Really should be getting a lot of focus i know were talking a lot about small caps and all the talk about the f. A. N. G. S building, visa, apple, mcdonalds all great years and now the transports have joined along as well. The transports were just waiting there, waiting to move higher they were down 25 , 30 boss so as the market looked like it was fine, everything was great they were getting pummeled so over the last week they started moving up. Delta yesterday came out and said, you know what. The hurricane is not that big of an issue they still gave better guidance so i think, you know, as pete has been saying and trying to get me to put more money into the market. You should. Ive been doing it on dips it i like to buy on dips rather than highs but nothing wrong with that, pete. Not when the highs go higher. When you get a new record every day. The highs keep going higher so then what do you do in the highs keep going higher. You always look for opportunity. Thats what we talk about each and every day on the show. Where is some of the opportunity . We talk about the low volatility as well, but the reality is how about this continuous, and i know we bring it up every single day though scott, this rotation, its absolutely incredible what was really leading it well, it was semis and then tech and then we throw in the financials and then its the industrials and now suddenly its transportation. It just continues to rotate which is very, very healthy. We arent just basically waiting on one specific sector or four or five names. This has been a rally thats continued to roll through and rotate through. Tech was given up for dead though not that long ago, two weeks, and now its all come back. It was being liquidated. Meanwhile, here it is, up, up, up and and away. The breadth of the rally and the Asset Classes that continue to rally, youve got materials, industrials, they are at record closes yesterday financials, the highest close since october of 07 Airlines Best Day in more than 14 months. They have been hurting eem best day since july. The msci allworld index yesterday as our closing trade. I think thats the most important chart in the world is because because so much of whats happening and so much of whats positive about the u. S. Stock market is being driven by this this idea that were all now agreeing upon. It was pretty controversial a year ago but that there was a global kind of synchronized recovery, not just looking at stock prices but looking at pmis and things that matter in the real world away from markets and the fact that weve got that dawning acceptance of the fact that were not in emergency Economic Services in asia, i dont think thats fully dawned on everyone and thats why were seeing some of the action that youre seeing, and then when you look at the u. S. , forget about international. Look at the Home Builders right now. Look at itb. Its important to note which sectors are leading this new phase. Look at the banks. Bank of america and Morgan Stanley are breaking out of major longterm bases here this is noteworthy, and the last one i want to throw at you i believe semiconductors are the new industrials. The way we used to think about the ges and honeywells, not that they are not important, but semiconductors are not a tech story. They go into everything. My refrigerator speaks in tongues. Every single product has multiple chips in it. A little scary. And when you think about the economy and then you look at semiconductors and the way they are behaving, take a look at the breakout in intel. I bought it yesterday or the day before 38 and change. This is a stock that has done nothing for a long time. It is about to make a major move coming out of this base. It is not a pc story its not a tech story. Its a story of semiconductors being in every product that gets sold, and i think its an important signal. I dont think if youre going to compare the semis and say its now an industrial again, i dont think thats bullish. Theres been a secular bull case in this space based on consolidation, based on not having an Economic Cycle and being able to grow through that. In you start comparing them to the ges all of a sudden they are cyclical. Not comparing them. Im saying that they are a better economic signal than what the old line industrials used to represent for us. Because i thought you said ge and honeywell. I did they are a more important tell than looking at other industrials. Look at berkshire hathaway. Four of the stocks hitting 52week highs today are not only hitting 52week highs, they are hitting alltime highs berkshire, jpmorgan, and then you drop down into some of them that obviously had more issues during the financial crisis like citi and like bank of america, but you look at the stocks that are breaking out, hitting new 52week highs, and like i say, the first two, alltime highs. Jpmorgan, alltime highs thats one of the reasons i really like Morgan Stanley as well here because i think it is still undervalued at these levels, judge, because you look at where it was in 08 versus jpmorgan and you look at the outperformance of jamie dimons firm i like morgan on a catchup, not all the way to jpmorgan, but i like them coming out. Do i hear skepticism in your voice about the rally . I mean, you certainly wouldnt be on an island if you were skeptical but youd also be part of a road kill pile of people who have been skeptical for a while and this real, as we said, continues to make new highs. The rally is going to continue and theres no reason to get into front of it into q 4 when you basically get no supply, but when rates start to turn, every pillar of this market, and maybe the most important chart is the 20 trillion of assets on the Central Bank Balance sheets, but if you look at everything, its driven by where rates are, and there is no alternative and thats the difference. Define term what do you mean term . Rates are up. 2. 