Transcripts For CNBC Power Lunch 20171128

Have ever seen tweet us your thoughts welcome to power lunch. Im melissa lee. Wall street carving out some nice gains the dow and wall street pushing to highs s p, zi oons and jpmorgan author industry, the recreational vehicle ceo speaks with jim cramer tonight on mad money. Check out unilever it is going higher no final decision has been made yet. Emerson electric up more than 2. 5 the company withdrawing its 225 per share offer to buy Rockwell Automation rockwell, also higher. Thank you very much welcome. Im Tyler Mathisen here is what else is happening at this hour i get the what else . Otherwise known as the thanksgiving leftovers home prices gaining momentum, rising more than 6 year over year that is the fastest annual rate since 2014 seattle reporting the biggest jump home prices there soaring 13 from a year ago. Potential new problems from wells fargo. Foreign exchange bankers at the company were overcharging clients and albertsons striking a deal with instacart. Michelle we begin this hour with the confirmation of jay powell President Trumps pick for the federal reserve. Steve liesman was watching it was fascinating. The more Jerome Powell spoke, the more thestock market liked what it heard. The s p seems to accelerate to the up side as the fed governor, appointed by the president to replace janet yellen increased as he spoke. He danced around the mine field of the tax cut proposal. One area that could derail the confirmation here is what he said when sharon brown asked him about the 1. 5 trillion deficit cost . Dont you have a responsibility in an on going way to talk to us about the modeling that you have done, what this will mean to the fiscal situation of our country in the years ahead i think our responsibility is to carry out the mandate you have given us, which is to achieve stable prices and maximum employment and look after the Financial Stability. Of course, we rely on you for data all the time. Respectfully, senator, i dont think you rely on us to score fiscal proposals, thats not really our role. Off camera, melissa is noting, he is good more importantly, he said he would continue the gradual policies of yellen in reducing the Balance Sheet and raising rates he seems dovish on employment what we can do is we can push harder on maximum employment i think we are doing that and i think we are looking at an economy that is going to go under 4 unemployment. Powell also said he was not certain why inflation was so low. It allows the fed to go forward on raising rates and he supported some easing a Bank Regulation melissa, you are shaking your head because the banks have done well i didnt see if it was along with powell. That was happening before he took office. Everybody was doing that there is now a Republican Congress that can agree amongst itself on how to change the rules for the medium size banks. Dont move. We are going to bring in christian aguha, mark sandy, chief economists at moodys krishna. Do you agree with him regarding the Regulatory Framework for banks . I agree he was bullish on the economy. I agree he sounded sympathetic to easing some of the regulatory loans on the banks i dont agree he was dovish. I read it as mildly hawkish, indicating comfort with on going quarterly rate hikes mark zandi, weigh in here as well same question to you he was right down the middle of the fairway he is very consistent with the yellen fed he is going to raise rates, n m normalize Monetary Policy over the next couple of years and pull back on the Balance Sheet an the message to all of us is the status quo i think investors took solace in that can we underline that yellen 2. 0 if some would worry jay powell as a republican might be more hawkish that it is not the case. It is going to be the same it is not the case. I disagree a little with krishna. It has to do with what he said today and what he said to me before in interviews we have done i think he is generally a little perplexed by the inflation dynamic in the country he spent a lot of time talking about the idea that prime working age men are not in the workforce and there is room to go when i heard him talk, i thought he also said that wages are not rising thats a baromter. Le pe us open to the idhe is op economy run hot a little bit to plum the rates of unemployment i would agree with what you just said but what is the rate plum consistent with letting that plum slightly lower my own assessment, i read his comments consistent with the view, you want to keep going with some of these gradual rate hikes. Didnt get any sense that he was close to capitulating on quarterly rate hikes due to the shortfall of inflation did you notice the absence of any comment on the shortfall of inflation for more than an hour in the discussion. For a very long time. Only at the very end was that brought back in. I was surprised. I also was interested to see that if you compare that with Janet Yellens remarks last week when she was exhibiting an awful lot of concern about this. We have to be a little careful with the 2. 0 yellen formulation there are some subtle differences. What about communication strategy to melissas point, she said, he is good. He seemed very clear in the testimony. Isnt part of being a fed chair not just what you say but increasingly how you say it . Did you like his clarity did you like his tone sm. Yes i think that is going to be key very quickly there is this big disconnect between what the fed thinks and what chair powell thinks about the path of the future from Interest Rates whand tand what e markets seemingly think. They are two very Different Things at some point, chair powell is going to have to communicate to the markets, get them to adjust their expectations and getting that just right is going to be very, very difficult sounds like given his testimony today, he is up to the task. He has the messaging down pretty well on top of the similarities between powell and yellen, Austan Goolsbee made an important on squawk on the street. There is an advantage to jay powell he is a republican and depol it sizes the fed. Janel janet yellen was viewed as being political because she was picked on by donald trump or criticized or whatever you want to call it. Now, you have this nominee, who will be the fed chair probably and he is a republican a republican that keeps Interest Rates low, different than democrats it changes the tone of the conversation im not saying what you are saying is ridiculous the idea is ridiculous a person that goes in there and does Monetary Policy, according to the way Monetary Policy is thought by the brightest mind in the country think it ought to be done, thats not political if one side chose to, in this context, make it political, which they did, and whether you ask that other side what it is you would have done differently, they would say they dont say very much. You have to believe that he isnt going to go after jay powell because he is a republican. Because he is a republican. It is the same policy i think republicans will be angry if he doesnt have eamon tary policy. The other where there could have been a lot of politics involved is winding down that balance. Powell basically said he is going to follow the yellen script final question, where is he going to be relative to yellen on Bank Regulation i do think he is going to be a little easier on net in terms of the Regulatory Burden his focus is on trying to increase efficiency without jeopardizing Financial Stability goals. Admiral objective. Quite hard to do in practice got it, guys. Thank you, steve, thank you, krishna, thank you, mark thanks for reliving thanksgiving dinner. Pass the gravy. It is also very busy on capitol hill, the countdown to get tax reform passed is heating up the senate marking up the tax bill President Trump on the hill trying to get it across the finish line. We are in d. C. With the latest reporter brian, the president is trying to shore up support for the tax bill there are still six Republican Sen torran senators undecided the two to keep your eyes on your senator ron johnson and senator bob corker both are on the Budget Committee which will take a key procedural vote which will be needed to take it to the floor of the senate both men have said they are willing to stop the bill in its tracks if they are not fixed von johnson wants a bigger tax break for passthroughs and senator bob corker is worried about the impact on the deficit. Corker has been meeting with Republican Leadership. They are hoping they can get him to a yes on the process so they can keep negotiating over the substance over the coming days as republicans try to push forward on their tax plan, a deal to keep the government up and running appears to be falling apart. Democratic leadership, Chuck Schumer and nancy pelosi, have pulled out of a meeting this afternoon at the white house with President Trump and Republican Leadership to talk about the spending deal. They said they dont want to be part of a show meeting that wont result in an agreement for their part, Mitch Mcconnell and paul ryan has said that democrats are pulling their old antics they said the meeting is still going on they plan to be there. If democrats want toreach an agreement, they will be there too. So, guys, a very messy few weeks shaping up here in d. C back over to you ylan moi in d. C Rick Santelli is tracking all the action at the cme. Hey, rick. It looks as though the investors pulled a democratic exodus from this auction you want to know everything an auction isnt supposed to look like, this was it. D minus is the grade 2. 