Plus, there are fewer than 50 days until christmas and wall street is concerned about a retail apocalypse. We have the details about that, and later, its been choppy waters for Royal Caribbean the stock is cruising higher the ce will be here for an exclusive interview. Power lunch starts right now welcome toll power lunch. Im melissa lee. The major averages are recovering somewhat after falling in the red on reports of a delayed trade deal we have the dow and the s p 500 marginally higher right now. The nasdaq is down by a third of a the russell taking it the hardest. Lets get over to bob pisani for more theres been reports theres no clear deal yet over the terms of a phase one deal with china, or even whether president xi is going to come to the table on the deal industrials, theres your classic one, caterpillar, 3m, united technologies, theyre all down a bit today some of the semiconductors like micron also a little weaker as you mentioned, coming off their lows we had a buildup in crude. Oil stocks were already weak they had a 5 rally in the past few days, thats helped a lot for the market overall out of favor consumer stocks, tyson, smuckers, colgate, kimberly clark, you see all higher today lets call this a pause in the rotation, Consumer Staples were strong in the middle of the year, and theyre well off their highs. Remember the old market leaders, starbucks, mcdonalds disney, nike those stocks have been down 6, 7, 8, 9 robert and whether you want to believe it or not the countdown to christmas is on 49 days to go, and ubs is out with a bit of a holiday warning saying the online takeover may leave many malls empty this season also with us is liz dunn, founder and ceo of pro form ma since you wrote the report, you get to go first. This is a story weve heard before, its going to be the end of mall retail, the end of Department Stores and yet a plucky few seem to persist were not saying its the end of malls, right . Were going to continue to see consumers spend more of their christmas dollars online the disruption weve seen, we havent reached equilibrium between stores and online. You see pressure on companies that are really dependent on brick and mortar retail. Are there some retail stores, physical stores that are going to do better than others in your view, and what are the differentiators between the ones that will and the ones that wont . I think the stores that can offer some unique experience, that you cant get online. If youve been to the nike store on fifth avenue. Its a tremendous experience, you can try things and see things and learn about the product in a new way use your hands and touch things, you cant do that online those types of stores that you cant replicate online, are going to have more success liz, you look to a pretty good retail season i dont disagree the mall is not a place to be. Most of the retailers are under significant pressure you have to have product, service, value and experience. And many of the mall retailers dont have anything differentiated on that front i think there are some brick and mortar retailers that are going to do quite well lit me guess, that would be a target that would be a walmart that mighting a tjx . Yeah, target and malwart between their online and offline presence and that multichannel experience they keep pushing the offer, the type of things theyre offering now in walmarts offering a subscription for grocery delivery things like that, you can get things same day, next day and then tjx is really value end product. Not so much the multichannel integration. A lot of maloperators are looking to put in things like gyms and sing mas. Is that going to help at all . You yourself in your report said that a lot of people are going to the malls for the food court. They get hungry, maybe theyll pick something up at the same time thats the idea, as long as you can get people to the mall theyre going to buy something people buy things because theyre there. They may not have planned on it. What we see in our research, people do want to have things to do, they might want to go to the food court they might just want to hang out with their friends, thats what theyre saying if a mall can come up with ways to bring people together, whether its a gym or some type of activity that draws them in, thats a good thing. Id like to get both of your takes on this American Dream experience mall up near the meadowlands or whats now known as met life stadium. Which is ultimately an Amusement Park that has some stores att h attached to it you got it right. People are talking about this American Dream its about 4 million square feet its not really a mall think of it as Universal Studios with super high end stores. Its the kind of place when you walk in youre going to say wow. Ive never seen anything like this youve been in it yes any Retail Destination that can do that, theyre going to have suck sis. Not a lot of malls have that wow factor when you walk in. This place does. I would say the last thing new jersey needs is another mall but this is not another mall new jersey is the most overmalled state in the country. This is an experience, and its really about driving people to the destination. I was talking to a retailer last week that said they have a store at disney world i believe that does 10,000 per square foot, which is phenomenal and multiple of any other store they