32 on the tenyear. At 3 people start to get concerned. Well see where the yield go if they come out with a nonrevenue neutral tax plan. Fed rates are up 100 basis points weve been tapering and tightening for over three years. I mean, i would consider that a turn. I dont know. Theres still a heck of a lot of sovereign bonds with negative yields still a lot of people out there who say, well, whats my option . Pension funds, who are saying they are way behind the curve and they are getting into private equity and Everything Else on the risk curve so i think they have been the largest investors in private equity for as long as i can remember. Really . Absolutely. Thats not how i recall it. Well, were looking at difference reference points then. Are we overlooking some of the risk factors i mean, weve pointed them out. Were obsessed over the ricket factors and one of them eventually will take the market down, and by the way, the Interest Rate story is as good a reason as any of the others that i can concoct. I think if were focusing on price though rather than, you know, lets organize the list of whats the biggest we all understand that there are things that are going to go wrong at some point, but if we focus on price as being the only thing that pays and the most important signal, think with the psychology thats required for people to be paying a new alltime high in a name like a jpmorgan or for people to be paying a new alltime high. But but the psychology the psychology tells you that weve had these banks, just banks as an example. They have been selling at a tremendous discount from the overall market for a long time some argue they should structurally because of regulation whatever the reason, Interest Rates, but people are now paying alltime highs for these names these are not people that have not also thought about all of the things that could go wrong thats not like people are out there investing and saying, no, everything will be fine. We are terrified weve been terrified look at how puts get bought every time theres a rattle in the market. Were just because were not talking about the risks doesnt mean were not aware of them were all aware of the risks. Fully aware. We do watch them. In terms of rates, rates going up by themselves in a measured way do not kill markets. Right you cant tell me 3 on the tenyear will kill the bull market. I didnt say its going to kill it. What will it do with it every basis point up it makes the market that much less attractive all the bulls say there is no alternative and if things pick up, well, its the economy heads i win, tails you lose. All im saying is with each basis point that the yields go up, it makes the stock market just incrementally less attractive. The only problem with that i dont disagree with that stocks are benefiting from the fact that people dont want to put their money to sleep. Look, everybody from david petter warren to Warren Buffett would say fair enough. There is no choice. But heres the and as long as rates are like this, stocks are cheap relative to rates. So you have negative yields in europe which probably are an abnormality and shouldnt be that way in terms of having 15 Earnings Growth on the continent. We all agree with that it doesnt mean that you wont continue to see Earnings Growth, however, even if european rates are no longer negative. Economic turns dont die that quickly. Historically die, i have some services that was near 60. Thats what im talking about. Historically 3 to 5 was neutral Monetary Policy. Were nowhere near there you didnt get 5 was when it became restrictive now, youve got, as josh points out, youve got negative rates thats a good thing because they still have to get positive and move up because they are a long way away the sky has always looked through rosecolored glasses, weve always known that. No rose anywhere. Well talk about apple later. Just generally. Youre mr. Fog in the wind. Maybe rosecolored glasses. Pete cited this huge trade that went off in the spdr. The type of people that buy 141,000 calls when the spdr was trading 246 roughly, the type of person that buys that is not retail thats obviously a hedge fund. Hes looking to get a little alpha. He doesnt want to commit more money into the futures so instead they come in and buying a 20cent option they went up 12fold, from 25 cents to over 3 in the next two and a half weeks so those are the kinds of trades that we see time and time again with the market. And we had a followup the other day on september 21st, we had 47 of the december 5th calls being bought, scott so the one thing being missed in the whole conversation about rates and all the other stuff, how about when we hear the earnings and we see growth how about that thats something that you dont have to feel nervous about when you heard lennars numbers the other day and kb homes and home depot and hear about citi and bank of america and all these various names. Mike ron. When you see growth you dont feel as uncomfortable at these highs. Everybody is, like, theres no other place to put my money. I dont remember him saying that. Hes not saying theres no growth, we might be paying more for the growth than we ordinarily would be if rates were higher and thats 2,100 right. But the names in the sectors that ive been focusing on, im talking about names that you have a valuation level thats very appetizing still, and youve got growth, and in many cases youve got yield. Yeah, but the markets anticipate this stuff it, and wouldnt you say that weve had this monster rally with almost no Economic Growth based on multiple expansion and now were here and everybody is saying weve got growth, growth, growth you stay where the puck is going to be. When you have negatively rates elsewhere and 20 rates here, 25 to 50 bips, you know its a matter of time before the