23 is the dutch auction yield. For the sevenyear notes, 28 billion of them. That was higher than the highest level of the one issue market. It had a tail. 2. 6 bit to cover it. 58. 6 indirect, the lowest since august of 16. The 13. 7 , dealers take 27. 7 88 billion in supply is done we had two very average to slightly mediocres and this one was down riright, not pretty. Rick santelli, thank you dow getting an a plus. Less than 300 points from dow. 24,000 coming up, a look at some of the recent high fliers and whether they will continue to soar in 2018 some were Family Friendly and some content wasnt so Family Friendly well be right back. Most etfs only track a benchmark. Flexshares etfs are built around the Way Investors think. With objectives like building capital for the future, managing Portfolio Risk and liquidity and generating income. Thats real etf innovation. Flexshares. Built by investors, for investors. Before investing consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. This recordbreaking rally wont give up. The dow and s p 500, hitting new highs once again check out what else has been flying recently. Roe c roku rallied more than 55 it was up as much as 10 before short seller tweeted calling roku stock a total joke. Up more than 70 from last month. The mattel toymaker surging almost 30 footlocker is up 25 amazon up about 10 in that time would you look at those big gains along with the record highs . Here and around the world. They all have us wondering how much longer can the markets keep heading up as they have been in a relatively Straight Line lets bring in andrew slimmens, senior Portfolio Manager and samantha azarelo with jpmorgan a lot of morgans so samantha, once you started off here, what do you see in the months ahead and for 2018 for u. S. Equities and take me around the world . We often get the question, stocks i would say, why not stocks . Growth is continuing, double digit earnings growth, revenue is up for the first time in a long time. Global growth is feeding into equity Market Performance here obviously, we have to toggle between the medium term and how things can go for the next two years and then the fiveyear outlook which is arguably different with lower returns for the here and now, we like stocks you think over the next five years, the average annual retur will be lower than the preceding five years we have to reset on what it will do on the tenyear horizons in the shortterm, this can continue, double digit earnings and return it is too early to pull out. Andrew, we will hear from the other morgan the one thing i would tell you is that the high in the market in 17 years, it has come to 4 a year it has not been very good over the last 17 years. It has been good recently z that includes the market lows. Two crashes, two very bad crashes. If you choose it from thelow o 09, it looks really good. If you choose it from 17 years ago, not so good it is when you buy and sell as much or more than what you buy and sell so whats next, know . I think, look, what did you hear today you heard the age old rule is dont fight the fed. I heard the fed say, we are neutral but we are not restrictive. So that tells me rates arent going up thats not a competition to buy stock. Thats interesting. We have this discussion that, okay, powell isnt going to be less dovish than yellen. At the same time, we put up a graphic earlier, which said Interest Rates will go up and the Balance Sheet will go down that sound like, dont fight the fed and things could reverse look what he said about gdp growth for next year it wasnt that strong. It tells me the fed is going to be relatively muted in their rate increases thats the thing that will cause the bull market toned, when the fed raises rates too aggressive. I think the idea of eamon tary policy shock is what causes the end of the cycle that only comes if the fed and market are on completely different pages about things thats not the case. We are all on the same page with gradual hikes and the way the fed is going to roll up. If they unwind and communicate very well to the street and there is no shock, are you saying the cycle could continue higher . Thats what we think. When you get the Monetary Policy shock is when correlations go awry and the market freaks out if we are all on the same page, regardless of what the fed is doing and we know what they are doing and we are okay with it, the market can do fine lets talk about feds plural for a reason, a different way. Forget about rates lets talk about Balance Sheets, if you take the ecb, the bank of japan and the peoples bank of china and the u. S. Fed, thats 18 trillion they have all been on the same page buying assets we are starting to delever that. Do you worry as weve gone up when they have become buyers, they eventually will become sellers . Is that a risk andrew, you are nodding. It is a risk. October, 2018 is when the positive turns negative with respect to accommodation that will be a point of reckoning for the market lets talk about where you would put money heading into 2018, visavis u. S. Stocks or developed foreign markets or emerging markets what would you emphasize i want to preface, i think the market is coming up but i think we will have some pullback in january there is a lot of selling out there waiting until next tax year we tend to have a january effect, which is a reversal where the losers rally and the winners sell off we had so many winners this year, it seems like we are going to get some type of pullback i stthink it is a continuation this year. I dont see rates being competitive. I think it is going to continue to be emerging markets, technologies, financialin, although they may have a pullback from january. Samantha, where are you within the u. S. , we still like u. S. Stocks you just have to be selective. We like tech and materials, because their percentage of foreign sales are very high. They are going to benefit from Global Growth continuing to pick up samantha, thanks very much. Andrew, good to see you next, a very good story. Digital bills which could tell the doctor when you take them. It could be a tool to fight the Opioid Crisis as well. Bitcoin eyeing 10,000 for the first time we have one top investor predicting m auch higher target. Well be right back. You always pay 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. Thank you so much. Thank you so were a go . Yes we got a yes what does that mean for purchasing . Purchase. Lets do this. Got it. Book the flights hai si si ya ya ya what does that mean for us . We can get stuff. Whats it mean for shipping . Ship the goods. Youre a go you got the green light. That means go oh, yeah. Start saying yes to your companys best ideas. Were gonna hit our launch date scream thank you goodbye let us help with money and knowhow, so you can get business done. American express open. The dow, the nasdaq and s p 500 all hitting highs. Is this getting tiresome check out the sectors that are leading the way. Financials, flying, led by the likes of bank of america, jpmorgan and telecom and industrials also fueling the rally. Real estate the only s p sectors in the red lets go to sue herera sue . Here is whats happening at this hour in terms of north korea. The news agency citing south koreans join chief of staff is saying north korea has fired a Ballistic Missile. It is the news agency which is citing the government of south korea as saying north korea has fired a Ballistic Missile. We dont know anything about the trajectory, the direction or anything like that they are just saying they have fired a missile. They are citing the south korean government well be back with me oron this breaking story in just a couple of minutes duncan just protected his family with a 500,000 Life Insurance policy. How much do you think it cost him . 