my pick is nike.hey just dropped earnings and beat on the top and bottom line for the quarter. revenue year over year was down. listen, here's the one thing nike cannot do nike cannot not sell sneakers. sneakers were down last quarter in store and online. they forgot who they were. they focused on online sales and discounts which hurt them. this new ceo elliott hill has this clear plan to turn things around he started off, i think is cool, as a nike intern they will focus on sport and performance which is their lane, right? they also will focus on supporting the distribution partners foot locker and dick's if you are buying nike for the retirement portfolio, you have time right now, nike is almost 30% down it is on sale. >> one last question before we get you go, tiffany. pce is coming up today core pce is expected to tick up one basis point. for someone invested in the equity markets, does that concern you about sentiment and what that could mean for the fed's path going forward >> listen, we hope th

seuss book. >> part of the problem nike has lost its way.be aspirational used to be i want to be like mike, it's just do it, these days that's not what nike is able commercial that shows people getting dunked on, beat up, slammed to the mat and it tells us that winning is not for everyone but it's like most of us are going to be winning, who is supposed to buy the shoes, you know what's not winning is nike stock down 27% this year end down 21% a year over the past three years, the ceo is out they brought back elliott hill who did a great job before he left in 2020 to get the top job. we will see. jack: may be nike shoes are not for you loser. the stock is not cheap enough to buy? these things take time, we have to see how hill does. the thing to get the stock we we sell china pickup, that would help a little bit give a little bit of a tailwind but they gotta get the product changed. jack: tell me something positive in a turnaround that is working. >> i like paypal is a company that everyone that is saying don't touch this is going away is ob

you can find nike shoes and ng that target and nike will team up next year. you can find nike shoes and target aisles. it's a match made in heaven, those are two companies that wish to in 2024. it said them problem not a market problem. target cannot sell discretionary items when everyone else could, nike can't sell shoes when everyone is wearing sneakers. i don't know if that is the answer but they have to turn something. jack: anything else that they contrive a path for a turnaround story. >> they are making hard decisions in the new ceo that is optimistic he can right the ship. it's not going to be quick and is not going to be easy but if i had to choose a company to turn around you can do worse than nike given the brand equity and international reputation. brian: maybe they can find a better celebrity endorsement than your favorite. jack: i don't know about that. jack: do the breakdancing. >> sorry. jack: thank you teresa. the fed rate cuts, mortgage rates have barely botched. executive vice president iv zelman on what that can mean for buyers and sellers

what nike has done already. the new products that are coming out in 2025. he sounded optimistic about what there is in the pipeline. the stuff that he can fix is on the tactical side. how they merchandise products and put products into the channel whether it is wholesale or direct to consumer or online. he is working aggressively on that, and that is actually has background. he knows the channel dynamics extremely well, and that is where he can make the biggest impact. we are seeing that because they are clearing a lot of old product trying to restore supply and demand balance with the channel. >> i found that very interesting when he was talking about needing to repair the wholesale relationships. he was naming names of the executives he talked to at some of these retailers that sell nike product. how quickly could that be fixed? >> a part of the reason why he's the ceo is he has these long-standing relationships the board valued, which retailers across the globe and not just u.s. but european and asian retaile

that's anticipating 400 to 500 points getting back to the nike growth profile that was of old. that was where it traded 27 to 30 times the market is anticipating a turnaround dynamic playing out under new leadership i think culturally, some of the people that they brought in -- every change that elliott laid out are the right changes to make it's that it doesn't happen overnight. he was clear about that. >> when you talk about barriers to entry being easier, you are describing a situation where the goalposts have moved. >> absolutely. >> they don't move back. >> no. the other thing that changed is if you think about the percentage of lifestyle. that creates more volatility to your point, that's a different profile. nearly 50% of the business is lifestyle. they talk about more people wear a basketball shoe with jeans than on the court. that's a material change from nike of old that was more performance led and could catch the best athletes because they were the largest and the biggest. it's not necessarily the same today. >> yours truly by the way. no foot shots. who is getting