growth gets there and then the growth surprises you, not only in the u. S. But everywhere. Maybe to counter that a bit, i think the economy improving is in the market. Tax reform. But could be a negative if you start seeing cpi get a little bit or pce in the case of the fed. Right. If they dont love what they see in the components, then they start to jawbone more. An 8 to 10 bump on earnings due to tax reform is not in the market. I disagree with that. You think taxes are in the market everybody who comes on here every Single Person says the same thing tax reform is just gravy what does that tell you . Mean, to me theres definitely an expectation look at the rally last week as soon as there was a hint of everything to me the most negative is they use tax reform and its not rough knew neutral. If the dish is good already and you put gravy on top it tastes even better than right now. I will vouch for that statement. As the food editor. Oh, no, you again im just saying as a frequent diner. I think people have already factored that in in a lot of sectors within the market. All right yesterday, bond giant Jeffrey Gundlach says Neal Kashkari will be the next fed chief. Economics reporter Steve Liesman is here with that. A name we hadnt heard thrown out when had you talk about the folks who have already talked to the president directly about potentially getting the job or ones that have been bandied about otherwise. Yeah, the answer is no. The answer is hes not on the list now, just to be fair Jeff Gundlach didnt say he was on the list. He made a prediction based on kashkaris pollees hes good at predicting things he did predict the man who would report the next fed chief. I report against 190 billion portfolios advisedly not my favorite thing to do to sit up there i dont want to make those kinds of gestures people people will mistake them and eel end up on the evening comedy shows. Youre saying hes not on the list. According to a source i spoke with in the administration within the past hour. Should he be . Nor should he be. Why the guy is basically a rookie came on as paulsons guide, vp at goldman, didnt make the typical level of managing partner at goldman to get into politics. Thats not a salient argument to this white house. I agree. That put sitcom stars in secretary posts. I agree. Jeffs point of view on this is that the president wants an easy money guy, and it is right that among the fed folks i would put kashkari among jim bull yard. What his thing . He says the fed is too tight to the inflation market. He says the fed should not hike rates until the inflation target gets to 2 not a crazy idea but just an idea out there janet yellen says the fed needs to hike before we get to 2 because otherwise well be off to the races how do you think the market and your people do talk to all the markets would respond to kashkari this woe hate it, undo the hikes the that weve had. I think that that would not be the kind of pick that donald trump would be sitting around a group of market folks, that they would be saying good job, donald i dont think thats the pick. I think that my understanding is kevin warsh has moved up the list a little bit. However, i was also told today the following. There is no list, so to speak. The president has not ranked these people to this point we should get a decision in the next two or three weeks but im told that the president has yet to rank them. There are some people who consider kashkari a key member of the team that saved the world, so to speak. I think neel did yeomans work moving from the Public Sector into the private sector in the work he did during the crisis i dealt with him frequently during that and had the Public Interest in mind. So why wouldnt he rise to the challenge of that job . I think the rookie idea as a Monetary Policy guy, only been doing it for a little while, has very strong views, not shy about expressing them. It gets to the conversation that i think you guys have done a great job discussing here which is what does the president want from a new chair, and i think i think he needs somebody in that job who will be supportive of his policies. Kevin warsh rises to that level. Jay powell also rises to that level. Janet yellen perhaps less so i think theres a concern here, scott, that a positive or an approval of some of these tax cuts and policies for the economy could cause an opposite reaction at the fed, and i think the president wants somebody to give him a little bit of a leash on this when it comes to lets get the tax cuts in place. Let the economy run and dont preempt not just the deficit is one thing and worry about the inflationary impacts later on and dont be so reflexive and one of the conversations weve been having is kevin warsh would be also reflexive. The economy is strong and ergo inflation. If this concept that says let us do the tax cut, let us do 1 trillion worth of stimulus and give that a couple of years to work through the system before any more tightening which would blunt the edge of that stimulus, this is going to be a free for all for risk assets. Youre not supposed to trade that way, josh, you know that. Hold on. Also discount thats at the base of what his rep is his rep is more hawkish than janet. I dont think kevin is necessarily hawkish or dovish and hes different hes espousing a different way of thinking about the inflation dynamic. Lets go review the bidding very quickly here the fed appears to have the inflation dynamic wrong. Nobody appears to have the right answer for the inflation dynamic. This is what is absolutely underpinning everything you guys are talking about is how long do i trade low Interest Rates and low inflation and none of you guys know the answer and i dont know the answer and i dont know anybody who knows the answer right now. Steve, you dance until the music stops. I hate that you said that that makes