Pressure well dig into that. Power lunch starts right now welcome to power lunch stocks are at record highs the dow back above 28,000. 28,012 right now while the s p and nasdaq notch new records check out some of the new names hitting highs today. Jpmorgan and fresh records there while General Electric is at its highest level. Melissa. Driven by merger mania. A market responding positively to a flurry of deals this monday starting with Charles Schwab just one month after both brokerages eliminated commissions and a luxury you have lvmh growing its empire with tiffanys, 16 billion. Also a way to increase its exposure to china. Ebay is stelling stub hub. In total, four big deals, 56 billion in deals announced just today. Theres a common thread. First lower rates to take out debt to fund these acquisitions. Third, the prospect of an Elizabeth Warren presidency. Thats enough for a reason for some of these companies to put money to work now versus later were looking at the s p at a new high the dow back above 28,000. Back to you. Thank you very much todays merger helping to fuel the record rally but could the euphoria be a sign of a top . Our next guest doesnt think so. Hes bullish on the market saying despite the ris factors investors must underline boelds face stay in the market or they will miss the next leg of the rally. John is ceo and fund manager where he has 25 billion in assets under management. Congratulations on a good run. John was ringing the bell today or something tomorrow well be bringing the bell for one of our funds. Thats fantastic. Lets talk about the market and why you think it can go higher from these highs if you look apt tt the econos really strong. We had a strong earning season were looking a ining at the cor were looking at controlled inflation which is around 2 unemployment is all time low i think that its very, very strong Going Forward there are some head winds. Trade talks, the elections should we be surprised that a lot of deal making has come out of the wood works latelately theres a lot of money on the sidelines and a global thirst for yield. Youre going to see consolidation. Theres going to be a lot of deals. Whats the danger that the buyers are buying at the top well, the question is when is it going to end. Everybodys talk about its a tenyear run is it going to end the past doesnt predict the future the length of how long this can go it can go for a long time. Even though it might be at the end of the cycle, that doesnt mean its over we can go another year or two or three. Vent risk the election of Everything Else will have a huge part to play in it the economy is still strong. We see deals continuing to happen i think well see more deals in the next futures why do you think its a sign the markets can go higher . It sounds Like Companies are not spending on capex on their own theyre not building out new factories. They are looking to make some deals to save on costs to get efficiencies up. That doesnt sound like a position of strength here. It is theyre looking for growth in any way they can get it. A lot of companies have exhausted growth internally. They need to add to. Growth is a main part. Yield, searching for ways to make money a lot of firms have already gone through cuts theyve already gone through that now they are looking lets consolidate. Lets bring more growth and look for other ways to save money son kconsolidate means cuts youve uttered the work. I cant imagine that the schwab, Td Ameritrade will add to their forces could this understood cut that unemployment is low. Are these deals really so marginal in a 300 million person plus economy that they dont matter they are somewhat marginal. B, unemployment and employment is defined every day different types of jobs are being created that werent created in the past. Some jobs are being eliminated but theres other jobs that are being created because of how the economy is changing. I think that overall its healthy for the economy. We positively think you need to be invested tyke advanta eed too these. You dont want to miss out on the next leg of this rally what kind of leg are we talking about . Theres going to be volatility we have seen that in the last couple of years. The administration, the tweets, Everything Else, the market is going up and down. Now if youre not invested, unfortunately a lot of people are in the markets you have to be in it you have to be in Risk Management securities in order to try to take advantage of when the market goes up and limiting the down side. Thank you very much appreciate it. Thank you lvmh spending 17 billion to buy tiffanys what is it going to do with this shiny new toy . Shiny new toy in a blue box lvmh telling this morning that turning around tiffany will take a lot of time and money which will be a lot easier now that its got the new french parent company. The tiffany deal is expected to close in the second half of 2020 it has a three part plan first to elevate the tiffany brand and that trust in consumer secondly you have to improve the retail locations, about 300 around the world speeding up the renovation of that flag ship store in manhattan which has gotten a little musty possibly adding more designs that play in the tiffany name. When asked if tiffany is losing its luster, lvmh finance chief says tiffany is about the concept of love and i dont think the concept of love is decreasing some french there his point is really the timelessness of tiffany. Yeah. Incredible brand. All they need to do, not all, because its a tough sled, is to bring it to todays generation bring it to yaua younger, more global consumer. Look, this is the reason why bernard is the sec richest