After the bell, here we go again. Earnings its game on salesforce hp hewlettpackard enterprises. Guess. And gamestop all reporting tonight. Well tell you what to expect. A debate on whether gamestop can capitalize on the video Game Movement that stock has suffered mightily. A yield of 9. 25 right now unbelievable. Lets start with todays market rally all four major averages are in record territory the s p crossed 2,600 for the first time today joining our closing bell exchange, david kelly from Jp Morgan Funds peter costa from empire executions is at post 9. Rick santelli is at the cme in chicago. Peter, the engine keeps chugging along here. Oh, my god. Its almost unbelievable to today, this was a little unexpected i think we did have positive data this morning. To see the market open up 150 points without batting an eye and continuing to stay strong, you know, its theres a confluence of really good things good earnings, low interest rates, even with the rate hike next week, next month, wherever it is. I mean, youve got a really good for stocks do i think theyre overpriced . Absolutely i thought they were overpriced in january look where we are. I dont know if overpriced is really an issue anymore. I think its a meratter of, you know, whats going to stop it, is there anything out there that can actually stop the market and to me, i dont think theres anything, you know, within the next couple of months were going to see thats going to slow it down well probably have some hiccups. I dont see anything out there thats really going to slow it down. David, do you think were overpriced or strong earnings, Revenue Growth weve been seeing lately justify where the market is i think were a bit overpriced were pricing if a lot of optimism here. If you want to think about why is the market going up, i think the real, the key thing to focus on is not so much why people are piling in, its why people arent piling out. If it was an index of investor inertia here, think about it, you got enormous embedded capital games, dont have anywhere good to go to in terms of fixed income or cash or alternative assets and the vix is very low. You dont have the volatility that normally scares people into a poomove any money going in is pushing this market higher its a funny word to use we may have a durable bubble, where the market can move up to higher valuations which are getting a little unhinged from the fundamentals but could keep on going because its very hard to get out this market. And, yes, while thats happeni happening, the vix, the fear indicator has fallen below ten today as well. Rick, its just hatppening in slow motion here the yield curve continues to flat l the 2s at 177, 178 the ten down to 236. It doesnt take a huge mathematician to figure out the spread there is continuing to narrow here. Reporter absolutely. I mean, the ten years treading water. The 30year slowly every day seems to submerge a little deeper under water and everything aligns. Yeah, 30s to 5s just in the last five trading days, bill, flattened 13 basis points. You know, yield curves are supposed to be a couple basis points a week when theyre busy. These are big ploouf moves andt necessarily the idea were going to have a flat kufcurve. Its what investors think about. I tell you what, look at where zem seven years and ten years are, theyre nine basis points apart. Of course that makes sense theyre close maturitmaturity with all the scrutiny on the yield curve, there may come a time in the next six, eight, ten weeks where you see slight versions, light 7 s to 10s i wouldnt put a lot of faith that its foretelling something. It doesnt matter what i think its what investors think. When that happens, they end up putting more scrutiny in the notion of the bigger part of the curve flattening or inverting. These are going to be important to Pay Attention to. Ultimately wren if comes to stocks, not only do they look green lighted i think you aint seen nothing yet if we pass the tax plan, i think you might see turbo therusters. How many times have we seen markets reprice and reprice things we thought were priced in many times over . H. Yeah. So i think its all green lights wow. David rick santelli, lets float this here. Pulling a Jeremy Siegel all of a sudden on us thats amazing. Jeremy sounded more cautious than that yesterday. Yes, i know, right . David kelly, i was going to go back to what you said about this being a durable bubble, ask where the bubble is outside of shares of tesla, netflix, some of those specifically highvalued ones wheres the bubble i think the bubble is gradually growing. This is kind of like a turkey that you leave in the oven too long here, gradually overcooking here what you can see, you can see overall stock you know, p e ratios running 18 times, above that now, which is high relative to the last 25 years you can see it in other places things like home prices. Look at the existing home prices this morning the home prices keep on going up and up and up. Bitcoin. The fact somebody spent 50 bitcoin is completely different. These are all completely different topics no, well, i know. What were seeing is a lot of liquidity looking for a home and not being not in the stock market, is it no, but no, but there are areas in the stock market where youre seeing, you know, as i said, overall over 18 times earnings compared to a 25year average of 16 times. You look at this tax bill, i do think that it will it will help corporate profits somewhat. Its not a huge game changer it is on borrowed money. So eventually its going to have to be repaid i just think were sort of gradually building on a lot of fronts here. Theres no obvious bubble here but i think overall everything is getting a little bit overpriced. Im picturing this bull market turning into a dry turkey now according to david kelly wont get into it dry turkeys better than no meal at all. True. Hey, there you go wise words well end on right there. Thanks, guys see you later. Breaking news we need to get to right now that comes regarding under armour Morgan Brennan stepping in witht footwear chief peter ruppe will depart series of Senior Executive departure at the Sportswear Company as its struggling with growing sales of its apparel and sne sneakers this report coming from dow jones. Peter ruppe will be succeeded b ryan drew who previously served as general manager of under armours Basketball Division this the latest departure of an under armour executive others include the companys cofounder, also chief marketing officer and head of womens youth and sport fashion divisions. They have all left since octo r october, so shares of under armour now down about 4 today theyre down 55 for this year back over to you. Wow big move already today now its exacerbated morgan, thank you. Footwe footwearwe footwear, incredibly they had misses with the steph curry shoes. Dont know if that has anything to do with it. The fcc e limb fl julia b with the latest on the fcc proposal l, how a rule rollback on Net Neutrality could affect that sector. Julia . Reporter bill, fcc chairman pi revealing his plan to equal access to the internet and prevent internet providers from charging fees or treating content differently. Pis proposal gives internet providers more flexibility in how they charge for services and may be able to prioritize certain traffic. The proposal, though, does require transparency about those practices. And it restores the federal trade commissions oversight the ftc will monitor internet provi providers. Under my proposal the federal government will stop micromanaging the internet instead the fcc would simply require Internet Service providers to be transparent about their practices so that consumers can buy the service plan thats best for them. These changes would benefit the internet and Telecom Company including verizon, nbc parent comcast, charter and at t. Verizon saying, were very encouraged by chairman pais announcement today that the fcc will move forward next month to restore the successful light touch Regulatory Framework for Internet Services. But Technology Companies such as netflix, youtube, facebook and twitter, could suffer from potentially higher fees or slower streams they have spoken reversal. The proposal is expected to be approved at the fccs open meeting on december 14th back over to you. They are moving swiftly leer. Thank you, julia. The department of justice suing at t, meanwhile, to block its 85 million purchase of time warner in one of the biggest antitrust cases to hit washington in decades. Leslie picker has the latest on this case with other companies that could be targets, too heying ke, kelly, at t lookio head to court throwing into question vertical integration or mergers along the supply chain rather than those between competitors. In at least 40 years the government has not successfully blocked one vertical transaction. At ts Ceo Randall Stephenson said in a press conference yesterday that just the lawsuit, alone, has created a Chilling Effect in the m a market this lawsuit has the whole world questioning what they will, can and cannot do. This throws a huge degree of uncertainty to anybody contemplating joint ventures, anybody contemplating m a. And thats one of the key concerns about this. To take suddenly without any notice and just upturn 50 years of precedent on a transaction like this can have nothing but a freezing effect on commerce in general. And this is affecting dealing that have been signed, too investors i spoke to are watching the pending mergers between United Technologies and Rockwell Collins as well as that of buyer and monsanto. Both of those deals have aspects of vertal integration and if the doj wins its case, that could be problematic for those deals as well we reached out to the four companies for comment but have not heard back yet, guys all right, leslie, thank you. Lets talk more about this what impact this could have on other Media Companies and whether, in fact, at t and time warner could win in court against the doj. Jonathan chaplain from newsstreet research is with us, so is tom egan jonathan, you read the complaint. I mean, you call it a weak argument by the government why . So before when we were hearing stories of the doj was gearing up to block the deal, we didnt know what they had up their sleeve was there some document that they had acquired that demonstrated an intent to harm consumers once the deal had closed and, you know, now that weve read the complaint, weve seen the presentation from delrahim it really looks pretty weak. Theres no smoking gun in there. There was no strong evidence presented of consumer harm where we were before, which is at 80 odds at t wins in court. Tom, would you agree . Intere interesting, seems to be the case people have to potentially put deals on ice while this whole process plays out, right i think thats right. To us, theres real Collateral Damage here because it does make it hard, for example, for comcast to make a bid for the fox assets because that would be a vertical merger, too i think thats true, but i think this is also going to be wrapped up pretty quickly. The doj said theyve got no interest