me nervous. Thats the way people have traded for the last three years. And you made money on it. I didnt hear you mention gary cohn at all. Gary cohn i have very obtuse and abstract conversations with people. Gary cohns name doesnt come up when i raise, it i dont get a lot of response back hes still in the running. We havent taken him off of our list here, but but his name is not all that high out there. Could still be in it. Its a conversation for another day but if gary cohn doesnt get the job, is gary cohn out the door and what are the potential impact to the way people think about him and his role in the administration after that and if they are playing hock he, got to ricochet that back on the idea do we get the tax cuts if gary cohn leaves before. All interesting. Were waiting, by the way, for two key senators on the Intelligence Committee to update us on the russia investigation that is just ahead we will take you to capitol hill live, and one analyst call on three video game stocks, all three have soared within the last year. Were talking take 2, ea and act vision blizzard. Its our call of theay d Halftime Report is back in just two minutes lot of Tech Companies are reporting today. And, hows it looking . I dont know. Theres so many opinions out there, its hard to make sense of it all. Well, victor, do you have something for him . Check this out. Td ameritrade aggregates thousands of earnings estimates into a single data point. That way you can keep your eyes on the big picture. Huh. Feel better . Much better. Yeah, me too. Wow, you really did a number on this thing. Sorry about that. Thats alright. I got a box of em. Thousands of opinions. One estimate. The earnings tool from td ameritrade. Were back on halftime. Puerto ricos person mark bond hitting record lows following this comment last night from president trump. They owe a lot of money to your friends on wall street, and were going to have to wipe that out. Thats going to have to be you know, you can say goodbye to that. I dont know if its Goldman Sachs but whoever it is you can wave goodbye to that. All right well, you may not realize it but at least half of all municipali Bond Investors in this country with exposed to puerto rican debt our Michelle Carusocabrera joining us with more on those comments from the president and a pushback from Nick Mulvaney who says no bailout for puerto rico or bondholders. Lets go to washington, we do have senators burr and warner at the microphone. We recognize the tragedy of nevada and at this point it doesnt seem to have a terrorism nexus. Thats not always the outcome, but our hearts and our prayers go out to all the individuals who were affected, both directly and indirectly, and i can assure you from an Intelligence Committee standpoint and the agencies that they are provide is as many assets to local Law Enforcement and to those people that are tasked with investigations of this unbelievable act so were here to update you about you you and the American People about russias meddling in the 2016 election. When we started this investigation on 23 january of this year, we had a very clear focus. We were focused on an evaluation of the isa, the Intelligence Community assessment of russias involvement in our 2016 election additionally, the investigation was to look into any collusion by either campaign during the 2016 elections the third piece was an assessment of the ongoing russia active measures, including information and influence campaigns that may still exist and may be ongoing the investigation started with those three buckets of interest. Now were over 100 interviews later which translates to 250 plus hours of interviews almost 4,000 pages of transcripts, almost 100,000 pages of documents reviewed by our staff and some by members. It includes highly classified intelligence reporting it includes emails, Campaign Documents and technical cyber analysis products. The committee has held 11 open hearings this calendar year that have touched on russias interference in u. S. Elections i can say that our dedicated russia investigative staff have literally worked six to seven hours a day since 23 january to get us to the point we are today. Six to seven days a week. Excuse me so far in the interview process, we have interviewed everybody who had a hand or a voice into the creation of the Intelligence Community assessment we have spent nine times the amount of time that the community spent putting the ica together reviewing the ica and reviewing all the supporting documents that went in it, but in addition to that the things that were thrown on the cutting room floor that they might not have found appropriate for the ica itself but we may have found of relevance to our investigation. We have interviewed every official of the Obama Administration to fully understand what they saw, what clarity and transparency they had into russian involvement and more importantly what they did or did not do and what drove those actions. Again, im remind that had we will come out with a finding at some point, and part of that hopefully will be recommendations as to changes we need to make, so weve tried to think as thoroughly through this as we can. We have interviewed literally individuals from around the world, so for those of you that choose to stake out when the next witness is coming, there are some that have snuck through because you dont know who they are. Now, its safe to say that the inquiry has expanded slightly. Initial interviews and document review generated hundreds of additional requests on our part for information. It identified many leads that expanded our initial inquiry the volume of work done by the staff has prepared the committee to look at some areas of our investigation that we hope will very soon reach some definite conclusion, but were not there yet. Were not ready to close them. One of those