? >> a couple of the sectors that were mentioned, we're shifting our asset allocations into it, and away from the defense of sectors. financials, materials, energy. we think what we're starting to see is a rotation that's legitimate this time unlike the last couple times around, over the last few years, in which it was a one month wonder the legitimacy is being born out by the global economic positions. the readings coming out or the chinese purchasing manager are indicative of stability occurring in overseas markets which is going to go a

mastercard is another company in the portfolio. just to challenge you, now, how relevant is that when people use laptops? >> corporate communication thing. not only, that people park about egaming. kristina: logic tech make most of them? into they make most of them. what i also believe in is not buy, hold and forget. everything you do, you have to make sure, are the revenues increasing this year. are the margins increasing this year? so i keep my portfolio fresh with healthy names, and you can go to sleep think whatever you buy today is good 20 years from now. kristina: what would you stay away from? >> anything with a lot of sexy story and high valuation. kristina: beyond meat? >> beyond meat's a joke. below that you have to be profitable. there has to be margins. so beyond meat is you know, story we wouldn't even go close to. but i think it's a matter right now of having the best company to find. kristina: stay away from sexy stories. drop the confetti though. >> thank you. kristina: record for dow, s&p 500. that will do it for t

microsoft, and players who are clearly in the tech sector but not necessarily recognized, like visa, mastercardo absolutely are at the forefront of the big payment.contactless nejra: james bevan will keep running with us for the hour. coming up, we speak exclusively to the irish finance minister. don't miss that interview at 1:30 p.m. london time. a glass more than half-full. jerome powell strikes an upbeat tone on the u.s. economy but mohamed el-erian says markets will be tempted to renew pressure on the central bank. what does our guest think? find out next. this is bloomberg. ♪ ♪ nejra: this is "bloomberg daybreak: europe." let's check in on the markets in asia. juliette saly in singapore has more. good to see you. a bit of optimism on a headline level. >> sending asian stocks higher for a third session on those trade headlines and also of course that merger monday madness we saw coming through from wall street. gher, gains on the mainland, too, and australia ounce.g a good ba hong kong underperforming. carrie lam offering no new concessions to protesters, the first time she has spoken since

goldman sachs does the mechanics of card, apple markets the card, it's a goldman sachs mastercard. they said, they are only evaluating applicants independently. that is according to income worthiness. i even texted a apple tex. they said same thing. credit history, income, credit score. they're taking this matter serious enough because new york regulators are now investigating. they reached out to goldman sachs to investigate the matter to see if these algorithms are actually disdiscriminating against gender. just a week ago, just a week ago, regulators are looking into united health because potentially the algorithms could be biased against race. so this is something that we need to consider going forward as more and more companies cut costs in order to, and start using algorithms to make big decisions coming to hiring, health care and financial services in this case. to bring it full circle, david hannson's wife got a higher credit limit. guys. melissa: kristina. connell: thank you. connell: interesting. next step here, the chinese e-commerce giant alibaba revealing the sales for

always want to go local because we know that local is outgrowing national in the last six years, mastercardll you that data says local businesses are thriving. why? they're for me, environment tally friendly, all the things, you know, you felt really good about. and so the customer wants to feel good about retail right now. >> you went on a journey to go find these locals. >> i did >> you toured the midwest, went all over the place and came back with names that you think are great growth prospects some of these i've heard of, some of them i haven't but why don't we start with casey's? >> it's really a convenience store, but it thrives in towns of 5,000 to 10,000 people. i saw that in a town of 10,000 people and that seemed like a really small town but they really have tried to focus on 5,000 and it's a pizza shop. you buy your gas there all the convenience stuff. it's the brightest, friendliest, most well trained people you'll ever deal with and it feels like it's your local hometown and they belong to the local chamber of commerce and give to the local charities. and they have gone out of

you see mastercard and paypal step away but a lot of that is because the regulatory uncertainty.gressive, maybe naive approach that they could run into this and do this despite concerns. the way ripple approaches this world is, we will work with regulators from the earliest stages. we did that in singapore and around the world. that served us well in terms of building momentum. question, we got so many of these cryptocurrencies. many will fall by the wayside. how will this echoes system look a year from now -- this ecosystem look a year from now? >> i think it will continue to evolve. years ago crypto was kind of a silk road illicit use case and it moved to a speculative bubble. in will continue to see it 2020 and beyond, focusing on utility. how are these digital assets solving real problems? absent that utility i don't think you will see the whole market grow and live up to its potential. that is why ripple has been focused on a specific customer and problem and we have been fortunate to build a lot of momentum with that customer set. haslinda: good to have you with us. ripple

