tom lee is the funder of fundstra. and leigh gallagher fortune magazine assistant managing edit . it has been scary watching what happened with oil prices. normally you think yea but this time it is dragging downs down. what's happening here. >> i think that investors have been nervous about slowing economic growth. china and europe have been weak and oil is a signal of after recession. i think investors have been trying to figure out how much is supply and demand. in the meantime investors have been wanting to get out of anything related to oil. >> you mentioned, how much is supply and demand. is both but what's your best guess how you break it down? >> i suspect that dollar strength and market positioning is playing a bigger role in the weakness of oil than we suspect. we have had a sharp decline in oil. 40% in a few months. >> how do you look at this? how do you shake it out. >> the first time in a long time we have the tables turn td. we have seen the stock market do so well as people on main street continue to struggle. now this is the exact flip side of this for once. what t

joining us right now is tom lee is the funder of fund extra lobe advisers and leigh gallagher from "fortune" magazine. we thank you both for being here. it has been scary watching what happened with oil prices. normally you would think yay yay, go oil prices. but this time is dragging stocks down with it. what's happening here? >> i think that investors have been nervous about slowing economic growth. china and europe have been weak and oil is a signal of a recession. i think investors have been trying to figure out how much is supply issue and how much is demand. in the meantime investors have been wanting to get out of anything related to oil. >> you mentioned that this is how much of it is supply, how much of it is demand. we know it's a little bit of both. what's your best guess to how you break this down? >> i suspect that dollar strength and market positioning is playing a bigger role in the weakness of oil than we suspect. we've had a really sharp decline, i mean we're talking 40% in just a few months. >> how do you look at this? good news for the consumer, bad news for the market? h

timely. -- tom lee. alan patricof will stay with me. thank you, to julie hyman.rman showed up at pimco with bold predictions. for amazon prime waycribers -- it's latest to compete with brick-and-mortar stores. get it in an hour. yes, one hour. stay "in the loop." ♪ customers in parts of new york city can order daily essentials online and have them delivered in, yes, one hour, in a new service called amazon prime now, the latest salvo in a delivery war competing to get services as quickly as possible to an increasingly impatient customer. still to talk with us about all things retail, alan patricof. what did you think when you saw this service unveiled? >> cosmos. >> back to the prior one, right? [laughter] >> deja vu all over again. there are a lot of delivery services. we see at least one new delivery company week. the most recent, delivery.com. they are using bicycles, in some , or cars thatrs are rentals. maybe they are using horses, i do not know. [laughter] >> for the cost, is it worth it, or is it just a gimmick at this point? >> i think it is a gimmick. it

it woke up the neighbor tom lee. he said he hosed down their own house as firefighters arrived. >> they did make us evacuate for an hour or so. >> this is cell phone video taken by another neighbor after 3:00 this morning. the car down a long driveway behind a gate in the castro district. >> it was open while this is happening. so we came out in the middle of the night. the gate was wide open. >> reporter: a fire investigator said they had not ruled out there is no connection to four other car fires wednesday near delores park. it is under investigation. car fires also occurred in the city in november. neighbors have their own ideas. >> i didn't know there was quite so many. i thought it was one incident and i found out there's been four or five. it is definitely unnerving. castro is a relatively safe neighborhood. >> a neighbor shared a picture of what he said was damage left after the fire sunday. others went back over the evening. >> never saw anyone suspicious last night. >> now i spoke briefly this evening with

joining us now, tom lee of fund strated a advisers. any discernible link here with energy?at the stock market has been able to rally in the face of new lows for crude and brent? >> definitely good news. when oil first fell there was confusion. but i think the market is making the right conclusion which is the drop in oil is a boom for consumers. especially for developing countries. very good for the stock market. >> we addressed this a bit yesterday. why haven't we seen a more noticeable impact on consumer companies, whether staples or discretionary? in terms of their results and commentary about the overall environment, why aren't they seeing a bigger boost from oil? >> i think investors are staying away from consumer cyclical stocks for a reason. one, i think they generally aren't embracing the good news that's taking place. there's been a lot of jobs growth. i think there is a consumer credit cycle coming. i think the second issue is that consumer stocks have led for, you know, six years. all the sudden we're pretty weak in 2014. i think investors are just thinking there