man in the world he has gained more wealth this year, over 31 billion than michael dells entire net worth. That tells you that the tear lvmh has been on is really successful a lot of that is about how well they ark straorchestrated china thanks. A huge protest delayed the yaleharvard Football Game they wanted responsible investing. Will this incident quicken the move to esg funds and divestment from certain types of stocks ubers road plans hitting a block as london strips its licee. Wh t me anfor uber, next on power lunch. Uber hitting a serious roadblock. London regulators stripping the Ride Sharing Service license to operate in the city. Lets check in with deidre in San Francisco for more major roadblock london is one of ubers most important markets. Some 45,000 drivers work for the company and the city is one of five that made up nearly quarter of all bookings on ubers platform last year while uber has been trying to clean up operations, rivals have been busy trying to get a footho foothold uber can continue to operate while it appeals the decision but londons mayor said that he stands by and supports it. Unfortunately theres a pattern of failures from uber. Theres been 14,000 journeys where unauthorized drivers have been drivie ining people around they arent the driver who the passenger thought they were going to be. Uber pointed out the risk of losing its london license. It acknowledged such a decision could embolden and encourage other authorities to take similar actions. Back to you. Thank you uber shares are down about a percent. They are well off the lows for the day. Sun trust called it favorite transportation disrupter of 20 great to have you with us. Thanks. What happens to your estimates for uber what happens to your rating on uber if it loses london. According to the s1, uber london is one of the five markets that makes up 20 of gross bookings or so. E ewe estimate london is 4 o5 of top bookings. This is something that clearly is a net negative for the company. Judging by the way the stock has traded which is effectively down 1 , that means fair amount of it was already discounted so the question is how characteristic is this of london versus the risk of contagion into other markets we dont think thats the case they are still operating in london and well see i think if you read the press release that the tfl put out, in every other sentence they were saying how they were pleased with what uber has done but they werent getting the full creditability required to give them a 15month license. I think work is this is a work in progress. Both companies have cited increase does this make uber more competitive, less competitive. How should we think about the dynamics in the space overall . Thats the question questiken it was dramatically better on one metric thats the most important. Effectively how much uber keeps out of the gross bookings. The model is extremely, extremely sensitive to that. Its literally or a couple hundred basis point s a billion tlars to the bottom line you saw an improvement there you also saw an improvement in europe which is what caused management to say, were going to turn profitable into 2021 when most of the street had been turning profitable between 2022 and 2023 i think generally the outlook for uber from the profitability stand point will indicate they are able to already generate a lot of money out of uber to fund the uber eats business which is still problematic for the company, no question the Competitive Landscape and the ride to business has improved in the u. S. And increasingly in latin america where they have been butting heads. That seems to be improvement on the margin as well you stand by your note on friday in. I do. Absolutely netflix has been staging a stealth rally. One analyst says not so fast well talk with the analyst who downgraded netflix today advertising is getting so sophisticated. One firm has such specific targeting that it could tailor ads to you based on where you are and what yrdog. Oue in creepy, effective . Both well be right back. Im a regular in my neighborhood. Im a regular at my local coffee shop and my local barber shop. When you shop small you help support your community from after School Programs to the arts so become a regular, more regularly. Because for every dollar you spend at a Small Business, an average of 67 cents stays in the community. Join me and American Express on Small Business saturday, november 30th, and see how shopping small adds up. 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. Stocks have soared more than 13 over the past month. One firm believes it could come down like a house of cards wells fargo comes out with a note downgrading the streaming service saying subscriber growth may be more expensive than inveinve investors realize. The firm says if con tent is king then cash is queen. Joining us is the analyst by hien behind the call. Good to have you with us thank you i understand youre concerned about subscriber acquisition costs. As i was reading your notes, the Company Makes money, right that depends on how you want to define it on a Free Cash Flow basis they are Free Cash Flow negative. Thats something they told the streak it will take a lot longer to get to selffunding than what the streak has baked in. Maybe the cash returns of this business are a little more modest they do have positive eps im right on that thats correct. There is a difference between the cash and a profit and loss on the income statement which comes down to their accounting we dont have a problem with the accounting per se. We just do think people need to look at both when valuing a company at this subjective growth phase you