is not down this month, that is not up is cisco, down 5% on the earnings disappointment, visa, mastercardrce, broadcom, top ten stocks you get them up in the mid signingle digits, except cisco, the whole market lifts and tech and that's why we're talking about overbought, unusual with these stocks to see them up this month in a month let's talk about alibaba talking about that last week they're doing a secondary in hong kong. people ask why would they do a secondary in hong kong does this make sense to you? it makes sense to me 750 million users in china, twice the population in the united states. you think somebody might be interested in owning the stock the company is growing like crazy. 50% of online sales in china this makes a lot of sense to me. take a look at the market cap here, 483 billion in the united states hong kong's listing, we don't know yet, but 11 to 13 billion is the estimate. pretty small investment here for secondary. 2% of this one does that make any sense it sure does it looks like it has been very successful strategy if the strategy was to increase the price of the

>> it tells me the consumer shopping and mastercard spending polls, like we'll be in the 3 1/2% type growth for the holiday season. it is healthy, but not quite as good as last holiday season. we're closer to four 1/2 to 5% growth range this last season. not just online. online is growing very quickly, probably in the 15% range. what you see is about 85, 90% of commerce is still being done in a physical store. that's why beginning of this holiday season is so important. thursday, black friday. not so much, sales of those days per se. it is the mind-set. it is getting people into the headset that they're timed to start shopping and this year it's a shorter season. you have got six less days. it is early, heavy promotions, hit them hard, hit them early. connell: we talk about retail in broad strokes to your point, to make a point how the consumer is doing or what have you. a lot comes down to execution. you see some stores doing very, very well. others obviously struggling. who is impressing you in terms how they're hanging in there on the brick and mortar side? as you say, they're sti

cyclicals can be a good place and also in information technology that's the microsoft, ibms, even mastercardsng what's going on and it's interesting, utilities were up to date, but defensives have pretty much run their course >> we've got our first earnings report out it's tilray, kate rogers has got the numbers. >> that's right. tilray looking at a loss of 36 cents for the third quarter. it's uncertain if that's a comparable number. revenue is coming in at 51.1 million. that is a slight beat for the company. the total amount of kilograms sold increased six fold in the quarter, while prices fell by half and one more bit o from brendan kennedy, the ceo, who i know you're going to speak with shortly, saying the company expects significant growth in q4 and 2020 the stock was originally higher by nearly 5% now it looks like it's turned negative back over to you guys. >> okay, kate. thanks so much for that. dow about 2% in after-hours trade. coming up, we will speak to tilray's ceo about those results. so stick with us for that part of the discussion. mike, coming back to the market, the yield pla

he said he applied for this white, this is the apple credit card, mastercard. he said when he applied and his wife applied, he received 20 times the credit limit compared to his wife even though they share all of their assets, they have a joint account. you had a bunch of other people weigh in as well. he's calling this card sexist because he received a higher limit than his wife. then you also had steve wozniak, co-founder of apple, chimed in too, saying he received ten times the limit his wife received even though they have been married for a really long time, they have shared their accounts. goldman, which operates this card, they say they really determine the credit limit due to individual income as well as creditworthiness. if you happen to own this card, you can send a tweet -- sorry, text message. so i texted apple and they responded back by saying i understand your concern, your credit limit is determined using your income and debt payment obligations as well as credit score. so new york state department is investigating this because right now, everybod

what that means, it is dragging down all the other things, visa, mastercard, american express for example. tencentrship over saying they are allowing visa cardholders to use their visa card in china. instead of having to rely on cash, they can use their visa card. i am taking a look at shake shack shares, which are floating today after an earnings miss. the third quarter missed expectations for store sales. the company cited a transition grubhub as its sole delivery partner as what contributed to the drop. shake shack executives cautioned that more volatility is ahead thanks to the grubhub transition but the company does expect to see financial benefits in the coming quarter. wall street cosigned the sentiment saying its full-year sales forecast implies a fourth-quarter decline and it expects a grubhub transition the last into the year 2020. >> these are 10-year note treasury futures, actually trading in the direction of bonds. we see a decline, down three days in a row, 1%. the move since early october suggesting that the risk on move once again. a we put it together with positioning, it