Welcome to Worldwide Exchange on cnbc. Im sara eisen. And im wilfried frost. Good morning from me as well. The celebration is still going on this morning. The cubs giving their fans reason to cheer, beating the Cleveland Indians 87 in a dramatic ten innings World Series Game, the cubs coming back from a deficit to win their first champion sip since 1908. Its funny to see the celebration at Wrigley Field when the game was played in cleveland. The cubs have been waiting a long time for this. Congratulations to all my cubs friends and all the cubs fans out there. U. S. Equity futures are under pressure. This is after weve seen seven Straight Days of declines for u. S. Stocks. Longest losing streak since 2011. A bit of improvement just in the last few moments or so. Dow futures have now turned positive, up seven. S p and nasdaq still negative. Down 19 points in the premarket. As for the tenyear treasury note yield this morning, post Federal Reserve, a pretty boring fed, as far as fed meetings and statements go. 180 is your yield on the tenyear. Theyre still waiting for some evidence before raising rates. Theyre getting a little bit closer. The probability goes near 80 for december. Well see what happens with the election. Yeah, so some relief there on the tenyear note. We were down to 1. 77 at one point yesterday, seeing some buying in light of political fears. And whilst we see equity selloff and the dollar selloff, we had seen bonds go up and the yields come down. Just move the other direction today. Lets have a look at european equities. The selling there this week has been more pronounced than what weve seen in the u. S. In fact, the broader stock, 600, was down about 3 for the week as a whole. Its probably not moved much, were pretty much flat across europe. Germany, just negative. France and the ftse 100, just positive. In asia, japan was closed for a holiday today. China, a private survey showed growth in the countrys Services Sector picked up last month. Asian trade, as you can see, shanghai up, hong kong and australia down a little bit. Lets have a look at Broader Markets, as well. Oil prices rising this morning, after militants attacked a nigerian oil pipeline. We have seen quite a little weakness over the last couple of days. Wti getting a bit of a bounce today, 25. 55, up half a percent. And currencies now. We go to currencies, where weve seen the dollar under pressure for several sessions in a row now. Continues this morning, though just fractional moves against the euro, 109. Against the yen, the dollar continues to weaken that safe haven yen goes up and the pound rallies. We do have a bank of england meeting. Well get a preview for you in just a few moments. Gold has been in demand. Gold trading at a onemonth high. It briefly went above 1,300 an ounce. Strength in gold, two factors there. The heightened uncertainty in the u. S. Election with the polls tingt by the day, and the weakness in the u. S. Dollar, whether thats about the election or maybe the idea that the fed wont raise rates if trump gets victory and theres some sort of market turmoil. Theres a lot to have derisking going on and cold has been a beneficiary. Its down thrn 1 . Its been broad, theres momentum behind it. All the sectors were down yesterday, seven days in a row for the s p and nasdaq. But the size isnt too bad yet. Week to date, were down 1. 5 compared to the indices, down 3. 5. But seven days in a row, theres something happening there. Thats the longest losing streak since 2011. Over the course of this period, though, to your point, its been about 2 moved down. During 2011, that was an 8 move down. So not quit the magnitude, but certainly the jitters and angst is there as the probabilities this morning continue to move away from clinton, even though she still has almost 70 in the betting odds. Well dive a bit more into detail in the political stories later. Lets get to top corporate news. Facebooks results last night. The Company Reported a better than expected quarter thanks to strong mobile advertising sales. Revenue also topped forecasts, but share are slipping on growth concerns. The social media giant says it cant maintain its current pace of growth starting in the middle of next year. It will start showing users more ads in its news feeds. On the Earnings Call, Ceo Mark Zuckerberg stressed that the companys strategy is to prioritize a video in order to boost the amount of time users spend on facebook. We think its pretty clear that video is only going to become more important. So thats why were prioritizing putting video first across our family of apps, and taking steps to make it even easier for people to express themselves in richer ways. Joining us now on the Cnbc Newsline to discuss those facebook results, richard cramer, managing partner at err ite research. Last i looked, facebook us with trading lower by almost 8 after that call. Is that justified for a company thats posting almost 50 Revenue Growth . Thats a great question. And i think what youre looking at is a reaction in a stock that has