It fell to a four year low and a rotation out of Growth Stocks some of those recent ipos all falling sharply today. Were down 237 points on the dow not far from the session lows. S p is down and nasdaq is down joining us for the full first hour of the show, dna nathan quick take on the market move. Its very similar to what weve seen in the last week of the first month of each radiator when weve been in earnings this hold year. We saw this in q1. We sold afterwards we saw it again in july. Other we are we made an incremental high. Thats what is consistent. One thing that took it down into enthusiasm about low expectations on earnings with some sort of negative headline about trade and i guess the question is, is this playing out the third time in a row this year Communication Services and utilities with materials, industrials, financials all down more than 1 well focus on the big stories. Bob pisani is covering todays market Kayla Tausche has the latest headlines on china mike santoli has his market dash border well start with you on the market reporter we were having such a nice rally going into the last day of october it fell apart. The narrative, we had stronger performance from cyclicals industrials trading down steeper yield curve. Then bloomberg story about chinese officials skeptical about a long term trade deal soured the sentiment industrials had been up modestly but notably down banks, real Leadership Group particularly big regional banks, all were up several Percentage Points low single digits. And they are now mostly flat for the month overall. Transports another group that was acting a lot better. C. H. Robinson was a disappointment a couple of days ago. They started blaming tariffs for slow trucking. Theyve been down. This is another big down day for the transports lets get into november and see if we can get the tone better. Back to you. As bob just said cautionary china trade headlines came out and put a damper on some trade deal optimism. Kayla tausche joins us with that reporter beijing reiterating its view that any long term deal needs all tariffs removed but washington doesnt see that as a hold up at least for phase one President Trump tweet agnew location to sign that deal will be announced soon and suggesting this deal will include more than half the chapters that are understand discussion. Where and when the deal gets signed president xi will be in brazil in two weeks both leaders are inactivitied to the forum in davos but to sign it before those new tariffs go into place on december 15th. The principals on both sides will speak over the phone tomorrow in a conversation that could yield some new details kayla, clearly trying to move the whole apec summit would be impossible but if its neutral, just the two of them to meet quite easy to do reporter it takes a desire to find that neutral location and takes schedules allowing that president xi will be in brazil on november 13th and 14th but President Trump is hosting turkeys erdogan at the white house on november 13th, so that summit might be unlikely china has put forth macaw but proximity to beijing is unlikely china wont come to the u. S. Unless its a full fledge state visit. Clearly a lot of differences of opinion on this one and they need to find some Common Ground. Got it. Thank you very much, kayla well turn our attention apple its holding on to its postearnings pop. Josh lipton has a look at the Key Development from the Conference Call. Reporter so, tim cook delivered what investors wanted, improving iphone trends, stronger than expected q1 guidance the topic on the call, could apple sell hardware and subscription basis, bundle of hardware and Software Services perhaps offered for a single monthly fee. You can understand why that would excite some on the street. Cook shot that idea down and suggested apple already does in some sense saying customers today essentially view the hardware like that because they are on upgrade plans back become thank you, josh well continue this conversation and send it over to mike santoli for todays market dashboard reporter well pick it up right there. Candied apple. Well talk about the sentiment and technical backdrop for the stock. Just another trick pull back in the markets see if it fits a pattern of previous postfed action unprepared for a scare a little bit perhaps complacent in the short term. Back from the grave. We were worried about certain things in the bond market for a couple of months maybe were on the better side of that. Lets take a look at the two year chart of apple shares whats interesting about it to me is a couple of things last year from this point right up to the peak on october 3rd five month run gained just over 40 . What do we have here we have about a five month run here and just about 40 . A little bit more than 40 new all time high. Does not mean were rolling over here remember apple last year gave poor guidance, had troubles in china. Does show you the stock has really put a lot of ground behind it, in a short period of time this is what analysts are saying i expected a bunch of price targeting increase we got 19 price target increases for apple. Why do we have so much room for that the price target consensus wise is around 245. The street has been behind where the market is on this stock. Its a net positive. Half of analysts are recommending it. Then look at the valuation this run and flattish Earnings Period for apple has gotten valuation, this is the forward pe, pretty big run near 20. Multiyear high and relative to the stock market now trades at a slight premium about 19 times earnings pretty good premium all of that put together is the stock is giving you a lot. The question do good results mean youre in phase for more confident growth next year first and foremost love you embracing the halloween theme. My question on apple and its multiple if we fast forward five years and all iphone Sales Revenue thats received today to be transferred from one up purchases to a subscription model, would the multiple apply to that earnings be significantly higher or not . I think it would probably be appreciably higher all things be equal. If youre talking about the aggregate number being static and slow growth im not sure how excited that gets the mark yes. One thing that restrain the multiple for years in apple and the markets view still very hit driven they have to narrow it with the new iphone model if people say im signed up for years to come it doesnt matter. You dont care if the cable box is a great one youre signed up for the service and getting the hardware with it to the question of apple do you think people say Service Revenue is a value because its grown faster or because its stickier how do you think about that . Heres the issue. Sales did not grow in fiscal 2019 for apple they decline these other products are making up a larger percentage iphone sales are 53 units are not growing. They know they are having issues in china number five as far as mark share. Local brands so you want to rerate the stock you have to convince hardware will recurring you might get that benefit for a couple of years and the stock trading at 19 times maybe its starting to incorporate some of that the flip side, i dont know if youve seen this apple plus it doesnt look too exciting if you start to think about how do you keep that recurring hardware base there you need supply the services, look at netflix, to do the content that they do. They lose three to four to five billion dollars in Free Cash Flow to do it. Who knows what that means for apple. You talk about the law. Big media week on closing bell. We have about 15 minutes left to go in the trading day. We want to break down the markets and bring in elisha are we much more fragile than we thought we were with a suggestion that trade dealings arent perfect this is one of the reasons we were hesitant coming into this quarter because it was clear we had headline risk, all kind of macro risk out there that was going to be a hindrance to the market having said that, we believe that the path of least resistance is upwards because we have so much liquidity coming in to the system and in the end the earnings for Third Quarter has not been as bad as feared. 2020 earnings have to come in but with some growth you should see appreciation even though today is one of those days where its you play defense and sell anything that feels relative to Global Growth the real signal is move upward look at this Economic Data were getting. Its weakening this trade deal looks like its affecting Market Sentiment last two, three months of last year s p 500 fell off a cliff and dropped 20 . Estimates for 2019 across the board got slashed. This whole year weve been making them back doing better than the low exp t expectations were. So when i think about it on a corporate level im not impressed. That chart is very interesting to me because weve had incremental highs. Like i said before theyve come in this Earnings Period as we rallied into it. Weve seen two 7 percenters. When i think about that thats not too encouraging. That doesnt make me want to buy new stock. One difference is the dollar, the dixie. Thats very good for multinationals especially as they have this head wind of trade, i. Feels the reaction to the fed yesterday was risk off even though expectation was quite dovish where do you stand on that and what does it mean for the financial . Going into yesterday early expectations we were going to get 25 basis points and fed was going to hold. Dedicate looks like the matter is pricing in another 25 basis points in the next few months simply because you still have the inversion on three month two year treasury. The thing is the risk off is because the market doesnt feel the fed will cut enough. You had gdp coming out of europe, lousy pmis were still exposed to the lousy global data. I feel the global data is bottoming. Doesnt mean its good and its inflicting but its bottoming. If you look at yields, off the loss which suggest were moving upward thanks so much for joining us great to see you still ahead President Trump weighing in on the fed once again tweeting people are very disappointed in j. Powell and the Federal Reserve. Well discuss the rate cut decision and the president s ongoing criticism with prospe prospective fed board nom apology judy shelton how Insurance Companies are dealing with californias ongoing wildfire disaster. As we head to break heres a quick check on our data tracker. Chicago pmi coming in well below estimates for october. And Consumer Spending is in line with expect jisseg rising 0. 