point out as well, which is really intriguing to me. How does this Company Actually grow and deliver if it is losing money on every subscriber. You say 2 per month per subscrib subscriber am i quoting you correctly thats correct. Netflix has been losing around 2 per subscriber per month. Its charging around 10 on a global basis for the streaming service. Its spending about 12 on that same subscriber. I think is expectation is as it gets bigger, some of those costs per subscriber will come down. Youll start to see this Inflection Point we think it happens more slowly and when it gets to a positive point that cash is more modest stephen, why does this matter and im asking you this because net nix has access to the Capital Markets right now. You say where we could be wrong may be no one cares. We are seeing the stock trade higher today is that part of this narrative people willing to over look this because netflix can still raise money. Yeah, i think theres truth to the fact its going to raise money for long time. The market and the stock is always the addition of all the future cash flow were kind of saying maybe the future cash flows are modest than what you thought before they decide they want to lend the money at a higher price. If we see Interest Rates go up thats another potential risk for the funding stream that netflix had good access to were not saying all these things will come crashing down this has been a high flying stock. Thats what were looking for. Thank you very much we appreciate your time today. Thank you ahead, the ivy league lashes out. The harvardyale Football Game disrupted by students. One possible path the university could take bitcoin falling fast tumbling 3,000 in a month hitting its lowest level the ads have eyes. Its not just the internet advertisers can track you as you move throughout the world. Well talk to the ceo of one tech Company Tracking users in reallif life. Welcome back here is your cnbc news update. At least 7 people have diep edd following a weekend of heavy rainfall across italy and france which caused flash flooding and landslides debris brother store windows and left scar stranded on the beach. Bill cosby said he would rather serve his full tenyear prison term than show remorse because he is innocent he made the comments during a jailhouse interview with black press usa. Cosby is in the process of appealing his conviction of felony aggravated indecent assault. A young boy who fell three stories a ts tt the mall of ame is walking perfectly according to a fund raising website dedicated to the 5yearold. He was with his parents when a stranger grabbed him and threw him. First lady was outside the white house to welcome the Christmas Tree youre up to date. Thats the news update back to you. Lets take a check on the markets. Taking a look at the levels right now. S p is up by 19 points the dow is up by 140 poibnts. The nasdaq is up by 1. 2 being helped by the rally that were seeing today in the semiconductors time for todays power movers the brokerage saying no bart we end with Kirkland Lake gold with a loss. Ebay is selling stub hub for 4 million thanks to a push from two big activist firms this was the strategic brain child of two well known activist firms and now ebay is parting with stub hub for about 4 billion. The two built up stakes in ebay and in january pushed the company to consider selling parts of its portfolio including stub hub and ebay classified by march two were added to the board amping up the pressure to find a buyer for stub hub and other assets today a deal was announced with ebay selling stub hub for about 4 billion in cash thats roughly in line with where elliot expected stub hub to be worth. Its not the first time they have trimmed assets. Theyve been on a roll having launched 25 campaigns more than the next eight combined thank you the harvardyale or yaleharvard football. Wait. Its harvardyale on your show the event was disrupted when Climate Change protesters demanded fossil fuels. Its toward responsible investing or divestment. Where do you come in terms of this on whether divestment, which is the point of these protesters, is an effective tool first, id like to say i really do empathize with the protesters i think what were seeing is that young people really feel a sense of urgency about addressing Climate Change. Actually investors whether youre an asset ordinary reaswn manager, we have a range of strategies we can use in order to prompt companies to perform more responsibly theres the way you vote your proxies. You can submit shareholder proposals to that effect and also actively engaging with companies whether youre in the Public Markets or private markets that can have an effect as well. I think that the focus on divestment is a bit too blunt of an instrument. The protesters, most of them, would not have the ability to go mount a shareholder proposal at exxon or chevron but they could influence, i suppose, the managers of harvard or yale to do that. Is that is the better way for them to go than engaging in this sort of broad blanket call for divestment i think its the way to go. Institutions that understand clie mamate change or physical k i think the students have a point. They should say i want you to, at a minimum, understand the risk in the portfolio. The risk to the endowment and id like to understand how the endowment would perform under a range of scenarios and have you even thought through that. An endoimewment has to be in ple the students do have a vested interest in how these endowments are performing and investing do you find a lot of people were invested in funds like your own are under the impression that you do not