100 a month . 75 . 50 . Actually, duncan got his 500,000 for under 28 a month. Less than 1 a day his secret . Selectquote. In just minutes a selectquote agent will comparison shop nearly a dozen highly rated Life Insurance companies, and give you a choice of your five best rates. Duncans wife cassie got a 750,000 policy for under 21 per month. Give your family the security it needs, at a price you can afford. Since 1985, selectquote has saved over a million families millions of dollars on Life Insurance. Why did you take Credit Card Debt on . Second kid. Private school. Medical bills. Moving costs. Solid ground. A personal loan from sofi is a smart way to consolidate Credit Card Debt. Certain borrowers cut their credit card Interest Rates 42 and increased Credit Scores 17 points on average. Borrow up to 100,000 with low rates and no hidden fees. Find your rate in just two minutes, and take on your debt at sofi. Com. Hi, Everyone Welcome back to power lunch. Ivanka trump meeting with indian Prime Minister, modi. She will be a headline speaker at the Global Entrepreneur summit where she will discuss women in business. In myanmar, the pope says the future depends on respecting rights of each ethnic group. A volcano gushing and towers columns of ash closed the bali airport for a second day authorities renewed their warnings for nearby residents to evacuate saying the first major eruption in 54 years could be imminent prince harry and Meghan Markle will wed at Windsor Castle in may according to kensington palace. The chapel is historic but much more intimate than Westminster Abbey where william married Kate Middleton in 2011. You are up to date thats the news update we will have more coming up. We are still following that situation developing out of south korea with south korea saying that north korea had fired a Ballistic Missile. We dont yet have any more details on that but we will get it to you when we do markets soaring to new record highs again today. The major average did take a small dip moments ago on the reports that north korea has fired a Ballistic Missile. Little known beyond that bob at the New York Stock Exchange following all the activity for us. We lost about three points on that korean news still up almost 17 points on the s p. I want to show you an intraday chart. There are two things really moving us forward. First, the combination of the tax plan advancing and then m basically staying on the continuity theme, the gradual rate hikes and inflation is low but expected to pick up. He has hit all of the standard themes there at about 11 40, you see that little blip up thats when powell is asked about tax policy he basically said i am staying away from that some democrats were trying to get him to say, it will add to the debt and he said, im not getting into that debate there was a little sigh of relief from the markets. You saw the same thing with the banks. They were slightly to the up side going into 11 30, 11 40 they started taking off right after that thats a lot for the bank index to be up 2 , thats a big, big move the volume is on the heavy side. Other growth sectors rallied as well look at energy, actually went positive even though oil is down today. Industrials and materials, both up 1 . Bottom line, powell staying on message and that tax bill advancing with some help back to you. Thank you very much, bob. Winner, winner, Chicken Dinner Buffalo Wild Wings investors making money today arbys owner is buying them for 2. 4 billion is this the beginning of a wave of buyouts lets bring in bob darington and leslie picker. Here is the thing about Buffalo Wild Wings it is a buyout stock is up 6 , whatever people should be happy however, this was a 201 stock just about two years ago rourk capital, they were making comments about how much it is worth. Do you think they got Buffalo Wild Wings on the cheap . It is 50 below its high of two years ago . Brian, thats a fair question this is one of the situation where beauty is in the eye of the beholder looking at buffalo wild today relative to those levels, it certainly looks inexpensive. It wasnt that long ago, roughly less than three months ago, the stock was trading at right around 100 a share have the on a relative basis, it looks inexpensive. The math says they paid about 11. 7 times, 10. 7 times enterprise value was it high or low i have no idea i am not digging the wing business g sl it is fairly ri it is fairly rich. They have had horrendous operating trends over the next year or two. The reason they would pay a multiple like that is because they think they can turn that around bingo clearly, this is a buyer who is very smart people, very sharp. She understand the business and specially some of the idiosyncrasies of the chicken wing business. In that regard, i think they clearly have some strategy to improve the brand and ultimately probably to refranchise the remaining Company Stores is private equity getting into the space and are they going to go after more they have invested a lot in Retail Companies a lot of those have gone belly up this year they are going through restructuring right now. A lot of private equity firms have taken losses on those investments. If they want exposure, restaurants are a good way to go they also, as you can see, have been trading at a relative discount this one in particular, some of that boost in the stock price was due to marcados investment a few years ago and their push recently to create this turn around that you are seeing or that they have been pushing for a few years. Comparing them to retail. You are falking about, oh, they went into retail that went badly. These stocks were trading at very low multiples some of them single digits, five, six. Are they going to commit the same mistakes they did in retail thats the question one of the Biggest Challenges with retail, they did fot see the transformation to ecommerce coming when it did so they piled on all of this debt expecting a certain Growth Profile of these Retail Companies which never materialized consumers switched to ecommerce so quickly there is looking at the Restaurant Industry for that consumer exposure without that risk of converting over. Putins putin could be a good if franchise are there a couple of other restaurant chains that look like they could be good targets for private equity typically, distressed valuations are a leading signal. Generally, they attract private Equity Investors brian, it is more than just that if it is a brand that literally is headed nowhere fast, i think there is very cheap Restaurant Companies out there that no one wants to touch on the other hand, there are brand that quite frankly could look really good in a private equity portfolio whether it is a Cheesecake Factory or potentially a little zoes there are certainly some interesting attributes, a brinker, for example, where there are a lot of opportunities that you could certainly find ways to raise a nice return. Bob daring toton, thank you leslie picker, thank you bitcoin is nearing the 10,000 milestone and attracting attention on capitol hill where they have their eyes on the currency evaluations have gone up quite a lot in the last year or so i dont have a view on the appropriate level of the valuation, of course from our standpoint, crypto currencies are something we monitor very carefully we look at block chain as something that may have significant applications in the wholesale payments part of the economy, something we pay close attention to thats not all. Last night on fast money mike neblatz says he could easily see bitcoin hitting 40,000 by the end of 2018. It easily could. Im probably over 20 . It keeps going up and i take some off and ibuy more maybe it is even 30 he is referring to the percentage of his net worth invested in cryptocurrency he is all in whats next, a boom or a bust lets bring in chris, the author of innovative investment in bitcoin and beyond chris, i will start off with you. You just came off of a panel i want to put up a slide you showed your audience with a bitcoin chart. Even novagras said this could be the bubble of a lifetime the point here is that we could be in a bubble but this bubble could go for a long time there could be a lot of money to be made here where are we if you were to say what inning we are if you were to say what inning we are in, where are we . The reason i showed that chart, prior to 2017, everyone used to refer to late 2013 as the big bitcoin bubble that was when the aggregate network of the entire asset class was around 15 billion we proceeded to correct about 85 . November, 2013 to january, 2015, we had a massive drawdown. Lots of people said, this is useless, this is going nowhere now, here