time for the stock of the hour and it is nike.r will release its latest earnings after the bell. investors will be eager to hear from the new chief executive elliot hill who took over in september. joining us for more on this is alex straton, with an equal weight on nike. your take on the result here is perhaps the numbers matter less then one elliott hill says about the outlook. do you think he will offer any sort of specific guidance? alex: from a guidance perspective we are not expecting like to restate full-year guidance explicitly. i really take that view due to his pretty short tenure since he was announced at the company. the fact that i'm not anticipating some fulsome strategy uptick tonight. they are still dealing with inventory digestion, there has been a track record in the last 12 months of some guidance volatility. from a formal guidance perspective i don't expect an update there, but i do think that they do need to walk back on their prior assumption that there could be some improvement in the back half. the street i

nike warned of a tough holiday season in the fall still time to go there nike wholesale seller, footeat is low a separate analysis says nike lost about a million instagram followers in the last 90 days. 4 million toll illion total sin. shares have fallen after each of the last four reports. it is down sharply year to date, well underperforming the broader retail indexes. >> thank you let's see what happens it's unbelievable watching this nike story play out. >> it built up so much, more than most anticipated through the pandemic, as if it had ever single box checked in terms of how the great american brands, that you couldn't -- it's been totally upended. now with not a lot of faith in the management as they are coming in there, it's a show-me story. >> i'm looking today at apple. we should note, it's higher, 250 bucks. that's been a great sorry within this market. you have nvidia, 130 bucks it's been hanging around key support levels technical damage to itself i know people are watching key levels to see where this thing is going next. >> first got to the prices six months ago it ha

that is because nike has a brand that is focused on brand equity.ff. i think that's what elliott can bring back. >> there are a couple pieces to this. they missed the running thing, fine. maybe they come out with new products. they get back in there, they make decisions on wholesale, now they are trying to get it back. what else needs to happen to kind of increase investors confidence for the turnaround plan that's at play? >> if i were to ask you, name me a nike marketing campaign, it would be hard to do. >> ya. >> we used to be able to do that. when you talk about the gap and mellow yellow, these brands, the campaign matters. he is a storyteller. nike drives the attachment for the consumer. >> is the wokeness a problem? is that a leading customers in the past couple years? >> i'm not smart enough to know that. i'm a gentleman. i look at numbers. you said it's running a problem, here is the beauty of it. they still beat everyone running. they still don't talk about it, the sheer dollars, $50 billion of revenue, there's no company that comes lose to

hard today and we'll dive into the headlines and dig into whether the sector is worth another look nike and fedex surging and we'll go inside the numbers and shares of french fry maker lam westin getting skewered and i'm mel melissa lee, on the desk tonight, tim seymour, karen finerman and mike khouw will join us shortly. three major moves that can threaten stocks, and the ten-year climbing 4.6% after yesterday's fed meeting and its highest it's been since june 2022 the dollar also continuing to strengthen hitting a two-iary high of its own. those moves as the central bank revised its outlook for 2025, now expecting just two more cuts and that sent stock markets reeling on wednesday while the major averages tried to club back some of the losses yesterday. a late-day phase sent the nasdaq into the red and the dow well off its highs and it did manage to break the ten-week losing streak and the gain in the historically strong month. can the rally get back on track, and i guess the key here is we mentioned the dollar and the yield if they keep going higher, what kind of headwinds will they

a new financial first for president elect trump, nike and nfl teaming up again. short list for time's person of the year again. i posted it on x today and we are going to tell you all about the story with the most votes in about 13 minutes. tolls are already going up in the new year, but how much could they cost by 2030? the decision ahead for the bridge toll authority, also an exciting new partnership surrounding the super bowl and world cup, the committee behind the big sporting events coming to the bay area reveals how it will the gutierrez because she is working on a story today about bart and its recent announcement of fare increases. yes. hi. another fare increase. there was one this year, another one starting next year. so we wanted to look at the last ten years and see how t they've bn changing and it correlates with inflation. but we'll see how clos it is to inflation. we'll have that at 530 today. all right. sounds good. hilda thanks so much. we'll see you then. you likely saw this on nightly news. the franklin fire in southern california continues to b