invest in things like fossil fuel companies you are excludeing companies that dont need guidelines those are broad range in terms of the ways ones can implement responsible investing. We are underweight we have taken that strategic bet. We do own Energy Companies in our portfolio. We also own utility companies. I would say how do you then pardon me for interrupting it seemed like the right moment to ask how do you then choose which ones are responsible enough to be in your portfolio and how do you decide which arent and why do you decide that these are fair for you to investment to begin with thats an excellent question. We really do rely on fundamental Investment Research to understand how these companies are positioned what their priorities are Going Forward with respect to reducing Greenhouse Gas emissions we try to identify companies that have specific targets and initiatives focused around renewables that may not be priced into the market theres an argument to be made that you can make in the change if youre on the inside if youre a shareholder you can press management to do certain things how does that argument differ from back in the day when it was the issue when said it was time to divest. Thats what Management Companies did. They divested. They didnt say well divest and that change from the inside. There really has been an evolution in responsible investing. I would say traditionally it was whatnot to buy or whatnot to own. Really i think what most investors are focused on now is what to own. Meaning what to have in your portfolio that may mitigate sochl tsome of the risks rr leaning into the new technologies or Disruptive Technologies if im understanding you correctly and i think its a very interesting point, you would use your investors dollars to try to encourage companies that might otherwise be on a list of you cant go there to improve their behavior youre looking at an Energy Company or any company thats trying to reduce its carbon footprint, reducing emissions, embracing renewables or it could be a big utility that burns coal and or maybe it doesnt. I dont know you know where im going on this youd rather use your dollars as a carrot than your divestment as a stick . Yes we like to use our presence, if you will, as active investors as catalyst for change and for positive behavior among these companies. Youd be amazed that if you raise an issue with company to say im concerned about your future cash flow im concerned about how your allocated capital and im concerned about these other issues id like to see impruovement, identify found that boards of directors are very responsive. Give me an example, if your portfolio to the extent you can talk about it of a company that maybe the folks that were on the field at the harvardyale game could say you cant invest there because they use fossil fuels but you say they are an esg company because. Give me an example or two. One of our Long Term Holdings is royal debt shell. This is a company that in its communication to investors and they back it up with numbers, they clearly articulate what they are doing to pivot in way that would reduce their Carbon Emissions in their core business and nmaking strategic investments. What i appreciate about royal debt shell is the fact that they view this as a part of their overall strategic guidance just as they get guidance around cash flow and dividend policy and Everything Else. That lends credibility to what they are doing as opposed to some companies where you might look and read one thing but if you ask the cfo questions about whats in there, he has no idea what youre talking about. I think that would be an exam e example. Perfect thank you. Interesting conversation thank you lets get to the bond market rick is tracking the action at the cme. Its a holiday week therefore, auctions are pushed a little ahead today was our auction of two year notes i gave the auction a b minus the auction was easy if you look at a chart of two year note yields, youll notice something. Right before the stock open at 9 30 eastern, yields drop. Right after the auction we have slipped a bit. We are now down two basis poins. Finally one week of ten, interesting. On thursday you see the low there at 170 on that session we closed at 174 which was the lowest yields close since first of november back to you. Thank you very much. Up next, why some of the billions intended for farmers is ending up in big cities. On our tasting menu, b bitcoin. Plus tesla trucks and turkeys living the good life stay with us for farmers here, this is our lifes work. But when a recall happens, perfectly good food goes to waste. Now, weve got away around that. Looks good. Were on target. Blockchain on the ibm cloud helps pinpoint a problem anywhere from farm to shelf. Its used by some of the biggest retailers everywhere. A nice wedge. So more food ends up on your table, is that daddys lettuce . Yeah. And less food goes to waste. And less foo goes to waste. Oh, ho oh, ho, ho, ho you. You got me. Uh, what do you want . Ive got uh, ai robots, ive got vr goggles. I want your sled, please. No. [ chuckles ] timmy. Itd be a shame if this went viral. For those who never compromise. The mercedesbenz winter event. Whoa. He was pretty good this year. Wean air force veteran made of doing whats right,. Not whats easy. So when a hailstorm hit, usaa reached out before he could even inspect the damage. Thats how you do it right. Usaa insurance is made just the way martins family needs it with hasslefree claims, he got paid before his neighbor even got started. Because doing right by our members, thats whats right. Usaa. What youre made of, were made for. Usaa new aids is