ira jersey is with us this morning, with oppenheimer funds.that it our audience that is saying i learned on friday where molly is and i learned about the length of the syrian border this morning -- how do you look at that as a backdrop? do you ignore it? a variety of reasons, we have felt that turkey was at risk. there are obviously a lot of politics going on in a place like turkey. you have to pick your spots. for example, i think one of the things that could very well, out inthis is more risk-off things like foreign exchange, particularly in emerging market countries. we have not been investing their with our international bond fund for quite some time. an issue could be even with the euro because of the fact that this is a nato-member state. tom: remember that oppenheimer funds has a wonderful elation ship with "surveillance" and all of bloomberg. your track record has been stellar. my experience with international it isment is not -- is, not what you do, it is what you do not do. what are you not doing right now? not we do not any -- we do

well, the bondthe mutual bond companies, like oppenheimer and franklin templeton, they're in your 401y're in government pensions, funds all across the country of huge companies. they've been buying a lot of puerto rico bonds for the returns. but they bought the bonds when they were at $100in other words, at par, what they call par. so they were issued $100, and they bought them then. you saw how the pension bonds went from $100 to 32 cents on theyou know, 32 cents on the dollar. well, as the financial situation in puerto rico declined, the value of the bonds dropped dramatically on wall street, and that's when the hedge funds swoop in. the hedge funds swoop in, and they buy the bonds from oppenheimer or franklin templeton or an individual bondholder who has them and says, "ok, these bonds are worthless. they're selling now for 32 cents on the dollar. i'll give you 60 cents on the dollar. you makeyou know, you get some of your loss back. but then i'll own the bonds." and that's what the hedge funds do. they swoop in in times of distress, grab the bonds at discounted rates, but then the

and i think one of the more influential voices for me was open heimer, the -- >> j oppenheimer.ite exactly, who developed the seeic bomb and, i mean, to the effects of that must have been devastating. -- for me, that is kind of how i feel because all of the signals were coming through there and everybody was making the system work was responsible. and i think of how this applies the air base,that the data relay station, the people there are responsible for whatever signals are going through their. in the german governments, not communicating to the public or not knowing what we were doing, it was a big disrespect on america's heart and potentially the german government's part. i'm not saying they knew. juan: i want to ask you -- amy: we have to take a break and then we will come back to your question ,juan j robert oppenheimer, i think he was quoting "i have become death, the destroyer of worlds." one of the -- who was a leading scientist that created the atomic bomb in new mexico. and you live in new mexico, right, cian? cian westmoreland, stephen lewis , brandon bryant, and mi

and american eagle get a downgrade at oppenheimer.st slashing a price target by 10 approximat%. let's bring in anni %. let's bring in annia let's bring in anninna, managin director at oppenheimer. it sounds like this is driven by valuation. the stock is up 35% since last december. why can't it continue to achieve market share gains? >> yes, so american eagle has been really one of a very few rare bright spots in retail and we continue to be very positive on the brand. we were at stores this weekend and we think product execution continues to be very strong. but what we worry with is american eagle's ability to comp the comp as we get into 2016. in '15 eagle really did everything right. they've been comping high single d digits, pulling back on promotions and managing inventories prudently but that's a worry as we get into '16. also from a competitive standpoint american eagle has been benefiting from some disarray at abercrombie as well as aeropostale. holster just recently comped positively for the first time in four years in the uni

one oil analyst at oppenheimer said it's not a good combination and the market agrees.veould be move to ward off a potential takeover bid because anadarko has been viewed as a potential takeover target. especially pharmaceutical pumping mentioned yesterday, shares rising today after falling sharply yesterday. he talked about shorting the stock in an interview but it looks like investors were not convinced. on stock actually spiked heavy volume and the other stock he talked about shorting, today he said that has been repositioned somewhat. michael pearson holding a call today trying to answer calls about his relationship with filler door. those shares look like they are going to finish lower. for more on the markets, i want to had to devise president of eaton vance management. we are a majority of the way through the earnings season and the markets are focused on one going tois the fed raise rates? as a value investor, does it make you happy? maybe now you can differentiate some of these stocks and find real value. john: i think you are right and that has been a great de

he is the chief market strategist for oppenheimer and company. is interested in your year end call as i am and what am ase happening -- i interested in your year end call as i am and what you see happening in 2016. >> the market has been hit with everything but the kitchen sink but it is remarkably resilient in terms of averages. we have to think that 20 16 will likely be, especially as we view it here toward the end of the year, that people will expect it will be a better year than this year. trends are not favorable. i am looking at third-quarter earnings. read that you -- revenue growth is negative, earnings growth is negative. a lot of that has to do with the collapse of energy, but other sectors are showing weakness, industrials, health care utilities. materials andto industrials, they naturally got dinged by what was going on in oil. but we expect that as global growth comes back, those sectors will do better. the rally thatto has occurred since september 20 eighth of this year, among the best performing, you will find materials and industr

