Street about the stock. Well debate. The Investment Committee is ready to go. Halftime report starts right now. Our Investment Committee at the table today, the Portfolio Manager at eaten vance. We begin where else . The market. Stocks have been ramping in the past 30 minutes, got above the closing high on the s p on a big day for the semis thanks to intel. All but hitting a new record, as well. Names like jp morgan, so many more hitting 52week highs today. We are about a point away from a new high. Is this the beginning of that longawaited ramp that weve been waiting so long for what drove the market was off to a decent start anyway and then the china news. Then the market went to hyperdrive. So if thats the case, if we have a meaningful agreement with china, we really dont know the details, that could, in fact, increase the trading range. So go through it. I thought there was a bias of the upside slightly. Some numbers are good, some are bad. Its very encouraging when you get a print like amazon to see it recover as its recovered. And ive seen this that the market is more than any quarter i remember is being rational how they are looking at stocks, rewarding ones that should be rewarded, looking through some of the noise like with amazon and they cut the loss quite a bit. So the answer is again it depends on china. And that will dictate whether we go to meaningful new highs or not. It shows you, you dont need much. You dont need much of a positive headline to get a bit of a ramp. You came in thinking that a lot of the good news was priced in i dont think 10 100 of the good news was priced in. Clearly any news that we get to suggest that yes we are headed for the deal signing in the middle of november i think is going to be positively interpreted by the markets. A lot of the outlook for equities is contingent on positive developments with china, the consensus numbers are calling for double digit upside for 2020. You dont do that if you expect u. S. china to fall apart. What i think can cause the breakout of the market, if we start to see the data turn around, if we start to see the uptick in pmi numbers, by the way global have tentatively dropped. I think we have seen it two months ago. Historically after the fed cuts you have about a eightmonth lag. Sometime by the beginning of the first quarter, we should start to see better numbers. If i look at the consensus gdp numbers for 2020, theyre call frg 1. 7 growth which really is not much. This is why i say that any growth uptick that we get is not yet in the price. Thats why semis have rallied a lot. There are many things like cyclicals, value, small caps that have catching up to do. Just so we know where we all stand, 3027. 98 is where we have to get for a new alltime intraday high on the s p 500. Earnings been good enough . I think so. The fed is your friend. Absolutely. Positive headline even incremental with trade takes you where . I think 2019 will be known as reset. We have had nice reset for earnings reputation. The market is expecting down almost five percent. Thats been better than thattism i think you have over 95 of global monetary stimulus across the board. And listen, the market has done a lot of work. Its up over 22 . Average stock is actually trailing which tells you we have a little more room on an individual basis particularly in areas that have lag like cyclical and health care in particular. I think this is a great time to find the dispersions that are actually expanding meaning individual returns of the best performers to worst performers is actually growing which is a great time to pick stocks. Sloshing around for 18 months. We have. Is this the ramp . It seems like it, scott. When you even have some good news out of intel that has really struggled mightily. Talk about a stock that has gone side ways for quite a while, this is the poster child for that. Theyre breaking to the highs that weve seen in a while out of this one for good reason. I mean, the numbers were great. Well talk about those. I think amazon, the fact that people were able to even when it was down early today, down over 6. 5 and made this furious comeback, still dismissing a lot of that spending increase that besos put through. I think if we were in a vulnerable time in the market, we would have seen the market hit on that. What if the other side is maybe its false optimism. How many headlines have we gotten fromtrade and then we fall right back where we were . Earnings growth still negative. The bar came down so low going into this season. We walked over it. You didnt have to hurdle it. So is there really all this party going on as we go back towards these new highs. The good news is that 100 of the trade is not yet priced in. Heading into the election year, i think there is a case that is building to have to put a floor underneath this economy. I think its happening from central banks. If you look at the amount of stimulus being pumped into the system, we had six and 13 emerging markets cuts rates. That is shoring up and will shore up the economy and putting a floor under this. I want to come back to just beside the fundamentals, there is a technical aspect to this market. Some of the levels that were seeing on