Its the call of the day. The Investment Committee is ready to go. Halftime report starts right now. Welcome. Good to have you with us on this friday. Our Investment Committee at the table. The ceo and portfolio manager. Ubs private wealth management. And tom lee is here, managing partner and head of research. Lets begin with the markets. Stocks are sharply higher. S p 500. Nasdaq is finally joining the party. Nasdaq 100 new high. What a difference a day makes. Were not questioning the economy today. But maybe we should. The ism disappointed. Lets not rain on the parade. I think the bigger question is where do we go from here youre saying were in a great mood here. We have tom lee. Heres my comment. You know i have been all over trade. I think at this point, the market has fully priced in phase one being signed. I think there is very little upside to that. If it doesnt get signed by november 15th, i think you have a problem. As far as 3,200 i think well reach that, but i think december you might see a little pause because people are going to look past phase one and say whats next. I will say do you really need phase one . Im saying in the context of economy good, feds going to cut if it has to again. Seasonality is your friend, too. You havent had a down november since like 2012, if not before that, since 2011. Last two months of the year are usually good. Id say you need it depending on the level. If you take yesterdays action in the market, that was purely china related. You had great numbers from apple and facebook. They dont have the same impact on the market they did. What impacted the market was the talk on china, that the phase one deal is going to be okay and not enough to get to another deal. Yes, you do. To get higher or to break meaningfully above a trading range, you absolutely need trade without a doubt. If the market sells off, then trade deal is less important. I think we will see upside from a trade deal because thats not what the market does. It plays momentum. I have been taking profits here, skimming down positions and using the opportunity to buy beaten up names. What are you doing in the market right now right now, its earnings season. We are actually tuning out the macronoise and totally all in on looking at our companies. One of the things that we found absent this quarter which really surprised us was trade talk. So i think weve got 60 of our portfolios have reported and very few have been talking about trade or concerned about trade. So were listening to what theyre thinking about 2020. And looking at that and looking at things at the Company Level which are executing really well right now. Mr. Forbes top 100 adviser. Were you here a couple weeks ago . You were under weight stocks. You were cautious. Youre pretty good. Whats up now i think the reason we were positioned that way is we thought the market was discounting a lot of good news or a lot of probable good news. And we were a little worried that that might not happen. You needed better than feared reports on earnings. You needed better than feared on manufacturing. Today, you got them. It was a lower number than expected. You got it. You needed good jobs numbers or solid jobs numbers and needed incremental progress on trade. That cascaded really well for markets. So where are you today . Were neutral on the u. S. , and were still under weight stocks globally because of our under weight to the eurozone. Why are you neutral the u. S. Right now . Just because of the move that weve seen. We think macro risks could play out worst than feared. I think thats a low probability outcome, but its an outcome where the tail risk is higher, and you continue to need to see progression on all these fronts for the upside to happen. I think the upside is going to be major. Tom lee, why is robs positioning wrong . I dont think its wrong necessarily. I think everything that people have raised here as concerns are valid, true risks to the market, but i think the combination of the santa claus rally thats happening now, client positioning. Clients are positioned the same way they were in july 2016. Neutral u. S. Stocks. Youre not. You have your pedal on the floor. I think that the next eight weeks will be like fireworks. I think that we could easily be above 3,200 before the end of the year. I think thats possible. Fireworks. That is possible, and its probably the high probability outcome. And then you get into the election cycle, and what ends up happening there . Who knows, but the underlying fundamentals are good. I think what tom talked about, we may have underestimated positioning. We were in the consensus. And when youre in the consensus, and you have incremently positive news, youre in a drop. In the latest rally youve seen one here. Its been a grind which means the fundamentalests are being pulled into the market because theyre under weight. You saw hedgefund positioning in september. Performance was not that good in equity hedge. I think youre seeing a game of catch up. Youre going to move from the defensive plays into more