Power lunch starts right now good day welcome to power lunch lets get a check on the markets. The numbers are in the red all the averages are as investors try to digest mixed signals on the u. S. China trade talks but the indexes are off the lows the dow is down. The s p 500 call these numbers pretty flat except for the russell which is off about a half a percent we begin this hour with major deal news as Charles Scwab is in talks to buy Td Ameritrade could we be in for wave of deals that turn the disrupted back into disare you positive tors. For more on what led to the talks, let head to the New York Stock Exchange you have a combination of two big forces going on. First you have the synergy more importantly its about skill. Revenue per customer is dropping because commissions have gone do zero theres other reasons for this as well. The trend, for example, to low cost and a way from higher cost mutual funds and into etfs hurts anyone or collects revenue sharing from funds on their platform thats a problem then these firms have banks that are very profitable because the interest they pay to clients is very low also theres pressure from competitors Like Fidelity to raise the rates they pay the big battleground will be over advisory service. They make money usually on a fee charged as a percentage of assets under management. If you think its pressure on Wealth Management now, its fee based. Theres some people advocating going to a subscription base model for Asset Management bob, thank you. Is this potential blockbuster deal the beginning of a wave of consolidation and which sectors and stocks could be target what sorts of factors are you weighing i think one of the things that bob menged was sirrer jis and scale. You can look at sectors like energy and health care decompression and Energy Pressure whether that comes from political commentary or things occurring naturally. Our areas where were seeing some activity. You believe the energy could be right for consolidation its one of the worst performing sector on the s p 500. Its that one reason why exactly you start to see as david said its exposure to where the money is coming from a driller these are names that are been beaten up. 24 , 12 , 35 respectively Large Company cotake them out. Checks a heck of a lot of boxes and gives that space thats been undervalued a little bit of a tail wind going into where people are chasing year end are these moves born of defense or offense i think its a combination of both if you think about where we are today, Earnings Growth is scarce the best defense is a good offense . Companies are looking to wring out costs. Youll see acquisitions. Earnings are heavily tied to stock prices companies will look to acquire growth as opposed to trying to grow it organically. I think well see more of those. You go first. I want to ask you about your retail pick because i thought this with interesting. Were going to talk to a top retail analyst in a moment shes sitting here onset id love to get your predictions because i think these are interesting. Kohls stores have a jv with amazon i think that amazon needs a foot print, not globally but in states you need some Fulfillment Center checking the box for amazon. Kohls stores are ready. They are carving out a lot more of their store for amazon specifically that should be an easy view in my mind. It looks like the indexes are taking a breather. Probably driven by the hesitation crept into the trade story. What do you see . I am seeing very few in the way of positive catalysts and a lot of negative. Earnings growth is very, very weak it looked like well have four straight quarters of negative Earnings Growth. Stock prices are tied to earnings we dont think fed policy and low Interest Rates can drive stock prices for ever. Short term yes, not forever. The trade deal really seems to be the key today if we got a legitimate trade deal and perceived as a win win, i think we would have optimism about Earnings Growth into 2020. We could get more optimistic about the market in short of thatre not seeing what will draw Economic Growth next year and stocks are trading at all time highs. It doesnt make a lot of sense well leave it there. Thank you. Retail is group that is battling disruption. Luxury retailer raising its bid for tiffanys the macys mess continues and more retail earnings are coming in after the bell. Lets talk about it all. Whats happened . What do you think will happen in. Its lirumored they raised their bid. That wouldnt surprise me. I think tiffany brings a lot to lvmm and they bring a lot to tiffany. I think lvmh can help fasten that up and speed it up. I think they want to increase their fashion and watchs and jewelry category given how strong fashion and Leather Goods is i think keep in mind insider dont own a lot stoof stock at tiffany. Theres a share holder value to benefit. Ill pick up there. You think tiffany has a lot to gain yes they have the creativity and global muscle to advance tiffanys and modernize tiffanys and reinvent it for being more relevant lets move on the macys after it reported same store sales decline in two years slashing its out look. Vendors didnt seem to have any problem when we were the top retailer the vendors were happy because we were their largest. When they add distribution to off price channel and the consumer was choosing between this and that, it became a bit of a challenge now when those start to hit a well as well and their business becomes difficult, it does being strained not with just macys but every one. What you think . I think overall the Department Store category is in a tough