2 in september closing bell will be right back does your broker offer more than just free trades . Fidelity has zero commissions for online u. S. Equity trades and etfs, plus zero minimums to open a brokerage account. With value like this, there are zero reasons to invest anywhere else. Fidelity. A new kind of credit card. Created by apple, not a bank. With a better way to track where you spend. A new level of privacy and security. Daily cash you get back every day. And no fees. Not even hidden ones. Oh, and if you happen to be somewhere that doesnt accept apple pay yet, theres this. Nice. We have about 44 minutes left to go in trade. Lets get a check on some individual Market Movers shares of kraftheinz are Higher Company saw a one ti gain of its canadian cheese business. It did miss on revenue for the quarter. That stock is higher by 12 . Search estee lauder, that stock is down. Ongoing wildfire emergency in california left Insurance Companies scrambling to lower their exposure Insurance Companies have paid almost 25 billion for wildfires in california the last two years and insurers are trying to make these numbers work hike being premiums and dropping wonch. Last year there was a 6 increase statewide in policies that were not renewed but in fire prone Nevada County there was a 38 jump in nonrenewals. Those numbers do not include the aftermath of the camp fire in paris. That was the deadliest wildfire in californias history killed 85 people, left about 30,000 people homeless. And after a fire homeowners discovered that if they can get insurance, their premiums double or triple. One firm estimates 2017 wildfire season alone wiped out more than ten years of underwriting profits for companies that write Homeowners Policies in california yesterday analysts asked the ceo of chubb about the exposure that chubb had to this seasons wildfires. He said look its too early to tell what the season will bring. My biggest concern is did we assess the risk properly and did we charge enough for that risk which is one reason were seeing these premiums go up you mentioned, as you were speaking, that its sometimes hard the to get this insurance the youre in a fire prone area of course your premiums are going to be high can you even get it . Whats happening their policies come due. The Insurance Company says no thank you this is too risky a proposition for us we can charge enough for it. They are forced to go to insurer of last resort they are exchange exorbitant premiums by often people go without Homeowners Insurance what we saw in the paris fire there were quite a high number of people who were completely uninsured. Crazy stuff thank you for following that for us we have about 40 minutes to go before that close bell southern lets take a look where we are on the markets not far off the loss of the session down about three quarters of a percent for the dow. Nasdaq is down and s p holding at 3032. Up next shares lyft sinking today on the back of earns Goldman Sachs says now is the time the to buy. Well get word on the street on that call next. One day away from launch of apple tv plus. Brian grazer will join us on what its like to be a content provider in this age of streaming. What do advisors look for in an etf . I tell clients, etfs can follow an index, but which ones target your goals . Its not about quantity. Its about quality. No trendy stuff. I want etfs backed by research. Is it built for the longterm . My reputation depends on it. Flexshares etfs are designed and managed around investor objectives. So you can advise with confidence. Before investing, consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. [spokesman] if youve tried colleg group cheering shed, snhu lets you transfer up to 90 credits toward you bachelors degree. [woman] it doesnt matter how old you are, you can do it, you can finish. [spokesman] finish your degree at snhu. Edu welcome back to the closing bell. Time the to get word on street bernstein couldnt grading southwest but raising the price target to 61. Their relaunch could impact the companys unit revenue Morgan Stanley raising its price target on tesla to 250 a share from 230. The firm reported strong Third Quarter demand it shifts questions to sustainability. Morgan stanley maintains an equal rating on the stock. Shares of tesla are up marginally Goldman Sachs upgrading lyft to buy lowering its price target to 58 a share from 71. Firm says the Company Continues to gain share and showing critical operational efficiencies shares of lyft are down almost 6 this is one of your last chance trades having a nice run. I thought we would hold you to account but its up slightly. Just want to take cracks at me i still am. I think at the time, maybe a few weeks ago sentiment was so bad and the stock was making new lows every day thats important when you go into an earnings event especially for a company like this if you follow this company even while it was private, never missed their expectations that theyve given private investors and now this is their Second Quarter in a row we know theres tons of overhang tons of shares that need to be sold this stock when they reported in earl august was trading in the mid60s but accelerated that share and the stock went down to low 40s. Here it is 41 bucks or whatever so every time investors have the opportunity to sell they are doing so and this company has actually given you good news to sell on, just the supply is so great right now. You bought it then. An opportunity to buy more what was the goldman note talking about operational efficient isis talking about profitability sooner than expected looking out i think it was 2021. Thats a long ways away. When you have beaten rates for the current period or year that should give you some confidence. I cant kill tell you about all those Growth Equity investors what they will do with shares. Some have gains from much lower levels even though its well below 72 ipo price. Upgraded by goldman dan still like it. Still to come shares of pinterest. Well get the latest read on it in a few minutes last chance trade dan is looking towards the bond market a little tease for you speaking of bonds heres a check on u. S. Treasury yield 10 year on the back of that fed decision currently sitting at just under 1. 7 . Two year note at 1. 524 closing bell will be right back after this quick break. It was sophies big day. By the way, shes the next mozart. As usual we were behind schedule. But sophies enthusiasm cannot be dampened. Not even by a runaway donut. We powered through it in our toyota prius. Because a stars got to shine, no matter what. Its unbelievable what you can do in the prius. Toyota lets go places. The amount of Student Loan Debt i have, im embarrassed to even say. We just decided we didnt want debt any longer. I didnt realize how easy investing could be. Im Picking Companies that i believe in. I think sofi money is amazing. Thank you sofi. Sofi thank you, we love you. Here are three things driving market action. Chinese officials are unwilling to shift on key trade issues the white house. Factory activity falls to a four year low. Rotation out of growth are all falling sharply in todays trade. Time for cnbc news update with sue herera. Hello, everybody heres whats happening at this hour chicagos mayor and the citys Teachers Union says a strike that cancelled classes for 11 days has been suspended and classes will resume tomorrow im happy to announce that we have reached an agreement with ctu president classes will resume. We have an agreement there has been another increase in the amount of people coming down with vaping related lung injuries. According to the cdc, 1888 cases have been reported in 49 states as of october 29th but thats a big increase of 284 from the previous week so far 37 deaths have been reported in 24 states and washington, d. C. And democratic president ial candidate Bernie Sanders traveling to New Hampshire to file his paper work for next years democratic primary. Yesterday Pete Buttigieg became the first democrat to file for that states primary you are up to date thats the news update courtney, back downtown to you thank you very much, sue. Today lets sends it over to mike santoli for his second dashboard. The question today with the slippage in the index whether this is just another trick we had a new high in the s p 500 and then a fed meeting and then some backing off on the markets. This is a two year chart captures last years high in september and then this years path this sin march, in may, in july, and in september you did see the similar pattern where you had these marginal new highs get hit. Fed meeting happens. Maybe you get the as expected result the market finds a reason to take issue theres a case to be made because