offensive cyclical stocks, right . I think even todays reports on ism and the jobs show industrial cycles bottoming, which means 2020 economy is better than this year. Very close. Chicago pmi yesterday stunk. Semis started rallying in may and industrials in october. Three very sensitive theyre anticipating a change in the Economic Data that were not yet seeing. When i say not seeing, okay, yes, this ism was higher than last month. The market doesnt wait until it sees it. Exactly my point. In anticipation that tom lee is right. Lets change the tense of your verb. It has moved up. Where it goes from here is the question were trying to answer. Still moving up. Just broke out of a range. At any point in time, were at the present point right now. 3,200, yes. I dont think by the end of the year. Very specific on why. Its because phase two or whatever number is so hard to achieve. You think they are getting off the band list . No way. I dont think ip, theyre stealing our technology, has anything to do with Company Guidance and forecasting. It has everything to do with everything to do with cap x. It has for the last year. China trade tensions have absolutely brought down cap x. I agree. Im saying ip has nothing to do with cap x. Ip is the next thing on the plate as far as trade tensions easing. Focus on what im saying. You focus on what im saying. What youre saying doesnt matter. Youre saying it hasnt stopped the market. What im saying is the market right now is going up on trade tensions. For those to ease from this point, you have to start youre saying thats im saying two completely separate. I like those. I dont like when you talk over each other. And the viewer is like i dont know what anybody is saying. What im saying is the ip is a completely separate issue. My thing is earnings. The data does not allow you to draw that conclusion. I think the reason the market is going up is because if i look at my portfolio as it may be indicative of the Broader Market, our average burnings beat has been 13 . Thats why the market is going up. Since earnings started, markets since our First Company reported on the 15th, were up like 2. 5 . Thats whats driving the market more than anything. Jimlooks like he is about to explode. To your point, if i would have waited, you have been saying you need a trade deal. You need a trade deal. Its like ringing in my head. Had i have waited had i waited im glad you didnt. Why do i need a trade deal now to get the final two months of the year fireworks . Because youre 3060ish. Youre not at 2,800. Its that simple. Im glad you didnt wait. I have been consistent about staying invested. I have said it on the show and tweeted it. Now, to jennys point. Everything im talking about is where do we go from here 3,200 yes. I dont think so by the end of the year. You look at 2019 versus 2018, its flat. Hang on one second. So this rally in the stock market is based on 2020 earnings, not 2019 earnings. And for 2020 earnings to have the 10 percent growth that most analysts are predicting, youve got to get more. And you have to get look at how railroad car loadings are. That is a direct effect of trade tensions. This is a nuance, but its important. Im not saying i have Earnings Growth of 13 . Im saying we beat expectations by 13 . Its the difference between what people were expecting going into this quarter and what theyre actually getting. Theyre getting companies delivering. And what i have said all along is i dont need trade. I just need the companies to deliver. Thats what theyre doing. I think first of all what youre talking about in terms of surprises, its typical. Not to that degree. This earnings season. Maybe in your portfolio. This has been in line. Its been in line with earnings historically. The reality of it is Broader Market participants are not having that same experience. Thats pull forward from what you may get from next year. Its a possibility. This year is looking a lot like 2009. I think its the start of a new bull market. I think the slowness we have seen is resolving with the industrials and a new expansion which means i still think its possible to be like s p 4,500 iptwo years. This has i dont see how you can say that, but this looks like 2009. The start of the new bull market. Versus a market thats been up. I think the u. S. Decoupled. I think thats why the u. S. Has held on better. Of course, you need your trade deal to get your new bull market. Why isnt that plausible 50 higher. We dont have to match the performance of 09 and throughout to be a bull market. Consumer remains strong. Earnings have troughed. The economy has troughed. You have to be positioned properly to have some of that exposure. You have a world where Interest Rates are low. There is no inflationary impulse. You have good Earnings Growth. You have a strong consumer, a reasonable economic trajectory. And you could have a continueuation of this bull market for a long time. The fly in the ointment is the election as it is maybe the start of a new bull market and maybe the most shortlived bull