fwg relea is bet farmers hit. We focus on the city twdwelling farmers from affair. Reporter between a highway and a baseball stadium sits this urban row house. A Single Family home which federal records show received 18,000 in farm aid this year. That residence, this post office box and this townhouse in upscale georgetown are among the donzs of d. C. Addresses and thousands nationally that have severed a cut of the 24 billion earmarked for farmers to soften the blow from the trade war. Usda says a person must be actively engaged in farming to collect aid but the bar is low people who are related to farmers or have some kind of shared risk in a farm can still receive a payment but they dont actually live on a farm or work on the farm. Reporter sue is one of those recipients an attorney in d. C. By day who manages a farm on the side as a way to carry on her familys tradition. She plans to apply for the next round of aid because every bit helps. Other recipients of larger payments like a sugar industry lobbyist defended their qualitifications but declined to comment on the record. The u. S. Department of agriculture didnt respond for a request on comment on how it enforces this criteria but many people say they do have risk in their farms. They just dont live or work on those farms. Thank you very much lets move on the taste of some of the other stories were following. It was a wild weekend for bitcoin. Over the weekend they hit the lowest level since may after Chinas Central Bank says its getting stricter bitcoin is back up 6 today regaining some of those losses it shows how important china can be in this space theres so much euphoria when president xi talked about endorsing block chain. Elon musk tweeted that tesla has 200,000 orders for the so called cyber truck the orders in this case are a refundable 100 there a 100 depot well see how many of those cyber orders stick tesla stock did jump today last fridays unveiling did send shares skidding about 5 i saw that tweet over the weekend and i immediately thought i wonder if the scc is looking at this and also completing orders with deposits. Thanksgiving just around the corner the white house is gearing up for its annual turkey pardon with two turkeys named bread and butter they are hanging out at the hotel waiting for their big moment later this week you can see them enjoying their luxury digs. I will not stay in that hotel. Not in that room. The tradition started in 1947 decades later george h. W. Bush formalized the pardoning of the birds. Do you think they get room service in. I dont know. What is in my head right now just not repeatable. Well just leave it there have privacy concerns about how advertisers find you, have you got them on the internet that may be the beginning. Turns out they can track you in real life too. Its already happening all around us when power lunch returns. Donald trump failed as a businessman. He borrowed billions and left a trail of bankruptcy and broken promises. He hasnt changed. I started a tiny investment business, and over 27 years, grew it successfully to 36 billion dollars. Im tom steyer and i approve this message. Im running for president because unlike other candidates, i can go head to head with donald trump on the economy, and expose him fo what he is a fraud and a failure. 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. You still have service . Call the Insurance Company sfx [phone ringing] its them, calling us. Its going to be a week before they can get through on these roads shhh, sorry, i didnt catch that. I said ask how soon they can be here right now . Whats now . He says theyre surveying our property now theyre probably at the wrong house i dont see any hovering his name is hovering . Look up . By automating claims with Machine Learning and analytics, cognizant is helping Insurance Companies advance how they serve even hard to reach customers. Cool everyone is familiar with those famous billboards in times square but what tourists and new yorkers may not realize is that these billboards are watching them tech platforms are using data from smartphones to profile an audience based on factors like age, data, income level, earth n ethnicity and Companies Like five tier are using Data Services to track people through the physical world to target them with ads the way were tracked online if it sounds like big brother, five tier says this is just the beginning. Founder frank obrian joins us now. Great to have you with us. Thank you. Im walking through times square which i do every single day in the afternoon on the way to the next show ive got my phone on what happens what happens with the data that my phone is transmitting your phone is constantly sending data to a variety of places, mobile carriers, if youre searching something, theres something called Beacon Networks that are known as Software Development kits and applications and that data for years has been transmitted but up until recently it hasnt been put to use to what we believe is of value to the consumer so in the past that data was being monetized but with little value to the consumer. Now you have that data being used the same way its being used online to give offers. Who is picking up that data and how . The big tech companies. There are probably the same feeds from so google, right . Facebook, insta, whatever. The mobile carriers. Verizon, t mobile, whomever. Search companies, so companies that participate in the mobile ad space to display ads based on search behavior it slowed down a little bit. There arent as many new players getting into the market but that covers the core three. Theyre picking it up either because im using my phone to