, but nike is where the money was.ere the money was, and where the money was is diminishing. nike is so tarnished, it's incredible. i think the new ceo is going to get his head around it. this thing was, i don't know what they were doing at nike. >> we have a retail analyst join us yesterday, and at the very end of her back and forth, she indicated nike still being very promotional right now. and not, you know, not necessarily in the premium category. >> if you go to the one in midtown, the big display is nike. and nike is just -- they don't have a horse in this, and that impacts foot locker more than anything else. >> we mentioned crm, jim. it is worth mentioning marvell, a company you featured just monday and you were quite positive on it. you pointed to some insider buying. the quarter from marvell was a strong one, and more importantly, they, for the first time in a while, have a very bullish ai related outlook. by the way, their ceo is considered a superstar, i guess. >> matt murphy is a superstar. >> is staying a

jonathan: nike was a key partner. the ones -- they deprioritized retail partnerships like this one. does it tell me something about the consumer or execution? is it one of the other? lisa: especially with the juxtaposition of dollar tree. we saw some retailers do well. t.j. maxx did well. gap did well. a host of names did better-than-expected earnings and consumers that were anything but particularly cautious. with footlocker, you are under something. you are seeing a dramatic shift with do the brands sell direct to consumer, where they need the stores? that is where the story lies. jonathan: footlocker down double digits in the premarket trade. down 14%. french president amanda macron to reject the no-confidence vote that could topple the government. -- emmanuel macron. france is not the elite place where you see instability. in south korea, the opposition party calling for the impeachment of president yoon. they are pursuing treason charges against yoon. the defense and safety ministers alleging the declaration of m

the ghost of john donahoe lives over nike. we will come to nike in a moment. apologies.dex is ready to hive off different unit worth ready billion dollars -- the freaked unit, about the $8 billion. weight demand in the united states of america in the express business, probably gets to 90. in this is what we have got, 7.6% down because there is a new ceo of nike. they are going to tank everything, just get rid of everything, draw a clear line between you and the former ceo. and the guidance here bernanke, low double digits. so elliott hill did not take this opportunity to just tank everything he has out there in terms of stock. he has gone on a world tour but not enough today. jonathan: nike is down by 7.8%. more from manus cranny in the next hour. under surveillance, lawmakers on capitol hill were -- ejecting a funding deal. the u.s. government on pace to shut down tonight, a group of republicans voting alongside democrats saying they would not suspend the nation's debt limit until 2027. lisa: 38 republicans voted against the bill, so people were looking for the cohesion

that is what exactly nike has lacked nike has been backed into the corner i think they are too focusedbasketball right now they've lost lifestyle and running and key categories it is not just footwear. they are losing at the high end to smaller upstarts. >> what has to happen to fix that do you believe this new ceo can do that? >> yes, i think elliott will certainly refocus the company strategy on the wholesale challenge. he will go back to the playbook that worked for them in the 2000s and they also lacked innovation they have to get better design and better marketing and re-acquire consumers that they lost if on and hoka and new balance all grow at the rate they're growing, it is difficult for nike to re-acquire consumers in the category where they lost share. >> where is the fair value of the company? we are looking at it right now and $74. >> 69 $69 for that's worth. we run a few valuations. if you run a basic business, you get back to the mid to high single digit top line in the next five to ten years you need to assume the operating margin gets back to 15%. it hovered around the

nike might give share is interesting. i want under armour to say we're too big, our value we have deflation built into the business model, let's pull back. let's sell this, price elasticity. that's interesting. >> any of these companies come back. >> the way i think about things you get these retailers flavors of the month for several years, go down and never seem to regain their luster. is that possible? >> if i told you under armour won't be next year on purpose but still at its revenue peak, one of the largest brands, they don't make any money on it. what i love about retail and the sector and what i love about my job is it's the accessible sector. people think oh, my god i hates the brand and then $6 billion of revenue telling you otherwise. >> what's been fascinating to watch and appreciate this is the cyclical nature of it. all of the things that were cool when we were kids in the mall, bath and body and abercrombie, now they're back with under armour there has to be equity inherent to the fact they've been successf

it represents hundreds of companies, including boeing, nike and facebook. adapting to manage the fallout of further tariffs. plus, finding the sweet spot — the boss of britain's tate & lyle tells us how the company's turned its back on sugar to focus its science on feeding the world's growing population. wherever you're watching, welcome to the programme. now, donald trump hasn't even been sworn in as us president, but he's already got the global economy in a spin. he's promised to start imposing new tariffs or import taxes on his first day in office. that's the 20th of january next year. he'll focus first on the three countries america does most trade with — china, canada and mexico. but businesses and consumers all over the world will likely feel the impact. when it comes to goods, last year, mexico was america's biggest trading partner with nearly $800 billion worth of stuff crossing the border in both directions. it was followed closely by canada and then china. for america's two neighbours, mexico and canada, president trump says he'll impose a 25% tar