markets depending on what happens in the election. I think the market would get very nervous next year if were looking at momentum shifting towards democratic white house. But conversely, i think the markets are telling us that the probabilities are a Republican White House in 2020. Post 2020. Sgr i agree with that. Whatever. You believe cyclicals are the best overall bets. Value tends to work really well in the final ten weeks. I think thats why the value portfolio is doing so well. Im not bearish. Im very positive to be exposed to enough market. All im saying is that for us to run away, were going to need to see the Earnings Growth come back. These are the big semi rigs. Goods are not being shipped. For that to turn around, staffers need to be delayed or eliminated. And short cycle industrials that youre talking about. If those trade tensions ease and we go back to selling just 300,000 class 8 trucks, were going to feel a heck of a lot better. There is action that needs to be taken in order to get there. How many months have rail car data been weak for over a year. Where is the s p today . 3055. We dont look yt rear view mirror. Your question is always where does the market go from here hes talking about what you need to see to be a catalyzer for significant further advancement. Youre 100 right. Next week, youre watching some of that data. A lot of that data is coming out on the consumer next week. I think were fine through up until the date that the agreement gets signed between xi and trump. And then weve got the fed. The market is optimistic. It goes up 85 of the time. Its optimistic. Try to pick the point in time where its going down absent a huge tell is kind of ridiculous. Im curious with your concern about earnings being topped out, why are you in such economically sensitive stocks because i believe heres my point. Im fully invested. Lets get that clear. I think sometimes youre saying why are you being negative. From time to time. Ill take cash up to 25 in an equity portfolio. Im in. My point is i need to see some progress on phase two. My second point is i expect there will be progress on phase two. Both economies are smarting from this. Whether it is a ban on i do expect the rational outcome will be achieved. My point is you need to have the alsh outcome in order to get the next thats were making the exact same point on that topic. You realize if phase one gets signed that the train is going to be far down the track by the time you start you realize im 97 invested. Its not like were massively under weight stocks. Were invested in communication services. Were invested in Consumer Discretionary focussed on those pockets of strength within the economy. So quality growth. You look at whats happened to quality growth at a reasonable price. Anything that has revenues and earnings has been smoking hot and doing really the ones that dont have been smoked. Story of haves and have nots right now. So if youre exposed to that, youre going to do well, even if you have punk Earnings Growth. Im curious, i ask you a question, tom. What is your Earnings Growth forecast for next year i think next year Earnings Growth will actually be more than double digits. Part of it is the idea that like if you look at industrial earnings and base materials and energy, they have just been whiffing for more than a year. I think that thats the turn thats coming. So i think that would be very powerful. My expectation is you get 5. 5 and some multiple expansion. Kr just want to check and see. What are you drinking . Tom the kool aid. Theyre like 10 to 12 expectations for Earnings Growth next year. If we get past the election and the bumpiness in the middle we should have really decent earnings. Once we get past it, we can move on. You can have your own special fireworks. Im going to consider them like sparklers. I have another question. What if we dont get a trade deal we dont get the election outcome we want . What if the market is not right on the fed market is expecting 40 basis points more of cuts. What if everything doesnt play out in the goldilocks story book ending what is the down side versus the upside if it plays out right the down side if this doesnt play out as expected feels significant. Thats hard to know. Its the key question. I think all that is discounted in s p 3050 is a low probability of a afraid deal, no cyclical upturn, no industrial cycle bottoming. Ooi i think the market has priced in a lot of these concerns. I think if we do get it, we have an asymmetric upside. I think the down side is limited because of where credit is and where the fed is. You think there is a lot of cash. Im sure there is a lot of cash on the sidelines. It stuns me every time i see it how much money continues to pour out of equities. Whenever im talking to new clients or existing clients, nobody is happy. Everyone is getting in with cash, is terrified that theyre buying at a top. Everybody in is nervous. There is a lot of fear thats holding the whole thing back. I think its priced in. And in theory, with treasury yields