we are with bitcoin at 10,000 everybody wants to call it a bubble again i think this will be a recursive trend where each successive new bubble will dwarf the prior definition what is bitcoin is it a means of exchange or an asset class . Does it matter if it is just one or just other . Tyler, we were having this same debate in our morning meeting at the wall street journal. It was a range of answers. One, it is a currency. Fw two, it is a commodity three, it is a store value and four a speculative notion. I would say right now it is more in the number four category, a speculative item to go up 1,000 more from 9,000 to 10,000 in a matter of days, i dont think its Intrinsic Value has changed that much. It is speculative expectation that is push teeing there. I put it in number four. Dennis, from every other bubble that bitcoin is compared to, whether it be the tech bubble or the kuemania, there i limited of bitcoin that can ever ever be mined. Lets take a different bubble so to speak in context the tech bubble in 99 2000, the market was up about 80 . The tulip bubble was greater than we are seeing now you might argue about scarcity how is it being used and used in the end environment . It is not expanding at the rate. When are people going to pay their taxes . Thats what i was going to ask chris. Where do you mine it is it in the ground . Servers anywhere in the world. Who is using bitcoin and for what what if i need change . It is more of a business to business rail. You can look at Companies Like bitwage, where they use it for payroll processing, because it has programmable value you can use one transaction to send to 300 people you look at a lot of the early on consumers, they are turning to international for businesses. If we want to quantify the volume, thus far in 2017, bitcoin has transacted on average over half a Million Dollars a minute which equates to 750 million a day. Thats up more than from last year nthis is a transaction volume which is using bitcoin as a means of exchange, using bitcoins block chain to move value around the world, which is very different from the Trading Volume the Trading Volume is speculative. If you look at the ratio of Trading Volume to transacting volume for bitcoin, the ratio is about two. If you look that the for global fiat currency, that is more around ten you take global fx volumes of 3 trillion daily and 250 trading days in the year, divide that by roughly 80 trillion and you get a ratio of roughly 10 which means p currencicurrencies are on more. Was then was the last time y paid for a pair of shoes in gold, dennis speak for yourself. We could quibble with math i dont know if gdp is the best part of that equation. It might be total amount of dollars outstanding. It gets complicated. My shoes are not gold, sadly, just leather nor are they paid for in gold, i would imagine. Chris and dennis, we appreciate your time. Thanks again. Coming up, the possible bright spot at espn. Youtube has problems why did they have to pull ads from nearly 2 million videos the answer next on power lunch. The time to choose your medicare coverage. Begins october 15th and ends december 7th. So call unitedhealthcare to learn about. A plan that could give you the benefits youre looking for. Its the aarp medicarecomplete plan insured through unitedhealthcare. What makes it complete . It can combine medicare parts a and b, which is your hospital and doctor coverage. With part d Prescription Drug coverage, and more, all in one simple plan. For a low monthly premium or in some areas, no plan premium at all. 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And with renew by unitedhealthcare, our health and wellness experience, you can earn rewards for making healthy choices. Open enrollment ends december 7th. To learn more about the only Medicare Advantage plans with the aarp name, call unitedhealthcare now. Or visit us online. We make it easy to enroll, too. So call or go online today. [sfx mnemonic] welcome back to power lunch. Im sue herera with more on this breaking and developing story out of north and south korea nbcs producer in seoul, south korea, has won firmed with military officials that a Ballistic Missile was fired a short time ago this is from a military official in south korea, we confirm that we have detected a north korean Ballistic Missile launch it is still traveling towards the direction of the e. C. , which we commonly call the sea of japan. They are monitoring the situation right now. They told our nbc producer, they are watching the missile still making its way to the final destination. They will not confirm the type it is other than to say it is a Ballistic Missile. The south korean currency has weakened on this report. U. S. Stocks have come off their best levels a slight bit and came back up it is a still developing story, michelle, out of south korea that is still in flight. Well keep you posted. As american grapples with a major crisis, could digital pills be the answer . According to the cdc, the amount of prescription opioids sold to pharmacies, hospitals and doctors offices nearly quadrupled a big part of making a dent in the Opioid Crisis i to better understand the factors driving it socalled digital pills may help by showing a better picture. They contain a wireless censor that would notify doctors that they have been taken they enrolled patient whose had broken a bone plrescribing seven days of oxycodone. Patients on average only actually took six of those pills. We were able to identify that patients dont need nearly as many opioids as doctors think they do. The longer a patients initial prescription of owpioids the more likely they will be using them a year later. The First Digital pill, using a similar technology, was approved two weeks ago for the schizophrenia drug abilify it is like rfid for pills, really cool, what they do in the retail industry. She has never been to the store. I can neither confirm nor deny how does the little pill, the jagged little pill this in your belly, how does it communicate outbound to some receiver . Who has the receiver is it a cell phone what is it you ask really good questions. Thats what im paid to do here when you swallow the pill and did dissolves in your stomach, it is able to conduct electricity that goes through your stomach fluids and triggers this message these work in different ways depending on which system you are using. It can conduct to a patch or something you wear around your neck there is a reader worn by the patient that hangs around their neck. It has nothing to do with alexa. Not yet good questions. Im paid to ask bad questions. This would only i assume work with folks folks who want to be tracked. The illegal side of Opioid Epidemic or the black market of whatever you want to call it i was tactlking to doctor boyer, why dont we put this in every painkiller well, we dont want to be the big brother here you know whats interesting is certainly something where i had surgeries where i had opioid painkillers prescribed i always took much fewer than they prescribe to me right i would take it for a day and i stopped. Partly because i was afraid that i would get hooked on it the left over painkillers get left in your medicine cabinet and somebody comes across them thats a huge problem. Understanding the use better is important, too coming up in march of next year, cnbc will be hosting its first ever Healthcare Conference it is being called healthy returns and it will focus on the cross roads of Health Innovation and investment our cnbcs special event will feature ceos and Business Management mark it on your calendar for more information, go to cnbch cnbchealthyreturns. Com whats working forget espn, we got that story next. I think its terrific. Your kids go to college and you start trading. Yeah, 5 years already. 