in holding up the process. I think at t will file for an accelerated review by monday at the latest would be our guess. And this could all be wrapped up within three, four homonths its true for the next three, four months while were waiting to see what happens in this case, its difficult for anybody else to sort of move ahead with a deal i think well be back to business as normal by the by the time spring rolls around jonathan, some of the arguments put out there by the government, it would depress innovation of distribution it would raise competitors costs and, therefore, customer prices would go up first of all, you dont think thats true . Or you dont think its a Strong Enough argument to kill this deal so, they didnt present any evidence of thos factors. That was their statement the evidence they gave was really, really odd there was a statement by an executive saying that their content was musthave and anyone who didnt have it would be in trouble. Weve heard exactly the opposite from some of the opponents of this deal saying, turner content isnt what it used to be, its not musthave content anymore. So the statements like that just dont provide evidence of the harm that the Justice Department is alleging here tom, i also wonder how the Net Neutrality move fits into all of this, so if you have the fcc moving, meantime, to embolden at t and the likes of those internet Delivery Companies to be able to charge netflix, for example, and just kind of be free to price the internet how they see fit, how would that affect the thinking about what happens if at t then acquires time warner well, i guess if anything, that does probably support the dojs argument because that would give at t that much more leverage over pricing. To the point before about, you know, what this means, i think the doj was concerned about structural versus behavioral remedies so they werent so happy with what happened before. You know, when comcast bought nbc. They didnt feel as though the behavioral remedies were actually followed. Thats why they think theyre focused on remedies that are more structural. Tom, what do you think that the argument should be by at t and time warner . In if they go to court, which looks like theyre going to tdo anyway. Yeah. What weve already seen, with directv now, theyre offering pretty low prices so if what theyve done so far is any example, i think that is pretty clear. And tom, or jonathan, im sorry, before we go, the share price reaction across all the internet delivery stocks, if you will, today, is not that major verizon is even down despite this move on Net Neutrality happening at the same time why do you think that is because i dont think it has that big of an impact on their businesses directly. I dont think that verizons about to charge netflix more for carriage on its network. I think if they did Something Like that, and really started impacting netflixs business, itd almost be guaranteed to result in some kind of a consumer and or regulatory backlash the benefit of simplifying the regulation is really sort of removing an overhang and removing uncertainty around verizon and comcast, at t, the Internet Service providers businesses and at t lower, sprint lower, tmobile a little higher quickly, tom. Isnt new news. We know this has been about to happen for a while now. Yeah, fair point. All right, gentlemen, thank you both, john than chaplain, tom egan, thank you for the thoughts on that important story. So many moving pieces. Yes, there are. Holy moly. What happened to the quiet times we used to have at the holidays not happening. Very strong rally today with about 444 minutes left in the trading session. All the major averages have been in record territory today. President trump, meanwhile, has rocked trade relations with his stance on nafta, of course, but a fifth round of trade talks have come to an end today. Up next, where the talks stand as the yearend deadline to reword the deal approaches. Video game stocks have been soaring of late. Gamestop failed to post Earnings Growth over the past couple quarters up ahead, a bull and bear debate on the video Game Retailer zbrmplts we want to hear from you, reach out to the show. You have twitter, facebook, or send us an email. Closingbell nbcuni. Com youre watching cnbc, first in business worldwide get elected by talking tough on the National Debt . Will they stay true to their words . Or did they promise you one thing. Only to do another . Right now, congress is talking about tax cuts that will add trillions to our National Debt and hurt our economy. Its time to tell congress. Dont borrow more money from china. And leave more debt to our kids. Keep your word. Tax cuts shouldnt add to the National Debt. As we mentioned, negotiators from the u. S. , canada, and mexico squared off today as the fifth round of nafta trade talks wrapped up Kayla Tausche is in washington with more. Kayla . Is bill, officials were calling this round of nafta negotiators approach the fifth time arguing, but this round has provided decidedly less drama than the prior rounds for a few reasons. First, the top trade representatives from each country arent at the table and wont reconvene until january. So the teams on the ground in mexico city are dealing in the nittygritty rather than the broadsides coming from each of their leaders. Second, the white house is withholding any hardline action on trade to preserve republican votes on tax reform. And finally, some of those previously contentious proposals tabled by the white house like a demand the deal expire in five years are now being met with some potential workarounds from countries like plaxiex mexico p alternatives on the table and might no longer be deal breakers the u. S. Business community is ramping up its warnings to the Trump Administration about the business effect of putting the deal at risk the u. S. Chamber of commerce releasing data showing swing states like michigan, wisconsin, and arizona have an outsized dependence on exports to mexico and canada, some cases around or more than 50 of exports from those states while the fireworks might be on hold this round, talks will now go through the end of march and the commerce secretary for the u. S. Said they remain on a very short time fuse with mexicos general election and the u. S. Midterms approaching analysts from barclays say if they drag on too long, they could get suspended all together. That was my question, kelly frontrunner for mexicos president ial election last year, ovodor, i think it is, has made his displeasure clear that these negotiations even happen now given that he may come in and, i dont know, may have a very different idea about things. Right thats why none of the three parties wants this to get close to those elections and from the u. S. Standpoint they dont want it to be a factor in midterm campaigns either so they want this to be done and dusted and fully wrapped up by the time any of these candidates begins campaigning but as we think about this going into 2018, its getting closer and closer. Kelly, analysts from the street are saying its hard to see how a clean deal gets agreed given all of those events out in the distance i just keep thinking about something wilbur ross said at the New York Stock Exchange a few weeks ago, he said the u. S. Is asking their trade partners to make these concessions when they have nothing to offer in return you know its pretty tough out there. Kayla, thanks very much. See you later. For more on how Small Businessowners are being impacted by the nafta renegotiations, lets send it over to kate rogers whos outside minneapolis. Brr. With that story. Kate reporter hey, there, kelly thats right small manufacturers are closely watching all of these nafta renegotiation talks. The owner of this business says her biggest concern is simply the unknown. Here they manufacture custom parts for Gig Companies like john deere and bobcat they then export to canada and mexico making up about 10 of their business my biggest concern as an owner is not knowing the impact to us and then how is that going to affect our end customer i dont understand how the negotiations is going to affect us, but i do know that shipping to mexico or canada, our customers are not going to take a price increase. Reporter Carrie Hansen said shes not overly confident in in the administrations ability to overhaul the decadesold trade deal shes hopeful theyll take it to consideration, what it might mean for a Small Company like hers nonpartisan groups like the National Small Business Association say theyre generally there support of free trade agreements including nafta and only 5 of their memberships say theyre negatively impacted by free trade. All of this, we have to remember spla Small Companies are a powerful force. As of 2015, 98 of the companies that exported goods from the u. S. Had 500 employees or less guys, back over to you i guess they just have to do business as usual until they hear otherwise, kate, right . Reporter yeah, absolutely. She says theyre already trying to control some potential price increases but you heard her, she said her partners in canada and mexico arent going to accept a price increase and theyre just one piece in this puzzle theyre manufacturing for bigger companies. Theres a lot to take into consideration here and could have a big impact on a Small Company like this one. Indeed. Kate rogers in minnesota thanks very much and 35 minutes to go back here what a session we have on our hands. Although the dow is off the highs. Were up about 180 earlier we are up 154 right now. Strong gains from the open s p up 16. Nasdaq 12 ga gain up 16 the russell could finally close at a record if its over 1,512. Facebook, amazon, netflix, alphabet, all trading higher today. Hey, theyre supposed to be the ones hit by Net Neutrality were going to head uptown to the nasdaq and see if it can close at an alltime high. Meanwhile its the first Asian Technology firm to crack the 500 billion valuation mark. If youre thinking alibaba, you might want to guess again. The Little Known Company that is now making inroads here. That story is coming up. At tmobile, when you holiday together, great things come in twos. Like tmobile and netflix. Right now when you get an unlimited family plan, netflix is included. Ho ho ho tmobile covers your netflix subscription. Best Christmas Gift ever . So you can binge watch all year long. Now youre thinking christmas and now when you buy any of this seasons hot new Samsung Galaxy phones, you get a second one free to gift. Thats one samsung for you. And one to give. Tmobile. Holiday twogether. whoo woman class, lets turn to page 136, recessive traits skip generations. molly i reprogrammed the robots to do the inspection. Its running much faster now. See . Its amazing, molly. Thank you. today, the new new york is ready for takeoff. Were invested in creating the worlds first stateoftheart drone testing facility in Central New York and the mohawk valley, which marks the start of our nations first 50mile unmanned flight corridor. And allows us to attract the worlds top drone talent. All across new york state, were building