where they are, the multiple on the s p should be higher than it is. If you think maybe the multiple should be 18 to 20 times trading would suggest that a lot of worse Case Scenario is priced in. You would think given all of the risks that have been in front of us for the entire year, where positioning and sentiment has been for the bulk of the entire year, were having the best year for the s p since . If you took out 2013, its the best in almost 23 years. In everyones career, people havent seen a market this good. And thats why i think there is a signal coming from where the market is telling us. I think the cycle is turning. I think people have priced in a lot. All allocators have to decide when they want to hit the brake, tap the brake. There is a lot of decisions that go into this. Part of it is a function of how far you travel. A lot of them have been riding the brake. Thats not been us. We have been there. Im not saying you in general. Im saying overall, its been a feeling of riding the brake. Thats a factual statement. Thats why you have this potential uncoiled spring that will launch the market higher. Good to see you. Always engaging in the conversation that we like to have. Heres what else is coming up on halftime report. Pinterest, disappointing forecast. One firm says this is a big buying opportunity. Our experts will debate it next in call of the day. Investment committee is answering your questions ahead in ask halftime. You can reach us at cnbc. Com halftime or tweet us. Halftime report with scott wapner and the traders is back in two minutes. 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. Doprevagen is the number oneild mempharmacistrecommendeding . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Annoepidemic fueled by juul use with their kidfriendly flavors. San francisco voters stopped the sale of flavored ecigarettes. But then juul, backed by big tobacco, wrote prop c to weaken ecigarette protections. The San Francisco chronicle reports prop c is an audacious overreach, threatening to overturn the ban on flavored products approved by voters. Prop c means more kids vaping. Thats a dangerous idea. Vote no on juul. No on big tobacco. No on prop c. We are back. Apple tv plus debuts today. You dont own apple. Somewhere in between sorry and proud. Why proud there are so many Better Things to own that have like really strong growth, have a really strong free cash yield. Apple just fires on none of those. All of their earnings have been driven by pricing increases and not by unit increases. I dont want to own that. Are we talking about apple tv now . Who is taking that on i know what i own. I bought a pair of the air pods yesterday. Is there a run in the bank here . New ones . Yeah, new ones. Not, of course. They just come out. When they launch new products, whether the iphone 11 or iphone 10, you have to wait the first few weeks they launch. Only back off if youre going to be wrong. Dont argue about apple. You say no one cares about apple tv plus . I dont think they do. Im going to use my husband as the barometer. He has no tropical stointerest apple tv. Is your husband a millennial . No. Thats probably why. And the main show with Jennifer Aniston has been i think its not a very compelling product. The comparable is the watch. When it came out, there were modest expectations. Its become forgettable even as it has contributed a little bit. Apple tv, there is no negative, no positive. Its neutral. If it does well, the stock will react. If it doesnt do well, its not going to hurt the stock. What moves the stock, iphone sales and services. Apple tv will contribute to one ta im aiming for 200. One day the market will tank. It will just go down irrationally. Like last december. That would be a great time to have bought it. Youll find other stuff to buy. If youre looking at it for growth, then thats when you buy it. Whats the minimum dividend yield . For me, 3. 5 . Way above where it is. I did own it a long time ago like back when i worked in the early 2000s and there was enough yield back then. Big smile when you talk about owning apple. He was pushing it at 218. I forgot that. Lets talk about pinterest getting hammered. Miss on revenue, slowing growth. Shares are getting smoked. Pinterest says expenses more than doubled for the quarter. They upgraded to a buy. Its our call of the day. Who wants a crack at this . Is it a buy on one of the worst days weve seen for the stock in some time . This feels tough. If youre going to be in a social media stock, why do you have to make it hard and go into this name . Why not go into i own alphabet why not go into one of the big giants thats just killing it . So it goes to kind of the sentiment thing you were talking about around quality growth versus now questionable quality of the companys growth. I think that trend growth at any price is kind of over. For the reasonable price is here to stay. Thats i think its definitely sustainable theme. There is a whole new category of growth thats emerged. If you believe were late cycle, investors typically pay up for quality growth. You look at most managers that focus in the space, theyre up nearly 30 for the year. Lets get the headlines from sue herera. Heres whats happening at this hour. Actress lori laugh ln are contesting. The lawyers say the Company Plans to plead not guilty to conspiracy. The couple waived the right to appear at a november 20th arraignment. Fires continue burning in ventura county. The maria fire is consuming some 8,300 acres. 