5 years, hmm. You ever call your broker for help . Once, when volatility spiked. And . By the time they got me an answer, it was too late. Td ameritrades elite service team can handle your toughest questions right away with volatility, its all about your risk distribution. Good to know. Thanks, mike. We got your back kate. Does he do that all the time . Oh yeah, sometimes he pops out of the couch. Help from real traders. Only with td ameritrade. A lot has been said of the struggles of espn on television. The companys app has been a major success story. Julia boorstin is here tyler, it is so great to be here espn has an app where they spun off and having it in within app. The total number of players on this app have doubled the last four years on nfl on sunday, if you look at the number, it is striking there were 2 billion minutes spent on the fantasy app in september 2017 this is interesting. This is a separate app that espn is working on and they are ready to launch a new app this new direct consumer Subscription Service thats going to launch in spring of next year thatll be an alternative and addition to the kind of espn access if you can get if you are subscriber to espn the show that espn has the ability to create a new Digital Direct consumer service, fantasy is important it is about relationship of consumers and getting those people so hooked on sports that theyll want to watch a live event every single week. Before we let you go. We want to ask you of family happy content in youtube now, youtube is taking steps to crack down a disturbing video featuring children being abused of d youtube have removed 50,000 channels massacre rating as family contents. Back in march a number of major advertisers froze their ads. Analysts dont expect any meaningful impact on google in large part because google is taking some big steps to crack down on this are they hiring people to do this i imagine it is so labor intensive. If your young child is watching youtube and animal video, they keep ongoing until you shut it off. So the problem is you are not paying attention and the bad video pops up. So this family videos that are offensive that needs to be pulled down. Google and facebook are under fire right now and of whats going on and now they have to take it. I do want to talk about the bachelorettes fantasy lead. Nancy pelosi cancelling the meeting with the president in response to a tweet. What this coulmed an for your money when power lunch retu s returns. Street talk is sponsored by wisdom tree, to learn more, visit wisdomtree. Com welcome everybody, the second hour of power lunch. I am Tyler Mathisen. We got a tax reform reality check for you. The Houston Astros will join us. What it is like to hold the trophy and whats next for the franchise and the future of baseball and there is an etf for that you wont believe the latest product to hit the market. Here is the hint and the ticker is womn. Power lunch starts right now womn, what does that spell . Lets get a check on the mark. North korea has fired a Ballistic Missile. Real estate is the only sector thats down today. Well show you whats going on with jp morgan and verizon cisco is at the highest level since 2001 higher than 1. 5 and johnson control, they are leading the s p 500. Facebook and google continuing their run hitting an all time highs and even if you see them pull back here midsection. On the flip side though, biotech and health stocks. How about this for a rally shares of roku is up another 9 . Stocks is soared another month brian. Thank you, michelle. Y ylan mui is at capitol hill. Reporter the meeting should be wrapping up i am told that senator johnson is under heavy pressure. President trump calling senator johnson by name and colleagues stood up now, the reason everyone is so focused on senator johnson because hes on the Budget Committee. That committee will need to take a key procedural vote later on this afternoon in order for the bill to make it to the senate floor. As of this morning, senator johnson was still undecided if he supports that move. Hes not the only Republican Senator whos still on defense of the bill. There are also several red state democrats that the white house have been trying to court for their support who say they have serious concerns about whats inside the Republican Task plan. Senator joe mansion of West Virginia says the white house has not listened to their suggestions. We trie tried dinner at the e house and we talked to representatives from the white house on taxes thats as far as they have gone. Stla f they have not been incorporated of anything we have seen reporter we are expected to hear from both democratic and Republican Leadership so we should get a better sense of how that meeting went and when they speak and how it stands. Back to you. Y lan, thank you very much lets go back to sue herrera. We have a statement from shinzo abe confirming that the missile landed of the territorial water off the coast of japan the two previous Missile Launches earlier this year landed in the exact same area of the Economic Zone. We also have from the pentagon now saying about 1 30 p. M. Eastern time, they detected a probable Missile Launch from north korea. They are assessing this situation and will provide details. It was fired from north korea and landed in whats called the Economic Zone. Exclusive Economic Zone which is the sea of japan it is a Ballistic Missile which we dont know at this point of what kind. We are getting comments from the u. S. And now the Prime Minister office in japan. Melissa, i will send it back to you. Thank you, sue. We should know s p 500 have lost about a quarter of a percent right now and ten points off of session highs and 26 highs is at the level. Lets get response from eamon javer. We have a meeting here in about an hour. That should give the white house to talk to intelligence and talk to japanese allies and what this situation is all about before they issue their comment it has taken the white house several hours to respond to previous incident. I would expect that you can follow the pattern here today. Nothing yet but well keep you up to speed as soon as we get a comment from the white house do we know anything of the nature of the missile and where it was launched from and areas we know they have previous launched missiles. We dont have information about that yet we have seen in the past that they launched from north korea flown over japan and landed to the east of the island of japan. Well see if that pattern held true here once we get the ballistics in. Thats a provacative action though any misfire or detonation of this missile could impact the japanese home island you can see the debris falling on japan itself. So it is always a very touchy situation, the president has been out of the building here at the white house. You just heard from ylan up on capitol hill he will be back to the white house shortly if hes not here already and he will be getting a full briefing as soon as he walks into the door. He has not gotten all those details already while he was on capitol hill thank you eamon can we get any clues of how it is that they continue to maintain this Missile Program as they try to make the Nuclear Weapon eamon talks about the president being on the hill because of the tax battle going on there. Congress needs to step up. Governor n governor, do you agree these are shakier and are they finally going to go on board here, Grover Norquist. They look at a bill that improve past treatments that passed through corporations and they like to improve it more if you sink the bill, you are killing and you are going to the stat status quo which is the worst option i think they would like for it to be better and i share their view that we should do it more if ythe bill is written of a significant improvement of the status quo and you like more you dont sink the bill, you compromise and come up with an agreement to sink the bill would be in fact to giver you the worst situation and worst treatment of income. Similarly with other senators concerned of Economic Growth and the deficit that most important thing to do is get serious growth and this is a tax bill designed to get Economic Growth, full business expensing and territorial reality and lower marginal tax rates to increase the tax flow of every company. This increases the after tax tax flow of corporations by 23 . Whats that going to do to evaluations and strengthen to the economy. You said you spoken to the senators, are ucoyou convince o senator mccain and corker having issues with the president personally and dont have to worry about reelection theyre going to vote with their caucus here and could they do something personal and political to get back to the president there are two republicans can vote to make a statement to polk trump in the eye and no one would care because as long as you have 50 votes and everything passes and nobody remembers the name of the two. If three people do it, they make themselves famous and it goes into their obituaries that their last political act was to sink at a tax cut because they were in a match over tweets. It would make them look small. None of those three gentlemen are small. They are grown ups, theyre not going to make themselves look sna small by voting the against the bill from what they know of whats in the bill is a strong progrowth helpful bill senator corker was a leader in getting rid of the death tax in tennessee and getting rid of the hall tax going to zero income tax in tennessee. He knows the value of progrowth value. Grover, i agree, you know the