the new new york. To grow your business with us in new york state, visit esd. Ny. Gov. The healast 48 hours, he totally denies it, says it didnt happen. You have to listen to him also youre talking about he said 40 years ago, this did not happen so, you know [ inaudible question ] ill be letting you know next week i can tell you, you dont need somebody whos soft on crime like jones do you not believe the accuser . What is your message to zmch [ inaudible talking about sexual misconduct. Youve had your own allegations against you. What do you say to women let me just tell you, roy moore denies it. Thats all i can say he denies it and by the way, he totally denies it. Go ahead mr. President , what is your message to women this is a Pivotal Moment in our nations history women are very special. I think its a very special time because a lot of things are coming out and i think thats good for our society. And i think its very, very good for women. And im very happy a lot of these things are coming out. Do you accuse im very happy do you believe the accusers im very happy its being exposed. [ inaudible look i dont want to speak to al franken. I dont know i just heard about conyers two minutes ago. As far as frankens concerned, hes going to have to speak for himself. Id rather have him speak for himself. [ inaudible question ] what we had a great call with president putin. Were talking about peace in syria. Very important were talking about north korea. We had a call that lasted almost an hour and a half we just put out a release on the call, but were talking very strongly about bringing peace to syria. Were talking very strongly about north korea. And ukraine. Should assad go should assad go . [ inaudible question ] cant hear you. Louder the at t time warner merger. Well, im not going to get involved in litigation, but personally ive always felt that was a deal thats not good for the country. I think your pricings going to go up. I dont think its a good deal for the country. Im not going to get involved. Its litigation. Mr. President , should assad go should assad go . Have a very great thanksgiving. Should assad go should assad go . [ inaudible question ] well, he denies, roy moore denies what about the women . What about the nine women . By the way, he did say total denial i do have to say, 40 years is a long time. Hes won eight races and this has never come up so 40 years is a long time. The women are trump voters most of them are trump voters. All you can do is you have to do what you have to do. He totally denies it what about the nine women, mr. President . The Washington Post went to them mr. President , do you believe congress should release the names of lawmakers who have settled on Sexual Harassment claims i do. I really do. I think they should. Thank you. Have a great thanksgiving. Should assad go should assad go . The president there, that was a few minutes ago, as the trump family there gets ready to board marine one as they head to maralago, their estate in flori florida, for the thanksgiving holidays eamon javers was out there as well and lot of things to talk about. Business wise. He weighed in on the time warner at t merger, eamon, and said its not good for the country. Reporter thats right. I had the opportunity to ask the question to the president out there by marine one. Wasnt sure whether he would weigh in or not. People here at the white house are sensitive to the fact they dont want the president to be seen as putting his thumb on the scales of justice here the president did say im not going to get involved in litigation, personally ive always felt thats not a deal thats good for the country. Then he reemphasized, sooim ni going to get involved. Allows the president to make his comment and emphasize the president ial staff wants him to emphasize, hes not playing any official role in the department of justice decision to take stops to block that merger so that was an important point from the president there you also heard him engaging in pure politics talking about the Alabama Senate race where roy moore has come under accusations by a number of women of inappropriate sexual behavior. You heard the president there saying that he doesnt think that the democrat in that case, in that state, should win the election he said the democrat is soft on crime. In effect, endorsing roy moore without using those words there. The president saying that roy moore has denied the allegations against him. You have to believe him, too, he was asked a number of times what about the women, sir, what about the women . The president said, women are special, and this is a very special time because a lot of information is coming out. He said he thinks that is good for society, but nonetheless, he appears to be standing by roy moore on the issue of senator al franken whos faced other accusations of sexual impropriety in recent days the president said that he wasnt going to get involved in that case, he said al franken is going to have to speak for himself. Back over to you. All right, eamon, thanks very much eamon javers there outside the white house. Lets check on some of the other movers in todays Market Action dsw falling today. After an earnings and revenue miss that was reported this morning. And an unexpected decline in Comparable Store sales the shoe retailer says its sales were negatively impacted by the hurricanes in that quarter the stock down 13 another stock affected by the hurricanes, campbells soup. That stock sinking after a revenue and earnings miss also reported this morning. Campbells said its quarterly performance was affected by higher costs for logistics, transportation, and carrots. Following those storms and campbells soup is down 8. 25 right now. Now we have breaking news on the Disney Company Julia Boorstin stepping in with details on that. Julia . Bill, john lasiter, well known as the founder of pixar, one of the founders of pixar, is taking a leave of absence from pixar which is, of course, owned by disney amid, quote, missteps. This first reported by the hollywood reporter. Hollywood reporter has obtained a memo from lasseter to pixar employees saying this kind of Creative Culture takes consta consta consta constant he goes on to say i especially want to apologize to anyone whos ever been on the receiving end of an unwanted hug or any other gesture they felt crossed the line if will teleway, shape or form no matter how benign my intent, everyone has the rightboundarie them respected. We have reached o eed out to dy about this leave of absence from pixar. We have not heard back from disney yet this has been reported by the hollywood reporter. Pixar has been such a valuable engine for disney. Lasseter also oversees other parts of disney animation studios. Hes sort of become the face of disney animation, and, you know, driving that to greet success with moana and a big pixar film cowellcalled coco debutin u. S. Theaters tomorrow back over to you. Getting some good reviews, coco. Time for a cnbc news update, lets get over to sue herera thank you, guys heres has happening at this hour, everyone, charlie rose out of a job cbs and pbs both terminated their relationships with the longtime host and anchor after eight women came forward claiming he made unwanted sexual advances toward them rose has apologized but also said not all of those accusations are true a specialized u. S. Navy ship is joining the search for a missing argentine submarine and her crew the u. S. Ship has remotely operated vehicles that are capable of rescuing people from submerged subs. Get ready to pay more for the drive home this holiday. Despite a recent move lower. Thanksgiving gas prices will be at a threeyear high with the National Average Holding Steady at 2. 79 a gallon. And a pair of glasses, a pack of cigarettes, and several diaries are just a few of the nearly 100 items recovered by Berlin Police that once belonged to legendary beatles rocker john lennon they were stolen more than ten years ago from lennons widow yoko ono one of the diaries included an entry from the day that lennon was murdered that is the news update this hour i will send it back downtown to you guys. What a found. Wow. Theyve been looking for it for a long, long time. Its been at least ten years, but they managed to track it down nice going. Yep nice going. Thank you, sue see you later. The nasdaq is setting a record intraday high once again today. Up nearly 1 66 points higher Bertha Coombs has a look at the stocks driving it up there. Once again, its really big cap tech stocks here earlier today, we saw small caps in the lead, although the russell 2000 on pace to close at an alltime closing high here taking out that early october number and chip stocks on pace for an alltime closing high as well. Thats a huge thing to say about the Philadelphia Semiconductor ind index, if you were around back in the year 2000 what a huge round trip that this has been today led by the likes of marvell at new highs alltime highs, again, for micron, lam research and Texas Instruments on pace for an alltime closing high. Finally taking out that y2k high others, dollar tree, paypal and marriott as well back to you. Even with marriott and airbnb fighting like day are. Exactly. Thank you, bertha so stocks soaring this year. Is the rally getting overextended, he asked were going to take a look at some stocks that could really be overexteed ybready to cool off. When we come back. At fidelity, trades are now just 4. 95. 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It is one of the biggest antitrust cases to hit washington in decades. And coming up, well discuss if the doj lawsuit to block the at t time warner merger could put other deals on hold and what that means for the media landscape. But first, what do micron, paypal and michael kors all have in common . The link and what it could mean for your portfolio is next [ keyboard clacking ] [ click ] [ keyboard clacking ] [ clacking continues ] good questions lead to good answers. Our advisors can help you find both. Talk to one today and see why were bullish on the future. Yours. Your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 782 on home and auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. As you may know, the s p 500 has posted a gain of more than 15 so far this year that has rewarded some investors more than others to say the least. Dom chu has a look at what stocks have popped, dropped and are most extended in the market right now. Dom . All right so, bill, kelly, we took a look at the s p 500 stocks trading the most above or the most below their longterm average price. Something traders call the 200 Day Moving Average so we look for momentum and heres where we found it if you take a look at those stocks in the s p that have the most upside momentum, ones trading most extended above their 200 day average price, you got the red hot Home Builders out there, dr horton up 36 above that level retailer michael kors on the luxury side of thing, 38 above where it normally trades over the last 200 days. Paypal, 41 above it that red hot semiconductor business, 45 for nvidia and micron 53 not all good news, though, the real Downside Momentum on the extended side of things has come from some of these stocks. Check these names out, chipotle, 27 below its longterm average price. Under armour 30 electric, 32 . No surprise there. Century link, 34 below. Newell brands 40 . Thats the tip of the iceberg. The rest of the list is on cnbc. Com we tweet eed out a link. Check out the stocks more that are up and down extended guys, back over to you. One way to look at. Thanks, dom. 14 minutes to go dow hanging on to a gain of 155 right now. S p up 16. Nasdaq up 1 67 points today. The russell is up 13. I noticed a clock if the lower right hand corner of the screen there, until the closing bell ever seen that before . We can read that. 13 minutes to go. Who knew. Up next, we have a debate on gamestops performance strategy and how to play the stock ahead of those results after this never noticed that. Lets begin. Yes or no . Do you want the same tools and seamless experience across web and tablet . Do you want 4. 