kelce advisory downgraded nike to perform, but others remain optimistic about the company's recoveryotential. carnival rallying 6%. novo nordisk following the most on record. a failed event to leapfrog eli lilly in the market because of novo's experimental obesity shot missing the target. that brings us to the stock of the hour is eli lilly. for more on this, we are joined by jared holz, managing director at mizuho securities. the result of this experimental drug by novo nordisk missed the target, but not by a lot. is is a proportional response by eli lilly to the novo nordisk news? jared: there is so much complexity to it. when you look at the data on a relative basis versus what the company message and what investors were thinking, it definitely came up short. in absolute terms, the data in terms of efficacy very solid. but when you look at what eli lilly currently has, it seems like lilly will still be the market leader as the combination is not good enough to really supersede it. scarlet: is there a lot of hammering for a new obesity drug that novo nordisk is working on? the curr

. >>> nike and fedex up and nike down. took over. >> fedex i think it will be interesting. i don't know the quarter will matter. the commentary will matter. i think about retail and how it might do for the fourth quarter, this quarter, which ends september, we don't -- we had uncertainty about the election. i think that i want to hear the commentary, what's happened since then? i expect it would be strong, which will bode well. >> whenever you look at fedex, you compare u.p.s. and fedex. u.p.s. has had headwinds from labor and unions and fedex you don't get that. the chart is very volatile. it's up 12% for the year. i look at it as a verdict on the economy. how the economy is doing. what they're doing, what they are seeing. i use that as a 50,000 foot up as to how to put the pieces together with every sector i'm trading underneath it. >> nike, tim. >> the trend haven't gotten less challenging. therefore, i think there's going to be a very rosie -- a constructive outlook for a business that's not broken. i think this is by

nike will continue to be the exclusive uniform provider for the nfl through 2038.nike, which has held the position since 2012. >>> after issuing a complaint against "love is blind", the national labor relations board has classified the show's contestants as employees. the case could have major impacts across the reality tv industry. >>> jimmy carter is the first living president to be awarded with an official white house christmas ornament. it features an anchor, dove, peanuts and a globe. ♪ ♪ ♪ start to break away from uc with tremfya... with rapid relief at 4 weeks. tremfya blocks a key source of inflammation. at one year, many people experienced remission... and some saw 100% visible healing of their intestinal lining. serious allergic reactions and increased risk of infections may occur. before treatment, your doctor should check you for infections and tb. tell your doctor if you have an infection, flu-like symptoms or if you need a vaccine. healing is possible with tremfya. ask your doctor about tremfya today. ♪ ♪♪ [laughters] mom. ♪♪ mmmmmmm. repeat the sound

i think that you will see a come back in nike. and you can refinance canceling the dividend and going to see tapestry come back and talk to what's left of capri and decide what they want to own and that's the beginning of the cycle. there will be other areas for m&a because interest rates are likely to come down. >> that's the end of the show on the last day of the new year for "power lunch." thank you jan kniffen. >> "closing bell" starts now. >>> welcome to "closing bell." i'm mike santoli in for scott wapner. this make or break hour begins with investors ringing the register before they ring in the new year. continuing to take profits in the megacap winners and driving a multiday slide at the end of an otherwise stellar 2024. and dubai is ringing in the new year. take a look here. we're going to start to see the fireworks at the world's tallest building pretty impressive display right there, one of many to come. with 60 minutes

