Its nice to see you again. Good to be here. Lets get your view on the markets, weve had some Great Investors on this week who i say were decidedly cautious or negative on the market. Where do you stand . I think its tough to look at it as the market, and i think if thats the way youre looking at it, its hard to disagree with that. But the market has really divided into two groups. And those that are really in sync with the lower for longer philosophy that everybody has bought into, and you cant find a single one of those thats cheap, in fact, theyre at dizzying heights. And then those that are out of sync with the lower for longer Companies Like financial services, energy, basic materials, bthat are selling fo attractive valuations. Lower for longer plays like the yutilities and things the yield plays have gotten out of sync, too expensive . Its not only the utilities, its any stable low volatility, Free Cash Flowing stock, consumer staples, real estate. It includes some health care, some of the higher flying technology, and we have this interesting tradeoff. We can buy a bank at a discount to book val you you earning a reasonable return paying the out almost all of its earnings so you get kind of 10 yield, call it yield. And if Interest Rates go up, you make a fortune. If Interest Rates stay where they are, you make 10 a year. The question is, thats a big if, right . People have been waiting because theyre below book value and they just cant go anywhere. Okay. But if your risk is if the bad outcome is making 10 a year, why wouldnt you put all of your money into that investment . A staple that you want 2 or 2. 5 yield because its safe. Maybe the dividend will go up a little bit. Or i make 2. 5 . And thats the difference in the tradeoff in the market. Youre certainly putting your money where your mouth is. Youre in morgan stanley. You do continue to like the banks. Yes. Lets use citibank as an example. Today a 9 return on equity. Way below historic norms because Interest Rates are low. Stocks at 75 or 80 of book value. That means im making 12 because im buying it below book value and theyre paying out nearly all their earnings in dividends so im getting 12 and earnings can be substantially higher if Interest Rates go up or if they do something without Interest Rates going up. If you talked to the ceo he would outline all the steps that hes taking to get his higher without Interest Rates going up. Rich, what i love about that, people look at pete and i and they think these are wild option guys, but what youre talking about with the share repurchase. Share shrinker. If theyre shrinking the share base and theyre giving you money, these are two very positive things and pretty conservative things given the position that banks like citi and jpmorgan are in right now and thats why we love them. And the companies are focused. They finally accepted that Interest Rates may be stuck here. And whether theyre right or not, who knows, but theyre actually not sitting around waiting for Interest Rates to go up. Cutting costs, raising fees, restructuring, figuring out how can i get that higher without counting on Interest Rates. I would add one more thing, one more point and thats an excellent way. Ive never looked at it. I found the same thing, the haves and the havenots. Either you have yield or you dont have yield. The companies more prominent, that is stamping down the volatility, also, and created bargains that you can invest in. Thats where you find all the money that has been used into flowing into passive its nearly a decade really has gone in. Its doubled and this is where it tracks all the money and thats the passive has been part of that. 70 is going towards passive investment. Weve seen portfolio insurance. Weve seen this phenomenon before where you say nothing can go wrong. Well probably hear from baron on this topic its great until theres a correction and if its sustainable. Then well find out. We have to go with active management. If youre looking for that performance in terms of portfolio, weve been scared because of the utility index, the philadelphia utility index which had a massive correction. Its only slightly off the bottom now. That, to me, is a forecast of what can happen when everybody rushes out the door. And that was going to 1. 5 to 1. 75. Who knows where the ten year is going to go. Certainly the fed is considering increasing from not considering them a couple years ago and the steady decline in the ten year is whats created this whole market situation. And you now maybe its bott bottoming. It certainly looks like it bottomed. The whole case for more valuation going into higher and higher valuation going into these kinds of stocks i think is starting to one word complacency. Yeah. So you dismission the notion theres nothing attractive to buy in the stock market and i guess i wanted to talk about one of the newer names that you bought and thats hilton. The hotel group. Right. So hilton is the same example of the haves and the havenots because if you look at real estate the haves are the stable ones. This is apartments. Apartments where you can pret pretty theres full ak pansy. You participate inflation. Its the whole story that exists and if you look at apartment rates they sell for twice lodging rates. Hilton is not yet they are spinning into three businesses. They are. But the company is depressed because its in lodging. People are fearful were near the end of the up cycle in lodging because its been a good cycle and average revenue per available room has been moving up because demand has come off the bottom. But interestingly