have its that kind of thing, if you can get people in this engaged experience where theres product thats relevant, you know, maybe theyll transact but its not going to increase the overall spend in new jersey malldom its going to come from somewhere else i want to get your take on the reuters report the offer was previously reported at 120 a share theyre going to ask for 140 is that realistic . I mean, do you think that they would be willing to bite i hadnt heard the 140 yet, i had heard that they rejected the 120. I think the stock where it traded immediately when this was announced showed that the market believes that the company is worth more and i think that lmh the deal makes sense, they should raise their offer. I cant say if 140 is the right number, but 120 was too low. Were going to leave it there, guys. I have a feeling well see both of you between now and christmas. At least in the next 48 days. Thank you very much we have a news alert on Facebook Facebook has been investig e investigated by californias Attorney Generals Office for 18 months right now californias ag Javier Becerra is holding a briefing, he said in a fileding earlier today, facebook has failed to comply with its subpoenas. Those include practices around privacy, disclosures and Third Party Access to user data, the ags office looking to understand whether the company has violated any laws. Theyre asking the San Francisco superior court to require facebook to comply with its subpoenas for additional documents. We have reached out to facebook for comment. And have not heard back yet. You see here that that press briefing is ongoing, facebook shares trading down at 1 . Is this part of the investigation, julia where there are multiple state ags joining together . This is separate. There are i believe 47 state ags who have joined together for an investigation into facebook california was not part of that, the California Attorney generals have been asked if they were participating. They said no comment and now we are learning that the California Attorney general has been looking into facebooks Business Practices for 18 months now. And he just said in this press briefing, the reason why hes talking about it now is because facebook has not complied with their request for data and now theyre looking to get facebook to be effectively forced to hand over those documents theyre looking for. Keep us posted. Thank you, julia borstyn a number of big names are sitting out the rally, is it time to start buying the laggards. Shares of uber sinking to a record low today well talk to an early investor ouwh hs innext giving one. This is unbelievable it really is. The lexus december to rembember sales event lease the 2020 rx 350 all wheel drive for 419 a month for 27 months. 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The force behind some of todays biggest unicorns led to soft banks first quarterly loss in 14 years higher on the spectrum is uber at deal book today the ceo made sure to say were very different than wework. Its another bet that has gone from 76 billion valuation, to 45 billion in the Public Market we asked the ceo, whats happened to the unicorns everything going on around us, the global landscape, has fundamentally changed over the past two years i think the appetite for the unknown and high risk and Public Markets has gone down. That has consequences. Now, others may argue that markets have been good to some unicorns there are others on the other end 69 spectrum. Also a deal book startups that are profitable or closer to the benchmark with more solid Business Models they may look less like donkeys and more like unicorns air bnbp will be an important marker for that. Should the early investors take their gains and run or does uber have a prosperous road ahead lets ask one. Steve jiang, great to have you with us. Did you sell any shares of uber today . No, i did not do you plan on selling them im excited for the long term long term with any sort of early venture, capital investment, theres always the distribution schedule theres always a diversification schedule after going public. Thats pretty normal for all investors, and so i think myself and other investors will constantly do that over time but i think this would be not a good time to do that i think that the stock is undervalued. I think the company went public in an environment where there was a lot of macro issues as well as an argument between private tech markets, investor markets. I think the valuation argument is still playing out on the other side. Looking at the company itself, its going through a right of passage. Once you go public theres a fitness on what the market wants. To understand the business and model it out and really get into the details, and theres also a lockup expiration all these things are normal things that happen to Public Companies like facebook or twitter. Youre seeing that play out now. Why do you think theres a disconnect between what private investors were willing to hear in terms of the information, the metrics, et cetera and what the Public Market investors wanted why was there a gap . I think that in the private markets we had an influx of Venture Capital coming from a lot of late stage or even some public Institutional Capital i think in that mindset there was an idea that you could do sort of a pseudo ipo at these late stages and i