95 commissions for stocks, 0. 50 options contracts . 1. 50 futures contracts . What about a dedicated service team of trading specialists . Did you say yes . Good, then its time for power e trade. The platform, price and service that gives you the edge you need. Looks like we have a couple seconds left. Lets do some card twirling twirling cards e trade. The original place to invest online. Looking from a fresh perspective can make all the difference. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. Art cashin just stopped by and told us the market on close orders show, 1 billion, b,. Well see whether there are some sellers lying in the weeds waiting for them, all those buyers well see what happens here. How about gamestop shares up slightly as we await their earnings after the bell today. The video Game Retailer faces pretty fierce competition. Especially online. From amazon, also from Big Box Stores is it a good time to buy gamestop so we have a bull and a bear. Our bull on gamestop is none other than john, chief macro strategist at gfi group. Our bear is joseph feldman, senior managing director at telzi Advisory Group one thing that we noticed here, i mean, the stocks been down for a long time. Yeah, its been trending down. The yield have you seen the yield . 10 yep. 9. 25 , actually really . Yep. Isnt that a red flag for you . Well, i mean, it has been it has been trending down quite a bit. You know, everybodys betting right that its going to be the next blockbuster, so thats really where the shorts are coming from. The Short Interest is 15 on the stocks. Wow. A huge Short Interest today were expecting probably 15 move after the earnings, plus or minus. You know, depending on how they comp again, its a cyclical business. A lot of games just came out christmas is coming. Big consoles, right, we have the Nintendo Switch, xbox coming out with a new platform, not to mention we were talking about the ico thats come out to trade Virtual Assets like skins. Okay. For your commandos when youre playing world of war craft. Theres coin offering. Yes. Sort of just a phantom way of raising money basically where for trading video game skins for trading Virtual Assets, virtual goods. This is going to help gamestops earnings somehow . Theres 50 billion traded on this platform between gamers worldwide. In h the United States 400 Million People online trading trading how is well, i think, again, we go back to the list, right . Not only does gamestop have a list of what consoles and hardware everybody has, they know what the upgrade cycle looks like okay. So they could actually tap into this Virtual Reality business. Joe, hes giving you an awful lot to work with here. Why are you bearish on gamestop . Well, i think strategically, theyre doing a lot of good things as we just heard, the issue is the execution of that and the shift toward digital is happening a little faster. Theyre trying to reposition themselves to be more of a collectibles business as well as having at t stores, mobile phone stores which are kind of just a replacement the cycle. Theyre seeing the writing on the wall as well and the big part of their business has always been the used business, tradein value. They have not been able to make that up with the digital side. Perhaps they could play within the space, but while they might get a shortterm pop out of the earnings out of today if the comp comes in better and could be a quick trade and the cycle is lining up decent for the Holiday Season and weve heard that from best buy and target, good numbers about video games, but the longerterm thesis here, it starts to fall apart. Its like its maybe a short trade, its not necessarily a buy and hold okay. Is this just a trade for you, john yeah. I think it depends, again, right, the ceo has a lot to do with this. Hes an original ceo i think that he really needs to, again, pull the right levers to get into this digital reality. But i think really if he doesnt get that done, probably go ing to look for another ceo in 2018. Joe, do you see prospects for gamestop going more virtual here i think theyve been trying to go more virtual and trying to participate within that. Its a lot harder when, you know, if somebody has a divide a platform at home and can simply download the game, i mean, i think the latest destiny game, you know, 50 of their initial sales were digital you know, whereas a year ago, it was around 25 , 30 digital. And so right out of the bat, thats one year weve seen that doubling thats been the problem for gamestop is all right. I think the big thing, again, with downloading digital things and also, again, with the ico, is to the hacking, right, is a major factor also to get the hardware, you actually have to go into the physical store, right, you cant download an xbox or a switch or Something Like that. So i think thats really kind of what they have to concentrate on going forward. John, joe thank you both. Thank you. Well get the gamestop numbers at the top of the hour. In the meantime, lets get back to Julia Boorstin with more breaking news on disney. Julia . Yes, bill, i reported John Lasseter taking a leave of absence because of missteps, unspecified missteps, what he called painful conversations a disney spokesman weighing in were committed to maintaining an environment in which all employees are respected and empowered to do their great work we appreciate johns candor and sincere apology and fully support his sabbatical. Of course, lasseter is head of disney animation, fpixar set to release coco tomorrow ahead of the thanksgiving weekend lasseter best known as a cofounder of pixar which has been a real driver of growth at disney studios lasseter to remind you there what he said in his memo to employees, wanted to apologize to anyone who was on the end of an unwanted hug or gesture that they feel crossed the line julia, thank you were going to head to the close. 4 1 2 minutes left there the hseiog ssn. Weave the closing countdown coming your way right after this is helping build the new new york. 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And thats where your donation truly shines. You help us fund free rides to treatment. A live 24 7 help line, free lodging near treatment centers, and even efforts to expand access to insurance. So, please donate today at cancer. Org and help attack cancer from every angle. Show of hands. Lets get started. Who wants customizable options chains . Ones that make it fast and easy to analyze and take action . How about some of the lowest options fees . Are you raising your hand . Good then its time for power e trade the platform, price and service that gives you the edge you need. Alright one quick game of rock, paper, scissors. 1, 2, 3, go. E trade. The original place to invest online. About 90 seconds left in the trading session here seema mody with me on the trading floor. This is a pretty powerful rally from the getgo this morning there was no question we were going to see some records today. Heres what the dow has done all day. And a 67 record high for the nasdaq stick with whats working. That seems to be the strategy deployed by workers ahead of thanksgiving broader tech sector up 40 this year compared to the 16 climb in the s p 500 you have apple and microsoft also helping not just the nasdaq but the dow as well. And i was just going to show the best and worst performer in the dow today. What we might call beauty and the beast. You see what i did there apple continues its rally of the year and ge continues the woes it has seen this year those with the big gainers and losers for the dow today. Also point out just overseas its the global tech rally that has really captivated the attention over there as well we talk about highs that weve seen in asian markets but even in emerging markets as well. 17 of the emerging market index is global tech names like samsu samsung, alibaba its not just the Global Growth story that is helping stocks move higher. Its those tech names around the world. There they are. Now we got earnings coming after the bell tonight we have highlighted gamestop, we also have the two hewlettpackard spinoffs and guess and salesforce so this will be a good Cross Section to see how we do we had some good numbers from the likes of lowes this morning. We did. Well see if these can move the market tomorrow. A big week for retail, indeed. Indeed. Thanks, seema. See you later. We did go out with records for the major averages today well get that that and much more coming up with all the earnings on the second hour of the closing bell with kelly evans and company. See you tomorrow, kell thank you, bill welcome to the closing bell, everybody, im kelly evans a litany of alltime closing highs on wall street today look like the s p 500 missed closing at 2,600 after trading above that level there the session today for the first time still the s padding nearly 17 points today to close at 25,099. The dow up 160 on the bell to 23,591 for the nasdaq, up 1 today. 6,862. Thats a record closing high how about the russell . 