>> nike is so hard here is why.remember, footlocker reports this week and you have a new ceo in elliott hill, you have to give limb time i think that the stock could be down one more leg an then up so i urge you to stay with it. but if you get the second down, let's buy it because that is the bottom of the stock for nike to jeremy in california. >> caller: hey, jim, a huge fan. thank you for taking my call. >> what is going on? booyah. >> i want to talk to you about top golf calaway brands and it is the right move to unlock shareholder value. >> this is a very hard call. i was confused by the spin and confused by the -- or whatever all i could tell you we have cold feet on the stock and it is down 44% and i'm not touching it period, end of story i say zegna is a a speculative buy. i would spend more money on the suits and not the stock. >>> after lulu lemon soared higher today i'm looking at the consumer plays and all of your calls, rapid fire in tonight's edition of "the lightning ." so, stay with cramer ♪ with ver

nike has its own issues without question. nike is a stock that is more than half of what was three years ago. that is a big china play. >> there is a starbucks, there's mcdonald's. there's nike. >> i think that that is a story. also investors are thinking about as we get to the end of the year, this is the time to start training for 2025, what is going to be different. i think we would have all set in 24, danny said we are worried about geopolitics. geopolitics, i would say this is one of the most spectacular years and spectacular i don't necessarily mean that in a positive way in 24 and yet geopolitics didn't do anything. markets, we know what they have done. it's a question of u.s. exceptionalism. is this the place you will continue to seek to invest? right now, you have a no confidence vote in france, you have problems around the world, dynamics that are going to put even more pressure but i get back to the 2015 devaluation, what you are hearing from companies is we are not going to be afraid to let our currencies float. t

just like nike.is an iconic brand but this is growing faster than nike and trading at a substantial valuation discount, so, i think this thing, as they continue to get their ducks in a row they operate better. this is going to rate higher and i think there's plenty of upside here as well. stuart: just when everything is going up these days. >> i think so. stuart: thanks, mark. president biden's pardoning his son hunter sparked deep division among democrats. rich edson at the white house. do some of the democrats want biden to pardon trump next? reporter: well its been floated, stuart. you know, a number of prominent democrats are criticizing president biden's pardon of his son, now, one senator says that the president should grant another pardon. >> my recommendations would have been why don't you go ahead and pardon donald trump for all his charges and make it, you know, gone down a lot more balance if you will. i'm just saying, wipe them out. reporter: biden might be pardoned out but california gov

nike and chevron at the top.ry quiet but certainly none of the sellout that we saw in the last couple of sessions. by the way, do not go anywhere. we are going to take a look back at barney and companies best moments from 2024. ♪ lock in let's go. rated e for everyone. [rock and roll music playing] xfinity. made for gaming. rewards members, get early access to an ea sports fc25 kit. visit xfinity.com/rewards. ♪ a little bit to fire things up on this new year's eve. that means it is the perfect time to take another look back at some of our favorite moments from this year right here on barney and company. watch. >> barney and company is about to begin. >> 4.8 earthquake just rattled through greater new york and new jersey area. lauren and i were sitting here with the four-star general. the side of the studio started to rattle. it wakes you up. >> it is like having a tiger as a pet. i did not take your advice. >> they cross the milestone. now at 102 starting a new era. the cost of blowing money is going down. up aga

nike's new chief executive elliot hill has outlined his strategy to return the retailer to growth.nt's latest report showed declining revenue and profits year—on—year — though it did beat analyst expectations. hill blamed discounting as the reason behind the continued slump — and said he will shift the focus back to sport china's president xijinping is in macau to attend the inauguration of the territory's new government. it's the final part of a three—day visit marking 25 years since macau's handover from portuguese rule. the chinese leader has urged the world's biggest gambling hub to play a bigger role on the international stage — calling on the territory to have the courage to change and innovate. macau is the only place in china where gambling is legal — with an economy that is heavily dependant on the casino industry. staying with china and the world's second largest economy has had a tricky year. china's government has announced several stimulus measures to boost confidence. officials say the country is on track to hit its growth target of around 5% this year, but not all in

nike? >> shares lost a quarter of the value this year. look at this. dow stock up 3.1% as i speak.estors seem confident that the turn around is happening right now at nike is legs and starting to happen and has legs. we're showing l lululemon and a great forecast and that stock is rocketing and athleisure and american concepts and strong sales overseas and americans are making the world more casual? stuart: they often do. americans are very casual dressers. victoria's secrets. they forecasted something. lauren: sales rising 1-2% with the prior outlook of sales falling and stock up 4%. stuart: some democrats are giving him kudos for what donald trump has accomplished but isn't this the same party that painted him as a threat to democracy? floating idea to use military to carry out deportations and now some militias are eager to help. does border guy art del cueto want vigilantes getting involved? we'll ask him, he's next. s a got opportunity look like? at t. rowe price we let curiosity light the way. asking smart questions about opportunities like clean water. and what promising new