areas is the ica itself given that we have interviewed everybody who had a hand in the ica, i think there is general consensus among members and staff that we trust the conclusions of the ica, but we dont close our consideration of it in the unlike hod that we find Additional Information through the completion of our investigation. The Obama Administrations response to russian interference as i said, we have interviewed every person within the administration they have volunteered and they have been unbelievably cooperative to come in and share everything they knew and in most cases were interviewed for over two hours. The meeting at the mayflower, let me be specific these are not issues that have closed weve not come to any final conclusions. Weve interviewed seven individuals that attended the mayflower event. The testimony from all seven were consistent with each other, but we understand with the current investigation open there may be more Additional Information that pulling that thread may give us insight to things we dont know today changes to the platform committee, im addressing things that have been written by you in this room and they may not have been on our chart but we felt that we had to dig deeply into them we have the Committee Staff has interviewed every person involved in the drafting of the campaign platform. The Campaign Staff was attempting to implement what they believed to be guidance to be a strong ally on ukraine but also leave the door open for better relations with russia im giving you the feedback we got from the individuals who were in the room making the decisions. Again, not closed, open for the continuation the last one i want to cover is the comey memos. This topic has been hotly debated, and the committee is satisfied that our involvement with this issue has reached a logical end as it relates to the russia investigation now, again, this is not something that weve closed, but we have exhausted every person that we can talk to to get information thats pertinent to us relative to the russia investigation. Questions that you might have surrounding comeys firing are better answered by the general counsel or by the justice department, not the select committee of intelligence in the United States senate there are concerns that we continue to pursue collusion, the committee continues to look into all evidence to see if there was any hint of collusion. Im not even going to discuss initial findings because we havent any. Weve got a tremendous amount of documents still to go through and just to put in perspective i said weve done over 100 interviews, over 250 hours we currently have booked for the balance of this month 25 additional interviews. That may not end up being the total, but as of today there are 25 individuals booked to meet with our staffs before the end of this month alone pertaining to the Russian Investigation we have more work to doas it relates to collusion, but wer developing a clearer picture of what happened. What i will confirm is that the Russia Intelligence Service is determined, clever and i recommend that every campaign and every election official take this very seriously as we move into this novembers election and as we move into preparation for the 2018 election. Im going to ask the vice chairman to cover the other areas that were in the process of pursuing. Thank you, richard, and i want to say at the outset, again, im very proud of this committee. Im proud of the way the committee has acted. Im proud of our staff and the enormous amount of work that they have done i know the chairman and i see many of you daily in the hallways and and noted that this feels like its taking a long time. It is taking a long time, but getting it right and getting all the facts is what we owe the American People and as weve seen, you know, for example, stories that emerged in the late summer around, you know, mr. Trump jr. s meeting or possibilities of a trump tower moscow, you know the chairman and i would love to find ways to close things down but we also still see strings and threads that we need to continue to pursue i want to talk touch on two subjects the first is echoing what richard has already said the russian efforts did not end on election day 2016 they were not only geared at the United States of america we have seen russian active measures take place in france. Weve seen concerns raised in the netherlands. Weve seen concerns raised in germany and we need to be on guard. One of the things that is particularly troubling to both of us is the fact that its become evident that 21 states Electoral Systems were not all penetrated but there was at least there was at least trying to open the door in these 21 states. It has been very disappointing to me and i believe the chairman as well that it took 11 months for the department of Homeland Security to reveal those 21 states, and we still dont know why exactly last friday was the date they chose to reveal that information, but still believe there needs to be a more aggressive whole governmental approach in terms of protecting our electoral system remember, to make a change even in a National Election doesnt require penetration into 50 states arguably, and states like the chairmans and mine could be key. You could pick two or three states and two or three jurisdictions. Comment considering on the russia investigation the sheer scope of the investigation in which they say more than 100 interviews have been done, 100,000 pages of documents need to be gone through. They say weve not come to any conclusions. They say there are still concerns to pursue though they do say that the probe has expanded slightly. Again, well continue to monitor that meantime, lets go to our Kayla Tausche in washington who has been listening in as well. Kayla . Reporter scott, the volume of those documents, of the transcripts, of the