small caps or Semi Conductors are really suggesting that we could be poised for a breakout if we hold a very critical level on small caps. So thats really important and constructive. Then you also have the fact that a lot of ctas and hedge funds are short some of the cyclical most sectors of the market. So to the extent that you have you step over a very low bar and causes a rally, it could cause a lot of short covering. Lets go to the news line. What do you make of the market today . I like it. My year in target has been 3,100 all year. So were getting close. Next year im talking about 3,500. Its going in the right direction relative to that forecast. I think it is because the markets come to the conclusion that you dont want to fight the fed. The feds lowered Interest Rates twice this year. I agree with all comments made with other central banks. Ecb will be buying 20 billion a year in euros of bonds with no end date at this point. Dont fight the Trump Administration. The president made it clear that he wants the stock market to go up and not down. He has influence with that with regards to negotiating with the chinese. So were not even getting a complete deal. I tend to agree with you. The fed, next week, what happens if the fed cuts i think thats conventional wisdom that thats likely to happen. What happens if they give language that leads you to believe that they pause . The market has figured out that the fed is no smarter than the rest of us at figuring out what the fundamentals are going to be doing. They pause and then here we have two rate cuts. So i think there is a comfortable feeling out there that the Global Economy is not in a recession even though it is going slowly. I think german auto production, for example, probably is bottoming out. I think some of these pmis we see in the Regional Business surveys suggesting that our pmi can start to look better in the next month or two. So the fundamentals can look better. I think the market is doing what it has always done and discounting the future and the future is looking better. Good enough to buy. You dont need to see a turn around, then it might be too late. Is that what youre saying thats been my view for a while. Here we are on the verge of a record high. I think it has more upside, yes. We appreciate your time. Thanks for calling in. I know you have a flight to catch. We want to get your insights, as well. I just wanted to say in addition to what were seeing on a fundamental basis, you havent had much help on the flow spaces. So the sentiment could be an additional contributor to lift this market higher. There is so much negativity. Positioning has been negative. There hasnt been much love for the equity market as a whole if you think about flows and sentiment. I spend most days arguing with people why they should be in equities. I think were seeing confirmations of that. If we see actual dollar flows coming back, we see sentiment, you know, really buffing that up, that could be an additional leg up. Thats a fair point. People have not been overly willing to join the rally, if you want to call it that. Positioning has been negative. Sentiment has been tough to get your arms around. You have been among those who have been cautious. Change in positioning, that changes the game. Im not sure position has been so offsides. Id say we have more people coming on the show. As a matter of fact, aside from morgan stanley, im hard pressed to see anybody come on saying they are negative. Everybody is negative and everybody says everybody is negative. Thats just wrong. And exactly the point. If you look at the outflows from the equity markets and inflows into the bond market they have been a complete mirror image of each other. But weve seen outflows of equities over the years. Its not new. And in addition to that, Hedge Fund Positioning is not so offsides. Its the way its been. Its an asset class that is shrinking, basically. I think you are right on the net basisimably the Hedge Fund Position is not so offsides. When you look at the amount of shorts built into the system, thats where the positioning is a little bit dislocated and shorts needs to be closed. Thats my point that the hedge fund short positions arent outside. You certainly havent had an environment where people are, you know, running to get into the door as fast as they can. Right. You look at pmi. Despite the pmi numbers that we saw, they didnt hit the market. The market is higher since pmi. Market is already assuming that thats the blip. Its a trough. So its discounted. Going back to your question about china, right now you have 70 , 80 of china in the market. Thats an uncomfortable position to be in. To me, it matters greatly in terms of our economy whether we tackle the tough issues Like Technology theft, but if we just hold the future tariffs, thats enough to get the market going. And thats the real issue. We have reset to your point in terms of the tax. If we see no more, well take a leg up. If we see those being taken away, then we really take a leg up. New intraday highs. Who would have thought that wed be talking about an intel of all stocks helping to lead us towards this new high today on a day when amazon also reported . And