supply is still substantially modest is the word im trying to use. And hilton has actually sells for around 11 times. Its not a spectacular value like the banks are but for what it is, which is a leading franchise that has demonstrated ability to gain share over this whole cycle and if you look into the future 20 share of the hotel rooms under construction compared to a base thats only around 5 share of the hotel rooms so theyre going to gain share almost certainly and they still sell for valuations that are half. I think an article i saw and it was maybe three months in barons, 60 upside per year depending on how you look at it. You would get the two spins necessarily for free. The way i look at it today the spin itself probably can give you 20 . You have to sort of believe that the earnings trajectory is going to continue to be good and not fall apart. This is part of the market fears. We worry about the next recession and thats not good for the lodging industry. We havent had one for a long time not because we have any evidence theres anything to recess from. Every recession happens because we have excesses. You cant find any evidence. Excess Consumer Debt or housing or autos. Excess Monetary Policy from the fed. The elimination of that could cause a wide variety of things that could lead to a recession. They could except fed policy hasnt worked to stimulate the economy. That policy worked beautifully to prevent the crisis to eliminate the crisis to flood liquidity in the marketplace. We all talked about how lower Mortgage Rates and lower credit card rates and you add oil price declines, were going to stimulate consumer spending. Did it happen . No, it didnt happen because the negative side of lowering is from the saver. If youre saving for retirement and youre looking at the kind of rate environment, you can conclude i have to save more not spend more. And so it hasnt stimulated and it hasnt on the capital side either. Look at the oil business. Oil prices are too low. Theres a glut of oil, a glut of basic materials. Youre not going to add another steel plant no matter how low federal funds go. I think the fed is starting to Pay Attention to the fact maybe this doesnt work as a stimulative process. At least theyre thinking about the issue. Talking about young brands and saying you have to hold both pieces. With hilton would you hold all three after the spin, or are you really focused on just one or two of the areas . It depends where they trade is the answer. My guess this is more a lodging issue than a structure issue. I dont think the spin will give you the instant correction that you need. I think the fact that you can buy the franchise together or in pieces it will generate a good return on your investment over time. I would think and hope the Management Company would get higher multiples than the real estate company. Its logical but im not sure its fairly valued on the day of the spin. Some of this has to play out. Do you think that the fed will raise Interest Rates this calendar year . And do you think the stock market can handle it, one of the areas juiced by fed policy if not the one juiced the most . I do. This is not my area of expertise. You can take my opinion for what its worth. I think it will be the beginning of a pattern of gradually rising Interest Rates. Do i think it will affect the market . I do. This whole flow into passive that was created by this kind of policy. And the valuation of the big divide in valuation i think has to narrow if thats what happens. So, yes, im worried about the market but i think the stocks that we have in our portfolio are beneficiaries of that and i think would hold up well in a market decline. I dont know why you put out the disclaimer at the beginning. That answer sounded pretty good. Rich pzena will be here for the rest of the program. Barry rosenstein talks us next. The picks in his push for change at conagra. Jake reese, day to feel alive jake reese, day to feel alive jake reese, day to feel alive welcome back to the halftime report. Lots of headlines about investors flocking to passively managed funds. Lets bring Barry Rosenstein into the conversation. Ba barry, its great to have you with us. Thanks for calling in. My pleasure, scott. Congratulations on your fiveyear anniversary of the show. Thank you so much. Sorry im not there in person. Well, next time well have you here. Nonetheless its great to hear from you today. I want to talk about some individual stocks, as you know. I think id first like to kick off our conversation on part of what we had just finished up discussing and that is this view that stock pick iing is dead, s to speak, that active management has had such a tough time that all the money now is going towards passive and its a secular trend more than something thats going to be cyclical. Id love to get your point of view on that. I have rich pzena here for the hour. Im not sure if you folks know each other or not, but he, of course, is a stock picker. A value investor. Steve weiss and the najarian brothers sitting here. Could you opine on that first, if you would, this notion that stock picking is dead . I think its ridiculous. I dont think theres any chance its dead. I think this is a bubble like every other bubble youve seen on wall street. Wall street has a great ability to overdo a good thing and you saw it with activism. Youve seen it with credit. These are all cyclical events and it doesnt mean that data cant be helpful in terms of Due Diligence or portfolio positions but the whole market cant just be infection funds and machines trading with each other. And