performed tremendously well, its near alltime highs. And you know, quite simply, facebook is just suggesting to investors and to the analysts who are asking really for more precision than the companys able to provide right now, that its simply unsustainable to grow a top line 60 in perpetuity. And i think thats quite natural. People were forecasting a decline, but on the cfo call after the main Earnings Call last night, you had analysts asking seven ways to sunday, please, can you just tell us the number, and the company is not prepared to do that. And outside of that guidance, the Expense Growth was quite significant. Yes, Revenue Growth was up more. But is the Expense Growth something of concern as well . Absolutely actually, youve got that entirely the opposite. Thats incorrect. Facebook has had 11 Percentage Points of margin increase in each of the three quarters this year. The issue is that it simply cant spend money fast enough. Its had a tremendous increase in margins. Now, theyve put everybody on notice saying, we would like to hire more engineers, we would like to invest in more projects. The fact is, for the last two years, theyve told you that at the beginning of the year. At the beginning of this year, the Expense Growth guidance was 45 to 55 . And it turns out its going to grow maybe 50 . So this is a constant case of a company trying to dampen expectations, again, while the way we look at these companies, they generated 2. 5 billion of Free Cash Flow in the quarter, had a tremendous improvement in profitability, and some of these increases are just simply unsustainable for any company at any scale. So bottom line, on the stock, this cuts into the yeartodate gains, which before the quarter were about 22 . And you mentioned a record high hit last week. Are you a buyer on the dip . I think most of the sensible longterm investors will look at this company which has a user base of 1. 8 billion users, you know, basically a fifth of the people on the planet are using facebook six days out of seven a week. Are daily active users. And theyll say, this is a tremendous franchise. Maybe, and i dont think the Company Management cares that much about these shortterm gyrations in the stock price, but maybe this points to the fact that facebook, like google as well, is going to constantly be searching for a busy outside of advertising that doesnt mean they have to go and effectively take share of what for 50 years has been growing a gdp type industry. Richard, thank you richard cramer. They may be going after tv ads. I just mentioned 50 Revenue Growth. Thats the Fourth Quarter in a row that weve seen that out of facebook. Its hard to find that growth story like that. Its amazing, when you just have a slightly stronger rhetoric than normal in terms of guidance, into how this can slow. And theyre doing it on their own. Theyre reducing ad load on their own, because they dont want the crowd the user feed. Credit suisse posting better than expected earnings amid restructuring and cost cutting. But it warns it expects the outlook to remain challenging. The bank is also raising its litigation provisions by 368 million. Ceo on cnbc earlier this morning. Its a tale of two cities. America is doing very well. Up 1 in america, which is quite a strong performance. But we have been under pressure in europe, where to be frank, we had a bad quarter in the equity. Shares of Credit Suisse suffering, down 5 , despite hitting that profit, which was not expected. That was a beat, seen as a sort of one quarter thing. Not dissimilar from the u. S. Banks, very much trading capital marketsled thing. And in the u. S. As opposed to the fundamental business in europe. More European Bank news. Socgen benefitting from lower costs and provisions set against bad loans. Its having the opposite share price reaction, up 5 in european trade. Ings rofts raising 22 in the latest quarter, topping estimates among fee incomes. Last month, the dutch bank said it would cut about 12 of its workforce in order to save 900 Million Euros by 2021. Adidas out with results this morning. Shares falling overseas. The german sportswear giant saying it would take oneoff costs to restructure its reebok brand and invest in growth, the move coming as its sales slowed in the firms latest quarter. However, profits did Beat Estimates in the latest quarter on urban wear sales strength. Adidas has made a comeback in the u. S. , putting pressure on under armour and nike and the shares have done very well this year. And theres some fx headwinds in their guidance. Now to todays agenda. Overseas, well get the bank of englands position decision at 8 00 a. M. Eastern time. Its different this time, because europe wound back the clock before we did. In the week, its just this week. In the u. S. , weekly jobless claims and preliminary read on Third Quarter productivity and labor costs are out at 8 30 a. M. Earp time, followed by the october ism Services Index and september factory orders at 10 00 a. M. And the earnings continue, the big action comes after the close today. Well get starbucks, activision blizzard, cbs, and kraft heinz. And landen dowdy joining us now with three things to watch from those starbucks numbers. The street is looking for starbucks to brew up earnings of 55 cents a share on revenue of 5. 