sell intel stock is plummeted and nvidia eating their lunch when we talk about fish on intelligence, nikes losing market share from the biggest markets, the ceo is out there a lot of competition, then you peloton they change their ceo but let's be real that stock is down 60% over the last couple of years, were realizing this another exercise, no magic will bring the company back my bowflex is in the basement collecting dust and so was my peloton. bottom line if you underperforming in such a economy and stock market it is much easier to be let go. gerri: boeing was one of those companies. that's an obvious situation where the ceo is lico. let's move on to amazon which is launching a new section to the mobile app called hall. highlights ultralow performance items, primarily shipped directly from china in effort to compete directly with chinese commerce apps temu and sheen. what is your reaction is a good thing or bad thing. >> if speaks to the fact that china drops their low-cost goods on the rest of the world. actually have a little tax policy called the minimus let's say it's under a hund

the ufc and promoted them to number one beer and seeing apparel of foot ware rising to compete with nike and that stock hasn't done well of late. this could be a huge benefit for an iconic brand that just stock wise hasn't done terrific. stuart: lauren, you're looking please at mover and big mover of the morning is netflix. stuart: new highs and got a big boost from jp morgan and taking price target to $1,010 from $850. more download activity and daily active users and netflix at 936. stuart: jetblue up and still up 4.5%. lauren: yeah, turn around more first class seats coming to air bus jets in 2026 and the consumer will still want the value of jetblue but they can get more of a luxury high class experience with the first class seat. giving it a thumb's up. >> i'm not a jetblue passenger but will be now. lauren: they've had two deals scuttled and they've got to do something. stuart: jp morgan cuts to underweight. lauren: yes, c3ai and artificial intelligence application or software company and stock's down 5% after jp morgan cut them to sell. they say look, they're a big cost associated

there, let's take a look, there they are nvidia we just talked about nvidia up 2% in the early going, nikezon, unitedhealth moving higher, nike up 1% right now let's take a look at the s&p 500 winners, brad, amd up three to half percent, qualcomm up 2.5%, microchip and land western holdings all of the stocks from 2 - 4% and yes let's take a look at the nasdaq winners, brown, call quorum and up anywhere from 2 - 4% on the nasdaq. there you have it with the dow still up 140 odd points. coming up saturday john fetterman had some kind words for donald trump. listen. >> you have a singular political talent. it's undeniable. trump, he had the energy and almost a sense of fearlessness. >> fetterman went on to say he is rooting for trump to succeed. we all should it's good for the country. beck and others in the democrat party bridge the divide? we will discuss it with brian kilmeade. meantime the president elect is demanding more from lower fees with the ships passing through the panama canal. >> has anyone heard of the panama canal. because were being ripped off at the panama canal like were bei

nike's new chief executive has outlined his strategy to return the retailer to growth. showed declining profits year on year although we did beat analyst expectations will stop you will blame discounting is the reason behind the continued slump and will shift the focus back to sport and selling more premium products. us stock markets are ending the year on a volatile note. the major indices are closed with little movement on thursday following a sharp sell—off in the prior session. a key factor is the federal reserve which into that fewer rate cuts coming with donald trump coming to an office in a month, there are also concerns with the impact his policies might have on markets next year. 2025 did not look like 20242023. we 2025 did not look like 20210023. we also know the best way to lose money in a trumpet world is to know what he is going to do —— trump world. the uncertainty we see, i guess we can't make a forecast past right now or past friday with a possible shutdown. or past january where they passed a flurry of executive orders and see what has worked and then t

and then nike shares heading in the other direction. about 2% higher as they renew their partnership with the nfl for another ten years. nike will continue to be the exclusive provider of uniforms, side line practice and base layer apparel for all 32 nfl teams, scott. back over to you. >> kate rooney. we're just getting started here. up next, the former dallas fed president richard fish ser back breaking down what today's cpi print might mean for the fed next week. he'll join me at post nine right after the break. you're watching "closing bell" on cnbc. in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there. i didn't do this for the lights. or the fame. i did it to pay it forward to the next generation of athletes. and pass on the support my family gave me. i believe in sofi because they give the same suppo