of seasonal factors being stronger and the fact that the market hasnt been lobbying for more easing from the fed maybe we can stabilize here without too much damage. Im sure this pattern is in folks mind one relationship i want to see is between the industrial economy and the information economy. Also kind of growth in value, defense cyclical this is tech, Software Sector specifically and transports. What you see in orange the transports slowly try to make a little bit of a come back here until they got turned away two pretty bad days in transports trade concerns again and software you see picking up. This has not resolved itself we dont know what character of market we have but it is one of those relationships to keep an eye on dan, to mikes point, to what bob of saying earlier if you look at this month as a whole its an odd mix. Banks, health care and tech all doing well surely that trade will not continue banks werent performing for much of this year. What has performed microsoft has been up 40 on the year for months now weve seen apple is up 55, 56 google is not from its all time highs. Amazon is the only one that stalled. Thats your big tech they are doing the heavylifting. Youre seeing these other groups rotating a little bit. Ill make one point about mikes s p chart. If you think about it 2018 high in the s p 500 came on october 3rd. We are about 3 above that if you think about it. Were 13 months out and 3 above that we have not made a whole heck of a lot of progress. What has made a lot of progress is mega cap debt very interesting. Sitting in neutral but those big tech names i was at a conference yesterday and it was a retail conference and someone presented forget about the s p 500, its the s p 5. Health care, tech all doing well over the course of this month. Now President Trump lashing out at the Federal Reserve today after the central bank did cut rates for the third time this year the president tweeted quote people are very disappointed in j. Powell the Federal Reserve. The fed has called it wrong from the bing, too fast, too slow he went on to tweet china is not our problem the Federal Reserve is joining us now on a cnbc exclusive is manager economist and executive director of the European Bank for reconstruction and development. Good afternoon to you, judy. Thanks for joining us. Nice to be with you thank you. Despite that criticism on twitter from the president of the fed chair presumably hes happy with the decision itself and presumably you welcome the decision itself to cut rates again. I do welcome it i think that yesterday the first requirement of discretionary Monetary Policy was fulfilled in that you should do no harm and its clear the market got what it was expecting, even demanding and i think its important when other factors are going to the right way for our economy you dont want to pull the monetary rug out from under them with a bad surprise what do you think is going on in the fed chairs head in the course of the last 10 months to see a massive pivot from where he was in december to three cuts later, without the data changing that much. Its changed a bit but a huge about turn has he been weak as he caved to what the president wanted . Im not assuming hes trying to appease the president hes making his own decisions. You have to admit that its now pretty established opinion that the fed was raising too fast we saw very bad reaction to that final raise in december last year that was nine consecutive raises from late 2015 through late december of last year. And we saw that at some point when the markets have such a negative reaction that it does feedback into the real economy that sue probably half of american households with iras or other personal investments tied in the performance of financial markets. So its really inflicting damage on them and hurting their confidence if the market is not living up to expectations. Judy, what would you do from here is the insurance proeks that protection that we need over or is another cut appropriate as this Economic Data continues to come in a bit weak for me, the more compelling issue is what is European Central bank doing what are other major Central Banks doing . And i dont think that the Federal Reserve is actually addressing that directly we have Christine Lagarde going to take over the ecb tomorrow. If you look at the legacy of mario draghi, her predecessor since the day he took over the ecb in 2011 to eight years later this week, the euro dollar rate has changed so much. Used to cost in november 201 1. 37 to buy uniquo. Now its 1. 11 its a devaluation against the . We could ignore that but i dont think its the right thing to do i think we have to take into consideration what our central bank is doing and what youre Interest Rate policy is relative to these trade competitors but the dxy, bark to the 19,7 handle in recent months. We should focus on what other Central Banks like the ecb are doing. Do you think thats all we should focus on or is it the effect, if its having an effect on the u. S. Economy as well which doesnt really feel like it is. The u. S. Data is much better than the johnson data, presumably you dont want the whole package that the ecb is having to deal with and thats a very soft economy. But i think thats kind of the point. Their discretionary Monetary Policy has not done much to stimulate growth hasnt even enabled them to hit their inflation target so whats the purpose of announcing stimulus. Why do you want the fed to follow suit and do the same thing, loosen beyond where they should be. We could be virtueless in a vacuum but you have hundreds of trillions in derivatives and two third of them they are out there and linked to the differential Interest Rate policies of the ecb and Federal Reserve and the currency effects of those differential monetary policies and i think if the dollar gets too far out of sync with the denominated around the world youre risking devaluation. The euro against the dollar hurts our exporters, its the equivalent of a 20 tariff we would be accused of being protectionists if we respond by imposing any kind of tariff but thats effect it but its the Global Financial instability that also concerns me and i do agree that our focus should be on a Level International monetary Playing Field so im happy that the u. S. Is calling out these other countries on currency manipulation and largely being carried out through the Central Banks. Judy, before we let you go, the fed has a dual mandate powell said he would need to see a significant rise in inflation before hiking. We should be far away from hike but we need to watch inflation carefully. Where are you . Im concern that this potential tweak over the inflation metric, it sounds like now it would have to even be beyond 2 for quite a while. Its unstated before we would say symmetrically its time to move up. The selfexamination the Federal Reserve is going through should be on a grander scale. What is the vision what is the narrative . What is the purpose of a central bank how is it facilitating productive Economic Growth i think we should be looking at not just the monetary framework Going Forward but also the mechanisms, paying interest on excess reserves. Thats causing some severe problems and we should be concerned about what are the actual goals of Monetary Policy and have we gone so far towards discretionary policy were undermining what would be perhaps better economic outcomes if we used more free market approaches to setting the Interest Rate which is the price of vulnerable capital. Judy, final question because i know were up against a break. Whats happening to your nominati nomination where are we with that its proceeding on track. All the necessary paper work has been filed, and i presume its Going Forward, and thats my expectation. I look forward to a confirmation hearing. Good luck with that, judy and thank you so much for joining us my pleasure thank you. Coming up next we have got your last chance trade plus way fair and etsy getting crushed. Is this an opportunity to buy . You should be mad at airports. Excuse me, where is gate 87 . You should be mad at nonseasoned travelers. And they took my toothpaste away. And you should be mad at people who take unnecessary risks. How dare you, hes my emotional support snake. But youre not mad, because you have e trade, whose tech helps you understand the risk and reward potential on an options trade its a paste. Its not liquid or a gel. And even explore whatif scenarios. Wheres gate 87 . Dont get mad. Get e trade and start trading today. Itso chantix can help you quitd slow turkey. Along with support, chantix is proven to help you quit. With chantix you can keep smoking at first and ease into quitting. Chantix reduces the urge so when the day arrives, youll be more ready to kiss cigarettes goodbye. When you try to quit smoking, with or without chantix, you may have nicotine withdrawal symptoms. Stop chantix and get help right away if you have changes in behavior or thinking, aggression, hostility, depressed mood, suicidal thoughts or actions, seizures, new or worse heart or blood vessel problems, sleepwalking, or lifethreatening allergic and skin reactions. Decrease alcohol use. Use caution driving or operating machinery. Tell your doctor if youve had Mental Health problems. The most common side effect is nausea. Quit smoking slow turkey. Talk to your doctor about chantix. Welcome back we got a news alert on wework. I wouldnt say this was a positive development for wework. Adam neumanns former chief of staff alleges they engaged in pregnancy discrimination, gender discrimination, unequal pay and retaliation. The claim was filed on behalf of female employees of wework in response wework says wework to vigorously to defend ourselves against this claim we have zero tolerance for discrimination of any kind the ceo said she gave birth twice and had to stop twraflg neumann for his pension to bringing marijuana on flights and smoking it while the enclosed cabin which she feared would be a problem for her pregnancy. She alleges when she returned her role was reduced and demoted. She says the male who replaced her as chief of staff received a salary was triple hers guys thank you for that update the story continues to mav multiple layers. 