interviews that the committee has conducted was one reason that chairman burr cited in not being able to define for the press and for the American People a conclusion just yet nine months into this investigation, into the rush influence campaign by the senate Intelligence Committee a couple of notable headlines that i did want to point out he also did not disclose any findings of the specific pillar of this investigation that deals with collusion he did say that there were 25 more interviews scheduled just on that topic over the next month, and he also did not set a time line for this investigation to conclude. He did say that the staff had been working six to seven days a week since january, that they had been very earnestly trying to come toward a definite conclusion he said they are working in that direction. They are not there yet, and he wouldnt say exactly when he hopes they would get there. Kayla tausche, thanks so much kayla live for us on capitol hill today shares of myelin are popping. Teva, they are dropping. Whats behind the vemo, plus the najarians seeing unusual moves in biotech stick around to see what their trades are whats Critical Thinking like . A basketball costs 14. Whats team spirit worth . cheers whats it worth to talk to your mom . Whats the value of a walk in the woods . The value of capital is to create, not just wealth, but things that matter. Morgan stanley were back on halftime to you big names are on the move and in opposite direction. Mylan is up and teva is down meg is here with more on why the stocks are moving in the opposite drug. Teva with the multiple sclerosis drug copaxon, two doses, and analysts thought this wouldnt happen this year or even the year after that analysts are calling this a nightmare scenario for teva because it is its biggest product bringing in more than 4 billion in sales in 2016 and 3. 5 billion in the u. S about 19 of their total sales analysts are estimating that they may come on market with a discount of 25 to 40 and captured 35 to 25 of the market teva coming out says it sees a 25cent hit and commissioner Scott Gotlieb came out two days ago saying they would take action to speed complex generic drugs to the market. Two days later this copaxone approval, a very expensive drug. 90,000 or more a year for one of the doses, so at a potential 40 discounty this seem to be achieving some of that bringing down drug prices i want to bring your attention to a couple other stocks moving on this in addition to mylan and teva biogen people are watching not down a ton but it is the biggest drug in multiple sclerosis and mylan is beating competitors to the market. The you bought mylan today. I bought mylan, i like it i wish i would have followed some of our guys on the site had a lot of unusual activity in teva puts just days before this particular ruling came out you bought mylan after the pop . After pop, yeah i liked, it because i liked this news for them, i mean, as a driver for them. As far as prices to megs point, not fond of that, but a lot of money drops to the bottom line of mylan because of this. Are we talking stock . Stocks. Yes, sir. Ill also point out that jpmorgan was dead on a week ago today. Jpmorgan initiated coverage again on teva which they hadnt had coverage before and took the target down to 20 bucks so that was pretty interesting and great timing on their part. Anyone else have a thought on that. You have to look at the whole drug complex here. Gotlieb has been very clear since he was named commissioner that this is what hes going to do hes going to see the again rings. I was surprised but a timely surprise but get out heres what i would say. You have to look at your Drug Companies that have such expensive drugs, such hugely profitable drugs and know theres going to be a target on their bags so that changes the whole landscape and pushes you to again rings and also to biotech which is why were seeing the xbi meg, thank you. Pete with unusual activity in the space. Talking about spi this is a great up because no one has more than a 4 share in this thing so you have 400 stocks out there. The potential of the m a world in there someone today, 22,000 of the november 90 calls being bought tore about 2. 22,000 we dont see that very often in xpi to see that sort of size thats a massive play. Weve been seeing bigger and bigger plays in the xfl and xlk, someone betting that in the next five to six weeks this will skyrocket. I own some bristol and pfizer and merck rand wanted to take a little off as i jumped into the xpi. I bought them last week, remember, we were emailing back and forth. Big block trade. I feel like you accidentally left me out of that email. Im sorry. I know it was an accident. But thing that really makes you think about this more on the m a. Look what happened with gilead, everybody said they would tank gilead has gone nothing but the upside. Mylan is in 80 different etfs, and when you look at it and look at how broad the buying has to be, you know, when Something Like this happens to the xpi beat or things like that, mylan is in there. Want to take you live to las vegas where the president has just landed in that city there is air force one now on the ground in las vegas. The president will be meeting with First Responders, families of some of those victims killed in that horrific attack, the worst mass shooting in modern u. S. History our jane wells has been following this story for us in las vegas. Jane reporter hi, scott the president is being met there by governor brian sandoval, a republican, mayor Carol Goodman and Sheriff Joe Lombardo who weve come to know after this tragedy. He and the first lady will be deplaning soon and going to the Major Medical center where most of the victims were rushed to, though the only place with an actual Level One Trauma Center in the state hell visit with the victims that are there