that was the one that went down and you have the intel explosion. It tells you that the missing ingredient has been confidence. There is so uch much unsaernd. The liability side seems to beep skewed to the down side. The worst was feared but never came to fruition. Amazon results were outstanding. I think it took a little bit of a night for people to sit on it and say maybe things are not that bad and they are seeing the evidence of their growth. Of course, the stock is way off the lows. Maybe it took cramer putting sense in people this morning saying this is a gift, a gift you dont get that often. Its amazing how amazon acted after this quarter. I think that is regulatory. Thanks. I think to your point about Semi Conductors, it actually is not that surprising that the market is rallies on the rally in intel. If you think about the best leading indicator in the economy, its not energy but really the Semi Conductors. So the fact that were seeing better cloud spend and all this secular trends that make Semi Conductor content the best leading indicator, i think thats why it is probably the top focus for the market today. I dont agree, and ill tell you why. Because Texas Instruments had a terrible quarter and the market didnt focus on semis that day. What else happened that day thats my point. Whats leading the mark today is more china. The market went up. It was a good thing, but i think offside on that one where people just expected down five and it was down 15 and weakness was specific to industrials and auto. I think the focus today was on what amazon reported in terms of their sales, their revenues and earnings and ignored the spend. The mark came out and said the consumer continues to be exceptionally strong. On intel for a long time, if i had a dollar for every time the ceo said record here, record there, across all of these business segments, id be targeted by Elizabeth Warren for a wealth tax i would have so much money. Its astounding the job that was done. The company needed a leader. They ended up getting a great leader as it seems right now based on the results that theyre putting up. I will also point out that a week ago, they were reporting this is how much came out of stock funds in the third quarter, the most since the financial down turn in 2008. Thats a big number, and it tells you that people are not loaded up and in here which we all agree is the case, that there is an awful lot of cash in things like bond funds, 190 billion flowed into bond funds. 60 billion went into money markets or whatever. I mean, thats all money thats going to start flowing into these stocks especially if people believe the story that intel and others are telling. Do you believe it i dont own. I do not own intel. Why not this one . I was waiting for them to show me. Now theyve shown me. Its two dollars under the 52week high. Lets say its 56ish. Im not saying it has to break above that for me to buy. I do like the flows here. And i liked everything i heard him say. Its been a big position for me. I never thought when i bought the position i would be 125 on it. I bought more today, because i think as we go through the reporting season youll continue to see the names do well. Youre saying texan was an aberration. It was a texan story. There you are in the old line industrials. You have to be willing to make that call if youre willing to add to the smh. Data centers when they came out and said data centers are moving on the upswing. Another part of swan record. They have been under pressure. They have slowed down. To me its a 5 g play which is why i own cci. I think that is going to be one of the biggest revolutions in terms of stocks. Secular growth. Absolutely. I agree with you that i think semis were primed for positive performance. You said it on the last show. We have been long semis all year. I think every chance you get to bottom a pullback, i think you want to do that. Semis, they were hit pretty hard. They had a lot of negative announcements. That was definitely a sector that stood out within tech. Software is a little bit on the other side of that spectrum because earnings are forecasted to be higher, very little announcements, the few numbers suggest a little bit of optimism may need to come out. If it does, when it does, i think you want to be buying those secular Software Stories on a pullback. It was two weeks ago when you came on and scott said whats your favorite sector you said semis. Were talking about a week in which microsoft beats, stock goes up. Whatever you want to say about amazon. Does it say anything about the Bigger Picture about the kinds of tech stocks to be in . Absolutely. I think it tells you the stocks are reacting to fundamentalchise is so nice to see because multiples have really been the story of 2019. Now that you have companies that are reporting better than expected revenues and earnings are going up and those that are disappointing are going down. I think i. T. Services is an important area. We had the report area which is one of the less sexy areas of the tech that doesnt get as much exposure. You have really good numbers by pay pal. Secular trends transitioning to digital spend and so forth is really there. I think within