15 minutes left to go. We teased it earlier what is the reveal for you last chance trade . It ties a lot of concepts and that is buy u. S. Treasuries. To me this one just bounced off a couple of charts one year bounced off this break out level when the fed started this midcycle adjustment three consecutive cuts it broke out and to me it looks like it bounced off a good level. Look at the ten year treasury yield, look at the one year. Just got rejected. Thats the down trend. Look at the 30 year trend and the ten year treasury yield. Where is it going . We talked about those rate differentials. Its going lower and towards zero when you think about the data, the optimism and the fact that you dont gate china deal and the data gets worse u. S. Yields are going down with that 30 year trend highlights if you do get a deal the move where it could correct in the opposite direction is probably much larger than the room there is left to go unless you think i dont think a deal well get in the next few months will turn the Global Economy on a dime to me if you think about in the last couple of years, every single opportunity youve had to sell that sort of news has been the right trade and definitely as far as yields are concerned well follow that one see if it was as good for you as lyft has been. This is the last commercial well take before the close bell inrrl up next well bring you unteupted coverage of the final trade. Stick right here with the closing bell memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. So servicenow put your workflows immhm. Cloud, huh . Your employees must love you. Thank you. Ah, you could say that. So how are things with you guys . 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You should be mad they gave this centers of aguy a promotion. You should be mad at forced camaraderie. And you should be mad at tech that makes things worse. But youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. Dont get mad. Get e trades simplified technical analysis. We just have about ten minutes left to go in this trading day. Were now in the chloeing bell market zone. This is commercial free coverage of all the action going into the close. Mike santoli is here to break down these crucial moments and dan nathan is here as well as you can see, s p 500 down 0. 56 . The dow is down over 200 points. 220 to be precise. Some big movers in tech. Apple higher after reporting a beat on the top and bottomline two social media stocks moving in two different directions. Jack dorsey announcing twitter will ban all political ads globally while facebook stands firm on its stance to allow ads. Twitter has battled back to being flat off initially reporting the news jo jon you reported this last night. Reporter extraordinary the concern that i have leading into the quarter apple pretty much answered. One of those was with the tariffs looming would apple stray away from its traditional tight Inventory Management and control. Especially because they are not reporting unit sales like they used to. You might understand why they might want to ship more iphones into the u. S. In case it got more expensive to do it later. Tim cook said absolutely not were not doing that or have no plans to do it therefore, that strong overall revenue number and strong guide which, of course sriding on iphone in the Holiday Season you come that with strength in Services Overall in the new products they got including the air pods pro, and theres reason about this thank you, jon. A couple of ecommerce retail names. Wayfair stock diving after reporting quarterly loss that missed analysts estimates. Shares down 19 . The ceo said the company costed a revenue beat despite volatility linked to tariffs and china trade war. Investors are not impressed. Etsy stock plunging despite reporting profits. Shares down 16 . The company also saw Gross Margins decline. After the bell well bet pinterest Third Quarter results. Dan, what do you make of some of these ecommerce names going into a Holiday Season where we have so much riding on the back of consumers because that seems to be the strong point of the economy. Should we read more in the ecommerce names . I wouldnt read too much into wayfair. Its a money losing company. Think about the ipos weve seen where they have innovative Business Models but trade in high valuation you saw this grubhub investors dont have time for it etsy, had a little interesting niche player its a good name into a holiday period but, again, you know, investors are becoming increasingly concerned about valuation. Mike, ive seen big swings on wayfair stocks after they reported earnings. This is not an anomaly for them. Not at all. There were a lot of doubters heavily shorted stock. People have been waiting on both sides for either it to prove out, the model to prove out and to turn, get a window towards long term profitability or to have a stuvl like this thats where were at. Toek could what dan says, keeping the subscale ecommerce names on a short leash seeing that amazon on a relatively basis has held up seems like people arent willing to wait it out we got five and a half minutes left of trade. Little improvement the dow is now down less than 200 points lets get to altria, the Tobacco Company taking a write down on juul reporter that write down on juul investment as all trtria se down 2. 5 . Altria says it sees long term potential in the ecigarette maker. We did not anticipate this dramatic of a change in the vape category the lung injury was something we had not predicted. Altria beat on revenues and maintained its 2019 guidance. Back to you. Frank, thanks so much its about a third write down from their initial investment. Probably more than that from where it got to in their minds the first six to eight months of this investment which felt very, very strong for the company. It felt like a win initially. The markets seem to believe that too, it was actually a way out of permanent decline in tobacco volumes. To me thats what the market is trying to adjust to right now. If it turns out you mostly have the old business of altria then its kind of a milk the dividend yield until the volumes continue to bleed lower some uncertainty about what will happen in that vaping industry as they figure out these illnesses. A tentative deal still needs to be approved by the u. S. And french governments Fiat Chrysler and psa, 5050 merger create the fourth largest automaker in the world combined they sold 8. 7 million vehicles last year whats in it for both companies . For psa the fca presence with ram and jeep in the u. S. And north america. Thats very attractive for Fiat Chrysler it needs to get larger as peugeot does as they try combat the rising cost of developing electric and autonomous vehicles. Different reaction from investors of both companies. Look at the reaction of the psa investors. They are not real crazy about this, though they need to do this and Fiat Chrysler investors they look at this and say this is the logical next step im not sure well see a whole lot of deals of this size any time in the foreseeable future and this still needs be approved by the french and u. S. Governments. Phil, thanks so much for that we got just under three minutes left on trade. Lets get to mike. Obviously been a pressured market all day but look at the up and down volume definitely to the negative but not necessarily a wash out earlier it was more like 20 upside volume now closer 30 administers. Backing off on a broad scale but not that intense in terms of lop side trading equal waited s p 500 to the standard one the equal wait is underperforming. Its the mega caps holding this market together. Just the kind of market we have right now. I did want to check in on the volatility index, the vic. Its popped up a little. About 13 1 2 now from pretty low levels whatyou see that down trend is still intact the market might have gone past the predictable volatile parts of the year. Thank you, mike we got just two minutes left to go lets sends it over to Rick Santelli who has a check for us on the bond market from you look at 24 hour charts you get an idea the breadth of the move today and over the last several sessions were now down look at the two year, down eight basis points, hovering at the lows of 152. One basis point off the 168 yield low. Remember when yields go down prices go up were flattening on the bullish side the fed may be behind the curve. Dollar index down almost 2 . Whats not down for the month is the nasdaq we go bertha coombs. Reporter the nasdaq 100 is the big performer up 4 . Big reason why is apples big snap back up to record highs apple providing about 1 3 of the point impact thats about as much as microsoft, intel, facebook and nvidia combined. We wau Western Digital the worst performer. Bob, over to you off the loss but a disappointing last day of the month. Still pretty good month. S p up 2 . Remember this is the month where a lot of blow ups have happened in the past. That did not happen. Good month for banks good month for Technology Stocks overall well see if we can get in november big question for november can we get rotation in the to those cyclical names. We started to see it with the banks and semiconductors, but its a very incomplete story and, again, trade will be the big mover on the market. Theres the closing bell dow down good afternoon, welcome to the closing bell im wilfred frost. Im Courtney Reagan lets check how we finished a rally, final ten minutes or so you see the leg up the s p 500 only down 0. 