candidly if this migration from active to passive continues, it makes for what we do in terms of activism that much more important and, frankly, creates great opportunities for us because of dislocation and volatility. What do you think turns the tide and turns back towards active . Is it does it have to be a market crash . Does it have to be a new level of volatility that makes the cream rise to the top . I dont think there needs to be a market crash. Look, i think the market, first of all, is probably fairly valued. I dont think its cheap. I dont think its expensive but i think theres pockets of value and, as you know, we dont take a directional view. We look for individual situations. Obviously its hard to get excited right now about corporate Earnings Growth but we look for oneoff situations and we try to buy volatility and, you know, so i think that the fact that we are no longer in a one directional market is going to remind people why they want to be in hedge funds again and, you know, i believe this is the kind of market where, you know, a fund like ours can find really interesting situations and can take advantage of volatility and thats been occurring. Weve generated a lot for the last few months. And we saw this after 08. Its really not that dissimilar. Ultimately its a selfcorrecting issue and it sets up for big opportunities going forward, so were very bullish around here. Lets talk, if we could, about a stock that you own, and thats conag where youve been an activist. From what i can tell youve trimmed your position a little bit and theyve made some moves as well, selling their private label business. Right. And the stocks done quite well. I think from my numbers youre in at maybe the mid30s or so. I think the stock is in the late 40s today. Right. What more is to be done there if anything . Look, first of all, Shawn Connolly and his team are to be commended. Theyve done a fantastic job in restructuring this it business. Weve worked extremely collaboratively with them and its resulted in some very substantial value creative steps. Theyve rationized their portfolio, sold off the private business. Theyre spinning off the frozen potato business. They announced the 300 million cost plan. A lot of lowhanging fruit beyond that. This has years to go of attra attractive Earnings Growth, and i think the market will realize even through greater extent than it already has that youve got a collection of attractive brands that can grow at double digit Earnings Growth and the company can continue to selectively prune its portfolio and theres also the opportunity for a strategic creative acquisitions. Ive read at least in terms of the dividend thats been characterized as stuck in the mud. Is there an opportunity . Do you push for more cash to be returned to shareholders as part of that . You know, i dont necessarily think that they need to increase their dividend. The company has already announced theyre buying back a billion dollars of stock. So i think they are returning capitalist shareholders. There are going to be acquisition opportunities as well. Let me ask you about a stock that you, i guess, were in recently and now i understand are not in anymore. That being auto nation. Youre out of auto nation, correct . You know, yes, were out of that. That was really just a trade. That was not i dont know why that got publicity in the first place. When i saw it, okay, maybe barry isnt sold on the idea of peak auto, now i see it was for a trade. Do you have a point of view on where you think the auto market is based on at least what was a trade for you . Yeah, no. Thats not an area were focused on right now. Lets talk about walgreens which you were in and greatly reduced your stake there and im wondering why. Walgreens is a great company. I agreed to go on the board of that company. When i go on boards, i go on for a discreet period of time to accomplish a couple of things and then i step off. Im not looking it to stay onboard for a long period of time. We run an active portfolio. I think weve accomplished a tremendous amount at walgreens. The stock has perfeormed quite well since we got in in the mid50s. I had the privilege to work with stefan pzena, one of the greatest entrepreneurs ive ever met. We reshaped management, cut a lot of costs out, got out of some noncore businesses and i think that company is a perfect example of where activism and Corporate Management can come together and create tremendous value, so it was just time for me my work was done and it was time for me to move on. You mentioned sort of being active there and im wondering if you have a point of view and it sort of expands on how we started this conversation on the role that activism can still play, if you think it has a big role and just that word in and of itself. I thought we had an interesting conversation on this program yesterday where nelson pelts almost shied away from using that word activist, whereas Keith Meister who was sitting here on the set, said dont be afraid to use that word. It doesnt have to be good versus evil, them versus us, that you can work constructively and not to use whats become somewhat of an overused word con strktivist but whats your view on that whole topic and where we currently stand on activism . Yeah, sure. Look, eel use the term activism because thats just sort of the term of art right now. We candidly never have fights with companies. We show up and work with companies. We come to them with well thought out ideas that are empirically proven and, you know, they agree with us and theyre very happy to have our involvement and happy to put