1,518 today. It that one particularly noteworthy the russell has not had a record high close since early october it has finally caught up so its a quadfecta, perfect one on the close on wall street 1,518 for small cap russell 200s its going to be another busy g earnings deirdre bosa will bring us numbers from salesforce. Courtney reagan watching for gamestop and guess well see you guys in a couple minutes. Thank you very much. As these all start to cross. Joining me, cnbc senior markets commentator michael santoli, rob cox, global editor of reuters breaking views kevin oleary, chair of oshares etfs leading the dow today was apple. The biggest laggard in the index was walmart. Over in the s p, top stock there, jacobs engineering. Biggest loser by a stretch was signets 30 drop on its earnings tech led the day faang stocks rallying across the board. Even though we had movements on Net Neutrality, facebook, amazon, netflix and alphabet all up about 1 , michael. Yeah, again, kind of they went back to the old favorites which is the big Growth Stocks may mainly tech and health care. Its very, very well behaved, orderly kind of relentless rally. This is in keeping with how the market character has been all year meaning you get up to a round number, both the dow and the s p up it was a global rally as well because you did have china, europe, japan, leading the way. True. Before we opened. It all kind of game together i think once the market held together after last weeks little flutter, you had people front running the fact that tomorrow is one of the most seasonally strong days of the year. Then we get into the end of the year which is always like that, anyway kevin, whats the why for you of how we ended up with record closes all the major averages today, what does this crazy strong year in stocks now say to you . It tells me to start to prepare for less of a return next year. I think the call by b of a today, we cant go up 20 every year in the s p, Everybody Knows those numbers dont work i think my theme for q1, q2, will be going back to quality and dividends. Really boring. I think thats going to matter if we only get 6 , 7 out of next years market which is my guess, youre going to get a third of those to almost half from dividend yields and you want quality Balance Sheets to do that. Thats the theme for next year boring old quality in dividends. You mentioned that bank of america, marl lierrill lynch ca. Chief investment manager saying, quote, the air is getting thinner and thinner, rob. Yeah, theres a lot of reasons. I dont want to be uncharitable on this week, this is the week we give thanks and all that stuff. It true that the rest we arent alone you have to remember the whole world has had a fantastic year so this suspeisnt just the uni stat states if you look at the s p 500, it underperformed a little bit. The dax, the topix in japan. There is definitely a sense that all boats are being lifted by this tide. But you have to i think youre right, kevins right, you cant expect 20 plus gains year after year you have a couple of things on the horizon. Or you have a few things on the horizon youre not sure about. Im not sure about the tax reform i dont know how that puts a lot of money into consumers pockets. And i think as that kind of comes through, whether its passed or not, i think it will get passed not sure people are going to see, well, this is fantastic, lets go out and buy more stuff. I also, you know, im not sure about the federal reserve. You got this guy, jay powell in, everybody thinks hes a yellenite. The fact everyone think s hes a yellenite means he wont be a yellenite. Hell try to push more aggressively perhaps than she would. Not sure if that bodes well for earnings or stock prices. Mike, before we move off the topic, so much scrutiny lately on the rally look at the wall street ge journals coverage we talked about the other day. Rightly concerned, maybe not yet, whats going to bring this all to an end. What do can you think were going to hear more of as we head to the end of the year and get outlooks for 2018 . More up 10 into the first half of the year and then maybe we get everybody in the pool and we go back. We have some breaking news on hewlettpackard enterprise to get to here with david faber david, whats happening . Well, of course, the company reporting earnings the lead this afternoon, kelly, is not about earnings. Its about the expected departure of meg whitman as its longtime ceo announcing in a press release along with the earnings coming from the company that miss whitman will be stepping down effective february 1st as the ceo of hewlettpackard enterprises. A company shes been running by a different name, of course, for the last six years whitman overseeing what really has been dramatic. And cant overuse that term here, dramatic change at the company having split it into its component parts, initially, Hp Enterprises and hp inkle co comprising of the Enterprise Business on one side essentially then the devices and printers business on another. Then further from there, hpe, itself, has spun off its Services Business into csc which became dxc and recently completed as well the spinoff of its Software Business into microfocus so all of that having gone over the last gone on over the last six years as she has refocused the company and made it a far, far Smaller Company than the one that she took over back over six years ago, kelly, but meg whitman now stepping down as of february 1st. Did have a brief chance to speak with her and she said simply, you know what, r it is now time after 35 years of working to takea little break she will stay on the board of directors. Antonio nary, currently the president of the company, will step up and become the ceo of hewlettpackard enterprises. Hes been at the Company Overall for more than 20 years hes been in his current role working with meg whitman very closely for the last five years or in various Senior Management roles for the last five years. And whitman said that in part, it is simply things are moving simply too quickly if this industry to even consider an outsider for the role and shes confident that mr. Neri wilt, of cour course, provide the leadership needed in a small, again, smaller end, more nimble, they would say, company as for the earnings, themselves, it looks like were getting a bit of reaction from the market, although they look generally to be fairly positive in most ways. 31 cents was the number on an adjusted basis for the quarter that was more orle less there line 10. 6 margin in the enterprise group. That, at least, shows some sequential improvement they are talking about 11 to 12 operating margins or margins overall, excuse me, for the next fiscal year, which starts with the next quarter and still sticking with 1. 15 to 1. 25 for fiscal year 18 as well, kelly. Well let other digest the numbers from hpe certainly the big news is the top of the organization, meg whitman, will step down february 1st. Back to you. I just want to bring in mike here for some thoughts on what this means you know, of course, reflecting on the career meg whitman has had, also at a juncture for hpe. Yeah, certainly is. I think if you look at back in the two years or so since these companies split, since they have been separate under meg whitman, they outperformed the s p. It seems as if its a little bit of a not so much Mission Accomplished but essentially a time when we can hand this off obviously, a difficult time for both these companies, theyre slowgrowth businesses both hp and hpe in more the enterprise area. The markets negative reaction is just like, you know, her job is done, but the job isnt done. That might be the takeaway. Exactly david, what do you think is going to be the objective, the primary move now were the new ceo . They shrunk the company dramatically they need to kind of keep pivoting into some new, you know, fastgrowing businesses. And does that mean hes going to have to think highly inquiz tifftiff ly, what is that going to look like for hpe hard to know, kelly they have the Financial Capacity given their cash flow generation to certainly start thinking about acquisitions youre talking about company with a 22 market value at this point to put that in some p perspecti perspective. You know, far fewer employees than the, what, 300,000plus that meg whitman began the tenure with. Again, it split into so many many different areas a lot of those employees have both gone with those companies there has been a lot of attrition and layoffs as well overall. I think the focus is going to be on maintaining some level of growth, whether its 1 a year or so. That at least is what theyre going to be hoping for and continuing to be able to pivot with the market in a much more aggressive way. And respond to that market more aggressively i mean, meg whitman has said many times during the quarterafterquarter interviews weve done over this period she believes the world is simply changing too quickly for you to be a large, Large Company in this area. And so they are now the enterprise group, essentially, at hp. My belief is they will stay that way. Under the leadership of mr. Neri at this point. All right david, thank you for bringing us that news. David faber with hpe dropping about 4. 5 , of course, we also have some earnings from both companies here that are out. Lets get to josh lipton with those result s for us josh kelly, hp reporting eps of 44 cents, that is in line with expectations revenue 13. The billi9 billion. The guide is basically in line, 40 to 43 cents analysts have been looking for 42 cents for fiscal 18, the companys now looking for 175 to 185, thats a bit better than expected turning to the segmentes, kelly, personal systems, 9. 1 billion. Printing, 4. 88 billion i did have the chance to speak with ceo dion weisler. I asked him how confident was he he could keep taking market share in 2018 when Analysts Expect pc shipments to basically remain flattish. Telling me its still a 333 billion market and today one in five pcs have an hp logo on it which means there is still four out of five and i see that as an opportunity, the top four players continue to grow so its a consolidating market also asked about the supplies business, Second Quarter of stabilization. Weisler telling me a couple years ago we said we would stabilize our supplies business by the end of 17. We did it a quarter earlier than the model said we would. Were performing at or above the model. That gives us confidence finally asked hp executives about that tax reform plan, if and when it passes, does that change how they think about Capital Allocation the companys cfo telling me in prior years our capital Allegation Program and m a approach was not constrained by where our cash was located and now when the cash is in the u. S. Through repatriation, it doesnt at the core change our fundamental Capital Allocation. Telling me they still intend to return 50 to 75 of Free Cash Flow to their shareholders remember, kelly, this stock heading into this report was up more than 50 year to date Conference Call starts at 5 35 eastern. Back to you. Josh, thank you hp ink shares down about 4. 