3 the dow only down half a percent or 140 points. Earlier it was down 270. Nasdaq outperformed because of the likes of facebook and apple, strong earnings and held on to some gains nasdaq only down about 0. 1 . Joining us now to talk about the market day, dan nathan he remains with us along with ian myer who is joining us as we point out we saw a little bit of that rally into the close. Kind of firmed up obviously you dont know if thats just kind of something mechanical there i think all day pretty standard sort of spill back from an all time high. The all thyme was reached in a tentative way. Its not a surprise. One thing that stands out. Rick talked about the bond yields ever since the fed you have yields coming down and curve flattening again and hunkering backinto this sort of growth will not run away from us. Fed will be out of game for a while. Growth stocks and defensive faring better. Mike, also yields again highlighting their big impact on general sentiment. Yes yields have the banks which make sense but banks were far from the worst sector. Its mostly it is mostly about kind of macro sentiment and offense versus deaf. Honestly it really stoked the interest in the Growth Stocks. You saw the fang like stocks hold up better today than others i do think thats the mechanics. Ian, it seems you believe the market could be too come play scene. Youre watching the vix. Mike pointed out moments ago still remains in this down trend. Im a little bit surprised theres not as much concern about the dow transports and their continued negative divergence especially some of the commentary we got out of c. H. Robinson. Just feels to me people are expecting some kind of china deal its unclear what exactly that is just given the fact that theres a pretty big ramp expected for q4 Earnings Growth yearoveryear just to make the numbers for 19, it just seems to me that theres still a little bit of risk to the down side thats not being priced into the market darnhow much would you like o see equities come back before you are bullish. Listen the last two declines we had from all time highs in april and july have been 6. 5 . Its something thats held uptrend. My point about bonds, had a great note out this morning, basically saying these three cuts weve seen since july are getting that midcycle adjustment, that insurance out of the way anything from here on out is really addressing economic weakness or that differential that we were just talking about with other yields around the globe and thats an easier way to gauge where we are after 11 years of the supposed recovery here to me i think yields are going lower because i dont believe well get a trade deal that will cause the Global Economy to turn on the dime. We got a news alert on amgen. Reporter amgen is making a big bet on chinas growing oncology market. Striking a partnership with china as part of the deal. Amgen will acquire 20. 5 stake of the company for 2. 7 billion. That represents about a 25 premium on the Closing Price of beijings adr which trades on the nasdaq in terms of Drug Development amgen and beijing plan to collaborate on 20 cancer focused medicines from amgens pipeline in china and other companies. The Chinese Company plans to contribute up to 1. 25 billion to advance those medicines. Amgens ceo dismissing any potential political concerns and heighten u. S. China tensions saying the company is very interested to continue to build out its business in china and doesnt expect any political push back. Amgens executive Vice President cited the fast base Regulatory Reform process in china as a catalyst for the partnership were looking at shares of beijing, the Chinese Company up about 6 here in extended trade. Interesting deal back to you. Thank you very much for that well get now to pinterest earnings which just hit. Reporter so it looks like pinterest shares were down sharply after what appeared be a relatively strong quarter. Revenue was roughly in line with expectations we also saw a nice beat on aps that coming at 4 million versus a negative 13 million in the same period a year ago monthly active users 422 million, nice Growth Expectation from the street was 312 million. Again shares of pinterest down sharply almost 20 they are up 32 , however, since its april ipo. Again you can see down sharply in after hours after reporting what looked like a strong Third Quarter. Back to you. Thanks so much for that. Mike, ipo price of 19. It was up, down. Better than a lot of other ipos but not outstanding. Hit a good run up to the mid30s and then on the down side ever since then i do think it probably is sort of this shoot first. Unremarkable on the revenue line its roughly as expected but, you know, this has always been an expensive stock. Nobody was quite sure exactly what they were talking about in terms of getting into profitability mode probably has to retest the lows that its traded at. Weve seen the lock ups, had a massive impact on some comparable stocks. So its not that in terms of today. No. Definitely a reflex move monthly active users is up. The street is looking at 312 million. Lets get back to our market discussion lets talk a little bit about the earnings sentiment and what that has done to the market. Feel were still long. Things looked much better than feared it seems like some of that has been pushed aside as we got focused on trade headlines and Economic Data. Do you think that shine has worn off from what we heard from earnings initially i wouldnt focus as much on earnings what going on and has gone on for the last, at least 12 months is the multiple on the market. It expands and contracts based on expectations around trade deals or whether its Elizabeth Warren, or whatever will drive more people to get more comfortable or less comfortable. The actual earnings numbers themselves havent really changed that much. You got manufacturing, which is clearly weak and getting weaker. You got a lot of people betting the u. S. Consumer will hold up the economy. But i dont get the sense that, you know, Earnings Growth is almost nothing this quarter yearoveryear i would just follow the market multiple clearly the incredible monetary stimulus we continue to see globally feeds that multiple expansion. But i do think that theres plenty of stuff out there, like Elizabeth Warren, potentially, that should cap the multiples. So, i think that thats whats really going to drive the market over the next year is multiple either expansion or contraction as opposed to were going to get some huge Earnings Growth based on the economy dan, i want to circle back to apple because obviously that was a really strong report and tim cook had some optimistic commentary about things like the trade deal, even looking at the holiday quarter. Youre not buying it i saw jay powell being optimistic about the trade deal when the back channels say theres no trade deal. Chinese dont see a phase one. I dont think theres anything substantive. Apple, this was the Quarter Sales in china last year were down 30 yearoveryear. It was massive i just was really curious about that guidance when you consider these consumer tariffs are set to come in to place in middaens if you also look at apple falling to number five in market share in smartphones, behind local operators in china i just dont get the guidance i wonder if we should pay more attention to tim cook because it seems like he does have the president s ear i think with good reason, the market is saying deescalated, not ratcheting up the frictions. Therefore go on this premise we wont have a massive todays selloff isnt all that much about the trade headlines. Well leave it there. Dan thanks so much more joining us ian, also. Mark zuckerberg defends his company from criticism well discuss the stock impact next plus, brian grazer will weigh in on the future of streaming as apple tv launch starts tomorrow and kupperman writing a blistering letter to Elizabeth Warren orlando isnt just the theme park capital of the world, it also has the highest growth in manufacturing jobs in the us. Its a competition for the talent. Employees need more than just a paycheck. You definitely want to take advantage of all the benefits you can get. 2 3 of employees said that the workplace is an important source for personal savings and protection solutions. The workplace should be a source of financial security. Keeping your people happy is what keeps your people. Thats Financial Wellness. Put your employees on a path to Financial Wellness with prudential. Ive been a caregiver for 20 years. No two patients are the same. Predicting the next step for them can be challenging. Today were using the ibm cloud to run new analytics tools that help us better predict and plan a patients recovery. Ultimately, its helping thousands of patients return home. And who doesnt love going home. Welcome back to the closing bell. Pinterest earns are out and that stock is tanking, down more than 17 despite reporting an unexpected profit. For more lets bring in michael levin. Michael, when i look at these numbers looks like almost everything was better than expected what was the reason for the sharp downturn in the stock after hours . The profits were great. User rate was growth for stocks that traded