Know what kind of trade deal there is or if there is one, dont know if it will remove tariffs coming december 15th, or whether theyll reduce the level of tariffs of existing ones that are out there. Thats kind of a big issue you can see the effect we were flat to slightly down. As the tweet came out here, within 15 minutes, we were up almost 40 points the old closing high on the s p 500, 3153. We are comfortably in new closing territory if we stay anywhere in this area. And of course trade related names moved the most on this as always happens we saw nice moves in bank stocks, energy stocks, retailers, typical mover, materials, industrials, all of these are moving on trade related news whats more important, were starting to see significant individual stock breakouts this is what i look for. Obviously the top ten stocks of the s p 500, maybe 22, 23 of market cap, you want broader breakouts. Besides microsoft and apple, usual bunch of semiconductors moving to the up side. Some other once, broadcom on the up side. Seeing a smattering of industrial stocks his new highs. Stanley works. Illinois tool, dover corp, these are deep Global Industrial names, particularly Illinois Tool Works and dover, you want to see them breaking out most important thing is the breakout in banks. All of the big banks are hitting 52 week highs. Quite a move up in the yield 8, 9 basis points in the ten year, and the curve itself you see the money center banks, jpmorgan, citigroup, a bunch of super regional, fifth third, Morgan Stanley, bank of america, goldman, sachs, 52 week highs. And if you get this move up in yields, people Start Talking about the idea that maybe some of the inflation targets could be met as well all sort of things could happen. We still dont have the terms of any deal thats of course what were waiting for now. Back to you. Yes, indeed, and it is not just us. Perhaps cupertino waiting to see if the china deal is indeed close. Apple shares have been on a tear, outperfeorming the s p the impact of the 15 tariffs slated to go into effect sunday. Wedbush, saying iphone cost could go up 150 bucks. Credit suisse warns of trouble in china, iphone shipments down a second straight month, dipping as much as 35 in november with us at post nine, editor in chief, and mike murphy good morning how big a deal is the potential of the tariffs going sunday for apple, they have some of the highest priced technology, also technology that people are willing to pay high prices for. Regardless of the amount of personal outreach, my sense is people are waiting to see if the day will get saved trump tweeted it will be one way, five minutes, he will tweet the other way. Theres tension for something deeply out of their control. I think over the past years, we have seen a huge amount of elasticity in iphone pricing you can set it at a thousand dollars, at 1500, people are still going to pay for it. Whether 150, top end matters, i think it doesnt the low end, best selling models, 11 and 10, thats where sensitivity might lie, but theyre trying to shift revenue to services, buffer out the longer upgrade cycles. Year over year sales, may have enough buffer to get through. If youre apple, you cant screw around with pricing off the cuff, can you . You have to eat the cost and your margins get effected. Next week, tariffs could be off, then what, you change numbers like the gas station side . I am inclined to say they should eat the tariff increases. But if you look at what happened, they raised prices of mid tier to the highest they have been, and demand was soft i think there is to a degree elasticity, price for the devices. If thats anything to go off of, they have to keep people behind the devices if theyre 10 more expensive than a year ago. That china number is the more important number thats not a Price Sensitivity that might be a straight nationalism, were going to buy chinese brands, america hates us, they banned huawei, well shift loyalty to our countrys products apple cant market their way out of that problem, thats an enormous market for them that often effects total revenue. Also a number were not sure is right how much do we believe what Credit Suisse believes to be true. Thats mart part of it thats why apple stopped giving out unit shipments, theyre saying theyre less important, shifting more revenue to services, thats part of the hope that the individual iphone sales dont matter as much as they used to i wonder how much it all effects the supply chain whether or not we get a trade deal or not. We had reports foxconn was building out capability for phones in india. I wonder if thats something the Company Moves forward with regardless. I think thats already happening. Youre seeing the Indian Government demand products are made there thats why theyre building cheaper iphones there. Youre seeing a lot of manufacturing move to other countries where it is a little cheaper, youre not necessarily seeing it move to the United States whether apple can move the highest and most complicated products out of china, i dont think they can do that yet i think thats a decade long