spot youve seen it from the same store sales that we have seen at jc penney, kohls and macys theres a disconnect until you start getting positive same store sales and seeing leverage in terms of expenses, this is a higher cost proposition of doing business. Its a reset in terms of what the financial targets are. Were not done yet with the weakness of the Department Store catego category how much of a threat do you think and this may seem off topic but its all related, is Something Like the real. Also there was a downgrade of coach saying while you spend 200 on a new coach bag, you can buy a used bag for similar price with designer label which does threaten macys because it takes the coach buyer out of the store. Theres more choice than ever. The pivot that all retail needs to make is changing. I think look how macys has threat up. Look how nordstrom has rent the runway in their stores thats the only way youll get more customers you need the data in order to get the newer customers and also continue to track the old customers. How do you create some of these new channels for each type of retailer were not going to have all the retailers in five years but well have more relevant this is fascinating to me if you want a new hand bag and youve got old hand bags that you dont want anymore or in good condition, why not sell them and good money back and get the one you want on average, it said that 50 of a persons clothes are not worn how much of your closet do you wear i think youll probably right. Its probably 50 or less. Even less certainly of the shoes i own. Lets move onto the next two. Gap and jw nordstrom facing Different Things it feels more skeptical and not. The old Navy Business isnt performing and isnt adjusting as they would have liked. I have not been there. It opened october 24th so the Quarter Ended october 31st you only have a week under your belt its expected to generate 100 basis points to sales growth i think overall a tough go in the Third Quarter for nordstrom too. Full line and off price was weak for in ordnordstrom. You like the new store . I like the new store. I like the new store it has more new innovations than youve had in other stores manhattan, come pepetitive mark. Great to see you. President trump kpped to sign a bill protecting human rights in hong kong. The house and the Senate Passed the bill its increasing tensions between china and the u. S. Not good for trade talks wchina does want a phase one trade deal but where whethey wo out core issues. The wall street journal is reporting chinas chief goer negotiator has invited hi counter parts for a round of trade negotiations before thanksgiving but that report says the u. S. Team is reluctant to come unless it has Firm Commitments on issues such as agricultural purchases as that is on the top diplomat here has been threatening or warning that u. S. China relations could suffer because of the congress latest move on the hong kong human rights bill. The Foreign Ministry said that the u. S. Should stop before its too late and also the paper, the peoples daily said that if the u. S. Does go ahead and turn this into law, china would take resolute revenge guys thank you very much coming up, shares of sage theer put therapeutics was once one of the hottest trades well hear from the ceo and hell talk about what could get the stock moving higher. We talked disruption in online trading. How the Housing Market is being disrupted. Zillow and redfin have home flipping businesses. Well talk to the ceo of redfin about it and wt shait contributing to his company. Stay with us 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. Now offering the most techadvanced wthats why xfinity hasu made taking your internetself. And tv with you a breeze. Really . Yup. You can transfer your Service Online in about a minute. You can do that . Yeah. And with twohour Service Appointment windows, its all on your schedule. Awesome. So while moving may still come with its share of headaches. No kidding. Were doing all we can to make moving simple, easy, awesome. Go to xfinity. Com moving to get started. Shares of sage they are pewter pu therapeutic is up 60 . Initial sales for its first drug have been slow forcing investors to look down the pipeline. Over to you. Thanks for being here thanks for having me. We have the data set up investors and analysts are calling this a huge binary event for your company set up for us what people should be expecting what are you working on and what these data mean . First, thanks for having me our goal has been to develop inknnovative medicine our first drug is first and only treatment to post partum depression the goal was to get women with post partum depression back to their family and back to their children we have already completed two programs one in major depressive disorder and another in post partum both of those had Rapid Response and durability even though we only used the drug for two weeks. Were very excited by the opportunities this may offer the next study is third of our three studies. Thats the study that where we plan to report data this quarter and as you mention every one has been waiting for it its part of a large portfolio of studiestudies. Its not binary in our minds we have some other studies coming out jpmorgan puts 40 upwards on great data up 50 downward on a mix why is it so important the landscape for treating depression needs new options theres been a positive innovation in Mental Health. We dont spend enough money on it people with Mental Health disorders dont get adequate therapy. We know this its been difficult to develop drugs in