think valuations were the entire market was optimistic and aggressive about it. I think the macro climate changed this year, especially this summer with all Companies Across tech getting hit. I think theres been a Public Opinion sway about really scrutinizing what are these public tech companies. In the midst of all of the social, political and economic upheaval in the markets, private valuations from last year or the year before that compared to Public Market valuations this year, theres a disconnect i think thats going to get played out and thats going to normalize like it does in the markets. And i think uber is going to be a company to watch there and theyre doing the right thing. And i think in this last earnings call, they showed more metrics so that each Business Unit could be understood theyre issuing 30 year over year growth. The company is growing in a healthy way. Theyre making the most comprehensive investment in new technologies such as uber elevate. Uber freight, uber health. And they have the Largest International expanse in terms of market share. They have significant investment in didi and grab in Southeast Asia theyre the Large Global Network in ride sharing as well as customer base. Im holding for the long term. Quick question if i might has whats happened to some of these former unicorns, is it going to change the appetite for these companies to go public why would they do it if they hit a banana peel when they do i think its hard to predict what the overall Global Market will be doing. We at ventures, we invest so early as the first institutional fun money startups. A lot of these things play out over 8 to 15 years when youre ready, youre ready. When you need to go public because of shareholder frameworks and the capital needed and the ability to create liquidity for your investors, you just you should be able to be in the fitness as a company to go public regardless of those markets theres some educations the Lessons Learned might be figure out what the metrics are that the market wants in the Public Markets before going public some of the other things too, may be look at direct listings in situations where you may not need a large sum of capitol up front. Uber did the right thing in doing an ipo, now they have 12. 7 billion in cash investments. Theyre also the leader there zblo globally to be able to do that i think a lot of new factors from this year are going into the thought process in an ipo. Love that blue bottle of coffee i had one across the street from where youre sitting one of our portfolio investme investments. Its good coffee. Thank you very much. Winnebago is holding an Investor Conference in new york. Frank holland is there hey there winnebago is known for its mobil homes like this. They recorded a record profit, the driver of all that was towables like these over here. Were going to hear from the ceo of winnebago about the companys stock succs d nser enngesancoum someone i can trust. impact, click who is with me for the longterm. Who understands im dealing with lives, not only livelihoods. That in order to help people, i need more than products, i need Quality Support and insights. Can i find someone who partners with me to achieve peoples longterm success . With capital group, i can. Talk to your advisor or consultant for investment risks and information. Talk to your advisor or consultant their medicare options. Ere people go to learn about before theyre on medicare. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . Thats the plan well, youve come to the right place. Its also a great time to learn about an aarp Medicare Supplement insurance plan, insured by Unitedhealthcare Insurance Company. Heres why. Medicare part b doesnt pay for everything. Only about 80 of your medical costs. This part is up to you. Yeah, everyones a little surprised to learn that one. A Medicare Supplement plan helps pay for some of what medicare doesnt. That could help cut down on those outofyourpocket medical costs. Call Unitedhealthcare Insurance Company today. To request this free, and very helpful, decision guide. 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Had a chance to speak with the winnebago ceo. Frank . Thats salutely right shares rising more than 1 this year. The company reporting record profit slumping 18 the companys higher margin lower priced towables. Those have really been the driver reporting 6 growth winnebago holding its investor day here showing off the latest models we also spoke to ceo michael happy. He says the companys 2019 performance shows that recession fears are likely overblown the weight of the American Economy seems to be now a little bit disproportionately on the shoulders of the American Consumer i think some businesses and manufacturing environments have slowed here recently the American Consumer continues to spend were a Consumer Discretionary company, we have to earn their spend. So i think not only is there a secular strong argument for outdoor businesses but in the short term, consumers are continuing to spend money. Hes very encouraged about 2020 sales due in part to the fed cutting Interest Rates three times this year. He says he also looks at Consumer Spending and Consumer Confidence as Economic Indicators with the rv industry expected to see a third year of decline in 2020. We asked him if rv sales are a reliable economic indicator. He smiled and said, at least not in recent months ahead on power lunch the wealth on Elizabeth Warren well bring you the latest details on that. Plus, shares of Royal Caribbean navigating some choppy waters. The ceo joins us for an exuse teiewh per lunch returns. 