process. Michael, talking a lot about apple, one of the companies most able to absorb shocks like this, but think about somebody like i robot, very important christmas season, they got shellacked earlier on china related stuff how important is the deadline for the Consumer Electronics ecosystem that doesnt have a quarter trillion in the bank to smooth things out. I think youre totally right. At the end of the day, apple will define whatever happens, the smaller players changing prices could have much impact on the business if they cant find new countries to start producing in quickly, they could be in real trouble. I think theres an opportunity for even Smaller Companies to eat margin. You look at the Business Model of every one of these companies, it is no longer selling a product and walking away, they sell you a product, enormous subsidy, perhaps below line, charging a service fee for some associated Cloud Service for years. Amazon putting out echo products for like 3. Make it sound like an opportunity to lose more money their Business Models are baked in at were selling at cost or maybe below so you will pay us fees. Thats an interesting point mike, the way i hear you describing that, it is a similar Business Model to what we have seen play out for years and years in the industrial pays, Companies Like ge selling big machines and services being a lucrative piece. Do you think well see this more and more in tech space i think for apple hard to convince people to buy your product when youre a no name company that only existed two years, to get trust enough to be part of their cloud enterprise i can see it with larger Companies Like amazon, microsoft, but for i robot, goe pro. I robot plus, well map the house, make sure it is clean every day. You can see it coming. My favorite device we covered was a tortilla robot, a pod subscription, they mail you pods for 20 bucks a month elasticity in that market we need our tortillas. Turned out they lost money. Every gadget we cover is cheap with subscription product next to it. I think that pricing is more real than any individual tariff will effect a single transaction. If you take the Credit Suisse numbers, and looking at double digit declines, who is gaining share in china, especially at the high end hard to blee theyre foregoing new phones completely. Upgrade cycles are lengthening. A lot of chinese players, huawei, one plus, bbk, company that owns a lot of them, thats where a lot ofdollars could have gone are going. Qualcomm talked about this, some consumers are waiting to release more advanced phones ahead of that, could be an overall pull back. I also wonder if tariffs go into effect, see consumers spew more towards air pods, apple watches, lower cost stuff could help with a little boost on the high priced Stocking Stuffer end of things. Hopefully everyone managed well enough to get through the next three weeks mike, thanks. When we come back, space unicorn rocket lab unveiling the first u. S. Launch site in virginia well hear from the ceo next when squawk alley returns. Woman my reputation was trashed online. I felt completely helpless. My entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. Wall streets top space analyst Morgan Stanley saying National Security interest in space technology, just today rocket lab that competes with spacex and blue origin for a slice of the space, a very different part of the space business, unveiled the first launch site in the u. S i spoke with peter beck earlier. It has been an amazing year, flown six times, fourth most frequently flown vehicle in the world. Delivered 47 spacecraft to orbit. Last mission was important flew anna ton must flight system that had a wonderfully successful test of first stage recovery reenter first stage all the way down to splash down, which is the hard part and a milestone. Proud of the team. Why the shift in usability . For us it is not so much about changing the cost object, it is increasing launch frequency. Reuse ability gives us to double production you get it back once, we can double production, thats the con strange thing f constrain thing for us. Youre producing rockets one every 20 days or so, a fast pace for the industry in general. How does that speak to the launch manifest and how many customers you signed up . We do our best. This is a long awaited capability small satellites had to live with kind of the uncertainty and not all of the great things ride share has to offer no longer do you have to be the second class citizen on a launch vehicle, you can get your own time line. It is a new shift in the industry i want to dig into that more. Theres so much competition. Maybe i should say prospective competition when it comes to small launch right now certainly seeing some companies try and fail, you have seen some of the big, more established names like spacex announcing their own ride share programs. Are you thinking about competition . How do you maintain the lead yeah, i think we look at competition, it is incredibly difficult to get into orbit. Once you get to orbit, it is equally as difficult to ramp production