way things are of everything legislated and regulated the final bill is likely to have either a complete or partial elimination of state and local deductions called salt or a reduction in the mortgage Interest Deduction thats fairly settled. Thatll unduly harm the blue state, new jersey and california and massachusetts. I understand many people and yourself included that you dont care however, those six states account for onethird of american gross domestic products is there any concerns that those things are going to harm the overall economy because you are going after not a lot of the owners but a lot of people who paid the most tarxes and employ the most people. It is the contract. How do you get california and new jersey and new york to not have ridiculously high personal income tax rate and corrupt machines to not have overly high taxes. And some of these other cities and there is no way to change that because present tax policy is a tax subsidy for incompetent governors and corrupt mayors by taking the subsidy away, we have seen the democratic leader in the state legislatures, we are going to do a mariners tax, not now, it is all changed tax increases on the blue states thats been coming year after year stop the moment we say it is not tax deductibleab you know where we are sitting right now. You talk to people there do you believe that if this gets done of the blue state will indeed tighten their belts . Two things. Theyll have to do some belt tightening but some of those high marginal tax rates, maryland found out they were losing revenue on their millionaire tax and people have been leaving each of those states people leaving new york and california and maryland and new jersey, they are the income taxpayers in those states. It would help those states to bring those rates down and again, the democrat leaders are tell us theyll not be continuing tax increases and will bring it down the best thing we can do for people who trapped in blue states who tend to move and they take all their lovely money with them in florida and texas. Maybe a change behavior thank you, Grover Norquist thank you lets get back down to bob at the nyc floor. Bob. It was all about tax cuts 2610, 2614 you see we come back a little bit. The damages is already done. We have some amazons sitting at an all new high. There is a clear indication. Prior to that of all about the tax cuts and market rose around 1140 the market took off there and as you see here from the bank index, we have been essentially off of those highs since the north korea ease news. Guys, back to you. President trumps nominee Jerome Powell for Senate Confirmation he signals Economic Conditions support an upcoming rake hike. The condition is supportive of doing that. We need to go ahead have a meeting. We are not supposed to be saying what we are going to do before we listen to other views and when it came to regulations, he was clear in his position about the burden of regional banks have faith as a result of. We want regulations to be the most intense, the molargest complex institution and we want to move down to the regional banks and community banks. This is something we are striving to achieve and we are taking a fresh look at it now. Joining us now, texas chief, jeremy jojo joel lavern. He largely stuck of the gradual increases. He cannot give Little Signal that is we are not participation is too low compared to prices the later market is not over heating. At one point he says we can push for lower improvement. On the regulatory side, it was striking to me how he gave no quarter at this issue. He was asked, you know, are there any rules that you should think there is tougher he basically thinks, theyre tough enough and he pointedly decline to say he agreed with the law and he could have done that those are my take away joe, your comments picking up on what gregg just said. That was thorough and everything i agree. It highlighted and raise the question and looked at the series he mentioned which is the primate and Labor Force Participation rate we have not heard fed people discussed before it shows a 40 year down trend and hes looking at that and says that need togo up thats the reason we got slack as gregg accurately pointed out. He may h it is remarkable of him saying that he was asked of what the fed would think and what they may indicate of tax reform and tax cu cuts he answered right down the middle gregg, based on what you know of powell and based on what hes said in the past publicly, could you fill in the bubble over his head what was he really thinking . So powell is a quick learner and he listens carefully the fed has led him to think around the issues the way most conventional economist do. That leads me to believe that he likes janet yellen and others likely to believe that tax reform would not moderately raise along the longterm rate now, today his mission was sort of simple. Dont make news on taxes dont give republicans or democrats anything to whip up here base. On that, he succeeded. He cannot run away from this forever. In december and march, publishers long range growth forecast from all their members. If those numbers have not changed municipachang changed much, i think they are skepticism of making a strong claim. Let me turn to joe lavorgne, what do you see of growth in 2018 and how much do you think the current tax bills as you analyze them will either add to or change Economic Growth . I was very upbeat on the growth this year i thought gdp puts in a three. Mid to high twos that reflects the affair i was a big proponent or had been of tax reform this tax bill and my opinion is terrible it is bad policy and economist simply dont agree on many things tl there is a survey done and only one out of 38 economists to boost growth i dont like the plan we are passing it just to pass it it will not do much of anything for growth i am sorry to say but it is true very quickly, whats the biggest flaw in there and why do you part company with those who say it will produce growth the reason it wont work is the corporate sector already have a high profit shared of gdp. Thats not saying that Corporate Tax rate should not come down. The cell, and the similtimulus package is obsurd. I am actually, i am a little positive on this than joe. I think it should have a measurable positive impact on the long run growth. There is a lot of stuff that had nothing to do with long run growth i dont think the passer rate does much or the state tax does not do much. Those things add significantly to the cost. It means that the system is not stable one day i dont know when there will be a Democratic Congress or a democratic person. I am confident theyll be working as hard to repeal the trumps tax cut as hard as the democrats repealing the bushs tax. Thats why you dont have the growth and it is not stable gregg and joe thank you. Here is whats coming up on power lunch. Well take you inside the joint hub and well talk to jim crane of how hes carrying the first championship ever and drone diversities, well take a look at the most creative etfs on the market all that and much more is coming up on power lunch. Black friday and cyber monday, Kourtney Reagan is joining us now with all the numbers. We just got the numbers putting out the full weekend surveyed results, that means thanksgiving throughout monday 174 Million Consumers shopped. The average number spending 335 totals it is still expecting total holiday sales to grow between 3. 