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. Whether youre or here on a wifi hotspot. Xfinity mobile has more coverage to keep you connected to what matters most. Thats because its the only Wireless Network that automatically connects you to millions of secure wifi hotspots and the best lte everywhere else. Switch now and see how you could save up to 400 a year. And get 50 off when you buy any new lg phone. Xfinity mobile. Click, call or visit a store today. Welcome back, everyone, im sue herb aerherera Lindsey Graham is calling for the identity of the whistle blower claiming it would not put him at risk. The statute is being abused it doesnt give you anonymity, nobody should be prosecuted based on an anonymous accusation impeachment is the political death penalty. Walmart is expanding its Grocery Delivery Service you can pay a yearly fee or monthly. It will be available in more than 50 of the country by the end of the year. Theres some new Research Showing that insured americans are paying more for Behavioral Health services than other medical conditions the study of nearly 4 Million People of mebtal health or Substance Abuse disorders were more likely to have out of network care or pay more out of pocket per year compared with those with Chronic Health conditions you are up to date ty, back to you. Thank you very much fair amount of red on the screen there with the exception of the s p which is basically just flat so is the dow down five almost six points nasdaq with a steeper loss the russell 2000 down about a half . We have a lot of power movers today. Starting with the blast to the past xerox making a cash and stock offer to make hpq. The companies could save more than 2 billion in expenses if they merge both stocks are higher now next up, coty the beauty brand is pointing to amazon as their key catalyst. Diamondback energy down 14 . The company reporting disappointing results. Markets are hovering just below record highs here. Dom got a look at the sector. The good and the bad in this kind of situation, melissa, as we made this run toward record highs over the course of the last month in the Broader Market and the s p 500, there are three or four sectors that have been leading the way. One of those sectors is the industrial side of things. You can see on a one month basis. A healthy move higher, but its not all candy and roses. If you look at some of the defense contractors its down about 7 during that same span and lockheed which is down 2 . Thats a reversal. These stocks had helped lead the way higher for much of the last year or two. A strong component but theyre not participating in a run toward these regular highs one more sector to watch here is whats happening overall with the technology of financials take a look at that. The breast performing secretag sector over the past month the Parent Company of the nyse, also, cme group down 7 . Down 3 for intercontinental they are not participating for us, because the lack of volat e volatility in the markets since we grind higher is playing out there. One more place to watch is technology another Top Performing sector there, some of those stocks like payment companies, like pay pal, mastercard and visa. Thank you very much for more on the great rotation and what it may mean for your money, lets bring in chief investment strategist at Janney Montgomery scott he manages more than 2 trillion. Michael joins us from the schwab Impact Conference out in san diego. Welcome to both of you mark, youre pretty positive on the market if i had some incremental money, that i wanted to put away with a lets say 1 to 3 year time frame, where would you put it now . A couple of the sectors that were mentioned, were shifting our asset allocations into it, and away from the defense of sectors. Financials, materials, energy. We think what were starting to see is a rotation thats legitimate this time unlike the last couple times around, over the last few years, in which it was a one month wonder the legitimacy is being born out by the Global Economic positions. The readings coming out or the chinese purchasing manager are indicative of stability occurring in overseas markets which is going to go a long way toward one big trade some softening in the dollar and improvement in multinationals. Particularly those more heavily geared toward foreign markets versus domestic. Michael, let me ask you to chime in here, it seems like you overlap in your preference right now for what i call cyclicals, including financials and others. Although the economy continues to desell rate and corporate profits have been falling. I think its important to have sectors of the market to demonstrate very solid growth. We continue to like the technology sector, the Communications Services sector i think you need to begin to balance that with some secretariesers that have been out of favor this year and are starting to respond now. For me, i Like Health Care and financials were going through whats been a fairly sluggish earnings quarter, and health care has been the stalwart. Theyve done a fantastic job in terms of revenue