up to regular cadence. Theres a lot of emerging competition there, well wait to see how that establishes itself, but the market is certainly very busy, there are lots of opportunities. Were really trying to solve a problem thats been there for awhile as quickly as we can. I imagine youre working with the air force and thats a relationship that will expand today, given the fact the National Defense authorization act is making its way through congress, is going to finally send up a space force, how much of a game changer for rocket lab and the sector as a whole . I think it is important for the nation what we are trying to do at rocket lab is provide responsible launch the point of the lc 2 complex is to literally have launch on demand everything we have done here is to enable really rapid call up from launch and address concerns at a record pace, kind of been the holy grail for a very long time sitting down or talking to remotely peter beck, ceo of rocket lab as the Company Unveils its second launch site, first in the u. S. , wallops island, virginia just earlier today, the way beck jokes about it that he is the nonbillionaire thats created a Space Company thats now gone to orbit. Theyve done ten missions, successful missions. This is a company thats been backed by Venture Capital, raised 288 million in funding. I asked him if he has more plans for more funding in the near term he said they dont have any immediate needs for capital but they did announce as well this year a sideways craft program, photon spacecraft line, leaving the door open as that plays out in 2020, that may shift. I asked him if he is thinking about an ipo, what that plan could entail not really answering that question, basically saying again they dont have the need for capital now, theyre well capitalized, but theyll see what happens as they continue to fulfill these programs and work on these new hardware initiatives, and take it from there. I associate space with marijuana. Okay. Theres some kind of government dependence, what are regulators going to do kind of thing. Sure. I wonder about valuations on these things that seems to have been a problem that investors have with stocks how much is it worth, even if it is promising longer term, how much should you pay for it now are they similar or no im going to say no because cannabis, it is commodity, right . And it is heavily, heavily regulated, but in the case of commercial space certainly theyre building out this launch site at wallops island, in relationship to nasa, announced their first consumer from the launch site will be the air force, so theres that relationship theres so much private money going into development of space capabilities, it is not something the government is necessarily regulating the same way as cannabis. Both are trying to get you high though. Harder to reuse a rocket than grow some bud. We look at the market. Off the highs, dow at 207, rallying on optimistic trade comments from the president. As for the curve, second largest steepening of twos, tens in the last six months. Back in a moment sure, the contents easy. But then you have to connect, download, edit, reformat, output, save, send, upload. Still uploading. And maybe eventually post. This isnt working. Introducing samsung business video solutions. With the galaxy note10, you can shoot, edit and post thumbstopping videos, all from one device. Samsung business solutions. European markets in the final minutes of trade seema mody joins us. The polls open in the uk, we are watching the uk currency, pound weaken as the latest election polls show Boris Johnsons conservative party is ahead. If he fails to win majority, the outcome could bring the brexit issue. Rates left unchanged Christine Lagarde says quantitative easing and rates continue as long as necessary. Investors used this meeting to better understand la guards Communication Style to which she said i am neither a dove nor a hawk on the tool box, i am not going to rivet the bust, number one. Policy decisions that were made stand. And were reendorsed neither a dove nor a hawk. My ambition is to be this owl thats often associated with a little bit of wisdom an owl. She warned against comparisons to mario draghi and overinterpreting her words. Turkey announcing another Interest Rate cut. Down from 14 to 12 morgan, back to you. Thanks. I think turkey has to keep an eye out, ndaa pushing for more sanctions on that country. Seema mody, thank you. Sue herera has the news update. Good morning, everyone. Heres whats happening. The House Judiciary Committee reconvening, the economy expected to continue debating articles of impeachment against trump. Theyre expected to vote on the articles later today hundreds joining a demonstration in hong kong, six months since the protest Movement Began the rally comes amid concerns the movement may be flagging as it enters a seventh month because the government shows no signs of making further concessions. Firefighters in california are considering a fire truck that moves strictly off electricity. The vehicle would save taxpayers money on gas and repairs and if youre hitting the road, aaa says more than 115 million are expected to travel december 21st through january 1st, nearly 4 more than last year thursday and friday after christmas the busiest on the roads. Youre up to date. Back downtown to squawk alley. Carl, i will send it back to you. Sue, thank you very much. When we come back, a first on cnbc interview with bill. Com ceo. The price is 37 to 37. 