multiples like pinterest people, prenlt company include were definitely expecting a much morrow bust advertising result in the u. S. And, you know, if they had a much better result than expectation was last quarter some of it around easter time if you normalize for that you shouldnt have seen the debt in the Third Quarter and the guidance for the full year basically, you know, assuming to condecelerati continue with deceleration i think in the bear camp folks have looked at this as being relatively more niche. A lot of exposure to retail than cbg. Some of our work suggested they are getting decent wins outside of those verticals if its going be a niche story decelerating Revenue Growth youre not paying these multiples for small beats and users are nice but thats not thats not the driver for a stock like this. You need to have ten out of ten. You upgraded to buy on the 17th of october, i believe are you reconsidering that now you know, we got to go through the numbers. I have to talk to the Management Team but too early to make that call. Were certainly very disappointed the results well leave it there. Pinterest stairs are down 16 after hours. Thank you michaellevine. Mark zuckerberg responding to an oped from Sorkin Sorkin said facebook is not defending free speech. Zuckerberg respond by posting mr. Sorkins own words quote america isnt easy you want free speech lets see you acknowledge a man whose words make your blood boil, whos Standing Center stage he and advocating at the top of his lungs that which you would spend a lifetime opposing at the top of yours. Causy, good afternoon clever tactic to requote some of sorkins own words back to him but if it was just a private argument between the two of them and, of course, much broader than that. What are the significant of twitter taking a step they did yesterday and will that force facebook in due course to follow suit its an interesting question. I suspect in the end facebook will be forced to make some kind of changes to its political advertising policy because it has just been under relentless pressure to do so and facebook is a company that usually is pretty sensitive to public pressure you know when it comes to twitter thats a company that made less than 3 million this year on political ads so it wasnt that big of a deal for them to say they werent going take those ads any more but did ratchet up the pressure on zuckerberg to explain himself and made him vulnerable to critiques like the one aaron sorkin levied today. It seems zuckerberg is fighting more on principle than from a Business Case because he said political ads will account for less than 0. 5 of revenue. Its not that significant from a business standpoint. Thats true except in this way the moment facebook decides it will send those political ads to be fact checked, its going to enrage people on both the right and left some people are say they made the wrong call and create endless news cycles where they are being forced to defend their political judgment so, while i do believe that zuckerberg believes in free speech i think hes also working very hard to keep facebook out of all of those debates. Of course whats been very funny by trying to avoid all those debates hes been sucked into another one. Zuckerberg pointed out last night on the Earnings Call that National Broadcasters required bylaw to run political ads past the fcc. Theres a regulation that exists that makes that the case i guess what hes implying by mentioning that if you change the rules for us, then well abide by them. Is that really what at issue should there be a regulation or law that addresses this issue rather than leave it up to the companies to go all or nothing in one direction ultimately i just dont think facebook is that analogous to a prouder for two reasons. One you can macro target on facebook you can show a political ad to a small group of people, maybe ten people when you do that scale across the entire electorate democracy becomes very hard to follow. Thats one reason why i dont think that really stands up. So i think for zuckerberg to say that hes just not going to take any of these arguments serious, i think is a problem but to your point then kacie would that not mean the results should be even more restrictive regulation for a social Media Company than for a broadcaster and throw in the points that the likes of points that have been made many times the power of those advertisements is much higher on social media in the same way in the 50s when television and radio was growing all of a sudden people felt that was much more powerful than print media and therefore regulars around it when it relates to political commercials should be stricter than for print media. Thats exactly right. Its the speed at which these ads travel the minute you post it on facebook it can be instantly shared around the entire world there needs higher standard and entity in the best position to figure that out is the u. S. Government kacie, theres one line of response to this which is that everybody who uses these platforms knows they shouldnt believe everything they see and perhaps it gets dismissed and overplaying the influence possibility here if advertisers political or otherwise see return on investment and spending on these latino forms doesnt it push against the idea its just noise that nobody takes to heart it does you know we can debate all day how effective these ads are. Clearly advertisers wouldnt be buying them if they werent getting some sort of r. O. I. I dont know at the end of the day the question is does a company like facebook be in the business of profiting off misinformation as weve seen in the past month just creating unending pr headaches for them they have to figure out a way around that whatever the r. O. I. Advertisers may be getting kacie, thanks for joining us. Up next, well break down the charts to see if todays selloff could scare investors away from the market later, brian grazer gives us his outlook for the future of streaming and whethethe r erare too many competitors getting into the space stick with us. Lets sends it over to mike santoli for his third dashboard of the day question here is whether the market is unprepared for any scare we might get as recently as august and september a lot of people very negative, very cautious about the market and actually it was reflected in Something Like this, which is the fear and greed index capped by cnbc money. Only recently i was talking how you were around neutral. Before todays sale off we got up to 80 80 means its very much in the extreme bullish range. Some variety of market based indicators this isnt about surveys, this is about trading activity and a lot of other Capital Market indicators weve been higher than this. In 2017 when everything looked great, but this is just kind of an overlay of caution to say maybe we finally gotten peoples attitudes in a position where they are complacent. Its not fully confirmed by every other sentiment i look at. But shows you perhaps the pendulum might swing back and were not quite prepared for a shake up up next, brian grazer gives us his outlook for the future of media and flood of new streaming services hitting the market. Apple is ready to launch its own streaming service tomorrow finduthat o wto expect from apple tv plus. Thats later on the closing bell. Behind schedule. But sophies enthusiasm cannot be dampened. Not even by a runaway donut. We powered through it in our toyota prius. Because a stars got to shine, no matter what. Its unbelievable what you can do in the prius. Toyota lets go places. A new kind of credit card. Created by apple, not a bank. With a better way to track where you spend. A new level of privacy and security. Daily cash you get back every day. And no fees. Not even hidden ones. Oh, and if you happen to be somewhere that doesnt accept apple pay yet, theres this. Nice. Welcome back to the closing bell. Now time for cnbc news update with sue herera. Good afternoon, everyone. Heres whats happening at this hour the democrats pushing through a package of ground rules for the impeachment inquiry of President Trump. The vote was 232196 with all republicans against the resolution and two democrats joining them both sides reacting to the vote. No person, republican or democrat, president or anyone else, should be permitted to jeopardize americas security and reputation for selfserving political purposes when you look at this sovietstyle process it shows you that they really dont want to get to the truth, they want to remove a sitting president. In fact, the author of the articles of impeachment said, if they dont impeach the president hell get reelected california representative katie hill made her last speech on the house floor today she said she wasnt ready for her time in congress to come to an end so soon she apologized to her family, friends and constituents for a relationship she had with a Campaign Staffer calling it an error in judgment. That is the news update this hour guys, ill send it back downtown to you sue, thank you so much for that the streaming landscape is becoming more crowd with apples long awaited streaming Service Apple tv plus apple tv plus officially launching tomorrow. Competitor disney plus launching in two weeks time. Joining us now, Academy Award winner producer, brian grazer. Brian, how are you doing good afternoon to you. Im great thanks for having me on. Very well indeed. All the better for sight lets talk about facetoface. Whats the thesis there . This is how you say in your career you wouldnt be where you are if not for those crucial meetings as opposed to so many interactions are done these days by email or