tech, dont forget about apple and disproportionate weight on the sector. The apple move has been all multiple. Over 50 of the move. Think about that, because earnings havent gone up. They have actually gone down. Lets take on amazon. Lets take on this quarter. Do you view it the way that cramer suggested you should this morning . This is a gift and you buy it and you buy it and youre going to be happy you did buy it. Every time amazon invested in growth, that growth tended to pay off. And i think thats exactly whats happening. And then broadly speaking, when we look at e commerce penetration numbers, they are still relatively low in the united states. There is definitely room for them to move higher. Its amazing. You look down the list today of the number of target cuts that amazon got. Nobody changed the rating on the stock. I would say that amazon is a stock on a calendar year basis from peak to trough goes down approximately 20 every year like clock work. Were sitting at 15 to 18 below its 52week high. Here is a company that just registered 70 billion in revenues, growth of 25 and is showing evidence of that investment paying off. We have raised the bar for the competition. By spending this money, were making it tougher for everybody else to come along. It means theyll pick up more market share. To me, its a brilliant move. Were right around the record high whether you hit it or not, youre talking about a matter of a few points, timing of which comes as you go into next week with a huge earnings ramp. Alphabet, at t, apple, g. E. , mastercard, exxon. Then you have the employment figures on friday next week. The fed. The last youve got the new e. C. B. Head coming in on the 31st, as well. The question i asked, what happens if powell, they cut, but then he by his language leads you to believe that they are going to pause after i dont think it matters if they dont cut other than a moment in time. I think the market, if they dont cut, i think the market still goes up. You do . I think it goes down, but the market will look past that, and i think it will move up. Does it look towards the earnings names that i read off as more evidence that its not as bad as feared and maybe things have troughed. I think it will be important, but also to steves point about the fed, the market has priced out one full rate cut from next year. So i think the market is starting to come around to the idea that this may be a limited set of three to four cuts, maybe five. So i think as long as chairman powell balances the discussion of why they might be pausing with how the Economic Data might be looking better in 2020, i think the market can definitely handle that especially amidst earnings. That is a good place to leave it for this moment. Heres what else is coming up on halftime report. Goldman sachs rallying more than 25 this year. And the stock got a bold new call. The Investment Committee is ready to weigh in in our call of the day. Plus, seeing unusual activity in the options market. Stay tuned for his latest alimrertisacin hfte po bk two minutes. President trump speaking about trade talks and stocks. The president talking on the south lawn a few moments ago. Even more news, the wall street journal popping a story quoting eric trump about the Trump Organization saying the Trump Organization is exploring a sale of the rights to the companys opulent washington, d. C. Hotel. That trump hotel thats become such a focal point for lobbiests and influence peddlers in this town, all hoping to get the ear of Trump Administration officials who do socialize in the restaurant and the bar of that hotel. Eric trump telling the wall street journal that they have hired jll to market the Trump International hotel. Interesting point here in the journal article saying that the company is hoping to fetch more than 500 million for the lease rights that journal says would make the sale of one of the one of the highest priced hotel deals ever by this popular industry valuation metric. High price for the trump hotel on pennsylvania avenue. They are citing ethics concerns for profiting from the president s presidency by owning that hotel on pennsylvania avenue. It looks like eric trump may be willing to wash his hands of it. Touting the s p in record territory coming the first remarks out of his mouth were about the stock market and how well its doing. The president making the argument that thats one of the many reasons why he shouldnt be impeached. Hes saying he is doing a good job for the u. S. Economy. I asked the president if he agreed with Vice President pence who said yesterday that america stands with the protesters in hong kong. The president said he knows that the Vice President made that speech yesterday. He said the speech was fine, but i pressed the president on that. Does america stand with the protesters in hong kong . The president didnt say yes there. Maybe not willing to go as far as the Vice President went yesterday in criticizing the beijing government standing with the hong kong protesters. Thats enormous sensitivity as the u. S. Is negotiating. News in and of itself. Thank you very much. You bet. Dont fight the fed. Dont fight the pres. He comes out and he talks about see we