this on the show and also crude oil and bad jokes from the gentlemen and talking to markets with tom leet want to miss it. 1:00 p.m. futures now.cnbc.conow.cnbc.com >> rates move higher. to the point these guys were making, they may move up. >> like by said earlier. fed is going to be data dependent, cautious and pragmatic. environmentally there is a lot happening out there that suggesting to them they should maybe slow the pace a little bit in taking out the considerable time period. but these geopolitical risks are keep a lid on rates. demand for yield is going to keep a lid on rates. so while we think rates are going to normalize and the curve is going to flatten and we'll be slightly higher, incremental policy in the u.s. that there is a lot of reasons to believe that yield curve is not going to get away from us. and it's really a goldilocks environment. equities is a attractive asset class and i think continues to keep investors focuses on risk. and they will continue to add risk. >> are you putting clients in the munies. >> it's been one of the, tremendous you would have. we --. bo

we'll also importantly have tom lee here to work out what will do best in 2015.f "squawk on the street." here's some news you may find surprising. we're for an open internet for all. we're for creating more innovation and competition. we're for net neutrality protection. now, here's some news you may find even more surprising. we're comcast. the only isp legally bound by full net neutrality rules. >>> welcome back to "squawk on the street." i'm carl quintanilla. take a look at the markets today. dow is down 112 after that attempt at a comeback yesterday. a lot of this being driven by oil. once again, a new multiyear low. we were below 62 on west texas intermedia intermediate. the financials not helping matters. jpmorgan and goldman sachs also near the bottom. >> let's get to our road map this hour. stocks extending the week's losses as both brent crude oil and brent hit multiyear lows. >> yum brands cuts its profit outlook. >> costco beating estimates, building on its more than 20% gain this year. >> julia boorstin sits down with instagram's co-founder and ceo ke

. >> joining us now, tom lee, fundst a fund fun fundstrat adviser and also a cnbc contributor. to a lot of people, tom and rebecca, about some of the weird notions that we have to take this drop in oil prices sort of in a mixed way. it's good for some things but not so good for others. larry fink said just unequivocally, i wanted to play patriotic music underneath it because it should be good not just for the united states but for the world. right? doesn't everyone's lower input cost for energy good? >> it's not good if your russia or norway or venezuela. >> but if it's bad for russia, it's good for us. >> god bless america. >> yes. >> you guys have said this on the show so many times now. hopefully everybody gets this by now, but lower oil prices are good for the u.s. consumer and equity markets outside the energy sector. what i look at over the next year, i think we're going to go into next year feeling better. the consumer is going to be on the good foot. we're hopefully going to have less of a government drag on gdp. but as japan debases its currency, the dollar gets strong

joining us now with more the tom lee. is head of research at fundstrat global advisers.ur guest host for the next hour is ian shepardson. gentlemen, welcome to both of you. ian, i think the fed has a lot on its plate trying to figure out what to do this time around. obviously the jobs report was great and strong. but you're also dealing with lower oil prices and pressures throughout. >> i think they're going to look at lower oil prices and say it's mostly a good thing. on average, it's a big tax cut which is more than enough to offset it. i think they'll take it for a positive for growth. i think they'll say they're more or less sustainable. which means they have to forecast a lower rate. it's getting close to the levels -- down to 5% or even with a four handle next year that's going to be a problem. we're heading towards a period of change. i think they're going to take time before doing anything. >> you're talking about if it gets down to four -- >> it's going to have a four handle by next year. you can't be sitting with policy with unemployment with a four handle. >>