7 billion. Beyond those numbers, here are the three things to watch. First, samestore sales, the coffee maker has missed its sales target for three quarters in a row, and the company citing a profound weakening in Consumer Confidence ahead of election. However, decent overall Consumer Spending and confidence levels in the quarter should help calm some of those nerves there. Second, its growth plans. As starbucks matures, the key will be how it finds new ways to grow and it aims to diversity beyond coffee, with the goal of doubling its food revenue and investing in digital initiatives. And investors will want to see if these efforts are boosting sales. The third thing to watch, traffic. A note to investors. Oppenheimer saying traffic could dip negative for the First Time Since 2009. They do expect the industry to improve. And the stock has been less caffeinated this year as well, down nearly 12 . Its on track for its first decline since 2008, which could present an opportunity for some bargain hunting. Have you seen the holiday cups yet or lack thereof . Ive seen green cups. Theyre green with a bunch of faces. They got so much flack last year because they were red and blank canvases, now they have a bunch of faces on them. People are tweeting i thought it was an environmental thing. I liked the red ones last year. Nothing says the holiday like that theyre always green, arent they . So this is an allgreen cup. Its very unusual. And bunches of faces. But the ceo is saying, its about the need for each other. Faces on their cups. No, not the beautiful faces of wof and sarah, unfortunately. Landen, thanks very much for that. In other corporate news, the fcc is reportedly looking into wells fargo violated rules around investor disclosures. The wall street journal says theyre also looking into other matters. The fcc is requesting documents from wells following calls to look into whether the lender misled investors. To date, we hear from mary mac for the first time on the record at about 8 15. When we come back, a Key Court Ruling could impact the uk exit from the eu. Its coming today and well bring you the details, next. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Yeah. Well, we gotta hand it thto fedex. Glasses. Theyve helped make our ecommerce so easy, and now were getting all kinds of new customers. I know. Can you believe were getting orders from canada, ireland. This ones going to new zealand. New zealand . Psst. Ah, false alarm. Hey you guys are gonna scare away the deer idiots. Providing Global Access for small business. Fedex. Welcome back. In global news, its 6 00 a. M. Eastern time. The high court in the uk will decide whether the government can invoke article 60, which would start the twoyear time clock to brexit without a parliamentary vote. It would come as both a surprise and a blow to Prime Minister theresa may if the need for parliamentary vote is imposed on her. Either way, the Opposing Side is likely to oppose the decision, sending it to the Supreme Court in december. Invoking article 50 by march next year is still possible regardless. And if a vote is required, it would add unwanted pressure on the government, but worth noting that theresa may and the conservatives do enjoy a parliamentary majority. That decision is at 6 00. Is that a market mover . Could be, yeah. If a vote isnt required, that would perhaps have to force the government to soften its hard brexit position in order to get a vote through parliament. The market is expecting it. If we got a decision, albeit one that would be appealed to say a vote is needed, we could see a bit of a rally in the pound. Speaking of the boe, we want to talk about an Interest Rate decision that is due out from the bank of england around 8 00 a. M. Eastern time. Our jeff cutmore joins outside the bank. Reporter here the bank is under considerable pressure to get the tone right. Were not expecting any change in Interest Rates, but it could be market moving, depending on the tone. If the bank is too dovish, they may be accused of being too negative on the growth outlook. And as we know, the bank has done a pretty poor job so far of forecasting how the economy is going to grow postbrexit. If they are too hawkish, that might unwind some of the positive work thats been done by the weaker pound. So i think mr. Carney here will have to take a very pressured position on just what the impacts of brexit could be, running into 2017. But they do need to revise upwards, both their growth forecasts, which have been way off the pace. They forecast 0. 1 for the Third Quarter. The number actually came in at 0. 