our people on the board because theyre creative to the company. I think, look, i think as long as human beings are running Public Companies and as long as the current board dynamic exists theres always going to be a need for activism. I think most management teams and boards are well meaning. But sometimes they lose sight of the big picture or what needs to happen. I think companies are cyclical and, you know, they generate a lot of Free Cash Flow and theres sometimes, you know, misallocation of the capital in the wrong way, making acquisitions that may not make sense. And theres a need for rationalization and the cycle goes on and on. So, you know, i think that activism has a long and bright future. And, again, as we discussed earlier, i think that this whole migration of act ive to passive you know, is going to be shortlived phenomenon, and is going to set up for tremendous opportunities for us. I look at our book right now and we have more terrific activist ideas on our books than i can remember. Thats interesting. Ive got steven weiss sitting here with me who happens to be a shareholder. Hi, barry. In one of the companies. He has a question for you, barry. First of all, weve seen the noticeable turn in performance with active versus passive, its just stark. And continuing into the fourth. I dont know if you talk about this because youve been very visible and typical of what jana does its not been blaring across the headlines and gotten ugly as you referenced. Its quite behind the scenes. Team health, is that something you can talk about . We have a standstill. Im very limited on what i can say. My partner is on the board among the three people we put on the board. And, you know, we are very pleased with our interaction with the company. And i think its heading in the right direction. Yeah, we think just by the people we talked to, not at jana but other shareholders, we think its undervalued by at least 20 , theres a lot of interest in it these assets. Yeah, i think its a very valuable company. Before i let you run, do you have a view on the upcoming election . Well, ill tell you this, i congratulate hillary on running the perfect sun su strategy, never interfere with your enemy while hes in the process of destroying himself. I think thats my view. I dont think theres any question that shes going to take the election. Do you think the market let me ask you this, if she does become the president , what do you think the market view will be to that amid, i guess, more consternation about what could possibly happen if theres a democratic sweep . How do you view that . Hillary winning the election on her own will be probably neutral to the market or maybe even a slight positive, but even though i lean left i think if theres a sweep by the democrats thats not priced into the markets. You might see certain sectors that are more heavily regulated like health care. Up might see multiples come down and from my perspective thats great. That just provides opportunity for us. Sure. Barry, i nope you dont do this often, i appreciate you calling in and spending time with us today. Its my pleasure. I do it for you and i really think you have a terrific show so congratulations. I appreciate that so much. Barry rose epstein. Thanks for having me on. Well talk to you soon. More of investorive pzena after the break. Team health which is up about 1 . Well talk more about that and get our panels reaction to the things Barry Rosenstein just had to say as well. Were drowning in information. Where, in all of this, is the stuff that matters . The stakes are so high, your finances, your future. How do you solve this . You dont. You partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. Morgan stanley. Recengrand prix race carsbenz made history when it sold for a record price of just under 30 million. And now, another mercedesbenz makes history selling at just over 30,000. And to think this one actually has a surroundsound stereo. The 2016 cla. Lease the cla250 for 299 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. Welcome back. I want to show you those shares there. That is deutsche bank. Those shares are popping more than 4. 5 on a german report at sovereign wealth funds from qatar and abu dhabi that someone may buy a percentage of that bank. Thats that stock on the move today. Here is where the markets stand. Take a look at the dow, s p, nasdaq. A mixed bag. The nasdaq is off about eight points or so. Do have another big lineup on halftime tomorrow. Mark fischer will join us and the owner of the new England Patriots robert kraft. We look forward to that plus all eight halftime qui traders wie here at noon eastern on the halftime report. Right now Brian Sullivan has a look at whats coming up in about 25 minutes. You need alice in the middle box. We do. Work on it. And then a character like oliver. Add a ninth trader who will be like a little kid with a bowl cut. Thank you, guys. Coming up at the top of the hour on power lunch, the debates are out of the way. Did the candidates do enough to change anybodys mind . Is anybody actually still undecided and, thankfully, back to business, microsoft set to release findings after the bell. Is windows in big trouble . And an exclusive interview with American Airlines ceo doug parker. Is there anything they can do to make air travel just a little bit better . Happy anniversary to scott wapner and the boys. I congratulate all of you ive enjoyed watching you over the years and wish you many, many more years of success. Im the company data hog. I do the sales, the marketing. I have to do that from my phone. We use