the space we had five studies that are positive hopefully it will keep the streak alive its what we call up and running with a lot of holders. Its been hard to conduct winning studies in the space its large indication that 16 Million People in the u. S. Alone are diagnosed with major depression the opportunity and the patients and a company like ours is great. Thats going on inside your company. Theres a lot going on outside focussed on drug pricing and politics if you look at the overall Drug Development eco system, people think the drugs come in federal government and thats untrue the vast majority of work to develop a drug comes from private resources. I think its highly risky. Theres no question. People are saying up 50 , down 50 . You have to ask who wants a job like this. Youll have a Chilling Effect on investment i want to you about a company where you serve on the board as somebody who works in the space, what do you think it says when a stock moves up 400 that the street doesnt expect these trials to hurt it represents the area of unmet medical need that people are separate for innovation. The data was unbiassed its em ble mbleemblematic of hl this space has been. Well stay tuned for your data coming pretty soon, i think . It will be this quarter back over to you. Thank you, guys very much dont forget to tune in tomorrow for our exclusive interview with dr. Steve paul shares of tesla up 60 in the past three months. The the stock go high r. Well tell you about the new change twitter is making to make its service a little less nasty. Thats coming up on power lunch. As a principal i can tell you this. When one student gets left behind, we all get left behind. This is a problem that affects each and every one of us. Together with ibm, we created a whole new kind of School Called ptech. Within six years, students can graduate with a high school diploma, a college degree, and a pathway to a competitive job. You know whats going up today . My poster. Today, there are more than a hundred thousand ptech students around the world. Its a game changer. But a Company Develops a way by tto actually attack it. In, what drew me to Capital Allocation in Health Sciences was the potential to help many people through investments that help fund medical innovation. My team and i often choose to invest at the very early stages of human trials. Investing lets me use everything ive learned as a doctor to help make a positive impact. So thats why i go beyond the numbers. Welcome back here is your cnbc news update at this hour. The israeli attorney general forming netanyahu in a series of Corruption Cases calling it a difficult and sad day. He charged him with fraud, breach of trust and accepting bribes in three different scanda scandals its first time a sitting israeli Prime Minister has been charged with a crime both men have been implicated in federal bribery and embezzlement scandal. A new Jersey Based Company is recalling nearly 100,000 pounds of salad products that could be contaminated with e. Coli they were sold in nearly 40 different varieties of salad kits take a look at this guy. A 9yearold boy set to become the Youngest University graduate next month he is studying Electrical Engineering in the netherlands he has an iq of 145 and is set to complete his University Studies in nine months took him less than a year to do high school. Whoa. Thats the news update. Amazing. He wants to go to medical. 40 iq points difference he wants to go to medical school too the last day of impeachment hearings taking place in washington today there was a confrontational moment between republican jim jordan and david holmes. Jordon took holmes to task for not telling one of his bosses about that phone call he overheard between President Trump and Eu AmbassadorGordon Sondland holmes responded he thought everybody understood the implication. Last week you come forward with supposed this new information. Theres nothing different in there th transcript maybe thats the reason their you are their closing witness. Of course the president is pressing for a bidhrough every word in the call because every one by that point agreed it was obvious what the president was pressing for both holmes and the other witness who used to work on the nati they believe ukrainian policy had turned policy. Back over to you thank you time now for todays power mover. Shares of twitter higher by more than 3 . Still down 25 in the month. It will give users chance to hide replies to combat abuse shares of etrade is down the marijuana stocks are soaring today. Continuing a big rebound after a house economy approves the bill that could erase the federal band canopy stock still down big for the year ahead, tesla set to unveil its cyber truck today. Well tell you what you fwhenee know about that. The latest from cnbc investigation into the luxury used clothing site and new housing data out today existing home sales back on track after a weak september well talk to the ceo of red fin. Ishepor ncweluh returns. Theres a cyberattack on business every 39 seconds. Ouch. I dont even want to think about it. Comcast business has a solution. We go beyond fast with a cloudbased Security System that automatically updates, so you always have the latest protection. Phishing. Malware. Risky sites. It can help block all of that. Its one less thing for us to worry about. Comcast business securityedge automatically protects all the devices on your network. Call 18005016000 today. We believe in education built for all people. , [woman] snhu was the best experience of my life. [man] without snhu, i wouldnt be the leader i am