joining us discuss the market action, tom lee and brian relling of wells fargo adviser.e pecking. the existing home numbers not high. worried about the data turning especially in housing here? >> i think we need to give housing more time. one of the things we talked about outlook for 2015 there's been some difficulty for households getting credit because of the number of foreclosures in short sales that tainted people's credit histories. takes seven years to get those taken off the record. first wave of clearing the personal credit history starting this year and at the end of the year 20 million households. >> not surprised to see data on that. brian, you've seen the market, stunning rally that we saw last week, the bounceback from the seven days of declines. too late to chase the rally or does history guarantee us that the seven day, last seven days of the trading year going to be positive for the bulls, that's how to works? >> i don't think it guarantees us anything. but i do think that market has further room to go here. low interest rates, low inflation, low unemploy

bribery and tax fraud and getting these men off the street would protect future been victims jimmy lee, tom in his years acrons all station. >> gary: in evening regarding funding because crime is moving on monday to of brand-new of felony, and kron is moving and i am sad. when you spend half your life unless sen your kids through college and i've been feeling bad. and about what to do some of the sunday eridu many jokes and don't be funny and don't talk about the kids catherine needed on new year's. >> gary: we put together some stuff and some of the self-serving. >> reporter: after 30 years year kron 4 was your biggest fan >> gary: a lot of folks my mom is 95 and still every show she's listening to. her idea of is excitement is jason read a prompter. they did this commercial of my father and nine. >> reporter: william rack niche. >> gary: jason is to be my producer look how pleasant they are. my parents watch every night. and i'm a lucky guy >> gary: i've had a lot of friends here of course can you can't beat and the bell on the right this is j.b. banks. he was a security guard and the fir

the material leaked involved biggest names in hollywood, tom cruise, ang lee that jolie, and leonardo dicaprio. they revealed comments on major celebrities they didn't want them to hear. in one e-mail said to be from a producer about jolie, she's referred to as a minimally talented brat. >> in some countries, that's a compliment. >> i don't want to go there. ruden responded saying in his statement, this is not about salacious e-mails batted around by gawker and defamer, but it's a criminal act and the people behind it should be treated as nothing more nor less than criminal. the hacker indicated, guys, this is just the tip of the iceberg. there are more e-mails, perhaps, more virtual information and salarie salaries, but, again, jolie walks into the office and says, what happened? >> it's going to be chilling. >> yeah. >> something says she won't walk into the office. >> thank you very much. >>> coming up, branded a liar? the woman behind a new federal lawsuit behind cosby nine years after accusing him of sexual assault right here on "today." >>> diamonds may be a girl's best friend,

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. >>> a new poll shows ed lee with a big lead in the san francisco mayoral race. we know he is definitely going to seek re-election. tom ammiano dennis herrera and art agnos are potential rivals. lee beat them in the poll. closest would be between ed lee and mark leno, who won't run. >>> governor brown has kept up his christmas eve tradition of pardons. 105 people received them this year most for nonviolen crimes. it was a fairly common practice with california governors until the 1990s. brown brought it back when he became governor in 2011. >>> the christmas shopping going right down to the wire. but not everyone in the crowds tonight is a procrastinator. mark kelly says some actually planned it this way to look for the deals. they planned it. >> oh, yeah. >> reporter: they did plan it, juliette, that's because there are good deals here today. but time is up here at westfield valley fair mall. take a look. this is the crowd of shoppers today, last-minute shoppers, starting to leave now because doors here officially close at 6:00. but it is a couple of stragglers still trying to sneak in a little after 6:00. store mana

mike lee, who by the way, lives with senator tom coburn and coburn tried to reign in mike lee because he said it's useless, you've got to stop. ted cruz has his guy now and they're just a menace. >> i would draw a slight distinction between ted cruz and mike lee because i think mike lee a lot of his approach on thing and we saw this with his opposition on immigration. immigration reform was moving originally, ted cruz was very vocal and out there and more where jeff sessions was which is more tapping into base anger where when mike lee was talking about it, his opposition was much more focused on there are things we agree on. >> but in terms of -- >> yeah -- >> in terms of what happened this weekend it was cruz and it was lee and it was lee who was on the senate floor friday night. it was 11:30 p.m. mitch mcconnell, the republican leader had cut what he thought was a deal with harry reid, still a majority leader for the next few days. mitch mcconnell cut that deal and said, see you guys monday. two hours later, mike lee goes on the senate floor and they are, boom, they're in session f