that will be closed off from the press from what weve told anything can change. After that hell meet with First Responders and thank them. There may be a gaggle at some point. Were not sure if he will speak to the media before he takes off again. This is, of course, just up day after he visited puerto rico, but earlier today, before he left washington, d. C. , he did speak briefly. Heres what he had to say. Well, its a very sad thing were going to pay our respects and to see the police who is have done really a fantastic job in a very short time, and, yeah, they are learning a lot more, and and that will be announced at the appropriate time its a very, very sad day for me personally thank you yes, scott, as you know, there are so many questions that remain about this, mostly the motive why did Stephen Paddock do it. The fbi at this point isnt even sure why but they are continuing to comb through the crime scene behind me here, the concert scene. Pretty soon people can come and get their gatherings and it will be days before they finish processing Paddocks Hotel suite on the 32nd floor tofhe mandalay bay. Thanks thanks so much jane wells live from las vegas back right after this. Can i kick it . Yes you can can i kick it . Yes you can can i kick it . Yes you can well im gone i am a First Responder tor and iemergencies 24 hours a day, everyday of the year. My children and my family are on my mind when im working all the time. My neighbors are here, my friends and family live here, so its important for me to respond as quickly as possible and get the power back on. Its an amazing feeling turning those lights back on. Be informed about outages in your area. Sign up for outage alerts at pge. Com outagealerts. Together, were building a better california. Welcome back to the Halftime Report. Im jackie deangelis. Gold is rising and sewing a little bit of a recovery after three straight sessions of losses jeff kilberg, are we gearing up for a bigger move higher, possibly back over 1,300 jackie, i think we are and year to date were still up 10. 5 . Gold has moved lower recently. Three reasons why, the strength in the u. S. Dollar, of course, the stock market hitting alltime new highs every day, and then finally the geopolitical tension has subsided, so the fact that the bears havent got us under the 1275 level i think is a problem so if we see any of the stocks either relent or see geopolitical factors come back in well see 1,300 in gold again. Scott, he mentioned the dollar, very significant if we see the dollar strengthen from here, does that push gold even lower oh, absolutely, and and hes looking at the 1,275 level. Im looking at the 100day moving average we got below that in gold yesterday. Today were bouncing but its only 1. 50 even though the dollar is down a little bit i think thats the relationship that matters, as you can see, and thats always the relationship that matters when it comes to gold if the dollar strengthens because Interest Rates are rising here, then youre going to see gold headed the other direction. All right, guys thank you. Were back tomorrow with the live show hat 1 00 p. M. Live sh. Future time. The Halftime Report is back after this. This is where i trade andrs. Manage my portfolio. Since i added futures, i have access to the oil markets and gold markets. Okay. Im plugged into equities trade confirmed and i have Global Access 24 7. Meaning i can do what i need to do, then i can focus on what i want to do. Visit learnfuturestoday. Com to see what adding futures can do for you. Your bbut as you get older,ing. It naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. The name to remember. Win an uncertain world . K predictable income pgim sees alpha in real assets. Like agriculture to feed the world. And energy to fuel its growth. Real estate such as ecommerce warehouses. And private debt to finance transportation and infrastructure. Building blocks of strategies to pursue consistent returns over time from over 120 billion dollars in real assets. Partner with pgim. The Global Investment management businesses of prudential. And im the founder of ugmonk. Before shipstation it was crazy. Its great when you see a hundred orders come in, a hundred orders come in, but then you realize ive got a hundred orders i have to ship out. Shipstation streamlined that wh the order data, the weights of , everything is seamlessly put into shipstation, so when we print the shipping ll everythings pretty much done. Its so much easier so now, were ready, bring on t. Shipstation. The number one ch of online sellers. Go to shipstation. Com tv and get two months free. Welcome back. Lets send it over to Julia Boorstin whose with linked in and cochairman reed hoffman. Thanks so much. Reed, thanks so much for joining us. In addition to cofounding linked in you made a number of investments recently focused on a. I. Theres a lot of talk about how dangerous or useful it will be. Where do you land . Its Great Potential but we need to steer carefully. We want to accelerate toward a good future but that doesnt mean theres no risks. A. I. s behind a lot of the ad situations that are being investigated around the election, facebook ad targeting by the russians, this is something that only is possible because of artificial intelligence. How do you think of a. I. In that context . I think were in the very early days. We need to improve it in order to solve this, although part of the whole question is, like being attacked by nation states is something that Holding Corporations accountable for is a little tricky. Corporations normally deal with other corporations not governments. I think were in the early days and we do need to improve it so we have more transparency and these things where elections are being influenced by outside party that are not transparent and not accountable doesnt happen. Whats the