25 squawk alley back in a minute. Welcome back to squawk alley. Stocks hitting a record high President Trump says theyre getting very close to a trade deal were going to bring you the ceo of bill. Com in a few moments the bell is ringing. Stock is trading 37 a share ipo price at 22 a share. Up 69, 70 now broader markets are higher trump making comments about being close to a trade deal with china, set to meet with top trade advisers at the white house later today. Joining us, Asset Management multi asset strategist brian jack obje jacobson good morning brian, record highs for major averages today possibility again that we could get a trade deal how much hinges on this . I believe the market is telling us that quite a bit of these new highs we have been seeing for the s p 500 and broader markets in general are contingent on a trade deal getting done as the chatter around a trade deal, this big deal getting completed has increased, youve seen the market move higher. We on my team believe a lot of runup hasnt solely been due to the trade deal chatter, but improvement in sentiment is certainly in our minds due to the trade deal talk, but there are decent fundamentals. For my team, were a little bit bullish on equities relative to bonds in this type of environment because of how resilient that a lot of companies have been despite the slowdown weve been seeing in growth in china and slowdown in trade and manufacturing recession that the u. S. Economy is going through and emerging from kevin, we have the fed meeting yesterday, certainly on hold for the foreseeable future in terms of move in rates, how much has monetary stimulus fed into the recent round of record highs weve seen. A lot a year ago we were looking at a much different situation, lots of volatility, significant slowing in the global economy. So the pivot by Central Banks here and in china in particular did a lot to lift stocks this year what hasnt lifted are earnings. The reason earnings havent lifted has to do with the fact theres not a lot of capital spending, manufacturing is soft, and confidence isnt there a lot of it having to do with worry about trade. If we get something positive on the trade front, thats the right direction to removing uncertainty, get capital flowing, you might get the missing piece for next year, accelerated earnings forecast which is not something we had this year. Well have to see. A lot of things accomplished between here and getting a full trade deal done. But a positive step in that direction would be a welcome one for sure brian, what if we dont get great news on the trade front but do get delay in tariffs on sunday will the market take that as a good sign or recent the overhang still being left i believe youre right about being an overhang then continuing right now seems like theres some reports around not just postponing the tariffs but cancelling tariffs that were supposed to go into effect sunday and rolling back existing tariffs. If we get a little weakening of that as far as if it is just a postponement of tariffs that are supposed to go into effect without actually rolling back existing once, you could see it turn into consternation, questioning how serious the parties are to getting something done from my teams perspective we think theres a lot of credibility at stake as far as with trusting the president for the guidance around how trade negotiations are going, if it ends up disappointing now. We set the stage for people expecting the roll back of some tariffs and if we dont get that, we would expect some of this rally this morning to maybe unwind, which isnt a huge amount, but it is a little bit of ding to not just Investor Confidence but also to the credibility of the president as he moves forward with these negotiations kevin, lets say because it is so many peoples base case, tariffs are delayed, we get a phase one, does it change calculus for the year ahead, looking at wage inflation, more recently commodity inflation, is the move to recession overheating rather than lack of activity no, we dont see that in fact, what were seeing is very low Unemployment Rate were seeing what should be a translation into higher inflation if you follow the phillips curvers, and it is not there, youre not seeing the inflation come back as you would expect as labor markets tighten, so were not really worried about tightening labor markets, were happy to see increased jobs and more production coming out, but what we would be concerned about is if asset prices got significantly high and extended around the world, such that staying too low for too long in terms of very low Interest Rates globally could create a situation where you have a painful unwind on the other