an analyst at oppenheimer says it does not make sense for these guys.ys they are going to p/e, break up the company, keep assets in one part of the company and break up the rest. that might make the most sense. it's a huge deal in the oil community. scarlet: it would be interesting to see. alix: they literally have billions waiting on the sidelines to deploy. joe: i want to dive in the terminal to talk about something glander was talking about. this goal line is the spread between u.s. 2-year yields and yields.-year you see it has been on the rise in anticipation of a u.s. hike and they fall in germany with anticipation of more easing -- the purple line is the dollar versus the euro. we usually show the euro versus the dollar, but we flip it around here. this chart goes back over a year and it shows them pretty much in line. as that spread has widened out in german and u.s. yields, we see a pretty consistent rise in the value of the dollar and the euro. scarlet: we are all looking for a relationship to see if they strengthen or fall apart. for my deep d

to get if it was required, it would be larger than the market cap of anadarko, and an analyst at oppenheimerays it is not a combination in my view, and the market agrees. david: julie hyman at the markets desk, and mark crumpton has more. : thank you very much be congress has passed a 700 policy bill.r the president has been trying to kuan time oh prison since he took office. the legislation, and today, the senate followed suit. of forcing the government portugal to resign less than two weeks after it took over, the result of an alliance between the socialist and communist parties, both strong supporters of anti- measures. the prime minister has promised to deal with austerity measures after an $84 billion bailout in 2011. the international olympic committee is calling for disciplinary action after a report accusing russia of a wide ranging state-sponsored doping program. they say that athletes could be stripped of their medals. there are charges, and they are anding them offensive groundless, and following the resignation of university theident tim wolfe, university is making changes beginn

yes that one with einstein and oppenheimer. fund has taken up an appointment at professor in the government department and as director at the center for ethics. please help me to welcome dr. alan. [applause] >> that was an incredible introduction i am in your debt. i truly appreciate it. greetings it is wonderful to see you here. allowed that description of me as a mechanic you have just given me a way to overcome a certain childhood failure that has always played to me. since i was the levin my dad gave me a car engine and that was my job to take apart to reassemble it did was the only thing that utterly confounded me the way i could do this and i still have been in a jam that engine sitting in the dining room so that is said different way to report that net last i did finish my project and that is fantastic. it is terrific to see you then have a chance to talk with you about my book and the declaration of independence and one to tell you why i wrote the book and what i was trying to do with it. in to share the key stories wer

this is a period where robert oppenheimer who helped build the american atomic bomb because he speakes out against the hydrogen bomb -- [inaudible] and the idea that the soviets could overtake us just about any day, the bomber and missile gaps and everything else led in many ways to the idea that we have to stay ahead technologically. >> well, here's an interesting detail. one of the first things that herb york did as director of arpa was determined -- and i don't think this had been determined before i found it -- was that he had all the scientists calculate the exact number of seconds it took for a soviet icbm to get from the soviet union to washington d.c. it's an astonishingly short time, it is 1,600 seconds, that is it. that has not changed. and so, in essence, that threat that was there then is still there now. >> so enter a person most people haven't heard of, neil mcilroy, who was a secretary of defense, a very important secretary of defense. but before that, and i think that you do a great job in kind of laying out his personality a little bit, a lot of secretary of defenses a

fadel gheit from oppenheim and company. >>> we hilary clintons of course, a blow-out jobs figure heren the united states. it's actually dragged european equities further into positive territory in an environment, of course, where you are still talking about whether the european central bank at the beginning of december will double down on qe. today the data that we got out of germany, the industrial production data, let somewhere p morgan to downgrade its estimate of what we'll get on german gdp next week. the ecb and the fed even more clearly potentially moving in opposite directions. exactly what the ecb wants to see because it affects the your wroe. if you look at where the euro has traded in the last three weeks, you'll see it has lost -- about 6% in just those three weeks. that's a huge shift in the techtonic plates. you see some of the big, big banks like stock gen, pnb rising through the session, and these banks that are exposed to central and eastern wrurp in particular partly on results. on the done side today richemomt that owns cartier, it is going to have a halleninging en

my sister is oppenheimer portfolio. that's the difference. and i've got great holiday toys.s. there are no slots and you just put them on the track, away they go, but you control these with a smart phone. so they actually-- >> who is driving them now? >> right now it's artificial intelligence you can play against the artificial intelligence. dagen: that didn't work. >> they've got additional wipes and jumps. dagen: i love cars and tell me. >> this is little bits. it's an electronics kit to put together and the way it works, you snap them together to make the robotic kits, 199. this is a robot that you can actually make with it and you can control it with a remote control. >> i love that. that's super cool. dagen: i want to talk "star wars." >> it's huge, right. dagen: i love "star wars" because i'm a nerd and collected the little figures, my brother did. >> these are the new figure, infinity, 3.0. the way it works, you collect the action figures, but when you want to put them into the video game, you put them onto the platform like this and magically they appear in the video