6 to 4 58 million americans shop only online and 51 million americans only shop in stores and vend diagram shopping both online and on store shoppers that did both spent more it was a record setting of online weekend adobe says from thanksgiving to cyber monday, nearly 20 million were spent in the u. S. Retailers though have been quiet on the results so far amazon and walmart likely had good sales this weenkend retailers have not given us much some items they said the deal is better kourtney, thank you very much tsenator Mitch Mcconnell. Lets take you there now. It is a challenging exercise. Theyre trying to get to 50. We do have a few members who have concerns and we are trying to address them. We know we are not able to go forward until we get 50 people satisfied and thats what we are working on yeah. Are you confident that they dont fully buy in it is only republican votes i will tell you i did not refuse to go to a meeting thats called by obama. That strikes me as a lack of seriousness of the matter before us which is the funding of the federal government of the United States for the rest of the fiscal year. You have to ask them why they think it is appropriate to refuse to meet with the president of the United States over something as significant as how we are going to fund the truth and all the other needs that are addressed about the spending decisions that we make every year it seems that do you think that some senators are letting that process of the good or are not good enough on this . Look, i am not going to criticize individual members look, big complicated bills like this are challenging you have watched this wrestle in the past it is always difficult but everybody has an opportunity to weigh in some members are still weighing in and we are hoping to satisfy them all with that, i am going to turn over to the podium of the chairman Financial Committee oh dear well, i am happy to be with all of you this is an opportunity for the first time in 31 years to really get a tax bill that could help turn this country further ahead. I wish we can get rid of the partisan politics. I wish we can get both republicans and democrats together this is a time where we ought to it is an important time for our country. We have come a long way on the finance committee to get to the bill this far. I believe that we are going to be successful. I just wish we had more bipartisan support as you all know i have worked all my 40 plus years, trying to bring people together on both sides. I have never seen it worst as it has been the last few years. Hopeful hopefully, we can breakthrough on this bill i call on my Democrat Friends to Work Together and get this done. With regarding of being the enemy and the good, i hope you will ask about an inspirational reading that he gave us at the approval constitution of Benjamin Franklin in a regard that it will repeat for you. Voting on this tax bill means voting yes on the growing economy and higher wage and higher take on pay a no vote which is our colleagues, our democrats are telling us it is fewer jobs and flat wages and accepting the idea that american jobs will continue to go over seas because of our self destructive business tax code so, this is for the doers and dreamers and hardworking American Families who want a piece of the american dream. This is our moment to deliver to them of an opportunity to pursue their dreams and we intend to follow through and accomplish that this is an opportunity. If you look at the better part of the last decade of what we have seen in this country up until the last couple of quarters is 1. 2 to 2 growth we have too many people come to accept as a new normal we can do better than 2 growth. What that means for American Families is most of them have not seen a pay raise and a long, long time. ThatRepublican Leadership gar on capitol hill in a little bit of a pep rlyal after having met earlier today. Well take a quick break here. It is half passed the hour, well be back in a minute. You always pay 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. Hello everyone, i am sue herrera. Here is your update at this hour south korea reporting that north korea has fired a Ballistic Missile towards the sea of japan. That missile appears to land within the sea of its exclusive Economic Zone. The pentagon has been assessing this situation and President Trump has been informed of that launch President Trump is working to move u. S. Embassy to jerusalem the call for the creation of a jewish safe israel as we speak President Trump is considering when and how to move the American Embassy in israel from tela vie to jerusalem. Many person are living with hiv before they know about it. The average time of infection is three years. Hetero sexual men went longer for five years thats the news update at this hour, ty, i will send it back to you. Thank you very much the market is losing a little steam of north korea firing a new Ballistic Missile. Lets chat with cnbc peter costa of empower execution of the new york exchange. Let me ask you of the inside the game question of when a headline like that hits, i realize that most of the motion in an index is driven by algorithm trading. What happens on the floor . Do guys like you go and do something . What ends up happening is the moves is so quick that we dont have a chance to react if we have an order thats working and we are on the right side of a trade like that, maybe well pull back a little bit and you know see where that stock may go this moves happen very, very quickly. You know, it is not like we can hit a client we are seeing this or hearing this this is pretty much the movement done you left in the dust i am hearing you say. Not always. Not always. We can pull this thing back fairly quickly it is an event and especially one where you look at the chart of the s p, the market went downright when it launched it. You can see the arc of the missile for that chart if it was something substantial, we would definitely have to be reactive and unfortunately, we cannot be that proactive and we have to reak ct to something lie that landing in the middle of the ocean is not that serious. Peter, has t i know that you mean well i mean well you mean well, the reality is you are stabbing your good friend pete costa in the heart and it is hurtful. Yeah, i think they are interviewing the coach from Oklahoma State i heard somebody they were talking to them today. And second, only to you, peter costa, thanks. I dont know enough about football thank you, peter thank you dom chu got the story about 11 right now. It has opened 15 . This is on the hill of a trading halt, reuters are putting out the headline, a big theater operator in europe has made an approach to Regal Entertainment of a potential merger. Thats the reason why shares went up about 5 we are watching shares of other major publicly traded u. S. Operator like cinemark and amc and imax something to watch as this progresses dom chu, thank you very much. The Houston Astros celebrating their first series win. We are speaking to the owner jim crane of how his team from pretenders to contend eers and o champions in just a few season power lunch back at two. Are you guys doing a spokesperson thing right now . Yes. Awesome, can i be in it . Well, its kind of like a twophone deal. So two spokespeople. Got it. K. Thanks. At t its time for more. Its time for more. Buy the amazing iphone 8 at at t and get a second one to gift, on us. Four years ago, the Houston Astros lost 180 games. Owner crane bought the team in 2007 did not waiver his plan this year, it all paid off the astros won of their first world series ever. It is paying off for everybody every player and a bunch of Staff Members taking home a record of 439,000 in bonus money. Jim crane, first off, a congratulations to you and your players. What does it mean for the astrosastro astros longterm. I appreciate you having us on it is a first for us and you know i think it sets up a benchmark for the team and goals and expectations and our motto did work we beat some great teams, we beat boston, new york and la we got teams that are significant and it comes down to one game it does take a little bit of luck so you cannot be too full of yourself. It is been a great serious it is a business lost, too. You had triple digit loss season a couple of years. Talk to us about data. Talk to ugs about how ys how yoe mind set it was a losing franchise before you got there and how you changed management and thinking to advance that quickly . Well, listen, we came in and looked at the entire operation from the business side to the baseball side. You know we had been on a couple of other teams, our group and we got to see behind the covers a little bit on some of the waves. We were in the dark aid. We were still sending in manual reports from our scouts that did not have computers we took a plan where we really needed to build the foreign system because we did not have no depth to it there is no quick fix. The team was bad and the system was bad. We had to start from the bottom and start rebuilding the system and some guys started popping out a couple of years ago, we had a playoff run. We knew we were on the right track. We got questioned heavily and ridiculed a bunch by certain people a lot of people walking in the office saying you know what the hell are you doing jeff came in and design the plan and he brought in when i interviewed them it is a 21 page and it is pretty much on the money. We knew enough to be dangerous and stuck with the plan so i give him a lot of credit and all the people he brought in he fixed the business side he serviced the customers and taking care of all the people at the ballpark there crane, thank you very much for joining us. Congratulations on the win we have been showing some graphics of the value of your team, 3. 