today. [woman] i graduated high school 19 years ago. I still finished. ] in the military, you feel that sense of accomplishment. Thats what snhu is. You will march from this arena and say to the world. I did it. [woman] you did it. I love you. [graduate] i love you too. Robinwithout the commission fees. So, you can start investing today wherever you are even hanging with your dog. So, what are you waiting for . Download now and get your first stock on us. Robinhood. Wthats why xfinity hasu made taking your internetself. And tv with you a breeze. Really . Yup. You can transfer your Service Online in about a minute. You can do that . Yeah. And with twohour Service Appointment windows, its all on your schedule. Awesome. So while moving may still come with its share of headaches. No kidding. Were doing all we can to make moving simple, easy, awesome. Go to xfinity. Com moving to get started. Physical therapily quiet session. All three major indices are in the red. The biggest move we are seeing sector wise is in the Energy Sector and thats up by 1. 5 oil market closing for the day. Oil prices rising for a second straight day. Prices jumping on a report from rite reuters that opec is likely to extend we could see a phase one deal breach oil prices have come extremely reactive to headline as investors try to get a look at future demand. Wti settling around 58 cents a barrel up about 2. 7 global closer to 63. 95 a barrel up 2. 48 . Back to you. Thank you. Youre just hours away from elon musks big night this evening. He is expected to launch the much teased cyber truck. Teslas big play into the lucrative pickup truck market. They account for 80 of 2019 Auto Industry profits. Many questions remain. Tony, great to have you with us. Thanks for having me. We have seen a massive rise the bare thesis in terms of the cash burn and capital part of the equation seems to have abated for now what this pickup truck really brings back to the fore is how much capital will be needed to build this truck out we dont know where it will be produced do we have any idea of the nicks of this truck. We know for instance that the why the crossover and the three share a lot of parts its a little bit more efficient to produce do we know anything about this new pickup truck though . We dont. Thats why tonights announcement will be very well listened to unlike prior product announce mgments where tesla ha signalled much about the product. We dont know much about the cyber truck other than it will have a unique design musk has alluded to the fact this may not be a high volume vehicle. For me thats the key question will this pickup truck, at least its initial version kaet acreaty meaningful volume. Things about where they can make it will become very relevant questions. If its more of a niche offering which musk seems to have eluded to then it becomes less month and it probably can be manufactured domestically within one of teslas existing facilities why would musk, in your view, call this a niche product when the pickup truck market is so large and it sounds like they are aiming for reasonable price i ing. Starting price below 50k on a pickup truck the pick up market is big its about three Million Units in the u. S thats about 65 of the size of what we think is addressing model is for the model 3 and model y. Model 3 has been high for tesla. Elon said things like im not sure if anyone will buy this if they dont i guess well have to make a more mainstream truck. Theres questions about the utility and design and questions while the starting price point might be 50,000 or slightly below that, when you get to something thats competitively con figured are you looking at a 65 or 75,000 truck. Those are things that well be looking carefully at approximate tesla has done best globally this is a ripe market. Its really teslas first incorporation of a pick up truck must like its first sedan because of its price point was more of a limited offering sort of two questions the first is when i think of tesla, i think of a brand identity that is very elegant and stylish and smooth and gorgeous and bufrl i see a brand discorrect there on your first question around brand, the pupts market is really concentrated. The Chevy Silverado and ford 150 series are dominant vehicles with high market shares. We have seen sort of nontruck based competitors like honda ten years ago come in with a rich line and have very limited success. That will be a challenge for tesla and that could be one of the reasons why expectations for tesla itself may be more needed for this product on the price target question, weve had our price target for over a year. We dont change our price target very often we think the stock is relatively fairly valued at current levels. Theres still some debate around whether tesla will have sustainablely this level of margins going forward. I think taking a step back, the real question is you have a company today making three to 400,000 vehicles it was the same valuation of mercedes and bmw that have similarly positioned vehicle car makers who are taking two and a half to three million cars tesla may have the glide path to get there but that would be many years in the future and investors are giving them that credit at this point valuation is not a slam dunk at current levels given those considerations thank you to the bond market we go and rick santelli. Hi, rick hi. It was a big factor today. It was small one but here is what i look at yesterday they bottomed. If you look you can see that volatility is relatively low which is something to pay close attention to especially considering how