side thats something that policy makers have to wrestle with as we look at record highs in the stock market, record highs in terms of Household Wealth and things like that yeah. Record highs today for the dow, s p and nasdaq, session highs now. We told you about bill. Com, one of the final ipos of the year shares of the b 2 b payments company, the ceo joining us, the founder and ceo, rene lacerte. Good to have you thank you very nice open. Nice way to close out the year talk about where you are in terms of the model, what it is levered to is it Small Business creation or is it increasing the size of existing businesses . We focus on helping small and medium size businesses get rid of the my parents are serial entrepreneurs, i lived that mess my First Company, i lived it there are 6 Million People in the u. S. Is, they have a nest. Theyre stuck with paper manual processing of sticky notes, walking the office, should they pay a bill, and that takes time from what they want to be doing, building a business i started this because i liked finance and accounting most people, think about any company on main street usa, theyre not doing accounting, they have a passion and mission. We help them get back to that. In my own life, i have landscapers, my daughters preschool, i could go down the list with paper copies im getting in the mail, having to pay. Why do you think small and medium businesses have been so slow to adopt new technology and Software Options one of the things i learned at the dinner table, i call it the dinner table mba, cash came, stretch out payables as a consumer, you are not not paying the daycare provider, youre paying them as a business, Everybody Knows you stretch certain bills, you have to nag some people to pay you. What it means is theres a process, a manual process businesses are doing, and what we do is we take that Digital World and bring it to the paper process. Paper is a great process mechanism, lets everybody do what they want, but if you dont get the process, you dont get the payment. The process was not automated. People may not realize, this is a 13yearold Company Strikes me, youre describing it the same way today you did in videos 12 years ago when the company was new. Interesting, too, you sold your Previous Company to intuit about ten years ago. Yeah. Youre an intuit veteran, another executive is an intuit veteran, someone on the board is an intuit veteran, you say our business depends in part on the relationship with intuit how much do investors worry about that, might they compete with you we focus on all our partners, great partners, four of the top ten Financial Institutions all of the participates, these are people that smb, small and medium size business trust, they trust us to help them deliver a service to customers, thats what i focus on. Thats what i want same story for 13 years. One of the things i know entrepreneurship needs, you have to have perfect balance of patience and impatience. Impatience is i know technology is there, but you have to be patient, you have to have the Technology Developed more, market developed more. Our partnership with intuit is an Important Partnership we love it we are one of the first app store partners from ten years ago when they opened up the app store and it has been a great partnership. Payments processing seems to be a big area from an investor standpoint how are you thinking about growth there, given the fact it has been such a key area of growth for some of the other companies in the industry as well, whether shopify or i think back to one of the other questions, why is smbs havent adopted Electronic Payments i go back to i started the First Company pay cycle, trying to do dad, grand dodd, mom, dad, you dont have to pay everybody, you need to stretch it out that process wasnt working for me i built commercial systems for intuit it was the process that was hard we focus what do we need to do, it is about that process is. Were excited about the opportunity and payment piece is where we get to at the end the payment, everybody thought you just can go electronic we had opportunities at intuit, flip a switch, people go electronic thats not what happened theres a manual process up front. Thats what we have been busy working hard for 13 years to build. Finally, i dont need to tell you, we asked new ipos about the balance between growth and profitability, thats kind of flipped in the middle of the year has it changed for you my focus has always been the size of the market 81,000 businesses using our platform 6 million businesses across the company that need help if i have opportunity to drive more adoption, i know when you talk to our customers and they get on the platform, they tell you how much time it saves, they tell you, they make better decisions. If thats true, i want to serve everybody. That makes me happy when i serve more for us, how do we invest, make it grow. Did you consider a direct listing . We did not. Why not. You know, i think the opportunity, ive had a lot of investors over two different companies, Venture Capital investors, getting a chance to have