tons of data. I really dont have to worry about it cause everything is unlimited. I need data and i need it now. Its the end of data limits for your business. Get unlimited 4g lte data as low as 30 bucks per line. Switch your business to tmobile work. Welcome back to the halftime report. We are back with rich pzena. I want to pick up on what we talked about with barry. Your market view. That active passive, youre a bottoms up picker, mutual funds. I know you have some deep thoughts about this topic. Barry laid it out this makes no sense to say active will continuously under perform passive. By the time the wall street journal is writing the story, the trend is over. Here we had one of the best for management and interestingly theres a very strong correlation between the value cycle and active management when value doesnt work active management doesnt work. Its been a very tough period for value for the last eight years and its because people have been flowing money into these companies that we were talking about earlier that without regard for valuation. Whether somebody is a hedge fund manager, a growth stock pick or a value manager, were all value investors, we all Pay Attention to the price that we pay compared to passive which pays no attention to the price that we pay. And so as this Interest Rate bubble ends, i think were going to see a reemergence of active management. Thats kept this thing going is likely to unwind. Barry said it. Theres lots of interesting opportunities for stock pickers today. Every class is going up. Thats what drove passive investing, also, theres no differentiation. You close your eyes, you buy an index. So shorts were going up as much. Thats number wone. Number two, the way active investors make money or inefficiencies, the way anybody makes money, capitalize inefficiencies, if everybody is going into passive investing by definition thats becoming very efficient so the ones that will make the money search for the inefficiencies and thats where they go and gravitate to like rich, like barry and like you guys do here and i try to do. The numbers im seeing in the Fourth Quarter also would be pretty good numbers. The other interesting thing, how active he is as a trader, how much he uses derivatives, how many times did he talk about volume tift aand he used a lot. Not only is he active but hes aggressively active in a lot of what hes doing and hes trading the auto nation thing stands out. The Fourth Quarter is continuing the run for active management, continuing the run for value, and picking up on that whole volatility theme. The fear of volatility is partially what has driven people into the kind of stocks that theyre in. And every real investor. You need i mean, really what we do for a living is exploit other peoples fear of volatility, to be able to buy stocks at a low price. And as long as you can understand, and its very hard given the academic kind of influenced world we live in, volatility has nothing to do with risk. Volatility is just stuff going up and down. And risk is losing money. And theyre not related to each other. If you asked dave who was here, he would tell you thats the thing he lives by. He says do not equate volatility with risk. You want to get paid for it. Dont just for the sake of it. The quick history is consultants said we want low vol strategies. The reason a lot of hedge funds underperform well give you low vol, the market was a 16 to 20 and guess what . It the market came down and these 5 , 6 strategies went to 1 and 2 . They couldnt generate return. Now vol is returning a lot. Low vol strategies with what these consultants and endocuments and pensions wanted. Volatility creates opportunity. Because they create opportunity in the market. And thats why you need capital or guys that dont equate risk that can take advantage of other peoples fears to make money. Tracking some unusual activity in the options market, looking at chips and steel when halftime comes right back. The greatest population shift in Human History is happening before our eyes. Sixty to seventy Million People are moving to cities every year. At pgim we help investors see the implications of long term megatrends like the prime time of urban expansion, pinpointing opportunities to capture alpha in real estate, infrastructure and emerging markets. Partner with pgim the Global Investment management businesses of prudential. We are back, the brothers najarian in the house, a double dose at the telestrator. Youre up first. Earnings tonight after the bell like you see its up 140 . They stepped in and bought a ton, judge. What does that mean . 3,000 or 4,000 contracts today, already over 20,000 contracts. The stock just has to get over 7. Theyre betting that it happens and happens fast. I bought the calls. Ill probably just be in them for 12 hours. It might be over before were done talking about it. 12 hours wont get you to the open tomorrow. You can trade after hours, you can trade the stock in the after hours, steven. Theyre on najarian time. Runs faster. What have you got . This is a nice chart. Somebody goes up one week and they bought 15,000 of these calls. Thats huge. Theyre buying these calls. When we see that kind of activity we pounce on it. I jumped in almost immediately. Good stuff. The stock is up 150 . I still think they have issues. Im not touching it. I dont think its cheap. The chinese keep saying theyre shutting the steel plants. They dont. Hard to Say Something is cheap when its up 45 . Thats why you play the options instead of the stock. I agree with you on that. 60 something cent for those calls. Well go