to marketagle cut perform over at oppenheimer from outperform. price target now at $17.nder that. atulemon cut to underperform fdr. they say there is to make clear is going on, more than it expected. also getting a readings change, overweight now at barclays. they were also raised a bank of america a couple weeks ago. barclays says the valuations are too compelling to ignore. that is a direct quotation. ta, some alter -- ul women's beauty products. toy has been cut underweight. coming down as well, even though j.p. morgan raised its price target. scarlet: thank you, matt miller. still ahead, history has shown the dollar rally comes in advance of the tight in. so what opportunities should investors take advantage of before the december meeting? ♪ scarlet: the dollar is trading near its highest level since 2004. the dxy is of more than 3%. with the stronger dollar, money managers are seeing opportunities in crowded trades like energy. carol massar and cory johnson are with me with more. >> you have consumer staples and discretionary. you are listening to bloomberg radio. i

joining us is brian nagle from oppenheimer and company.s this a traffic story or a 4x story. >> i think it's a 4x story and the issue for tiffany, as has been the case for a while, the stronger u.s. dollar is impacting sales to foreign tourists in the united states. the good news is we're probably getting past the worst of this. again, that was the key factor in this third quarter report this morning. >> margins were a bright spot. up about 50 basis points. they think they can raise prices to offset some of that dollar dynamic. is that true. >> my team and i got off the conference call a while ago. they reiterated that. tiffany continually looks at pricing. we're hearing them say they continue to raise prices. >> it hasn't been enough. the stock is down 28%. you kept your bullish call. $110 price target. you're one of the most bullish analysts on the street. why have you held on to that and not had to lower it? will you eventually have to cave in with the stock trading around 75? >> i'll make myself clear on that a lot of what i read latel

stephanie oppenheim is the co-founder of toyportfolio.com and joins thus morning. >> good morning. >> nice to have you here. this is the best way to figure out how good a toy is to put it to the true test. >> absolutely. testers had a lot to say especially in this category where they are leaving toyland we'll start with this bb8. got a lot of buzz when it first came out. the testers loved the way it moved around and one made liked that if you make it go real fast its head would fall off. >> that got an overall rating ever 88. >> about $150. >> this is one of my favorites. this is a race being set for the 21st century. >> this is awesome. >> again, we have app-controlled and you can make the track in any configuration, easy to put together and each-ended in that way and brought two families with different opinions about this toy. kristi and jason, what did you guys any? >> we liked how easy it is to put together and the flexibility of the tracks, and can you do lots of different configurations and he really enjoyce controlling it with the app. >> can you neighboring go really fast with

stephanie oppenheim co-founder of toyportfolio.com brought along some little reviewers who are adorable. >> good morning. >> this is the inflatable remote-controlled minions. >> can we agree minions are cool. >> they are cooler when you can make them move. >> i think this is pretty awesome. >> so these are really cute and very novelty item of the year. >> but it only got a 67. >> so the reason they lost so many points is that they didn't come with an air pump or a patch kit so parents really naelt for the money there should be, if you didn't have your own air pump. >> the company, we reached out and said most consumers had told them they didn't need a pump so they lowered the price and that was the reason for that. >> let's go over here, zoomer kitty, a 16. >> here's the deal. people who love cats and people who don't like cats so much. it's true also for bikes. we flew in lisa and ella from oklahoma because they love zoomer kitty. >> you guys like this. why? >> i felt it was such an interactive toy and responded to her touch and actions. >> and brad and max have a different story, why?

stephanie oppenheim from toyportfolio.com is with us now. >> good morning. >> a with cuteness alert, lots >> bright beatz got a score of two. >> perfect toy for her age. 1 years old and has a touch sensitive top so it's lots of things for her to make it happen, cause and effect. parents loved, it 6-month-olds loved the toy. 22-month-old tester, on the other hand, kind of was past it, and that's one of the things we heard from parents. that the age ranges were too broad. >> okay. >> maybe for a younger child. >> for sitting up babies and younger toddlers, and i think easy is enjoying. we lost our plane down there. this is a perfect toy. this is froggy -- >> you like it, okay, great. >> this is froggy and his -- you have the froggy down there and propeller plane. this is a perfect toy for babies, if you're looking for a 1-year-old. >> yeah. >> this is the right target. it's oversized. there are no small parts here or chunky pieces. makes a little bit of sound. and whistles. >> that's cute. >> that got an 81. it did well. >> lost some points from an older child. >> this is mega blocks b