do something that is triggering a response or theyre just picking up a signal . Or youve done something moments ago and youre moving past the screen. Lets say youre going out for dinner and youre looking for a great restaurant the restaurant can target a screen in front of you based on knowing that you were searching for where to go tore dfor dinne you walk through times square or any of these places and you think these digital billboards are preprogrammed, showing ads on a loop, when many of them are changing the ads they show based on who is present in the area. Correct its only very recently that this capability has come to light and has been possible. It was about three years ago and i believe that we were the first to put this out into the space we are a connected media platform so we work across email, social, tv spots. We went to Screen Network in 201617 and said, hey, we believe we have demand for this and we built a part of our program to support this transaction lets call it where an advertiser can buy ad space based on whos in the area and slowly other people started to come to the market one great partner is broad sign. Theyre one of the largest player networks. They recently launched something called reach where we can hit tens of millions of screens around the world so it lightens the load that we have to carry on our platform. Let me see if i can understand the chain of command here melissa is walking through times square and shes done a search on something and that information goes somewhere to a provider or somebody then where does it go and how does it get transmitted back so that in one blocks time melissa is seeing an ad for whatever i search. Whatever she searched for. Today you can go to any of these companies, i wouldnt say any but most of them, and you can hook up to whats called an api feed then you have to have Technology Like ours that triages it with a company like broad sign or reach. Its happened for 20 years now but recently Companies Like ours have come in and connected those dots beyond that, say you go to that restaurant, if you made your reservation through open table, we know that you went to that restaurant, you sat and we know based on phone data that you sat for an hour or two hours it extends from there. Its an immersive experience and i do believe that were going to start to see more of this and were seeing adoption by the consumer markets which is great because back in 2016 or 17 when we said we should be big this w buying this way, the technology didnt exist and it scared people. I heard in the leadin the term creepy was used. Its creepy for me to walk by a billboard and then flash an ad, i go to a store or restra t restaurant and they know how long i was there or what i bought. I was saying before i feel like its fun. Its fun to talk about this stuff. People welcome it. I do think its going to start to become more tightly regulated. Youre seeing it in europe, canada, california, and i think that for a period of time theres going to have to be continued push towards turning off access. But for right now its all good for you its all good and i think until regulation catches up. As long as it returns value to the consumer. We work with hotels and people get free dessert if the advertiser is spending less on the ad and that can trickle down to the consumer and i think thats what were going to see the next couple of years the consumer markets are going to really be okay with this. The advertisers are going to buy into it because its a more efficient path and well start to see regulators come in and i think its a good thing because right now there are very limited ways that you can turn off data access frank, thank you. Fascinating stuff. Check please is next, and it knows where we are barber shop. Barber shop. When you shop small you help support your community from after School Programs to the arts so become a regular, more regularly. Because for every dollar you spend at a Small Business, an average of 67 cents stays in the community. Join me and American Express on Small Business saturday, november 30th, and see how shopping small adds up. [maniacal laughter] gold. Gold right, uh. Thank you, for that, bob. But i think its time we go with gbtc. Its bitcoin exposure through a traditional investment account. Nice rock. Its time to drop gold. Go digital. Go grayscale. Thats what happens in golf nothiand in life. Ily. Im very fortunate i can lean on people, and that for me is what teamwork is all about. You cant do everything yourself. You need someone to guide you and help you make those tough decisions, thats Morgan Stanley. Theyre industry leaders, but the most important thing is they want to do it the right way. Im really excited to be part of the Morgan Stanley team. Im justin rose. We are Morgan Stanley. Check please back to the harvard versus yale game and the disruption at halftime there and the students. I think it really does say as our guest said how important Climate Change is to everybody. Young people, particularly young people i hope they understand that change can be enact from the inside thats the important point that our guest made. Yale won the game. Handily. Yale has a good team. Thanks for watching power. Closing bell right now. Good afternoon, welcome to closing bell. Im here at the tipping post that stock is up today, announcing it is getting taken over by the luxury giant, part of mega merger monday. Lots of deals and well go through all of them as we approach who is set to be another record alltime closing high. Im courtney reagan, lets look at whats driving the action tech surgeing as we get a positive report on u. S. China trade talks. Td