yields have been sliding and finally lets look at two day chart of our tenyear versus boons youll see 205 intraday low today. Roughly 2009 now it will be the narrowest since february of 2018 thank you very much coming up, twooewell talk housing with the ceo of redfin can that trend continue . A cnbc investigation uncovers nerelaon autw vetibo the real real our story comes right up on a scale of one to five . Wait. One to five . When it comes to feelings, its more like five million. Theres everything from happy to extremely happy. Theres also angry. Im really angry, clive actually, really angry. Thank you. And seat 36b angry. Youre clive owen. And youre barefoot. Yeah. Theres also apprehension. Regret. Relief. Oh and theres empathy. Ah, i got this in zurich actually, whats the opposite of empathy . But what if your business could understand what your customers are feeling. And then do something about it. You can turn disappointment into gratitude. Clive, you got to try this. I cant im working. Turn problems into opportunities. Thanks drone. Change the future of your business. Change the whole experience. Alright who wants to go again . I do i do i have a really good feeling about this. 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. A cnbc investigation reveals how everything sold by the real real is not authentic. They vigorously defend their process. Now in the wake of that investigation cnbc has obtained internal documents to reveal how easy it is for counterfeits to make it onto the site and be purchased by customers theres no fakes on our site. Reporter thats what ceo julie said about her luxury consignment business the real real on its way to valuation of about 1. 5 billion everything is authentiauthen. Reporter the promise, we ensure everything is 100 real, 100 authentic we interviewed dozens of former employees and found copyrighters who were hired to write blurbs and had daily quotas to reach. She turned down an interview the stock was left reeling shares dropped 17 . Reporter the day our story aired, this 100 promise was scrubbed from the companys facebook page. Its also gone from the website. The ceo then turned up on mad money admitting the company cant literally live up to its 100 claim its impossible to be perfect but we strive to be perfect every day. Let me tell you about what happened in october. We processed 490,000 units our copyrighters team removed 4,000 units before they ever posted. Reporter these internal documents we obtained reveal hundreds of fakes that were publiced on the site and returned by customers in just two quarters of 2019 the real real wasnt public in june selling preowned goods like designer bags, clothes and watches. The company says it sold more than 11. 5 million items since it started. Take a closer look at these documents. Called copy writing faux and tell with stacks and stacks of trr fakes. The documents went to co copywriters. These flats a trr fake but missed by the so called team of experts. Even though the sole clearly reads jimmy goo with a g the logo on this top the label inside this fendi bag and a tag on this tshirt. These slides are so off, the style was never even created ugg boots with the wrong logo and bow. These slides and scarf are both made in italy but the trr fake say made in china. Here is a gucci belt with no branding on the letter and the gg a garish gold trr fake we reached out to the company about the faux and tell report its only comment, we do not share specific details the on our proprietary Training Programs theres been a lot of short action on this stock more than 40 of the flow. Its tough to get an exact number because many shares are locked up from that ipo in june but the real real is one of the most highly shorted companies. This new document is telling because its the first time we have seen the company talk about fakes. Going up on the site and this is key, fakes that are returned by customers. That would imply that when julie goes on any other show upped in mad money and said there are no fakes that theres actually an acknowledgement internally there are fakes because the documents exist to prove that sentiment these documents exist to show there are fakes that are returned by customers. Many of them, glaring errors theesz were obvio these were obvious mistakes that should have been caught. Jimmy goo. You have to turn the shoe over to see that. Very interesting. What are they doing or do you know what dha athey are doing t to tighten julie is working wi co copywriters to try to train them more they are now removed any kind of 100 claim from our website. Whether its 100 real, 100 authentic. That model that they are based upon is no longer on the website. Did you say in that piece, how much new product is coming in every week or month or day that they have to authenticate she talked about it october, 490,000 units that had to be awe thenty ka tty indicated they cut 4,000 prior to going on the website. These documents, thats the first time we have seen they actually went on the website and were sold. I would think this raises credibility questions about the ceo, potential shareholder lawsuits and fraud allegations as well. The latest trend in housing. Real estate listening websites become flippers. Older people staying put longer. What it all means for the real estate market. Thats next. E in. Shift times. I just need to know if its there. Compliance. Can i get your 20 . For 100 drivers. Doug. Doug . And where is doug . He should be sleeping. So should you. Just because youre married to my sister, you could lose this job, billy this isnt working. Introducing