oppenheimer has an outperform rating on the stock. jason, great to have you with us.are looking at, for a long time, the focus had been on spending. will that once again be a focus for this quarter? >> of course it's still a focus. a year ago, spending accelerated from 18% in the second quarter. while we do think spending will be high, we think it moderates over the next few quarters and they continue to beat the margins. i think they're really focused on what instagram brings to the table. the company started to let on performance advertisers in august. so you might pick up some initial bit on instagram. i think the street is looking for what can instagram do to the stock the next 12 months. >> the user base is at 400 million users, so do you expect them to actually talk about the revenue bump that they will see -- that they expect to see given the changes they made in the ad platform? >> you know, you have a lot of moving pieces. they continue to evolve what advertisers want, whether it's making video ads. whether it's 100% viewable ad. we saw them not charging adve

despite a heck of a run, oppenheimer sees more upside. an jut p outperform and an 83 upside. they have a blue ribbon franchise. they think future profit growth will be driven by revenue than just gross margin expansion. they also say despite the fact that the stock has had a heck of a run, the valuation remains attractive. >> heck of a run? it's up 53% year-to-date. this has been a standout group. ea is in the middle of the pack. check out shares of act vision which are up 75%. year alone. the fourth stock, pisani was talking about the rocky road for ipos. this may be a poster child for that. fresh pet. this is a small market cap name and smaller than we usually talk about, just under $300 million in market cap. a recent ipo, went public a year ago and it's been doing terribly. the company was out with earnings which were in line with drastically reduced guidance but gross margin ebitda missed badly. this is cut to a neutral, slashes the price target to $9 from $19. the decline in the stock we should note has been dramatically. it was 25

another of street downgrades out there including oppenheimer's jack kelly.- outperform any cited near-term challenges including difficult costs and says that risks are more skewed to the downside. saying -- staying on the travel scene, home away is off slightly after some sources say priceline is unlikely to offer a competing offer to buy for $3.9 billion in cash and stock. considering it's up 25% on the week, i think the shareholders could be pretty happy. erik: regular much. -- thinking very much. she is down on the nasdaq is morning. rick is with us in midtown manhattan. he oversee some $700 billion. andkrock is a big company $700 billion is a lot of money but he do position heading into important events like the jobs report. how are you positioned heading into today's number? rick: this could be a firm number. it's always hard to position for one on a planet number because there is randomness. we did cut some interest-rate risks. we added a bit on the kerry side. number we do not think would be this big. erik: when the two year yield hits .95 as it did e

he ran mutual funds at oppenheimer and was a partner of the hedge fund pioneer.us. before we get to the conversation, how about a little news with vonnie quinn? vonnie: world leaders are trying to get on the same page about global warming. about 150 other countries are in paris for a climate conference. any deal should include eight for them. that idea was backed by the president of china. conditions in his country's capital show the need for change. the pollution alert is up in beijing. a reading of a poisonous substance in the city's eric is five times higher than a safe level. the turkish leader says his company will not apologize for downing the russian warplanes y. the body of the pilot was sent to russia. the body died when turkey shot down the russian plane. thepope visited a mosque in war-torn capital of central african republic. religious violence has excavated since muslim rebels took over the country's years ago. you can get these stories and more toy for hours a day at the new bloomberg.com. from the news desk, i am vonnie quinn. matt: kicking off wit

joining us now to talk about the markets is chris, oppenheimer's operate e and the chief investment strategistaging partner. chris, starting with you, you are cautious about the markets rites now. why is that? >> the fed is tightening. they have not done this in a long time. why? the economy's doing okay. plenty of head winds facing us. things are slow in emerging markets. things are falling apart in oil. the energy sector and there's a redeemed change going on at the fed. i think it makes a lot of sense to be cautious. we have not experienced this in a long time and how people react remains to be seen. >> usually, though, it's not the official hikes that create problems for the markets. >> sure. >> i think initial hikes in and of itself may not create problems, but it's 25 basis points, we'll live through it. it's really more about how the markets and investors and more importantly, companies perceive it to be. if they believe that as a result of all of this, the economy slows down, and u.s. is really the only source of growth in the world, then we'll have a problem on our hands. >> jason, wh

remember this time period but remember the fear that trickled down into the scientific world for oppenheimery clearance says stigmatized that the soviets could overtake us on any day was it in many ways to have to stay ahead. >> one of the first things he did as director he had them calculate the exact number of seconds to get to washington d.c.. 1,600 seconds that has not changed so the threat that was there then is still there now. >> so somebody that most people have not heard of is that secretary of defense but before that, you do a great job to layout the personality is like mcnamara for their courage secretary of defense that is a policy bald to even laid them out as a guru to understand who does brand management. >> key invented the concept that was leading in the advertising department and had for soaps that were competing so let's play them during the soap operas. >> that comes in handy because the idea of darpa with those military agencies or other organizations you have to convince them this is the idea that is worth doing. >> and a push back from the military agencies. in trying