5 right now. As you mentioned a moment ago, hewlettpackard enterprise down a similar amount after david faber brought us news that meg whitman will be stepping down from that company at the end of next year, staying on the board. Kevin, what are your thoughts here is. Let me be the first to speculate this outcome meg whitman, democratic nominee, president ial race, 2020. I cant wait for the whitman trump debates. Its going to be absolutely spectacular. Meg whitman is an shes a workaholic, theres no way shes going to hawaii to retire. This, i say 50 50 chance thats exactly whats going to happen watch it happen. Shes running for president. Now, granted she ran for governor we remember that isnt she republican i believe she was a republican at the time, certainly. Yeah. She switched to Hillary Clinton. She was a republican and she went against trump remember but she did back i think shes destroyed her equity in the Republican Party she will be embraced by the democrats. Just to put somebody up against trump. This is going to be the best entertaining Television Debates weve ever had even better than Hillary Clinton. I cant wait rob, what were you going to say . Well, she was a republican, but she switched well, she favored, supported Hillary Clinton. I actually would love to see that i mean, also just i dont want to lament the fact that hps a Smaller Company, i think its really important to think about shes actually saved this company in many respects by dismantling it, having it focused. We need more Corporate Leaders like that. And actually, we need people in government who think the same way. That bigger isnt necessarily better that smaller, more nimble, different incentives, can produce better results i mean, it would actually be i love your idea, kevin. Youre producing the campaign ad right now im not just clip it, put it out there. I want to see the primary shell have to run against Sheryl Sandberg probably for the primary. That i want to see. Oh, my goodness, this is getting craziier by the minute. I think we created a womens party, the independent third par party for 2020. Hpe shares falling. They had earnings, they did, as david mentioned, beat on the bottom and top lines hp ink down as well after posting its results. Of course, that company led by weisler. Lets get to salesforce. Deirdre bosa has the numbers deirdre . Hi, kelly, hi, mike salesforce fiscal thirdquarter earnings beating on the top and bottom line. Eps coming in at 39 cents adjusted 37 cents was expected by the street also revenue a little higher than expected. 2. 6 billion was expected. Coming in at 2. 68 billion thats a jump of 25 looking at the product segments, subscriptions and support. That coming in in line with expectations 2. 49 billion. We also, the company telling us guidance for 2019, revenue guidance for fiscal year 2019 in line with expectations between 12. 45 billion and 12. 5 billion. We are seeing a little bit of weakness in the stock down art. 6 of 1 that may be because president and ceo keith block hinted on good earnings on analyst days, something analysts took note of, perhaps raised expectations for this quarter on the call we are looking for some color around salesforces a. I. Offerings. Einstein business. Been pushing and made a big push at dreamforce to show how its resonating with customers. Were also looking to see how its facing competition from likes of adobe, microsoft and oracle, of course. Back over to you guys. That big deal with google that was Just Announced. Shares down. Lets get to gametop Courtney Reagan has those numbers. Heres what were seeing for gamestops Third Quarter beat of earnings, 54 cents adjusted the street was looking for 42 cents. Revenue also slightly better than expected at 1. 99 billion comp store sales, those were up 1. 9 stronger internationally when you look at the guidance, the company is reiterating the fullyear earnings guidance, but theres only one more quarter left and they just beat by 12 cents. So you want to factor that into your consideration, and an interesting quote here from the interim chief executive officer saying the Technology Brands at t wireless business underperformed expectations in the Third Quarter and anticipate that fourthquarter results will be highly dependent, thats the words here, on the availability of apples nextgeneration iphone x when it came to the strong categories for gamestop this quarter, Nintendo Switch and collectibles, Microsofts Xbox 1dpr 1x is encouraging so far shares of gamestop were higher here, kelly, by more than 8. 5 back over to you bills doing a little victory lap right now. Moving higher. In the commentary should do the lap quick you just never know how this ones going to trade. Thats a fair point robert, kevin, please feel free to react to this i want to go back to talking about the 2020 campaign were all now setting up because meg whitman is going to be stepping down from hpe. I mean, kevin, give us a final thought here. I actually think thats a very high likelihood as an outcome. She was extremely active in california while she was running hp and doing all this work, she made big promises she kind of delivered at the end of the day. Thats exactly what you want to talk about terms of turning the country around, solving big problems like health care, its going to be all over the news tomorrow the speculation is going to be rampant. Im just glad we were all around to talk about it first i think shell make a great candidate and maybe shell do what Hillary Clinton couldnt do, become the first woman president. I cant wait for the debates i Love Entertainment thats what its going to be. I think youre going to be in it guys, thank you both thanks a lot. Kevin oleary, rob cox joining us man. What a crazy afternoon with all the earnings and that news. Up next the fcc announcing plans to overturn rules regulating internet traffic. How that could impact the bottom lines of companies in the cable, telecom and internet industries. Later find out if the Justice Departments lawsuit to block the merger of at t and time warner could put others on hold. We want to hear there you, twitter, facebook, email. Tell us your thoughts for 2020 youre watching cnbc, first in business worldwide the head of the fcc announcing his proposal to reverse how internet traffic is regulated by rolling back obamaera Net Neutrality rules joining us to discuss the winners and losers, Dennis Burman financial editor at the wall street journal and mark, here with us here at post 9. Dennis, you guys have kind of a runthrough of who is best helped by this and most hurt. Now thats its really lapeni happening, who are they . Sure. Of course, the biggest apparent winners, kelly, are the big internet and Telecom Companies i should say the big telecom and wireless companies, thats at t, thats verizon, thats comcast tmobile and sprint. At least on the edges of that seem to be apparent winners. The losers, big users of broadband, netflix, facebook, google, gaming Companies Like activisi activision you know, it seems like thats the simple way of viewing it, but it gets so scrambled Net Neutrality is so hard sometimes to figure out. I think long term its going to be very interesting. In some ways Net Neutrality may well benefit the big internet Companies Like facebook and google simply because theyre the ones who have the mass to negotiate with the broadband providers. Not as simple as it seems even though at first blush, there are some winners and losers. The share price reaction which had a lot of Technology Names positive would seem to hint at that, too, mark. What are you looking at this from i basically agree with dennis its the winners are the broadband companies. At the top of the food chain at the bottom of the food chain, consumers, no matter what happens at the top of the food chain, they lose but, you know, another why because the any increase in cost at the top of the food chain is just going to roll down to consumers ult pimately but theres another loser, that is companies that would like to compete. Imagine being a new competitor to a Netflix Netflix can afford the fast lane, if youre a new competitor to netflix, you cant, and it stifles innovation. But if im a consumer who doesnt use a lot of netflix, which by the way, i dont, i dont stream a lot at home, period, could i be able to pay less than to my provider now and let someone else who consumes more pay more . Undoubtedly, its not going to work that way as a practical matter, somehow price is note going to go down imagine making the same argument electricity. Could you imagine a fast lane for electricity . You get better and faster and more electricity if you pay for more rates the concept here, the overarching concept is regula regulating like a utility. Theyre a Critical Infrastructure the idea of charging more for a better version of Critical Infrastructure seems inherently wrong. Mike, what could you say . I agree thats the way it should play out on paper one of the elements is not just would you pay premium to get it fast, get more data coming through the pipe will the broadband providers try to slice the product, unbundle the product, so they could offer you just sort of a limited, you know, messaging plus whatever, just a bare bones thing and disaggregate the product that way, which is all going to add up to better economics for the broad brand provider i do ink think its going to sw the power back in that direction. Dennis, youre saying thats too simplistic an argument go ahead. Two things to think about, a New York Times story taulked about Telecom Giants you know whats bigger are the gods of the internet, largely facebook, google, amazon and apple. The combined market cap of virtually every Media Company in the United States still does not equal that of facebook so its very interesting that in the world of 2018, how much power facebook, google, apple and amazon truly have. The dynamic here is different than one even can say in 2013, even in the obama era, and secondly, it does seem that we may have, if congress has the guts to take on another big issue, a whole new round of legislation to really figure out how all this is regulated because were trying to use old mechanisms from the 1930s which really have no bearing whatsoever on whats happening today. All right got to leave it there. Dennis, thank you, mark, appreciate it very much. Thank you. Dennis burman, mark grossman. On Net Neutrality. Big news on that today. Retailer, guess, just reported earnings and Courtney Reagan has those numbers for us now. Courtney hi, kelly for guess Third Quarter, were seeing earnings come in at 12 cents adjusted thats in line with what analysts were expecting. Revenue, however, is on the light side for guess Third Quarter. At 554 million. The street was looking for 570 million. The Fourth Quarter earnings and revenue guidance is basically in line with consensus. We should note that the Third Quarter north american comps were down 10 . The street was looking for those to fall only about 8. 