growth, earnings per share growth. Its an inexpensive asset and it has some long term structural tail winds goingforward i wonder if you think the market is pricing in a lot this week in terms of are the markets discounting the signing of the phase one trade deal theyre discounting the fed on the sidelines. The bar is so high for them to move onraits either up or down at some point. And weve already got earnings in the books i ask you this, because once that phase one trade dealis signed, what happens i think youre right, i think the market has pulled forward on good news on both fronts certainly on the trade deal. The phase one is intended to be a down payment to be a much broader negotiation. We know the difficult issues, the structural issues are yet to be grappled with, and will take much more than the next year if ever to fully resolve. In addition to that, i think earnings expectations on a year over year basis, that is 2020 over this year are expected to be up, according to facts at 8. 7 that doesnt seem unreason will to me, given Global Growth expectations that we hold for 2020 therefore i think the market can continue to advance upon the realization of those earnings. This year the story has been about market multiple expansion in the way of earnings contributing to the gains that have been had so far a lot of heavy lifting is going to have to be done by the earnings picture next year the market is valued at 17. 4 times forward. It doesnt mean the advance will continue michael we have a lot of political winds blowing these days not just on china and trade. But obviously, with the election coming in 2020 a lot of people in jobs like yours are wary about whom the democrats might nominate does one candidate on the democratic side worry you more than any others . I think over arching concerns about the election always get a little overblown next year it would be a similar scenario to 2016, where the market largely treaded water until we got collarity on the election but tyler, i do think if a progressive democrat were to win the presidency, the markets would sell off thats not a political opinion i think similar to what we saw in the aftermath of trumps election, markets celebrated on the idea that under a republican you would have lower taxes, less regulation, and a more business friendly environment i think under a progressive democrat, the corollary would be you woe have higher taxes and slower growth. I think the markets would react negativitily to a progressive democrat that would leave you with sanders and warren with concerns on the market goingforward. Thank you very much enjoy lets get a check on the bond market right now. Rick santelli is tracking all the action weve had three strong up days in yield, down days in price. Today, after the weak productivity numbers, first negative number since the end of 2015, markets are melting a bit. But that selloff certainly helped build demand for todays ten year auction which went really well. You see the resistance there in the mid 180s, and finally the dollar index has been mostly down side since the 2 drop in october. You see, it is crawling back on this week and a half chart, back up to that 98 level, it will be a very important test to see if we can jump over that level and close over that level this week. Tyler, back to you all right, mr. Santelli thank you very much. Elizabeth warrens war on att th has a hidden bombshell. Wh iis and what it means for markets, next. Not much, how about you . Are you answering my text in person . I am. Yeah. Lol. Come on in. This is tech that helps you be there. The nissan altima. Now offering the most techadvanced engine in its class. Woi felt completely helpless. Hed most techadonline. 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Welcome back to power lunch, Elizabeth Warren continues to butt heads with billionaires leon cooperman and jaime dimon sounding off for vilifying wealthy people why this tax may not work like politicians hope it will we all agree that we need a better infrastructure for our country. We all agree that we want more into our educational system. We want more with people for opportunity. Theres nobody even the wealthiest person in america doesnt think thats a bad idea i think the bad idea comes in when you start to create this line in the sand when you start to decide whos going to get tax and whos not. Today the lines at if you have 50 billion or 5 billion tomorrow its going to be a million. At the end of the day, myself and other people that have had hard work and callous on our hands, dont want to be told how to reinvest into the marketplace. Now warren is fighting back against those billionaires robert frank is here with the latest it is the daily back and forth now. It just gets better, the push back from billionaires and ceos is music to warrens ears. The fact that theyve reacted so strongly, so angrily tells you all the you need to know the system is working for the wealthy and well connected and jaime dimon doesnt want that to change the wealthy taxing unrealized. Right now you only pay a tax on the gain of a stock sale of an asset if you sell it warren would tax the gain on that asset or stock every year, even if you dont sell it. If you own 100 shares of apple, your gain would be 15,000 you would pay a tax of 00 this year, even if you never sell a single share. You can use losses to offset future taxes, it would exclude retirement accounts, ultramillionaires and billionaires wont be able to earn income on giant fortunes year after year without ever paying a penny in taxes. This is on top of the wealth tax, which is her tax of 2 to 6 of wealth. 