to that end, there are sports agent did, super agents and then there is lee steinberg, the man with credited with inspiring tome's character in jerry mcguire. if you were advising an athlete and they wanted to take a stand on one of these issues, what would you tell them? >> i admire political consciousness and understanding of the fact that sports is not disconnected from society. so, i think it's entirely appropriate if there is a tnsunami, a murder, an earthquake in haiti, if it's domestic violence for athletes to use their high profile to express their point of view. a little more problematic when it comes to using the games because you can see where if you have athletes taking the position on abortion or gay rights or obamacare, when fans are actually looking for a respite from the day-to-day problems they face in the real world, it could create problems between teammates, alienation between different parts of the fan base, and alienation and a lack of appreciation by the fans. >> well, that individual decision that, i would imagine, you make a point of it being very different because the n.f.l., for exam

brendan great lee, scarlet fu, and tom keene. >> a major shakeup at gucci. the c.e.o. so is the creative directory. the moves come as the owner has tried to revive growth at the luxury label. shares of the owner fell just over 1% in paris. halliburton is laying off 1,000 workers as it tries to weather a slowdown brought on by plunging oil prize. the reductions will come from the houston company's eastern hemisphere region. the world's second largest oil company plans to take a $75 million charge as it reduces global head count and activity. and a piece of history unearthed in boston. crews fond a time capsule dating back to 1975 from the cornerstone of the massachusetts state house. they think it was put there by revolutionary war heroes, including samuel adams and paul revere. it's believed to contain old coins, documents, newspapers, and a medal plate that was owned by revere. they want to x-ray it before they open it officially. >> unbelievable. >> very cool. it had a six pack of layinger they're in there. before october, before the recent moves in oil and foreign e

lee go. >> we have wind reported to the south bay. back to you. >> you know another great way to also stay on tom of this when you're on the phone?n the wnbc weather photo to get to the weather page. you can find live radar and alerts. >> our stom coverage continues. we'll be here with you all blorng long. >> but in a matter of hours, it will be oaf sprchl. >> people get excited. >>. >> reporter: over a million people have been able to get insurance who could do it before. you'll find a range of plans from leading health insurance companies that offer you the best combination of quality, rates and benefits. you can compare plans side by side. choose the one that best fits your need and enroll online line. it's also the best way to find certified physicians in your area. and through covered california, you may get financial help to pay for coverage. it's based on income. and 4 out of 5 people who have enrolled qualified. now is the time to visit covered ch.com. to have health insurance starting january 31st, you need to enroll by the 15th. . >> announcer: "today in the bay" begins with a microclimate weather alert. >> we have a li

smarter sensing act which was instituted by our chairman senator durbin and senator lee and i know as a former prosecutor tom ford discretion is and that restricting discretion, most particularly and sentencing, can impede justice and fairness. and also against the interests of society. and i also have called for stronger oversight as abuse of military equipment. right now as you probably know the really is no in effect collection of data as to what is dispensed by the department of justice, where it goes, what it is used for. there's no accountability by the department of defense or justice. i pick one or the other has to impose some accountability. and i want to say in preface to the question i'm going to ask that have great respect for police and prosecutors around the country. i have worked in law enforcement for the better part of 40 years, beginning in 1977 as the u.s. attorney in connecticut and state attorney general. i think there's been tremendous progress in the quality of our policing community at state, local, and federal levels, in the cold and training, quality of people. the quality of traini