meanwhile, nike, just do it, nike down today as you can see 2%. they're about 30% on the year on the downside. may be in part due to them struggling to connect to their customers and reportedly lost over 1 million followers on instagram in just the last three months. that's not good news. again, stock down 2%. now this, steven miller's nonprofit america first legal has sent 249 letters to elected officials in sanctuary cities and states. william la jeunesse joins us this morning and what are these letters about, william? reporter: well, the letters are a warning shot to governors, mayors, police chief that "blatantly violate federal and immigration law. such lawlessness soucts you and your subordinate of risk of criminal and civil liability. accordingly we put you on notice and insist you comply with our nation's laws". the law u.s. statute 1373, says state and local governments cannot prohibit local sheriffs or police from communicating in any way with ice, which entirely conflicts with sanctuary laws that prohibit police from communicating with

we have a revel la tori report from nike. the new coo, he's an old lucky hand, will have to lay out a story of how to reignite the brand. then arm holdings we've had on a bunch of times. nike says it needs to work harder with its partners. they need to show innovation, dazzling innovation. the kind that makes us feel like fools for thinking of abandoning them. 's amazing how much damage the old ceo did to this brand. maybe we ought to be more hopeful in the fedex reports. this company has been working hard to take out costs and still working aggressively to improve gross margins. this is the period where people are most nervous about it because of the upcoming holiday. on friday we get our first look at the next set of inflation data. my view is we'll continue to get endless chatter about what the fed might do or not. if december runs hot you're going to hear a lot of doom saying. why do i put it up there? maybe it's a good opportunity to buy things on weekdays because other people will be freaked out. we get numbers from car

. >>> meantime, nike is on dig to report earnings on thursday.d be due for the most positive results in nearly a year. >> the options market is implying a one day move of 7% less than the long term average move of 6% but over the last eight quarters it's moved around quite a lot, closer to 9%. we saw calls significantly outpacing puts and it was the december 80s those are the ones that expired this friday that were most active. we saw about 4,000 of those trading for $2.34 a contract that was earlier today, more than that traded by the close. those guys are taking a risk-limited bet that this could be the first positive earnings release in more than five quarters. >> tim? >> i think it is unlikely that it is, though. i see how the options market is lining up here. i think the expectations for what are the true catalysts to change nike's business in the short term i think the next two to three quarters. i think there was a lot of euphoria priced into the ceo change. that's great stuff and i think this is one of the great global -- this is the grea

we found good deals at nike. and i was just at kate spade.ound a cute wallet. >> reporter: as inflation cools, more americans are opening up their wallets. the average shopper will spend a little over $1,000 on gifts, up 14% from last year. for those who don't have the cash, buy now-pay later services like atomorrow, klarna, and shop pay, are becoming increasingly popular. >> we're expecting over the course of the season just over $18 billion to be processed through buy now-pay later. >> reporter: putting your purchase on plastic will cost you. retailer credit card interest rates are on average just over 30%, a record high. 47% of consumers are still paying off last year's holiday debt. >> i've been in that position before, and i don't really like being in that position. save your money. if you can't afford it, don't get it, don't put it on plastic. >> reporter: now those dwhoent want to brave the -- who don't want to brave the crowds aren't alone. nearly 58% of this year's black friday sales happen on mobile devices. jericka? >> i can believ

there you go, dow winners, nike, apple, nvidia, verizon, microsoft.500 winners, there you go, supermicro i computer, we have nike on there, target among the winners. and then let's a take a look at the nasdaq, the tech-heavy nasdaq. walgreens boots alliance, fun to say, up half a percent. lululemon, apple, dollar tree, amd. those stocks are moving higher in a down market. >>> all right, coming up, after nearly 30 years, adam sandler is returning total golf course. to the golf course. many. ♪ ♪ >> he shoots, he score! s. ashley: he shoots, he scores. we'll bing you the very first -- bring you the very first look at the new happy gill more sequel. [laughter] plus, elon musk says there is infinite if potential for creating jobs in america. he says to believe something else would be wrongheaded economic thinking. we're going to put that to e.v.j -- e.j. ap tony next. ♪ ♪ confident. measured. ready. the markets, like life, will turn and challenge us. but when emotions run high, we stay grounded. with the hcm buyline, we work to empower investors, in naviga