2 to 6 of wealth, plus all your unrealized Capital Gains would get taxed at . Does that unrealized Capital Gains tax apply only after a persons income exceeds a certain amount. It only applies to what she says the 1 . Right now the income threshold is around 450,000 for a family. If you make less than that and its part of your retirement account youre excluded from this tax any household making any more than 450 a year would have to pay this tax there are so many i dont even know where to start yes i would think that some families would have to sell their stock in order to pay the tax . Precisely, whats interesting also, not that we should feel sorry for jeff bezos and people like that, founders would have to sell 6 of the stock to pay the wealth tax imagine any gain, in bill gates case is like 20 billion a year beyond what you already sold so you would lose control of your Company Possibly within 15 years or so. Just paying these taxes. What happens in one year if the markets are down and you have a loss . She has a plan for that the planning is tax you. If you declare if you pay taxes one year and the stock is down the next year, you can carry that loss forward, but you dont get the money back that you paid the Previous Year what if i have a gain on the stock . I bought it at 50. Now its at it lost 25. Its at 75 i still have a 25 gain. On the basis. Youre right. What happens if you bought shares in different lots thats why this is a nightmare. The full employment act for accountants is what this really is its baffling. And so Mutual Fund Shares and this tax alone, she needed what, 20 or 30 trillion for medicare this piece of it alone is over 2 trillion in revenue, and thats why shes putting it in there. Robert . Thank you i think well be hearing more from you about this. Every day Royal Caribbean reporting weaker than expected earnings and lowering guidance. Taking a hit from Hurricane Dorian, shares initially sank, but have already recouped those losses climbing about 3 in the past week up next, the ceo will join us to teieuse in an excliv inrvw. So what are you working on . Im searching for info on options trading, and look, it feels like im just wasting time. Wasted time is wasted opportunity. Exactly. Thats why Td Ameritrade designed a firstofitskind, personalized education center. See, you just oh, this is easy. Yeah, and thats oh, just what i need. Courses on options trading, webcasts, tutorials. Yeah. Their awardwinning content is tailored to fit your investing goals and interests. And it learns with you, so as you become smarter, so do its recommendations. So its like my streaming service. Well exactly. Well except now, youre binge learning. Oh, i like that. Thank you, i just came up with that. Youre funny. Learn fast with the Td Ameritrade education center. Call 8662967451 or visit tdameritrade. Com learn. Get started today, and for a limited time, get up to 800 when you open and fund an account. Thats 8662967451, or tdameritrade. Com learn. 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. 2019 well get to you in a minute hes chatting away because were having a good conversation shares of trip adviser sinking more than 24 . Both companies are set to report after the bell welcome earnings so far from some of the major travel operators suggest that consumers are becoming a bit more conscientious on how much theyre willing to spend on leisure trips. At the same time there are these structural changes at play growing demand for rentals begins to challenge the hotels like march yol like marriott, hyatt and the bl Royal Caribbean reported earnings and lowered its fullyear guidance due to Hurricane Dorian which damaged parts of the caribbean and bahamas. Royal, along with other cruise stocks, have come under pressure in the last six months if the economy does continue to soften, cruises could thrive because they have more costeffective options. Seema, stay right here. We want to dig deeper into Royal Caribbean. Joining us aboard, chairman and ceo of Royal Caribbean cruises richard, great to have you in house and in person. Thank you for having me some people were a little put off by the quote that you highlighted certain changes in your cost base, revenueenhancing investments in 2020 what sort of enhancements, investments are these . We have three priorities. They are people, destinations and technology and we are investing in all three of them. The most recent example is our perfect day cococay, our private island we spent, for example, four years preparing for the new private island, the technology is coming on stream. Theres a shortterm cost but the payoffs have been, i would say, delicious. Coco cay is seen as a big driver for bookings during this upcoming wave season and some are saying they expect 65 will be booked by the end of wave season which ends the end of first quarter. Does that 65 sound right to you . We are seeing a lot more bookings in advance, and people are booking further in advance i think thats a sign of strength in the industry we havent given out those numbers, but thats the kind of number weve seen