samsung connected fleet solutions. With the galaxy tab active2, you can track driver shifts and timesheets and meet eld compliance, all from one device. Samsung business solutions. And meet eld compliance, all from one device. Stand up if you are first generat crowd cheering ent. Stand up if youre a mother. If you are actively deployed, a veteran, or youre in a military family, please stand. The world in which we live equally distributes talent, but it doesnt equally distribute opportunity, and paths are not always the same. Im so proud of you dad. [man] i will tell you this, Southern New Hampshire university can change the whole trajectory of your life. uplifting music 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. The disruption is every where, even in housing zillow and red fin betting on House Flipping joining us now to discuss is the ceo of redfin. Glenn, welcome good to have you with us talk to us about the Overall Health of your business, and of the marketplace as you see it. Well, redfins business is doing very well. Gross margins is up in every possessionment whether its mortgage or title. But redfin encore brokerage. Some of it is because the Housing Market is doing well and some of it is because we are lets talk about redfin now and the House Flipping business. Others got into it as well some of your competitors among them i wonder how you assess the risk of that. Mother, you have to go out and i guess borrow and buy houses, carrying that asset on your Balance Sheet and then fix them up which is an outlay of cash and then hope you can sell them at a profit. I think were more careful about that risk than most of our competitors. Others are more bullish on opportunity. I know that we can get more efficient over time but still a challenge to try to take a real estate process that involves us owning the house, cutting the grass, paying the electricity bill and make that cost competitive with just selling your house directly the to a consumer i think consumers will pay a premium for a convenience to get an instant offer but the question is how much of a premium will that be and we feel very careful about that because we know we wont reinvent real estate in america by buying every home in america. You might like to good idea. I dont want to buy every home in america. Where does most of the flipping take place . In other words, is it concentrated by geography or by type of value or neighborhood or market tell me about the particulars of where youre flipping, what youre flipping and who youre flipping to. Well, the market is concentrated in places like phoenix, denver and dallas where you have cookie cutter homes where its easy to price by computer and strong market highly liquid especially for starter homes. You can deploy capital more efficiently and turn the inventory every three marks. Coastal markets where youre fixing up houses, you have to hold the property longer, youre take more capital risk because the home is more expensive there fewer competitors have emerged. It may be you have higher margins in the coastal markets but the main competition is in places like denver and dallas where its a very fungible commodity. It sound like you think this is a fixed part of your business and not a growth area. What percentage of total revenues do you see this being, eventually well, thats a complicated question because the way you recognize revenue in the home flipping business is for the whole freaking house so i think it could be a huge portion of revenue but a small portion of transactions. Thank you very much check please is next ing ing for every dollar you spend at a small business, an average of 67 cents stays local. Shop small and watch it add up. Small business saturday by American Express is november 30th. Each day our planet awakens but with opportunity comes risk. And to manage this risk, the world turns to cme group. We help farmers lock in future prices, banks manage Interest Rate changes and airlines hedge fuel costs. All so they can manage their risks and move forward. Its simply a matter of following the signs. They all lead here. Cme group how the world advances. The amount of Student Loan Debt i have im embarrassed to even say i felt like i was going to spend my whole adult life paying this off thanks to sofi, i can see the light at the end of the tunnel as of 12pm today, i am debt free we have no debt, we dont owe anybody anything, and its fantastic people talking for every dollar you spend at a small business, an average of 67 cents stays local. Shop small and watch it add up. Small business saturday by American Express is november 30th. Check please and were both mesmerized by the piece by andrea on the real real regarding internal documents that shows the company was aware of fakes making on to its platform and being sold. We raise the question of potential fraud, shareholder lawsuits, at least a credibility issue with management. That stock is right now down by 4. 7 you can see a little dip roughly thats a longer term look it was a dip. It was a dip when that story was on you can see an Immediate Reaction good afternoon welcome to the closing bell, everyone, im wilfred frost. Im here at the Charles Schwab post that stock moving higher on reported acquisition of td america that will shake up the financial industry up 7 . Also all over the broader markets which recovered. Essentially flat now with 59 minutes left to trade. Im morgan brennan. Lets look at whats driving the action today a murky outlook on china trade negotiations another retail report. Macys is todays laggard. Weaker labor and manufacturing data