5 . You can see shares are falling sharply, almost 15 and decently heavy volume after hours it appears to be on that weaker than expected revenue. Europe and asia continue to be the standout for guess and the ceo expects that to continue at least into the near future with his comments on the release. Kelly, back over to you. Thank you, courtney big drop for guess, mike, not that that its that big of a company. Shortterm traders caught off sides here, the stock is where it was a week ago, ten days ago. Clearly a run into earnings, especially for retail e one of the better performers. So was not set up for a little bit of a cool guide in revenue performance. For that stutter step billion and a half market cap. Anyway, guess down about 14 , little less than that after hours. Breaking news moments ago, Hp Enterprise Ceo Meg Whitman announcing shell step down early next year. The stock is sinking what it means for the future of that tech giant coming up. First, well look at whether the governments antitrust lawsuit to block the merger between at t and time warner could put the freeze on more media deals, rig aerhihtft ts. Shes nationally recognized for her compassion and care. He spent decades fighting to give families a second chance. But to help others, they first had to protect themselves. I have afib. Even for a nurse, its complicated. And it puts me at higher risk of stroke. That would be devastating. I had to learn all i could to help protect myself. Once i got the facts, my doctor and i chose xarelto®. Xarelto®. To help keep me protected. Oncedaily xarelto®, a latestgeneration blood thinner. Significantly lowers the risk of stroke in people with afib not caused by a heart valve problem. It has similar effectiveness to warfarin. Xarelto® works differently. Warfarin interferes with at least 6 bloodclotting factors. Xarelto® is selective, targeting just one critical factor interacting with less of your bodys natural bloodclotting function. For afib patients wellmanaged on warfarin, there is limited information on how xarelto® compares in reducing the risk of stroke. Dont stop taking xarelto® without talking to your doctor, as this may increase risk of stroke. While taking, you may bruise more easily, or take longer for bleeding to stop. It may increase your risk of bleeding if you take certain medicines. Xarelto® can cause serious, and in rare cases, fatal bleeding. Get help right away for unexpected bleeding, unusual bruising, or tingling. If youve had spinal anesthesia, watch for back pain or any nerve or musclerelated signs or symptoms. Do not take xarelto® if you have an artificial heart valve or abnormal bleeding. Tell your doctor before all planned medical or dental procedures. And before starting xarelto®about any conditions, such as kidney, liver, or bleeding problems. Its important to learn all you can. To help protect yourself from a stroke. Talk to your doctor about xarelto®. Theres more to know™. [ click ] [ keyboard clacking ] [ clacking continues ] good questions lead to good answers. Our advisors can help you find both. Talk to one today and see why were bullish on the future. Yours. We have a quick market flash from Morgan Brennan. Morgan hey, kelly, so check out shares of axalta codings, down 14 in after hours, now almost 15 , after axalta and novo confirmed talks between the two paint companies have gone away they have fallen apart due to disagreement around terms and structuring of a deal and other issues axalta is the company that makes coatings for the transportation industry, things like paint for cars akzo nobel is a dutch company. Axalta, down 15 on news this merger will not be happening back over to you. This is 0 for 2 now the whole elliot brouhaha. That was another one thank you, morgan zblmp. Time for a cnbc news update, lets get over to sue herera. Hi, kelly cbs and pbs both terminated their relationships with longtime host and anchor, charlie rose after eight women claimed he made an unwanted sexual advances toward them. Rose has apologized but also said not all of those accusations are true. Meanwhile, pixar and disney animation executive John Lasseter says hes taking a sixmonth leave of absence from the company. In a memo to employees today, lasseter said he had Difficult Conversations and apologized for actions he said made some uncomfortab uncomfortable. A family boating off the florida keys is safe after being rescued by a ferryboat workers the family of three jumped overboard and clung to a crab buoy after their vessel caught fire and, no, its not 911, it is the Butterball Turkey line the call centers director says it staffed 50 turkey cooking experts will receive over 100,000 calls from now until the end of the year. The turkey talk line began 36 years ago. And i have used it, myself whats the number i used it myself. Seriously. They really they help when youre, like, panic. Does it have to be a butterball no, it does not have to be a butterball all about cooking the turkey safely all right. I was worried i was going to kill the guests so i decided id call and make sure it was okay im with you. Im going to put them on the phone. Sue, thank you very much. You got it. Sue herera. Lets take a quick look at how we finished on wall street we had all four major averages close at record highs. The dow was up 160 to 23,590 s p up to 2,599. Nasdaq up 71. The russell 2000 joined the fray with a 15point gain, closed below 1,519. Salesforce. Com now lower guess down 13 hp ink down 4. 5 gamestop up about 3. 5 how about hpe . Hewlettpackard enterprises which Just Announced Ceo Meg Whitman will be stepping down next year. She will also be on squawk on the street tomorrow in a cnbc exclusive. Shares down about 7 after hours. Lets get to other big stories today in our rapid re p recap. Get this, chinese internet giant tencent has now surpassed facebook in terms of market value just a day after it became the first Asian Technology firm to reach the 500 billion valuatio mark. Pai saying under my proposal the federal government will stop micromanaging the internet and the fcc would simply require Internet Service providers to be transparent about their pract e practices so consumers can buy the service plan thats best for them the proposal will be voted an at the fccs open meeting december 14th. Higher carrot costs were one of the reasons why campbells soup had organic sales decrease 32 2 i have hard time wrapping my head around the idea its carrots. I think it may be the product line and what can i tole yell you, d center of the store is still awful and campbells soup is mm, mm, bad. This is a classic vertical merger these are efficient transactions no competitor is being eliminated we want to go to court as soon as possible. That was my other question. Timeline we want an early trial date on this. It should take no more than about 60 days. Im not going to get involved in litigation, but personally, ive always felt that that was a deal thats not good for the country. With the at t time warner deal being challenged by the department of justice, does it put other deal activity on hold . Joining us now are adonis hoffman, chair of business in the public interest. David balto, former policy director at the ftc. Welcome to you both. David, undeniably people have to wait to see what the government does in order to see what other deals can get done, right . Absolutely. This raises a lot of risk especially in the health care space, which raises even greater foreclosure concerns lexotica arent they sun Glass Companies . Yeah, sort of fits into that space. But, you know, foreclosure concerns in the doj case here, certainly are at issue in cases like that. And in cvs aetna so cvs aetna i can understand, thats a vertical merger its companies who dont do business together coming together you think that deal which is supposed to be announced by the end of november, do you think thats going to be put on hold now . Both of those deals are going to get much more intense scrutiny by the antitrust agencies and people need to go back to the drawing boards to figure out whats doing under the antitrust laws right also depends on what happens with this. If the government loses, making the comparison to oracle, back in 2004, the department of justice sued to block that, too, they lost and became a lot less aggressive going forward. They havent won a case in a long time but i think right now, the smart money is sitting on the sidelines waiting for this case to be litigated listen, this is totally counterintuitive to what the Trump Administration came in the office saying that they wanted deregulation, wanted growth, wanted government to stay out of the way of business. And yet now we have a Justice Department which is, by the way, contrary to what the fccs doing, saying we want to take a close look, almost micro managing this kind of transaction. I think its its a curious move and i think at t has a very strong position in challenging this case at the District Court level. Theyre also relying on case law thats over a half century old. That puts them in a really risky position yeah, in addition, theis reaf questionable their market definitions in terms of what theyre looking at for this particular for the sc svod, vod market, those are very narrow and the market should be defined a lot more broadly there this instance i believe. David, i mean, couldnt you have defined the market more broadly for a horizontal deal, like staples, office depot, which got turned down . I mean, i just wonder if, in fact, were discounting the possibility that in a court, you can float a theory to say, look, the world has changed. At t with access to all these different customers nationwide, they dont just have one territory, that can theoretically make a market share play using their own content. Not advocating that view i just weonder if theres enoug varkt variability. At the end of the day you need facts hard facts. The question is in the past have firms like at t in a strictly vertical relationship use that relationship to harm consumers and make them pay more and the evidence there is very sparse and without that evidence, a judge is not going to go and venture forth, block a deal, just based on speculation. All right well see. Especially if this moves as quickly as it might. Guys, thank you very much. David balto, adonis hoffman. We follow the at t time warner deal. Hp enterprise shares lower after Ceo Meg Whitman announced she will be stepping down. Up next, well discuss whether the incoming ceo can keep up the momentum she biuilt at the company. Starbucks, hoping to give its stock a caffeine boost by reportedly selling debt to help r k. For a stock buybac outakeaway on that is coming up every day, on every street, in every town, across america. Small businesses show their love to you. With some friendly advice, a genuine smile and a warm welcome they make your town. Well, your town. Thats why American Express is proud to be the Founding Partner of Small Business saturday. A day where you get to return that love, because shopping small makes a big difference. So, this saturday get up, get out, and shop small. Your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 782 on home and auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Big thinking in the finger lakes is pushing the new new york forward. Were the number one dairy and apple producers in the eastern United States supported by innovative packaging that extends the shelf life of foods and infrastructure upgrades that help us share our produce with the world. All across new york state, were building the new new york. To grow your business with us in new york state, visit esd. Ny. Gov hewlettpackard enterprises Ceo Meg Whitman announcing shes stepping down from the helm effective february 1 joining us, jeff sonnenfeld. Thanks for being here. Why do you think the companys reaction is so poor in the market she has been so identified with the company, its almost that shes hyphenated with the name of the company. She so recreated it, pared it down very successfully to make it nimble. Part of the challenge, kelly, has been as a technology business, such fastmoving space, unless youre michael dow dowell, its really been hard to make longterm investments cut across platforms you either focus or you go private. Dell went private. He could stay if lots of different technologies