tom. my morning must-read comes from charles lee, the chief executive of the hong kong exchange, and he wroteo santa, ac suite executive writing a note to santa, and his exchange alibaba listed. they did not get alibaba because they have strict corporate governance. a special dear santa, guest was planning to come to stay with us, but he is excited to have a party is someone else's house instead. he was asking for some pretty major reservations to make room for his arrival, and we just could not change our house that fundamentally without consulting everyone in the neighborhood. what he is talking about is the renovations at the hong kong exchange are that partnership structure that alibaba has, that ability to nominate a select group of individuals that made it certain decisions that do not have the same powers as the rest of common shareholders. positions --f provisions are not allowed in hong kong. that is what you see a lot of tech companies coming to us here in the u.s. are seeing is the flip side of the purpose that we saw in hong kong. the protests were saying we have a certain way of

convened gabriel the architect and tom the owner and a number of the residents i know that that was a concern expressed how to preserve the two units of housing that is when amy lee working with the project sponsor in our office has been discussing that there was an effort to try to figure out a win-win for the project could preserve those two units but still move forward as others have said there are benefits from a project it's right bid hard knox and the theater there's a need for housing in the city that concern of the loss as supervisor wiener mention if you demolish two units of rent control housing you're not going to get that back but working with the project sponsor work with a development agreement and building on the rest of the lot and supervisor kim suggested so when alice barkley and the pardon come forward those are questions and more time for the residents to raise concerns i know that some of the residents in oppositions that support the appeal there's a lot of differences within them they have to sit down to think about the issues i wanted to thank emry rogers and christina for walking me through the code i understand how they're following that

lee miller, thank you very much. joining me now, let's bring in to talk about the tensions involving the police across the nation, former nypd detective tom ruskin, currently president of c and p security group. you and i have done a lot of breaking news together and i have to tell you where we are in this nation right now is troubling because you've got sides that need each other very much. citizenry needs to trust d believe in its police force and they need for us to have that respect for authority. >> right. >> how do we good forward? >> we have to start a dialog and it can't be the rhetoric and the mass nations by political leaders who have looked to separate or apparently look to separate the two sides. we need police to go into the communities and have that dialog with leaders and we need community leaders to calm down the rhetoric to go forward. >> i'm going to share with our audience, when things break apart sometimes on the weekends and we end up in all sorts of conversations about race and what not, tom is the guy i will reach out to because you still have contacts within the nypd. is there a person or a group right now in this

lee's give him a round of applause. [applause] >> last the survey not least is the reverend tom watson. he is the chief minister passionate that means faster -- pastor. watson memorial training ministry in new orleans, louisiana. is an activist and manifest of prophetic words. those of you don't know what that means, he operates in speaking the words so that we can move and engaged in communities. he comes from i think the legacy of men and women of god that understand the we can't afford to be apolitical, but it is sensitive for churches to engage in the communities that exist in, that they help bring about the change that's necessary. please give him a round of applause. [applause] >> if i can join you all. turn one, i'd like to start with you. i think that there's so many directions that we can go in with this conversation, in the first when we start talking about why do police shoot, why do officers to shoot. talk a little bit about, for those in the audience who don't understand, what training do your officers receive, and by and large can we assume that officers receive as relates

mark, tom, mike lee, gordon smith. all cousins, first cousins. how did that come about? mark would look at, as he did just a day or two ago, look at kind of smile and say it could have been polygamy and it was but they're a very, very close family. a very close family. in spite of the closeness of tom and mark, which is two brothers couldn't be closer than that these two men. they climb mountains together, i've talked to them about putting on crampons, the spikes you put on your shoes in the ice. i mean these are adventurers. so we're going to miss mark. but he's forged his own path and his own legacy and now as his time in the senate draws to a close he'll carry that legacy to other endeavors. i wish mark all the best. he's been such -- it's been such a privilege to serve with him. he'll be deeply missed. i now move, mr. president, to proceed to calendar number 627 which h.r. 5771. the presiding officer: the clerk will report. the clerk: calendar number 627, h.r. 5771, an act to amend the internal revenue code of 1986 to extend certain expiring provisions and make techn