are in record territory. Its powerful, though. And the timing and giving you multiple phases, in other words, phasing in rather than saying we got the deal and its done and all of a sudden the other things youve got to deal with. You can have a phase one, phase two, phase three. You can push this all the way into the election itself. I know if you have a phase zero which we technically have right now, because nothing is firm, you have somebody like that whos focussed so much on how the stock market does going into an election year. Its dangerous to be on the other side of that along with the powers of the fed. Thats right. We know that the incumbent typically has a pretty good chance of being reelected if the economy is strong. As we think about our investor tool kits, that is definitely one thing to keep in the back of our minds. If along side you manage to have the data that picks up ever so slightly or just at least from current levels, i think thats a pretty good mix to pave the ground into the election. Trump is not going to deal with the nuance of intraday versus closing high. The two best markets occurred under obama who was terrible for business and terrible for markets. I think every time he spoke the dow went down 100 points and clinton. But you would admit that weve never had one who is as focussed on the stock market as President Trump is. Nor one who knows the least about it. Irrespective of that, thats your point of view, and yours only, to have that is different. Whatever we do to ensure that Companies Across the globe are more profitable based on these trade conversations that would lift both earnings and multiples higher. Its Goldman Sachs called the catalyst best idea at Deutsche Bank. Shares up 29 year to date. Its where were focussing on the call getting about a two percent ramp today. Nobody owns it here which is id like to know why. Nobody owns a bank stock on the desk except for bank of america. Its really a macro call. Most stocks really move on Interest Rate expectations, on the economy and expectations for the economy. As we entered the year, that sector was bruised to death. I mean, the valuations to this day many stocks are still trading at a discount to the market. I think in the case of goldman, thats one that maybe has suffered over the past month a little more than the rest. Its down about nine percent off its alltime high. Financials is an interesting play. The macro is starting to shape up a little bit better for financials. For example, the fed does manage to surprise the markets or at least be in line with the markets as far as fed cuts go, they may succeed, not much, any steepness would help the financial sector. Outside of that, loan volumes are doing good. That consumer is picking up. So there is a bit of an optimistic case that is building up for financials here. And its a cyclical play. Its a value play. All of which is part of the rotation that we are experiencing today. Why no banks . Because i buy bonds. 18 months. Banks have done tremendously well. Recently. I look today where i sold b of a and sold like 28. 5. You can pick any moment in time. Goldman, i think the Deutsche Bank analyst is a little early. There is nothing wrong with being early. The changes are great. I have looked at goldman and havent pulled the trigger yet. I think well see rates come back down a little bit. No banks. I havent been out as long as steven. I have been on them virtually all this year. The return on equity over at goldman was another one of those reasons when they reported it dropped down to nine percent return versus 11. Granted, they can turn that around and hopefully with mr. Solomon, they do that. They are also hopefully putting one behind them pretty soon. That number keeps dropping now. 2 billion now versus 5. Initially, they said seven. I think getting that behind them and then giving solomon the little more run way here, this could be a good trade. Im not in it yet. Lets go to sue herera who has the headlines for us today. I do, indeed. Heres whats happening at this hour, everyone. The funeral for maryland representative Elijah Cummings is being held in baltimore. His remains returning to the church where he worshipped for nearly 40 years draped with an american flag. Hillary clinton paying homage to him. His integrity and character, his cando spirit made him a Guiding Light in the congress. He pushed back against the abuse of power. He was unwavering in his defense of our democracy. The convicted russian agent living in the u. S. Has been released from federal custody in tallahassee after serving an 18month sentence. She was taken into custody to later be flown back to moscow. New yorks state comp troller says salaries on wall street dropped 5. 