mega, shes had to pare it down quite a bit to stay nimble the Cloud Business has been a tremendous success for them. Jeff, obviously this move is kind of sparked speculation as to whats next, not just for the company but for meg whitman here now, her name, of course, had been out there when it was when uber was looking for a ceo, so this idea she might be looking for a next act is probably not going to be new whats your bet . Well, you remember it was not just idle speculation, before bob iger got the job as the insider of disney, meg, whos actually quite close and friendly with bob iger was a real serious candidate and it was Michael Eisner who blew the secret on that when she was still back at ebay her decade at ebay, by the way, was an incredible track record the growth not just of ebay, itself, that she took off, you know, astronomically from basically the startup she inherited, the force she has created, but paypal, itself, is now a spinout she had nurtured, its larger than American Express, who would have ever thau thought. She has a great track record across platforms disney, although, shes just a few years younger than bob iger, would be unlikely at this stage but you wonder whats going to happen going back to hasbro, her old roots. She launched her career way back there. I dont know that was her most favorite period of her career. If that mattel deal comes through, that would be interesting. I dont know. I mean, weve had a guest talking about her running for president 2020, and debating donald trump and, you know, having to run in a primary against Sheryl Sandberg, jeff. She would have no problem with that. Shes not afraid of anybody. Shes tough. Although she likes to joke about her experience running for governor she decided that maybe shes not cut out for politics but she really has been Battle Tested and i think shed be a inincredible crossover not likely to be an indent this is not the Republican Party shed grow up in not quite sure shed find she had a home there yeah, she would be a very strong candidate. She, by the way, when ken frazier spoke out against the charlottesville craziness and the awful nazi stuff there, she was one of the very first to run to his side. She and, again, bob iger, at disney, paul of unilever, stood apart from everybody on the Business Roundtable and others shes been courageous challenging the president. I wouldnt say for sure that Public Office is not in her sights but i dont see right now that well, yeah, i dont want to say this is sudden, but she did tweet back in july shes fully committed to hpe and plans to remain the companys ceo, michael. Thats what any ceo without a specific plan to leave is going to say especially when that was right around the time when the uber kind of force race was going on so the question was the world is ready quick last word. For sure the world is ready for another business leader. Whether that is mark cuban, bob iger, Howard Schultz meg whitman should be in that mix for sure. Absolutely, jeff, thank you very much. Certainly thanks. Jeff sonnenfeld from yale school of management dont miss an exclusive interview with meg whitman tomorrow at 9 10 thats pretty specific 9 10 a. M. Eastern tomorrow on squawk on the street. Set those dvrs. Off the menu, the best way to frame starbucks offering the java giants biggest move to boost the stock prices coming up next in our takeaway i put everything into my business. And i had all these points from my chase ink card. So i bought ingredients, utensils, even made custom doughnut cutters. Wow all with points. Thats how i created the ripple. The doughnut, in a doughnut, in a doughnut. Suddenly, its everywhere. I mean, it really took off. What will you create with your points . Chase for business. Make more of whats yours. We begin today with a major black eye for a recent ipo chinese lending Online Platform just went public a month ago here at the New York Stock Exchange raised 900 million. It was the largest chinese ipo in the u. S. This year. Shares have plunged by over a third this week. They were down nearly 4 today on news it could now face classaction lawsuits in this country as well as in china, this for exploiting users with high rates and selling personal information. Qudian denied selling the information. I think it would probably give a Chinese Company pause, put yourself out there in front of u. S. Courts and professor lawyers. One of the efforts would be to sue the company for the drop in the stock price, itself. Thats often what happens. Will it make the New York Stock Exchange think twice about these listings you want to make sure the transparency, how much do we really know about the operati operations and, you know, this is one of those cases where there was a big celebration here on the open, ill tell you. Theres been a number of these chinese ipos lately. Flexion, starbucks is borrowing 1 billion to fund share buybacks now, it says the funds will also be it says the funds will be also used for expanding its business, paying dividends or financing acquisitions investors have been souring on the buyback binge lately especially with stock prices as high as they are should starbucks be pouring this into a buyback or investing . When does buyback make sense . When the stock is demonstrably undervalued or its reached maturity that it should probably have more leverage on its balance sheet. Maybe they are in the mode of not expanding as fast anymore. Thats something you could argue that starbucks doesnt have a lot of debt. Theyre moving in a way from a growth to a value stock. I also think theres enough to go around, right . 4 or 5 billion in operating cash i mean, i think they can kind of handle it. By the way, saying theyre going to use it for all theyll use it for everything they use cash for, including buybacks. I dont know if these would be demonstrably undervalued. I dont think i dont think it qualifies on that test. I do think you can say, look, this is what big, Mature Companies do and again, its not the reason to buy or settle stock cbs has gone dark on dish network amid a dispute over fees these disputes are not uncommon, even for channels to briefly go dark because tv networks hope that precious carriers to meet their demands or customers complain with cbs set to broadcast, do you think dish has any hope of holding out against their demands . Its a good question. Obviously this game of chicken happens all the time whats interesting about this is that cbs has been the most aggressive about demanding payment from broadcast networks and broadcast stations its not so much just espn and they can go over the top. The old over the top is just put the antenna on the roof, just pulling it out of the sky in your dish subscriber area, if you dont get access to cbs, im sure cbs will say, you can get it online. Theyre trying to kind of keep the customers on their side on the other hand, the chargers cowboys probably wont be a great game. Coming up, some movers here, well have some Conference Calls coming up with gamestop up nearly 4 up, hp down 4. 5 persons. Well tell what you to listen for, coming up coming up on fast money, a top technician says there are three stocks trading at highs that are still wor binthuyg. Zar one of our investors was in his late 50s right in the heart of the financial crisis, and saw his portfolio drop by double digits. It really scared him out of the markets. His advisor ran the numbers and showed that he wouldnt be able to retire until he was 68. The client realized, i need to get back into the markets i need to get back on track with my plan. The Financial Advisor was able to work with this client. Hes now on track to retire when hes 65. Having someone coach you through it is really the value of a Financial Advisor. I thwell wait. What did you meetthink about her . Its definitely a new idea, but theres no business track record. Well, have you seen her work . No. Is it good . Good . At cognizant, were helping todays leading banks make better lending decisions with new sources of data so, multiply that by her followers, speaking engagements, work experience. Credit history. That more accurately assess a business chances of success. This is a good investment. Shes a good investment. Get ready, because were helping leading companies see it and see it throughwith digital. Weabshares of salesforce trading lor out 1 after their earnings were minutes away from the Conference Call now. Well get you some key numbers to listen for right after this [ keyboard clacking ] [ click ] [ keyboard clacking ] [ clacking continues ] good questions lead to good answers. Our advisors can help you find both. Talk to one today and see why were bullish on the future. Yours. Allow you to take advantage why of growth opportunities. Future. With a level of protection in down markets. So you can head into retirement with confidence. Brighthouse financial established by metlife. When it might be time to buy or sell . With fidelitys realtime analytics, youll get clear, actionable alerts about potential Investment Opportunities in real time. Fidelity. Open an account today. We are not done with the news on exalta just yet. Morgan brennan joins with us more reporter thats right, exalta Coating Systems is now up 3 thats after falling 15 earlier in after hours trading this on a reuters headline that nippon state holdings, a japanese company, has made an all cash offer today to acquire exalta this coming just on the heels of news that axalta and nova had stopped their merger talks axaltas largest shareholder is Warren Buffetts Berkshire Hathaway back over to you morgan, thank you mike, any Quick Reaction the disagreement in terms, perhaps, of the prior merger negotiations was, well, we have another cash offer on the table, so maybe that made the current agreement look less attractive who knows if thats how the sequence of events went. Fair enough enough for axalta to handing onto a 4 game half hours. The calls for hps and gamestops calls are coming up what are you going to listen for . For salesforce, fundamental momentum the stock that goes up 40 year to date gives back a dollar after the bell after an okay earnings report. A lot of the happy talk, maybe about some acquisitions. Thats the one i could focus on. Hp, its been a pretty good performing stock, old tech, just pulling back a little bit. Hp inc. , to be clear. Pretty decent laptop and printer cycle. Im an instant ink subscriber gamestop is valued as a fast melting ice cube if it could be a slower melting ice cube if theres stronger turnout for iphone, then benefit from that that does it for live from the Nasdaq Market site overlooking new york citys times square im melissa lee. Fast money starts right now with pretty ominous music. The department of justice is jumping in, the yield curve, and Global Political disarray from the middle east to germany to north korea, there are plenty of reasons to sell. But stop none of that even matters. Change the music, please everything is awesome. Stocks are at all time highs, the dow surging at least 200 points on highs for the day. The s
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