in the past. And the last two years weve seen record bookings as we end the year and i think this year we will again. One of the benefits of cruising is you can truly customize the experience from the type of room you want to stay in, food and beverage, whether you want to participate in on or offboard experiences have you seen any sign that consumers are opting for the basic room versus luxury, pulling back how much they want to spend when theyre on board not yet actually. On the contrary, were seeing more demand for the better staterooms weve upgraded our categories so we have more insuites, more with verandas and those are actually selling first now you try to get one of our top royal suites in advance, a year in advance, a year and a half in advance and its difficult to get the very best cabins i think its really because cruising has come of age and people are seeing cruising as a great value. We think thats why so many analysts are talking about us being recession resistant. And its paying off. Were seeing it at great strength in america, great strength in china. Europe isnt as strong as we expected but our pricing in europe is still better than it was last year. I can live with this kind of bad news every day. How much did Hurricane Dorian cost you and why was it such an expensive storm . Hurricane dorian was a terrible storm it cost us about 15 cents a share. And thats a lot of money. How many cruises did you have to cancel . We only had to cancel one, but we had to reposition we have to stay way away from the storm. Right. We do a lot of things from a precautionary point of view. We also had to close down perfect day for ten days we had to cancel or move 16 sailings it affected 88,000 of our guests in our 30year in our 50year history its our most impactful storm weve ever had the reason was it had some very unique characteristics, including the fact that it just sat there. Sat there 38 hours over freeport it must have been horrible to be there. So, it affected that it affect ed some of our best ships, oasis class ships and perfect day island and lastly, we invested a great deal in trying to give back a little bit to the bahamas. So there was a fairly big expense in terms of relief. Are you back in business in those destinations. Absolutely back in business and the destinations are fine. I have to say people forget how big the bahamas are. The chain is 700 islands its longer than california. And a couple of islands were affected its absolutely back in business. But is it time to maybe invest in other regions, given that hurricanes are a recurring theme and, therefore, a threat to your business well, hurricanes are an issue. But we are investing in other areas. So our investment in china has been some of the largest weve ever done. Just last week we announced a new investment in a perfect day in vanuatu off the coast of australia, were investing in europe were becoming, every day, more and more of a Global Company thats proven to be a very successful formula for us and diversifies our business when we do have something, its a hiccup rather than a real blow. Just to understand the advanced bookings, youre saying people are booking more and more in advance what is the percentage of the people who actually stay with that trip that they booked and take it . If somebody books, even if they put 5 down, the cancellation rate is very, very small. Really . People make their decisions theyre cautious about making their decisions and we say generally at any point in time about half of the next 12 months is booked. More recently its been a little better than that, because people have been booking a little further out. But once somebody is booked, they tend to have really thought about it and tend not to change that. 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We are so good. We built a guide that uses ibm watson. To help the blind. It is already working in cities like tokyo. My dream is to help millions more people like me. Facebook has put out a statement into the ongoing conversation into the company which we reported on earlier this hour. Responding to californias attorney general, revealing its 18month investigation at the company and its asking the San Francisco superior court to require facebook to comply with the subpoenas after the company failed to comply but facebook saying just now, quote, we have cooperated extensively with the state of californias investigation to date, we have provided thousands of pages of written responses and hundreds of thousands of documents right now, facebook shares are trading down around 1. 3 melissa, back over to you. Julia, thank you very much. I want to call your attention to shares of tesla, moving higher to session highs up by more than 2 s p advising the rating on tesla to a positive from a negative. Something to watch into the close here. Always a good stock to watch. Even on a day where the major averages are pretty calm. Thanks for watching power. Closing bell starts right now. Yes, it does welcome to the closing bell, everyone im wilfred frost. Uber, comments from the ceo coming up. Dow down six points. 59 minutes left of trade. Im Morgan Brennan in for sarah eisen. Reports of a possible delay in the signing of a phase one deal. Data taking a bearish turn as u. S. Productivity dropped for the first time on a quarterly otsis since 2015 and one bright