7,500 people had to be evacuated. There have been no reports of injuries. Penn State University is looking into new allegations of sexual abuse. It comes as sandusky awaits his resentencing hearing next friday. He has been serving a 30 to 60 year prison sentence. Coals put out the black friday ad posting the sale online early this morning. Stores will open at 5 00 p. M. Local time on thanksgiving, the same as it has done for the past two years. Youre up to date. Thats the news update. Ill send it up to you. Straight ahead, financials up 20 this year and on track to close at a new 52week high. Today were joined by the bnp ceo next. 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. There are zero reasons to invest anywhere else. Were honored to have you on campus for taflac icial visit. Coach saban, how is aflacs Program Different from Health Insurance . Well aflac gives you money directly, for things Health Insurance doesnt cover. Aflac we put together a little highlight reel for you. Heres aflac helping you with your deductible. Copays. Out of pocket costs. You look good paying bills. Get to know us at aflac. Com on a scale of one to five . One to five . Its more like five million. Theres everything from happy 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. The Financial Sector making new highs. Can that continue . Lets ask our next guest. Hes back with us live here on the show. The q 3 was quite sullied. Volumes up across the three divisions. Management has been effective. Very low cost as explained in the good situation of the net profit, basically. Its contrasted. If you look at the u. S. Economy here, i believe it is actually quite resilient in spite of some softening youve seen recently. Most of my days i see them confident in terms of gdp, in terms of employment, in terms of consumer spending. Well see what it really does. Where i see hesitation is when its time to look at more like mediumterm investment or transactions, more strategic or cap x its a longer list. Ive seen written where people have called you the most european of the european banks. Theoretically you would have a better eye than many. Do you feel like things have bottomed i believe the bank is probably a good proxy for the eurozone i think it is a diversified business model, diversified in terms of clients. One could argue its probably more positive for consumers. Not so obvious at times. Looking into europe more deeply, you remember the island. They have recovered massively. If i look at countries more individually, france is doing really well. Germanys challenge on Economic Activity i believe if we can provide probably more stimulus in terms of fiscal policy, i think Monetary Policy might have an Tropical Storm future ahead of them. We manage an international strategy, also. A lot of pushback i get is the blanket statement, international is terrible, europe is a disaster. The picture you laid out just now Shows Improvement across many European Countries. What does it take to get people to appreciate and realize that there is incremental improvement . I think what it takes and probably what this bank is benefitting from, its to be in the field. Its to have boots on the ground. When we speak about italy or turkey, we own banks there. When we speak of the platform, i have 30,000 people deal wg clients every day. Its a 6 billion revenue platform. I think its really being connected. I dont believe so much anymore in a global firm, per se, but more like what i would call you have a more substantial, say, u. S. Foot print than many european banks and youre looking to grow that m. Where do you see it . You cannot have like deep negative Tropical Storm rates. I think Monetary Policy is not as sufficient. Developments is pushing further in investment. Which probably could i would say start creation. Job creation, by the way, the report today is quite impressive. Which i think supports this belief that this economy is more resilient than anybody believes. I completely agree that the need for fiscal stimulus is there. You have a political and cultural issue with germany that prides themselves on balanced budgets. It would be fantastic if germany said we will borrow until the 10year goes positive. Will they ever do that how does that happen how does the political will get created . I think you touched a very critical point. Back to the future of the eurozone which i believe there is a future. Brexit happening, its benefitting the netherlands, germany, france in terms of getting more space to grow in terms of financial markets. And we need more leadership going forward. The challenge what i can see from here with germany is the more they might be doing, because german savers are very conservative. You would expect consumers to be boosted. The reaction is because more uncertainty, more prudence. And basically provides something the other way around. I think thats why there was hesitation there. In any case, its still a strong economy. In any case, i hope European Countries will not only get more involved in fiscal policy and have there is something that is missing in europe. And im a big eurozone person is a similar Capital Markets as to the one we have here. When you look at Capital Markets in the united states, its amazing. It helps the banking system, because they can recycle. 