phone calls. Well, heres the thing. Because i produced over 100 movies and Television Shows, you have to move people. You have to move executives. You have to cause people to engaging a vision. It can be very intangible. Even in the case of frost nixon or Beautiful Mind or apollo 13 i got to work with your father and through your father i had dinner with Margaret Thatcher and andrew lloyd webber, had a very, very stimulating conversation with theprime minister it was very fun. But im able to your dad was there too. But was he boring or only fun with Margaret Thatcher oh, your dad was very nice. Your dad incredible interviewer. We made a film about him an oscar nominated film. Your dad was very sweet and very kind but, sorry, i interrupted you. Okay. The point of the book is as follows. Ive had to raise billions of dollars to pay for ideas, to pay for apollo 13 or pay 100 million plus for how the grinch stole christmas or the da vinci code. So you have to look at somebody, an executive or a series of executives and evangelize your mission or movie why this should exist and why it will be successful only looking through somebody and expressing passionately and articulately a vision can you actually engage somebodys heart and when you do that, just like a movie character in a film, once you engaging someones heart you can move them and they will actually, you know, if it makes sense, they will pay for these movies, and the same thing happens its a food chain quite frankly. So i found that by meeting people, by looking at them in the eyes, by actually this microstep of actually putting your phone in your pocket when youre in the elevator or walking into a room having a meeting because the story begins then and you look at somebody they feel as though they are a human being. You are acknowledging them as a human being and that youre willing to give them that level of focus and because of that, it has a lot of value and so i coin it in the book to be its the wifi of human connections is looking at somebody in the eyes that becomes the beginning now i assume youll have to have a lot more in person eye to eye meetings as you have to speak with executives running all of these different streaming platforms. Now as more and more of these platforms are launching how is that changing the way that row duce content or your business . Well, first of all, because ive been doing this for 35 years, the one thing that has stayed true, the true and most valuable commodity is the story itself theres been, as you know, many different Distribution Systems from thea the trical to dvds, to home video so as you said theres streaming wars essentially only yesterday there was a very important matter on one of my Television Shows called swagger and that tv show is at apple. The senior honcho at apple decided he face time me, not talk to me on the phone. He preferred to meet together but i was unable to get to the office so we face timed and we resolved what we wanted to resolve in a very favorable way by looking at each other and having a conversation so whether its a streamer, or whether its ten years ago and wasnt a streamer you have to look at people to make a difference do you feel these Different Streaming Services each have different formal brands and identities when you make a show you think this one will only work on a service and i want to make a good show and i dont care which stream buys it for me its the forward ron howard and i have a company where we have several different divisions of narrative form. So there will be documentaries there will be family films kids and family films. Theres straight series. The point it the point of all of this is to, to do things that you deeply care about, that you deeply are willing to spend time and energy and passion and focus, to optimize the tv show or movies potential. And many times every one of these streaming surfaces they all have different personalities. And so you want to match your show or movie or documentary to the platform thats going to best service that movie, Television Show or a documentary. So its matching things up given that part of, i believe, the Value Proposition of netflix and amazon, at least the way they convey is that they have so much data and ways to analyze the data on the audience in response and what people like and kind of create this mosaic of an individuals taste, does it change the role of a producer to say look i can sell this to a broad group or figure out where the audience is. Or if they say into out algorithms know that its an advantage i dont look at it as somebody is giving me a prescription all those there a prescriptive element to it. So, i take it, you know, any good producer is going take advantage of that data so in the case of netflix or in the case of whats going new Disney Streaming service youre going to want to know the value system that defines their service. I have a pretty good sense of what the disney value system is. And i think we all know what that very well system is so things well fall that were going to make that fall within that value system, were doing Aretha Franklin for ten straight hours under the banner of genius which we did albert einstein, picasso and now Aretha Franklin thats a perfect disneygram, not disney in the grated, it celebrates genius. Thats the ethos of what they do in the case of netflix i have two movies there that really should be there. One is hillbilly elegy which was a best certainly my partner ron howard had directed and the next one will be on netflix. Perfect for that service brian, we look forward to those shows and all the rest that you produce in the coming years. Thanks so much for joining us. Thanks for having me. I appreciate being on the show brian grazer, Academy Award winner producer of facetoface. Tomorrow well speak with actual media mogul, brian cox, the actor who plays logan roy. Thats an epic show coming up next billionaire investor cooperman sent a letter to Elizabeth Warren. Plus well take thepulsion of the Global Economy when we speak to mark sutton, ceo of International Paper. Were back in a couple of minutes. Through the at t network, edgetoedge intelligence gives you the power to see every corner of your growing business. From finding out whats selling best. To managing your fleet. To collaborating remotely with your teams. Giving you a nice big edge over your competition. Thats the power of edgetoedge intelligence. The amount of Student Loan Debt i have, im embarrassed to even say. We just decided we didnt want debt any longer. I didnt realize how easy investing could be. Im Picking Companies that i believe in. I think sofi money is amazing. Thank you sofi. Sofi thank you, we love you. Lets send it over to mike santoli for his final spooky dashboard of the day what we were spooked by back in august is parts of the bond market doesnt seem that scary today. If you look at this chart of the treasury yield curve, this is basically federal funds rate very short term rates controlled by the fed subtracted from the ten year note yield this went negative so this is what we were worried about. It went slightly negative shallow and now slightly positive this is slightly dated after yesterday. Its slightly below the ten year yield. If you look at this, this happened some distance before previous recessions and thats the idea that inverted yield curves start the clock ticking for a recession. Whats interesting is this is by far the briefest and shallowest one if we leave this behind. We have to take that into account. 1995 almost perfectly flat fed cut rates three times and it steepened from there for a couple of years and were years away from a recession. I want to look at the relationship between stocks and bonds. This has been where stocks have tried to get some headway over bonds this year. This is last december. Very low stocks. Really declining bonds rallying this is sort of the ceiling of a trading range weve been in this year and just curled lower again. With bonds rallying, stocks taking a breather see where it settles down if we gate high or low and that means stocks are in better shape mike thanks so much up next cooperman sends Elizabeth Warren a letter. Thats coming up powers a booming auto industry. A leap into the digital era draws youthful populations to mobile banking and ecommerce. Trade and travel surge between emerging markets. Every day, our 1,100 investment professionals around the world search out opportunities for alpha. Partner with pgim, the Global Investment management businesses of prudential. As your life grows, so do your needs. And with bank of america and merrill, the benefits you get can grow, too. As a preferred rewards member, you can enjoy Priority Service and exclusive discounts. So your growing life can be more rewarding, too. What would you like the power to do . When i see obstacles, i create opportunities. soft music when i see adversity, i find a way. When i hear never, i say now. [announcer] southern New Hampshire university is education made to fit your goals with over 200 degree programs, flexible class schedules, and some of the lowest online tuition rates in the nation. cheering so when i face barriers, i can break through. [announcer] breakthrough at snhu. Edu. This piece is talking yeah . So what do you see . I see an unbelievable opportunity. I see bestinclass platforms and education. I see awardwinning service, and a trade desk full of experts, available to answer your toughest questions. And i see it with zero commissions on online trades. I like what youre seeing. Its beautiful, isnt it . Yeah. Td ameritrade now offers zero commissions on online trades. Welcome back billionaire