i think nike was upgraded today it's down 25% on the year. liz: goldman upgraded nike. >> that's a decent buy and some of the oil names, occidental, some of the names in the xle, that have been underperforming, because they are the only sector down so you have to take some losses there, so you don't have to pay taxes so i think we're going to get this rotation in the next month or two, at this point, the winners are running and ride them out but don't get caught falling asleep behind the wheel because when you do have a pull-in on just the tesla that might go above 500 that could be like nvidia is down 10% off the highs. if you brought nvidia wrong because you had fomo, right now like what do i do 10% off the highs when it's a better buying opportunity. liz: yes. >> than selling it down here. liz: do not buy at the highs folks, no matter what the analysts tell you. i mean, right, brent? when you talk about valuations, it's the small and mid-caps that are trading what around 12 times, 15 times forward 12 month earnings. expected to grow by onl

>> besides for nike? >> really hard. >> danny, these are very hard. the largest. it and i lost it. >> i have no idea. >> the largest fungus. >> i would have never gotten that in a million years. >> you know, i know a mushroom forager in oregon. i should have got this. >> i would have gotten it. >> did you ever go mushroom hunting? >> i did not, no, it's not for me yet. >> very quickly. we don't have a lot of time. fourth question. can i get one? right? you love the masters. what are they known for? having long lines. for what? >> the pimento cheese sandwich. >> well, that's a huge one. but also because cell phones are banned, it's the locker room or the payphones. payphones? giant lines of payphones. very quickly. last question, andrew, your doppelganger, andrew garfield, he was in the social ♪ ♪ >> announcer: it's "live with kelly and mark!" today, from the new series, "no good deed," ray romano! and she plays one of our favorite "bad sisters,"

with nike earnings coming after the close, let's catch up with adrian.it later? >> we're actually looking for a miss, but the title of our preview note was that this is the first earnings call where you are going to have the new ceo who had started mid-quarter with his first date on the job. but the fact of the matter is there is a lot of heavy lifting to do here. the dtc, direct to consumer, the digital channel is showing signs of tremendous promotion out of the and we've heard that from their channel partners as well as our own checks. lisa: how much are you expecting to hear about it consumer that is able and willing to spend particularly in the u.s. renewed focus on the u.s.? >> what interesting here is generally holiday has been intensely promotional. 30% off, 40% off, even 50% off as we go into the holiday season. it started even earlier. i think i've been on before telling you that we've not -- we've moved from black november to black october two even the tail end of september. it consumer under duress, they started to grab wallet dollars earlier.

nike's new ceo lays out his turnaround plan but warns it will be a slog. elliott hill, who took over in october, says nike has lost its obsession with sport. he's vowing to put the company back on track by refocusing the business and selling more items at premium prices, cutting back on the amount of promotions and markdowns it's needed to clear a backlog of inventory, and union workers at starbucks will start a five day strike today to protest lack of progress in contract talks. now, the walkouts are scheduled in los angeles, chicago and seattle and could spread to hundreds of stores across the country by christmas eve. now, the union, which represents baristas at 535 locations, is seeking higher pay, more benefits and additional staffing. starbucks says it already offers pay and benefits worth $30 an hour for baristas who work at least 20 hours per week. guys. and you wonder why now? but look at what we're doing. we're all out and about. this is the best time to get the attention if you're looking for it. thank you. savannah. oh, for sure. you got it. th

there's no doubt that there was a give trade in nike and now you have to rebuild the faith in it.t's going on with the markets. you did finally see what's expected to be the upward drift of this final few days of the year, maybe kick in this morning. >> well, let's see. it's nice to see the out performance of semis today. if you're someone looking for the indices to go higher semis will do it. such a ride for megacap tech stocks since thanksgiving and if you look also since we had that august 5th bottom, the move across the space, megacap tech has been extraordinary. >> it has. home builders struggling with semis. thank you for watching "power lunch." thanks to tim for an extremely fun hour. "closing bell" starts right now. 77. >>> thanks so much. i'm scott wapner. this make or break begins with the rally. we'll ask our experts the question over the final stretch. in the meantime your scorecard with 60 minutes to go in regulation. an uneven day for stocks. the market still focused on the path for interest rates. they are a touch higher today, thus we're mixed. nasdaq leading, nvid