the future pits next. The sector board. There it is. Telecom the laggard. Halftime is back in two minutes. Happy five years to scott and halftime report. Scott, i appreciate you calling me doctor. That makes me feel smarter. Congratulations and good luck for the next 20 years. Theres no one road out there. No one surface. No one speed. No one way of driving on each and every road. But there is one car that can conquer them all, the mercedesbenz cclass. Five driving modes let you customize the steering, shift points, and suspension to fit the mood youre in. And the road youre on. The 2016 cclass. Lease the c300 for 369 a month at your local mercedesbenz dealer. Welcome back to the halftime report. We are watching crude oil today down more than 2 after hitting the 15month high yesterday on that inventory number. Ryan, looks like a little profit taking today. Hey, it does. The inventory numbers that draw down caught traders by surprise. Some of the imports you normally see in the United States is actually being gobbled up by china with production coming out of china thats less. So, certainly, were seeing some demand pictured globally now taking place in oil. Thats why weve seen a trade above this 50 mark, but a little profit taking. Weve seen it trade below 50 ppt. 5 twice in october. Theres a picture in tact we trade up into the mid 50s eventually. Whats your take an what are the levels to watch . 52 it seeps like its had trouble there several different times dating back to mid june, really. I think t going to jekted there as it has today i think about 9 49, 30 is my level on the downside. If it settles above 52. 5, call it just to be safe, then the next big move higher is coming, but i dont think its now. For more, head to futuresnow. 1 00 p. M. , weve got the live show where were talking to jack calfry. Hes going to give us the whole case on stocks. Lizzie will tell us why oil is going higher from here. You dont want to miss it, but stick are halftime. Wak after the break. Esll the opa you need in one place and lets you visualize that information for any options series. Okay, cool. Hang on a second. You can even see the anticipated range of a stock expecting earnings. Impressive. Whats up, tim. Td ameritrade. Whats Critical Thinking like . A basketball costs 14. Whats team spirit worth . cheers whats it worth to talk to your mom . Whats the value of a walk in the woods . The value of capital is to create, not just wealth, but things that matter. Morgan stanley coming up tomorrow, there you go. Robert kraft will be the us and famed energy trader, mark fisher, hasnt done anything lately. Talking to us about whats going on in the oil pits. What stocks he likes. How he would play the move in energy. Well look forward to hearing from him as well. Another huge lineup for next week. Bill miller. The state of the housing market. Jim chenos will be back. Well talk under armour. Short seller, john ficktorn talks media, tech and art with michael o v its. Another big week coming up and we are looking forward to that. Talk to you about stocks. Sea gate is your largest holding. Still . One f your larger ones. Why do you continue to like it . Sea gate is in the middle correcting the overcapacity the it had as we transitioned from storing on our devices to the cloud. When you store in the cloud, the actual disc driver is larger, so you need fewer of them. But they are higher margin drives, so as unit demand has declined and it put pressure on price, margins, sea gate had to talk restructuring action. They just reported a quarter where their Gross Margins are in the process of being repaired. Theyve had very, very strong sol yvolumes on the enterprise side and thats the whole story. Its a replacement of storage in the cloud instead of on the device. Couple of minutes left lets talk energy. I said we had mark fisher on tomorrow. You u mentioned energy at the top of the program. As one of these areas that look attractive. In this bifurcated market. They are. Of course, oil, any investment in an oil stock is incon gent on a view on oil prices. I think we have some fairly compelling evidence in the marketplace today at 50 a barrel is an unsustainablely low oil price. Non opec production is still declining at a Pretty Healthy pace. At 50 a barrel. And oil demand is still rising. Putting an incremental call on opec oil around 10 a year. And opec can do that for some period of time, but then they have to themselves, make investments. And so is kind of illogical to believe that the price should stay here. The price at which oil is in balance on the supply side has got to be somewhere in the 60 to 80 range. R very hard to be precise about that. But i think thats what well see. Youre playing that with exxon mobil, royal dutch shale. Great to have you here. Active, pennsylvaniaive, all the moves in the market. A big day tomorrow. Its been an interesting week. Just wondering what you guys make of the conversation weve heard. Mostly cautious about where we are in the stock mark. Im cautious as well. But like everybody else thats come on, they say they dont buy markets. They buy situations. The its what ive always said. Our thanks to rich for joining us today. That does it for us. Dont forget our big day tomorrow. Power lunch starts now. Welcome to power lunch. Heres whats on the menu. The debates are done. Did clinton or trump do enough to change peoples minds . To the stock market. Getting clipped. Airline profits are under pressure. Well check in with the ceo of American Airlines and guess whos getting into the smart
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