6 last year. And that was the highest level since the 2008 financial crisis. You are up to date. Scott, back to you. Thank you. Coming up, investing for good. Bobby turner has rapidly built one of the nations largest social Impact Investment firms. Now he is making profits with a purpose. Hes coming to the set. Ne. Taintoim to lkg h xt each day our planet awakens with signs of opportunity. But with opportunity comes risk. And to manage this risk, the world turns to cme group. We help farmers lock in future prices, banks manage Interest Rate changes and airlines hedge fuel costs. All so they can manage their risks and move forward. Its simply a matter of following the signs. They all lead here. Cme group how the world advances. Man can i find an Investment Firm that has a truly longterm view . It begins by being privately owned. With more than 85 years of experience over multiple market cycles. With Portfolio Managers who are encouraged to do whats right over whats popular. Focused on helping me achieve my investors unique goals. Can i find an Investment Firm that gets long term the way i do . With capital group, i can. Talk to your advisor or consultant for investment risks and information. Our next guest believes that you can make money and make an impact on peoples lives at the same time. Bobby turner is ceo. He is with us live on set once again. Nice to see you again. Big day for you yesterday up in the bronx, a Charter School, 800 kids. You did the ribbon cutting. We had the ribbon cutting. Andre agacy and i were up building an 800 seat k8 Charter School for some of the most under served kids in the state of new york. We built the school that is going to empower them to achieve their dreams. They would have been relegated to a Public School where likelihood of them graduating at proficiency is 20 . 100 Graduation Rate and 75 of the kids are proficient. 103 public Charter Schools serving more than 55,000 students. 15 state of the Art Community serving Health Care Facilities for 44,000 low income residents. Whats the return on the investment how do you measure that . Its a Market Driven return. Were talking about records with a market commentary. The stock market is at an all time high or near all time high. Employment rates are near alltime high. I think as Business Leaders we need to look at other market indexes and social indexes that are at alltime high. We have 40 million families on food stamps, 22 million rent burden spending 60 of income on rent. We have 1. 2 million kids dropping out of high school every year. These are daunting challenges. Daunting challenges can generate some generational investment opportunities. Were trying to tackle the social injustice that comes from the failure of government. So we built impact around the idea that if we invested in education, health care and housing and could drive fair market rate returns, we could drive sustainable, scalable and profitable change. Is financial return still the most important metric . Youre helping people change their lives. Youre trying to make a profit at the same time. How do you weigh the two they dont need to beclusive. I think the traditional investor will assume if you superimpose, youll sacrifice yield. I can refute that showing that if you do Impact Investing correctly, you can drive better risk adjustment because the underlying demand fr services are less correlated to broader indexes. When the markets go up or down, nothing happens to the demand for affordable housing, nothing happens to demand for quality communityfacing health care. You can drive great alpha for portfolio rather than the risk that comes. We met it must have been at least ten years ago around Magic Johnson who was one of your partners. You were sort of early on the curve of where all of this has gone. Where is Impact Investing today relative to where it was when we first met . I think we met 15 years ago. That was a long time ago. It was a long time ago. The market is still in its infancy. The idea is beginning to get some traction. By last accounts, it was approximately 20 trillion of money ear marked. But the vast majority of that capital is being placed in what i would call passive neutral funds where theyre using social impact as a screen to either divest of Bad Companies or a screen to cure ate a portfolio of Good Companies that built into their corporate ideology is that theyre employing social responsible practices. None of those funds actually deploy capital to directly tackle some of the injustices that we see. This is an important place for you these days, as well. Im focussed on the governance side. Ive done a lot of work on esg. Its mostly statability. They say social. They say environmental. And they say governance, but it sustainability that they are focussed on. I find they are not focussed on impact as much as they should. Thats the least i hear of it when talking about that. 26 of all fund assets in the u. S. Are now in esg funds by some extent at 40 globally. My question for you is give us an example of how it works. How does that generate profits for your fund . There is that is disheartening because we are deferring. If they go to a Charter School is a Public School. They dont pay for the facilities. Every time a great Charter School like success academy, every time they want to expand the foot print for thousands of kids, they have to cobble together philanthropy or capital to build their facility. We are a turn key solution for those great educators so that they can focus on education rather than construction. We enter into a long term lease, a 30year lease for them, and they pay us rent. We make money on them paying us rent. We are a bridge to