investor cooperman slamming Elizabeth Warren. Reporter its a stronglyworded rebuke of senator warrens tweet last week urging cooperman to pitch in a bit more so everyone else has a chance at the American Dream too. Cooperman who is not on twitter said her tweet demonstrated a fundamental misunderstanding who searchandrescue what he stands f he is and what he stands for. Cooperman is using the letter to make the case that billion injuries like cooperman got to where they are because of hard. Coopermans shots were first publicly fired at cnbc delivering alpha event in september. They want to open the stock market in the words of the expresident you dont make poor people rich by making rich people poor he was joking about those comments about not opening stock market but a warren victory would cause stocks to decline 25 . For that full letter go to cnbc. Com leslie, thanks so much for that well worth the read. Guys, its interesting how far apart both sides of the argument are at the moment. Yet there are nuggets and small amounts in each sides argument where they do overlap. Just in this very polarizing world you dont see those two sides aligning whether its cooperman or whoever else a lot acknowledge they would be happy to pay higher taxes Elizabeth Warren i dont think fundamentally believes these people are evil or whatever. There are some ways they could overlap and find some Common Ground what really jumps out to me from coopermans letter and this is something that happened with him in the past, he really demands people respect him for his wealth and what hes achieved hes gone public with this letter he didnt just send it to senator warren he wants the respect and he doesnt like the idea that perhaps very wealthy people are not doing enough because they are charitable in some cases but, the policy issue here is theres a massive amount of accumulated untaxed amount in this system, equity wealth is gone forever and no estate tax to speak of and you cant get at it its not something thats very easy to bridge and i think on top of that qe has made things so much worse. It is unquestionably benefitted those people who already had assets as opposed to those that havent been able to save them in the last 10 to 15 years that hasnt been taxed so much anyway, the two sides far apart and no doubt the debate continues and will do. It continues, Elizabeth Warrens rally there up next were going worldwide ceo of International Pap certificate joining us exclusively. Well take his take on the shifting Global Landscape and how the u. S. China trade war is impacting his business when closing bell returns shares of International Paper higher today after beating earnings estimates as one of the Top Manufacturers of paper and packaging products, International Paper has a unique view of the economy and how the consumer is really doing ceo mark sutton joins us now is an exclusive interview thanks for joipg us. But before i get to some of the more recent sort of cyclical base questions, a longterm structural one, which is to say the shift to ecustomers has that been an Enormous Growth driver for you. Good afternoon, wilfred, yes it has its still a relatively small part of the overall corrugated pack annualing market but its growing double digit percentage willings every year. Somewhere between 5 and 10 of the total packaging business mark we used to look at International Paper and sort of still do as an economic the indicator of whats going on with all of the shipping looking at all the data you see and the results youve turned out, whats your assess of the global and u. S. Economy . Hi, courtney. I think the u. S. Economy, the u. S. Gchd number at 1. 9 seems to be what with he see in the packaging business the packaging tracks just below u. S. Gdp our u. S. Demand is still strong. Globally there is choppy water we export about 28 of with we make in the u. S. To europe, asia and latin america almost in equal thirds to the three markets. And we have seen demand declines and also some fallout from some of the tariff issues so were still navigating that we think there was internet builds last year in anticipation of all the uncertainty that played out through 2019. As we think about all of the packaging and we look at that as or the of a driver of Economic Growth, that can be a good thing. But then chk there is also a lot of waste weve been talking about in a lot especially in the world of retail and ecommerce. Whats your view there on how you deal with that and square the two from being a successful business shipping more but also the waste of the packaging. Its a great question when you look at or business model. Our products start with renewable natural resources, trees and recovered fiber. Trees grown for the purpose. When we make the products we use the residual and generate 70 to of our own energy from Carbon Neutral biomass. Many products at the end of their live, the ecommerce type of product with is recycled at 92 back to the stream so this is a pretty Sustainable Business model and actually compared to some of the alternatives, a very good way to move products and to enable commerce, renew ability at the beginning and cycleability at the end. Mark we have run out of time. Thank you for joining us here today. Mark sutton, ceo of International Paper shares higher by 2. 4 today coming up next, the key things every investor needs to watch as we head into a new trading day csis going to be when long bell comes back on the other side of the break. Obvious. Sometimes, they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. By the way, shes the it wasnext mozart. G day. As usual we were behind schedule. But sophies enthusiasm cannot be dampened. Not even by a runaway donut. We powered through it in our toyota prius. Because a stars got to shine, no matter what. Its unbelievable what you can do in the prius. Toyota lets go places. Danafarber Cancer Institute discovered the pdl1 pathway. Pdl1. They changed how the world fights cancer. Blocking the pdl1 protein, lets the immune system attack, attack, attack cancer. Pdl1 transformed, revolutionized, immunotherapy. Pdl1 saved my life. Saved my life. Saved my life. What we do here at danafaber, changes lives everywhere. Everywhere. Everywhere. Everywhere. Everywhere. We have several big movers in after hours trading we want to show you here pinterest plunging after missing sales estimates. Afis, budget, also under pressure, shares down more than 10 after a big miss on both the top and the bottom lines and then Cloud Computing company arresta networks lower after issues weaker than expected revenue guidance because of a quote sudden softening in the Fourth Quarter with a specific cloud titan customer shares down 24 . The company declining to name the commerce but the largest includes microsoft, broadcom intel and oracle. Looking to tomorrow, the okay jobs report hits at 8 30 a. M. Eastern time well also get october auto sales number and of course the longterm apple tv plus and netflixs film the irishman hits theaters, a limited release at least. Plus, also coming up tomorrow were going to be the number one media conglomerate in the world. S in executive level business were coming up to the finish line. Know your role. And remember. Money wins successions logan roy played by Ryan Brian Cox will discuss blood 30see media competition also in the media secretarier. Im so anow noyed op off tomorrow i wont be here sadly. So excited i will be here tomorrow. And you guys will kill it, i have no doubt. But he is also a British National treasure. Im particularly annoyed, played churchill famously as well. Who is on braupdwayway playing lyndon johnson. So much to discuss with him ill be tuning in to watch that. And, mike, borgli will pivot back to markets. Jobs number the key focus. Certainly the key focus i think expectations are pretty low. The formal estimates are low the gm strike is going to have the impact i think it might be a little bit of a test of just somehow sensitive the market is to something that looks weak. Its not really i think at the heart of what people are worried about right now. But the bond market rallied. I wonder how it gets asum lehto alim sited into the market story. There was a little bit of chicago pmi. Chicago pmi disappointing and the national ism that crystalized doubts about the industrial sector. Some expect aches you get some traction on that coming into the next report. Weal see. Chinese pmi was weak as well we should mention that in terms of the market nice rally into the close whether month end or not took us well off the lows bouncing oft old highs from july up didnt go back to the previous trading range, which probably is a net invite you cant really talk about one day but not a damaging pullback. That said with apple and facebook earnings we would have seen more negative. Most likely and you see the after hours action people are not giving benefit of the doubt to companies missing. Thanks for watching that does it for closing bell today. Fast money begins right now. Live in from the Nasdaq Market site over looking new york city times squares in fast money. Im melissa lee. Trade esper tim seymour. Brian kelly. Karen finerman and dan nathan. Tonight break out the rally caps because the man who moves the market says we are headed higher he tell us why he feels bullish. Tim seymour stepping up to pitch the next investment idea why he sees magic in the media stock. Pinterest plunging after results. The companys Conference Call getting under way. We till tell you whats behind the 19 drop we begin with the scary halloween on wall street. Spooky. Investors getting spooked to cap off the final trading da