strong foundational investors in the public markets. Today is a great day theres going to be days, whatever happens, it will be different. Having those people i had a chance to meet, they can look me eye to eye, get to know who we are and my story, that means a lot to me. I am excited about the retail side, for those people to come in, but i know there are some people will take more time to understand the business and management team. Hope youll come in and look at us eye to eye again you bet thank you. Rene lacerte. Nice opening day the new prince of bel air. Well explain when squawk alley returns tom steyer wall street banks took advantage of millions of americans during the recession. So, my wife kat and i took action. We started a Nonprofit Community bank with a simple theory give people a fair deal and real economic power. Invest in the community, in businesses owned by women and people of color, in affordable housing. The difference between words and actions matters. Thats a lesson politicians in washington could use right now. Im tom steyer, and i approve this message. Woi felt completely helpless. Hed online. My entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. Its got all my favorite shows turn oright there. Boom, i wish my Trading Platform worked like that. Well have you tried thinkorswim . This is totally customizable, so you focus only on what you want. Okay, its got screeners and watchlists. And you can even see how your predictions might affect the value of the stocks youre interested in. Now this is what im talking about. Yeah, itll free up more time for your. Uh, true crime shows . British baking competitions. Hm. Didnt peg you for a crumpet guy. Focus on what matters to you with thinkorswim. I am scott wapner. Heres whats coming up top of the hour we debate the markets move with blackrocks rick reader and get the outlook for stocks and fixed income. How much can ge rise in the year ahead one firm makes a call of the day. Delta surges morgan, less than 15 away. See you soon. Sounds good, see you then, scott. Thanks. Lets get to cme and Rick Santelli for the Santelli Exchange hey, rick. Good morning. Lets deconstruct this day, shall we lets zoom to the top of the session. 252,000 on initial jobless claims, distorted due to the thanksgiving holiday and variety of things on how those seasonalities occur, whether it is lack of information from the states or educated guesses still the highest since 17. And very cool trade data what happens we now have two year note yields up four basis points, ten year note yields up ten basis points. What happened . A tweet on trade we can talk about how if youre a fixed income trader, the big picture is rates stay lower for longer, not because of fundamentals, but because of the strange world we live in where maybe the greatest hedge of nervousness about a stock market that defies logic sometimes is to be long treasuries or high quality sovereign. Not only have you done this well this year and stocks have done well, if we have another december like last year, any doubt that buying treasuries would occur . The long end is leading the way, it isnt based on data, it is based on a tweet how the trade turns out, i dont care if youre the smartest person on the planet, nobody knows whats in the president s head, in xis head, how it will turn out the end of the day, one thing we all know short term moves, day traders, keyboard jockeys love it, but the market understands the big picture. It will get down how will it get done even if tariffs come, might be altered or changed, net result might be better than expected. I think personally theyre going to sign something. Finally, 30 year auction today, could be a biggie. Big concession the market sold off. Buyers will probably show up quickly, look at the inter day, two day, year to date of tens minus twos up six basis points cht could e could be one of the best sessions closed last year at 19, now at 22 up three on the year jon fortt, back to you all right, thank you, Rick Santelli when we return, a better pill to swallow perhaps, the ceos of p llndcase a oscar health join us when squawk alley returns [grunting] [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. Welcome back dutchi in ditching the drugstore same day Drug Delivery here to discuss the partnership and broader industry, the ceos both here at post nine, welcome. Mario, i will start with you, we had u. P. S. And cvs, the ceos on air to talk about the expansion. Fedex and wal guigreens how is this partnership different and how does it speak to i guess a broader shift were seeing in the industry yeah. I started oscar five years ago im a Computer Scientist read the bills i get, i couldnt figure it out. Oscar we start as a company that makes health care easier and more affordable. We built a number of unique features into the plan for example, we have half membership using telemedicine. And one of the magical experiences we will have that nobody else has is you sit at home, you feel sick, you talk to one of our doctors for free 24 7 the drug will materialize on your doorstep thereafter