7 billion do you think you deserve a higher number now as a result to the win. What do you calculate in your mind as a result of that i dont think we look at that too much i think our group is happy of where we are at. We adopt want to sell the team until you sell the team. You dont know the value of the team the franchise value have gone up so they can do some good work and get that one fixed up. Theyll use some of our Business Plans and models and emulate because thats a great way to get it in the hole you got franchise worth of 140 million in 2018 it worked this year, right yes, yes. The players you have to be cautious with. We try to sign good players and when you draft a guy and sign them, you have him under control for six years. Thats a big plus for a team like ours that cannot run a payroll in some of the bigger tea teams. 449,000, that goes to a lot of people in the organization and not just the highly paid stars. This could be lifechanging money for a lot of people but certainly a great christmas. It is been a big number we went through the big markets and gates and the staff gets a percentage of the gate the players are great. I mean, they basically sat down and go over the splits it is only 25 guys in the roster but there is a lot of guys that helped you through the season that got there and came in late. They gave a full share to the manager in the locker room and thats game breaking money for that guy thats fun to see. Thats great stuff. Jim crane for the astros, congrats take care. Thank you guys, thank you for having us on President Trump is expected the speak at 3 00 p. M. Eastern time after his meeting with the senate thats about his discussion when it come to the tax bill. A quick check to the market, a fresh record of the s p, we are watching all developments. Wh when it come to the tax bill as well as Ballistic Missile being fired over japan 2621. 20 is the level meantime, albertsons announced its partnership with instacart service kierdra is standing by. Thats right. You guys now have the top five grocer grocers. Tell us how the deal came about and you guys talked about it before or after the amazon whole foods deal yes, they have been talking about four and a half years now. Ever since the amazon food deal is happening things are different effectively, after that deal happened, we were every major retailers first call. And the acceleration of the deal volume that we are seeing have informer be never been seen before alberts albertsons called us and wanted to do a partnership right away it happened today, 1800 Stores Across the country are going to be able to deliver their customers within one hour in the same day it is an exciting moment. It is a Big Partnership i know you guys have seen a lot of activities. At the same time, that Partnership Presents a challenge. You guys into exclusive deals with whole dpofoods that go into 2021 whole foods even invested into that what happens after the deal expires. Whole foods is only 1. 7 of the overall grocery market the 98 thats remaining are a grocer thats signing up on instacart platform. We are excited to bring in more selections thats offered. We dont know yet deal expires we dont know yet one more question, do you have plans to go public, would you ever think about being acquired by, say, amazon or one of the other grocers that youre partnering with . Have you had any conversations about them about teaming up in a very official way . So were not announcing any plans to go public any time soon, but for us to be at an incredibly successful company, we will have to go public at some point. And our plans are to stay youre not for sale then . Were going to stay independent. Okay. Got you. Thank you very much for taking the time today guys, back over to you. All right, deirdre, thank you very plumuch appreciate that. On an all new episode of the profit premiering tonight on cnbc, marcus confronts a businessowner about his reckless attitude toward debt where youre sitting today is in a business that, quite frankly, goes out of business. I have a real problem with the fact that you took 600,000 out of the business in a business thats growing why did you take it all out . I didnt see this coming. I didnt know it was going to happen. Is this really a smoke and mirrors business no. We have a real product okay. Are you running a house of cards . Im running on the edge. Do you know what means yes. What does it mean all screwed up. That doesnt scare you, does it curious why you say that. Because youre reckless about it because you didnt save any acorns for the future. The fact youre not scared of debt in one breath but taken on debt like this doesnt even, like, faze you that freaks me out yes tune in tonight for a new episode of the profit, 10 00 eastern time and pacific right here on your consumer noouz aew business channel the retail on the rise the xrt, etf, and whatever other alphabet letters youd like to use, go ahead, up over a percent as beaten down retail names get some juice from a surge of Holiday Shoppers should you bet on a retail rebound . We will bring you e alisthanys straight ahead on trading nation. The chase mobile app changed the game for us. We had this plan to go to the hottest place on earth, harness the energy from the sun to develop popcorn. We thought we had the right equipment, we quickly realized we needed more. We were able to send a Wire Transfer to a local vendor and get more Solar Cookers delivered, right here in death valley. Manage business expenses from virtually anywhere. 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We know our best investment is in ourselves. We dont take no for an answer. We fight for what we want. Even for the things that were once a given. Going to college. Buying a home. And not being in debt for it for the rest of our lives. But were only as strong as our community. Who inspires and pushes us to go further than we could ever go alone. Sofi. Get there sooner. Welcome back to power lunch, im ylan mui on capitol hill where the senate Budget Committee has voted to move the tax bill to the floor of the senate for debate. Now, the hearing on that bill was cut short because of protests both inside and out of the hearing room senators who are walking in faced a rowdy crowd of demonstrators shouting shame, shame, shame, kill the bill, dont kill us. They were referring to the repeal of the individual mandate included in the tax bill as well as the fact it could trigger some deep cuts to social services so hat hearing of the senate Budget Committee is in recess for now, but it does look like they have the votes in order to move this tax bill to the floor and that means that the senate can begin considering it as early as this afternoon, perhaps tomorrow morning back over to you guys at power lunch. The market is at session highs and theres been indications coming from specific senators were seeing cross on the wires, who had been problematic before, corker, et cetera, there are now plo visrps thereat makes it look like its far more likely that i cthey can get it through the full senate. Reporter there are no changes made in the tax bill during the hearing it was a cursory vote because of the demonstrations that were going on we did not get to hear from senator johnson or senator corker during that hearing they may come back later and be able to offer their thoughts on where this bill is headed. Unclear if they have reached a deal some of those holdouts have reached a deal with Republican Leadership, but clearly, this gives them more time for negotiation. Got it, thank you, ylan all right quick break. Check please is next lwah eaking news there. Wel tcthe markets for you. Were back on power lunch right after this 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. The tax plan in just the past 15 minutes or so. And were seeing stocks pretty much back at session highs setting fresh record highs, in fact, in the past ten minutes or so where were seeing a lot of strength in the financials, take a look at this sector. Already a sector leader all session long, its now up by more than 2. 4 industrials also benefiting greatly. Some of these headlines concern senators that had been viewed as sticking points. Some of their concerns seem to be on the path to being worked out. Senator corker says theres a trigger in there to actually raise revenue if growth forecasts are not met. That was one big holdout. Closing bell is up next hi, everybody. Hold on to your hats. Yes. Welcome to the closing bell. Im kelly evans at the New York Stock Exchange. I was about to say have a seat, get comfortable, this could be a couple interesting hours coming up here breaking news. The president will be speaking at the white house tany minute now after meeting with Senate Republicans on tax reform. And the news