solution do you need more people to oversee the a. I. Or change the a. I. Calculations themselves its probably both but i think the ultimate thing is having more kind of functions and features within the a. I. That show abhorrent patterns and then they can be investigated by human beings. Is a. I. Getting ahead of us especially in the ad space a. I. s getting ahead of us in a number of ways, its ahead of us in credit reporting and credit granting, criminal Justice Reform so i think as always the Technology Takes a step forward and then we need to adjust it for the best possible social outcomes. Ive been listening to your podcast. Its about how companies scale quickly and i just listened to the one that you did with Mark Zuckerberg and his motto is move fast or break things and this is the new growing companies quickly and its rating as you go. As you look at the challenges of facebook and some of the challenges uber has had. Are Companies Growing too fast and need to reevaluate that strategy so the podcast is mass use of scale and as you get larger and you have more than impact on society you should factor that in. I dont think that means slow down but that means add that thread and add that kind of question. We fix this as we go. Part of the thing thats good about software, if something doesnt work we fix it. All technology in time. Fascinating. We hope to have you back on very soon. Thank you very much we appreciate it. Back over to you. Thank you. Our thanks to reed as well. Staying on that topic. Biting criticism today about facebook from outspoken tech investor jason who said this about the company and its founder Mark Zuckerberg earlier on cnbc. We would never let somebody buy up every Radio Station or tv station in a market and every newspaper and create these massive conglomerates yet we let Facebook Sail through and they have screwed partner after partner. It has to be regulated and harsh regulation. It doesnt matter how many countries he goes to or cities he goes to how many cows he milks and how many photos ops does or letters of apology he does, you cant trust zuckerberg. Our Kayla Tausche still with us from d. C. Where that News Conference is going on and kayla, senator warren said a while ago that hes concerned that social Media Companies like facebook didnt do enough and didnt take these kinds of threats seriously enough. Reporter scott, this press conference is still ongoing, the question and answer portion has concerns in great detail. The activities of these social Media Companies and the rolls that they played in the activities that this committee is investigating. Senator warner did go on to say that while all these companies have much to do in the way of forensics that where facebook is concerned, theyve got more work to do but im pleased to say theyre out doing that work right now. Senator burr said all three google, facebook, twitter executives have been invited to testify publicly on november 1st and he said he feels confident that those companies will take the committee up on that invitation but senator burr said that you couldnt look at the evidence and conclude that russia is not actively trying to sew chaos in the American Election process both he and his democratic colleague leading this committee both are definitive in their belief after looking at this evidence that russia was and still is trying to gain influence via American Social media. So josh, this issue regulatory concerns around facebook has been mentioned by social capital who is with us. Said it was the biggest thing in front of facebook. Do you buy these comments by i get what jasons saying. I think that part of its facebooks part, part of it is our fault. The part thats facebooks part is going to be expensive for the shareholders. If you own facebook right now, understand the margins that facebook has are not are not going to be preserved if they follow through on things like were going to hire a thousand people to look at the news on our platform. If theyre going to take this seriously and do that, its not going to be quite as highly profitable a business as maybe it was two years ago. Thats something to think about and what is the multiple on the earnings worth if this thing starts to look more and more like a traditional broadcast medium type of company. Of course they have incredible advertising prowess. What if europe decides, you know what, we know you know 50 things about every one of our citizens, were only comfortable with you sharing 30 of those things to advertisers. If thats where this is headed, then facebooks advantage in Technology Ad tech is probably not as strong as what we thought it was. Is it heading that way aerj than not it looks like it but the last part of this is it really doesnt matter what you put on facebook and twitter to a lesser extent because people at the end of the day are going to seek out news that confirms how they already feel. Its not like zuckerberg turned our brains into mashed potatoes. Fox news started this 20 years ago. People watch msnbc because it makes them feel better. This is happening any way and facebook is just one part of it. We have 20 seconds or so left for final trade. Scott, lets give some names to people. Unusual activity in intel. Keep an eye on citibank. This things going higher. A rare dip in mike ron. Killer whales gone, sell seaworld. Intel. Thats does it for us. Power lunch starts right now. President trump in las vegas this hour meeting with victims. First responders and heros of sundays mass shooting. The healing has begun but the search for motive continues. Could you be on the hook for more than 70 billion in puerto rican debt the president says the islands bonds may have to be wiped out and you may be surprised who actually owns it pharmaceutical Companies Making 20 on their money today. Im Brian Sullivan and power lunch begins right now