thats the Health Care Experience thats more affordable its free for you. We think it goes beyond what everybody else has so far. This is starting in new york city i know this has been sort of ground zero for capsules efforts. How will this scale nationwide we built capsule we started five years ago the mission for the business has always been to build a pharmacy that works for everyone. A pharmacy that works for everyone everywhere. So we are in the middle of expanding the business outside of new york city in all of the place u. S you would think we wi be one of the most important things about partners with oscar and the team is what we have invested in over five years, is building out a Technology System that enables us to partner with insurers, doctors, hospitals and dr drugmakers to drive Better Health care outcomes excited for this to be one of the first things i think you will see more Partnership Opportunities through the platform mario, is urban Health Care Going to end up looking different than other places . It seems like this cvs u. P. S. Thing around packages, its partly solving urban problems. Then when you got more density, it seems like the capsule solution might make more sense to people. I think health care is very local. It will remain local you need Different Solutions for different parts of the country, for sure telemedicine and everything we can do for that would be a powerful application in particular in rural areas. One thing we started doing this year is to enable not just teleurgent care, but primary care as well pick a doctor in the cloud who will be your primary care physician that can be connected with wireless ultrasound in your home you can use yourself it might be connected with other technology we can read from remotely whats happening with you. Are you taking medication . Are you adhering to the care protocol that will actually work very well in rural, remote areas. There will be Different Solutions in different parts of the country. What it comes back to is health care is too complicated, too costly for everybody if we can have a seamless experience and if can make it more affordable, those are two key points everybody suffers from not having enough of. Speaking of costly. Drug pricing and policy has taken a back seat to trade were going into an election cycle. How do you think about pricing and policy going into the primaries . One of the biggest things we focused on is how do you make things easy for people to use . More than pricing, more than the debate around are drugs too expensive, not expensive enough, we think the most important thing to start with is how do you make health care simple, easy and transparent for people. The conversation is, do we have the right data, the right systems . Who is sitting in the center point of the Health Care System to connect the stakeholders that lets us understand whether were driving better outcomes. Our focus has been, how do we connect the stakeholders in health care . How does a pharmacy serve as the quarterback of the Health Care System and make sure were partnering with innovative Companies Like oscar and other folks in the Health Care System to really understand how do you whats going on day to day and how do we drive those real time feedback loops to have a real conversation about what drugs are working, what drugs are not working and shifting the system entirely to a value based model. The things that oscar and capsule are doing the first steps of making that system come to life in the u. S certainly health care has been ripe for disruption we appreciate you coming on to talk about how you are tackling that right now thanks for having us. Thank you lost some of the gains from the opening trade. Dow is about half of what it was at session high, up 313. Pridtisown e th tape any. But were also a company that controls hiv, fights cancer, repairs shattered bones, relieves depression, restores heart rhythms, helps you back from strokes, and keeps you healthy your whole life. From the day youre born we never stop taking care of you. Melbourne, australia, born and raised robert frank joins us with a look robert the oldest son of Rupert Murdoch playing 150 million for an estate. Its the most expensive home sold in california the second most expensive home sold in the u. S. Despite its price, its a bit of a fixer upper. Valued more the land its got a 5,700 guest house, a pool house, tennis court, and underground motor court for 40 cars my favorite, two secret tunnels leading from the house to the pool and the private garden. Doing a lot with their disney wealth gotta get the 40 cars make sure the garage gets filled im scott wapner to tariff or not to tariff thats the question. The only thing hanging in the balance, stocks and your money its noon. This is the halftime report. Stocks hit new record highs optimism about a trade deal fuelling the bulls your next money move is straight ahead. A major warning on apple and its iphone shipments in china. Ge soaring on an upgrade the stock up almost 60 this year is the turnaround for real we will debate in our call of the day