ownership. Having been a landlord, i realize the only person that creates welt is the landlord. We empower our schools. Once they have four or five years of academic and Financial Performance we provide them the opportunity to purchase them from us. They can Access Capital in the Municipal Bond markets. We have built into our Business Model a built in incentivised exit strategy and that creates a turn for our portfolios. I cant help but think about the debate as were having this conversation about capitalism and the future of it. We have a wall that our viewers will see now that we made. Is capitalism dead you can see what these wellknown people are all saying about it. Capitalism must be fair. Elizabeth warren, running for president. How do you think about capitalism today in the context of what you do i think capitalism is sick. I think it needs to be infused with the responsibility and the recognition that Business Needs to be a force for good, for no other reason than to recognize that the government is failing to provide the social safety net for upper mobility. And i dont think were suffering from the disparity of wealth in this country. Its more extreme than its ever been. We suffer from a disparity of hope. I dont think poor people hate rich people. They begin to hate rich people when the opportunity for upper mobility is foreclosed. You think from the attack, if you want to call it that on capitalism is too extreme . I think its too extreme. I do think that capitalism will be held accountable by the greatest form of activism that we have seen. You see Companies Incorporating socially responsible practices, not because they necessarily want to use them. We need to redefine what a corporation is. It needs to not only be from the values of shareholders but from the employees or communities. I think that was reactive because the reality is both shareholders and consumers are now demanding a paradigm shift in values. Theyre supporting brands that they believe are representing their values and rejecting brands that dont. Budweiser beer ran a commercial that said budweiser beer is brewed using wind energy. I dont know that that makes it a noble product. By employing an environmentally responsible supply chain, that is more attractive. Or toms shoes. Do you think you have without capitalism, would you have Charter Schools . The answer is yes. We need Charter Schools. If capitalism didnt exist, would you have Charter Schools no, you wouldnt. And yourealluding to those who have made well for themselves in our system of capitalism and made Charter Schools possible. I think Charter Schools would happen because they are based on philanthro philanthropy. They wouldnt be able to scale at the pace theyve scaled. Good to see you again. Well talk to you again soon, bobby turner. He is of course the ceo. Coming up, your questions, and they are coming in on energy, bio tech and more. Well answer them next on the half. First kelly evans tells us whats coming up on the exchange. Heres what were looking at. We have china hitting back at the u. S. One day after Vice President pence criticized beijing and accused u. S. Companies of appeasing the communist party. We works demise. A professor is live. Why companies are turning to Real Customers to sell their brands and how theyre finding them. At cing up on the exchange today. Well see you then. Theres evy to extremely happy. Theres also angry. Im really angry clive actually, really angry. Thank you. But what if your business could understand what your customers are feeling. And then do something about it. Turn problems into opportunities. Thanks drone. Customers into fanatics change the whole experience. Alright who wants to go again . I do i do i have a really good feeling about this. Im not really a, i thought wall street guy. Ns. Whats the hesitation . Eh, it just feels too complicated, you know . Well sure, at first, but jj can help you with that. Jj, will you break it down for this gentleman . Hey, ian. You know, at Td Ameritrade, we can walk you through your options trades step by step until youre comfortable. I could be up for that. Thats taking options trading from wall st. To main st. Hey guys, wanna play some pool . Eh, im not really a pool guy. Whats the hesitation . Its just complicated. Stepbystep options trading support from Td Ameritrade oh, wow. You two are going to have such a great trip. Yeah, have fun thanks to you, we will. Aw, stop. This is why voya helps reach todays goals. All while helping you to and through retirement. Um, you guys are just going for a week, right . Yeah thats right. Can you help with these . Oh. Um, were more of the plan, invest and protect kind of help. Sorry, little paws, so. But have fun send a postcard voya. Helping you to and through retirement. Lets answer some questions now. Anastasia, for you first from nelson on energy what do you think about energy look. I think the Energy Sector is set going into next week. If you look at the Energy Sector, it underperformed month to date and year to date and at the same time, the estimated cost were significant. 