80 of the funding is coming from the Capital Markets here. In europe, 80 of the same funding is coming from the banks, creating a capital market. It could start with a structured market there. There is plenty of Collateral Assets to do that. Let me leave our conversation. We lost someone recently that many people knew here in the business world, mark herd. I wanted to give you an opportunity to say your feelings about mark and your relationship that you had as we sort of all continue to grieve his loss. Thank you so much. When mark was a dear, dear friend. I had the privilege to know him for the last 20 years. I have been impressed by his leadership, wonderful personality. He was the kind of person who provided Simple Solutions to complex problems. And he has such a sense of humor, even under the most tense situations. We had many things in common including tennis. Mark was a huge contributor to the tennis world. We all miss him and i miss him tremendously. Thank you for sharing that. Its good to see you again. Were ready to answer your questions. Cnbc. Com halftime. Your employees must love you. Thank you. Ah, you could say that. So how are things with you guys . Great. Thank you. Thank you, sir. Lunch next week . Terrific. Say hi to the team. Will do. Call my office, i will. Sounds good. Alrighty. Servicenow. Works for you. We have jim for you. Electronic arts, is it a buy heading into the Holiday Season . I think it is. Its taking the whole year to bm a base here. 2018 was very rough on it but i think its formed the base and it goes higher on here as long as the consumer holds in, which the consumer should. Steve weiss, sammy in california, are you still in cloudera and do you like it its more of a speculative hold and yes i am still in it. So i still have the same position look, this is an icon play make no doubt about it its got the perfect characteristics for him to push the company into the sale. Even if it doesnt get sold, the business is still a Good Business not a great business so it was just so beaten up, i think that its fine here. Theres little risk if carl ever sells but i dont think he will. Okay. Jenny, for you from danrich 88, ready to pull the trigger on j and j but need you guys to advise all right. Falls on you. Im not advising you to pull the trigger on j and j we dont own it. To me, there is too much litigation risk from the asbestos they just settled that opioid lawsuit. Its trading at 15 times. Okay. Rob, to you, lastly from brad in illinois your thoughts on energy. Were under weight. Were going to stay under weight for the foreseeable future not directly exposed to trade. Exposed to the second hand effects of a slowing economy and the supply demand characteristics are just not favorable. Thank you pete joins us next with that trade next first, though, kelly evans is here with whats coming up on the exchange. Hi, scott does todays job report and a bright spot in the manufacturing data give investors hope that were safe from a recession . We will take a closer look at all that plus, the race for 5g heating up with chinas next Generation Networks launching ahead of schedule today can the u. S. Keep up well ask. And speaking of china, the u. S. Government has reportedly launched National Security review of the chinese social media app tiktok we will have the tiktok on that for you and more ahead on the exchange ill see you then. Halftime report is back after this driverless cars, or trips to mars. No commission. Delivery drones, or the latest phones. No commission. No matter what you trade, at fidelity youll pay no commission for online u. S. Equity trades. There are things we would change about work. Pay no commission and there are things we wouldnt. When work is worth it. Work is worth it. Work can be closer to home. Pay more. Make us proud. Careerbuilder. Work can work. Find your work at careerbuilder. Com is that pgim, we see alpha emerging in the trendsete . Driving specific sectors of outperformance. Where a rising middle class 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. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Alert for us. For those of us who have been overloaded with news of streaming services and their cost, this may come as somewhat of a sigh of relief. Nbc, our parent company, is leaning toward making their streaming Service Peacock free for everyone this is a change in the previous strategy that nbc had been contemplating where only paid tv subscribers and comcast broad band subscribers would get peacock for free now, nbc, i am sold by sources, considering making this service free for everyone whether youre a cable subscriber or not. This would be an adsupported product. So the revenue would come from advertising for people that are, you know, signing up and actually watching the service. There will be an adfree version but that would come with a fee im told all of this still in the consideration phase but this is the new strategy that nbc is leaning toward im told. Okay. Alex, we appreciate that reporting. Thank you. Thats alex sherman. Rising oil prices causing some unusual activity in an energy name today pete joining us today. What do you got for us pete . Great to see you, scott yesterday, we talked about Marathon Petroleum that stock today is up 3 . Today, im going to give you t petro bras trading around 1360 and today its trading in the mid16s. What are they doing . Theyre buying next weeks calls. A couple thousand of those id like to see this also, a name thats hit five or six times just in the last month or so. So very aggressive buying in here and you can see by the chart that this stock has been on a steady little bit of a move to the upside and maybe this continues. Im going to be in these calls for a very short period of time. We talk about the financials and some of the movement weve had lately how about fidelity just a week ago wednesday, we got buying there of the 125 strike calls stock was trading at 126 today, stocks trading 133 those calls have gone from 480 to a little over 9 each so nice, big explosive move. You got to be disciplined. You got to take your profits when you can i think this is the time to say, hey, discipline dictates action. This is the time to do that and youve got to keep an eye on these things what a great, fact move we saw out of this one. Unexpectedly also, trimmed a little bit of e trade today as well which unusual a while back but a lot of busy stuff going on today on this friday. Well see you back next week. Thank you you too. You as well we do have a big show coming up by the way on monday billionaire investor Lee Cooperman will join us exclusively to talk about his open letter to Elizabeth Warren. The war of words between those two heating up certainly in the last couple of days after a tweet by Elizabeth Warren that an open letter in response from Lee Cooperman. Senator warren has since responded to that. Well get into everything and do it on monday do not miss it noon eastern right here on cnbc. All right. Lets get to the stock movers today. First up, abbvie, increasing its dividend raising its full year guidance you want to tackle this for us sure. When i bought abbvie earlier this year, the entire thesis was based on the fact it was wildly undervalued and there was a lack of appreciation for the consistency of the earnings and dividend growth. So also, to me at that point, all everyone could focus on was the deterioration of humira. Thats not happening cash flows growing. Weiss, you just bought more baba i did i bought it for a few reasons. One was the was the china deal i expect there to be a deal. The stock does not react like the others the earnings a surprise. 40 growth in ebitda but also, the listing thats going to happen in hong kong now, theyre talking putting it back on in november. Thats going to drive this stock much higher. So at this point, i think 180 is about where it is. Slightly under thats probably your support level once it reaches that and it will. And then i i think 200 is an easy pathway. Lets do some final trades on this friday with the time we have left. 45 seconds what do you have, jenny . Western digital yesterday, they reported people had a temper tantrum over gross margins. It was down 16 . Its up 3 today. I think its a great time to get in. Steve. Let me give you adobe stocks been acting great. I still think theres huge upside to it particularly with the street taking down their view of the stock. Xly Consumer Discretionary etf lag by about 60 base points. Lot of consumer news next week i think itll do well. Big news well be looking forward to it. Good to see you as well. Farmer jim, what do you have caterpillars performing really well. Going back to the beginning of the show, i do think youll find a rational outcome in china u. S. Trade talks. Good stuff. The exchange begins now. Thank you, scott hi, everyone and heres what weve got. A better than feared jobs report manufacturing data that had some promising signs and a market at alltime highs is the recession off the table and how much longer can the expansion going . Well ask. Plus, all eyes now on the house market will higher Interest Rates and tiktok is getting caught up in the u. S. china spat pinterest sinks. Berkshire struckless and apple tv hits the small screen thats all ahead in rapid fire today. But we begin with breaking news from the fed and Steve Liesman ha