16 . So i think energys setting up pretty interesting going into their earning situation. So i think from a contrarian standpoint, this is a sector you could be tactically shortterm bullish. Good day to talk about micron. Thats right. We own it in our focus Growth Strategies and it has been an incredible stock its up over 50 year to date. So weve been happy owners that being said, youve got earnings behind you. You had pricing stabilization. So its a good time to revisit it opportunistically. Okay. John, for you from zach in wisconsin. Boot barn showing great outperformance. It sure is. You get the boots they do the western. With the feed bag. Thats right. With the saddle bag. Boots. They do a great job there. About 200 Stores People seem to love it as a lifestyle brand. I think youll hold on to it if you own it. Weiss, to you from max in london bio techs. I still like it i own xp i own which had more good news today today, you see gilead down so you got to be really careful you cant own one of these stocks unless you really know it well gilead, no surprise there. Down 20 of course, its a great drug i would stick with bio tech. Id even buy more because that is a safer place to me from a regulatory standpoint. Okay. World wrestling entertainment shares have been slammed over the past six months falling more than 20 options traders, though, are betting on a jump off the top rope john i love these puns. We shouldve brought him in boom. Youre right, scott wwe, this one is poised to do very well. Woo. Thats a little rick flare for you. Theyre buying those aggressively today, scott. Thousands and thousands of these calls have gone off. I bought those its about a threemonth trade into the future. So ill be in these probably two to three months. Second one real quick. Ashr this one is, of course, a china play big upside call buying at the 28. 50 strike i like that activity very much lastly, quick update on amit therapeutics this one, up 4 today. We talked about it yesterday still has even more unusual activity today. ll key. Weta a quick break well come back. You know whats next final trades whether your beauty routine is 3or 57,. Make natures bounty hair skin and nails step one. Its the number one brand uniquely formulated for silky hair, glowing skin and healthy nails. Natures bounty, because youre better off healthy. Woman what gives me confidence about Investment Decisions . Rigorous fundamental research. With Portfolio Managers focused on the long term. Who look beyond the spreadsheets to understand companies, from breakroom to boardroom. Who know the only way to get a 360 view is to go around the world to get it. Can i rely on deep research to help make quality Investment Decisions . With capital group, i can. Talk to your advisor or consultant for investment risks and information. Talk to your advisor or consultant when i lost my sight, my biggest fear was losing my independence. Mmm. Good. So ive spent my life developing technology to help the visually impaired. We are so good. We built a guide that uses ibm watson. To help the blind. It is already working in cities like tokyo. My dream is to help millions more people like me. It is already working in cities like tokyo. I am totally blind. And non24 can throw my days and nights out of sync, keeping me from the things i love to do. Talk to your doctor, and call 8442142424. All right. Were back anastasia, lets get a top idea from you before we go. Thats right. Small caps is a top idea and the reason i say that, we talked a lot about where growth rebound or uptick is not being priced in i think small caps is the place to look. Theyre lagging the semiconductors. Theyre lag in the s a p and by the way, the rty index just crossed 15621 so i think the technical side up is very constructive. Which would certainly be bullish for the overall market you know, small caps get working. Final trades steve weiss. Alumina it got crushed today despite great top line, great bottom line i bought more. I bought some today. So i went back into it i think youll recover over 300, 312, 315. Dr. J. Lyft. Theyre buying upside calls first time in forever, judge they have earnings next week on the 30th keep an eye on this one. Uber got upgraded today, by the way, at guggenheim to buy. Yeah. So some of these stocks that were kind of pushed aside by everybody. They also recommend today by the way. Okay. Well, there you go. Continuation of the pushed aside trade healthcare so im going to go with med tech boston scientific. But across the board, pharma and bio tech also looks good. Good quarter. Yes, very good. Good having you guys here. Thanks. You have a final trade . Small caps. And energy the bars set very low. You shouldve stayed with semis. 30, 27, 98. That would be the all time today on the s p the exchange begins right now. Thank you, scott hi, everyone and heres what is ahead. Amazonian problem. Amazons growth is slowing were going to talk about the companys cautious forecast for the Holiday Season means for the stock and for the market and speaking of which, we are looking at new alltime closing highs for the s p. If we can keep these levels down were not quite there at the moment were close. Well talk about the names that are powering the move. They may surprise you. Plus, dont look now but another Unprofitable Company is going public and facebook i