5 . Obviously, we look at the quarterly growth number, rather than the annualized, as you do in the United States. Inflation, that is the key, though. To what extent will inflation get away from the bank, because of this very big move weve seen in sterling . But for the time being, the pound is coming back and we watch mr. Carney today for the tone. Back to you guys. Jeff, just a quick question on this High Court Ruling in terms of whether a parliamentary vote will be needed to invoke article 50 or not, is there much focus on that in london . Is that expected to go the governments way . Reporter its huge, to borrow a phrase from one of your president ial candidates. Clearly, wilfred, the markets are watching it very, very closely. Because as you pointed out, there are in Parliament Lots of mps who would rather we hadnt gone down the brexit route. And they will all want their say if they get the opportunity to vote on this. Now, i dont think anybodys saying that even if parliament gets the final say, it means that they wont follow the will of the people, as expressed in the referendum, but it does mean it could make it much harder for the government to pursue the hard brexit option. Back to you. Jeff, great stuff. Thanks very much for that. The pound up 0. 2 this morning, bank of england coming at 8 00 and brexit court ruling coming at 6 00 eastern time. And a donald trump impersonation, to boot. We needed a few points from jeff. Still to come, a live report from Wrigley Field, where cubs fans are ecstatic. Stay tuned. Youre watching Worldwide Exchange on cnbc. T . Is it a caregiver determined to take care of her own . Or is it a lifetime of work that blazes the path to your passions . Your personal success takes a Financial Partner who values it as much as you do. Learn more at tiaa. Org welcome back. Sports news. It took 108 years, a game seven, and have an extra inning, but this morning, the chicago cubs are world series champions. Nbcs jay gray joins us live from outside Wrigley Field, where the party continues. Jay, good morning. Whats the atmosphere like . Its 4 23 there, by the way, a. M. Good morning. It is yeah, its 4 30 in the morning, or so, and the party is still going on. As you can see. The game went into extra innings. The party may never end here. They are going to continue to celebrate this cubs World Championship for as long as its physically possible. Its, again, 4 30 in the morning, and we still see people coming down, newcomers to the party here. Theres an army of police. Its all been safe, to this point, as far as we know. And theyve even brought out street sweepers at times, to not only clear away some of the clutter, but try to clear away the streets. Its become just a moving celebration, moving from block to block, here in wrigleyville, and a lot of people say that when you wait 108 years to celebrate something, youve got to do it right. So heres what i think well see today in chicago. A little bit later this morning, a lot of people either very late for work or not showing up at all. And those that are there will likely have a headache. I think well see a lot of kids absent from school today as they continue to have fun after the cubs win. Jay still partying behind him. I dont think i think there are beginning to be a lot of people taking off work. Exactly. Productivitys going to be off. And they deserve to do that, as well. They know how to party in chicago. I havent been yet. Tempted. Its a beautiful city. You should go in the summer. Its too cold in the werent. I know its the end of the season. Ive got to get to a baseball game, early next season. Im ticking off the u. S. Sports. Well get to it. Congratulations, again, to the cubs, on their 108year wait. And it was a good game and they were both underdogs. The indians and the cubs. Went the distance, went to ten unings, great stuff. Still come this morning, the top stories, plus well hit the campaign trail. Less than a week to go before the election. A live report from the battleground state of ohio to come. Stay tuned, youre watching Worldwide Exchange on cnbc. Before his mom earned 1 cash back everywhere, every time. [ dinosaur growls ] and his dad earned 2 back at Grocery Stores and wholesale clubs. Yeah even before they earned 3 back on gas. Dannys parents used their bankamericard cash rewards credit card to give him the best day ever. Thats the joy of rewarding connections. Learn more at bankofamerica. Com getcashback. You fine but your passengers in your carsmell this. T smells eliminate odors youve gone noseblind to for up to 30 days with the febreze car vent clip break out the febreze, and [inhale exhale mnemonic] breathe happy. Good morning. Facebook falls. Shares of the social network dropping on growth concerns. Your money, your vote. Only five days to go until the president ial election. A live report from battleground state, ohio, coming up. Plus, the cubs bury the curse. Chicago bringing home its first world series in 108 years. Its thursday, november the 3rd, 2016. Youre watching Worldwide Exchange on cnbc. Chicago, chicago good morning and welcome back to Worldwide Exchange on cnbc. Im sara eisen. And im wilfred frost. Its american songs ahead of the election with a few chicago sprinkled in. Makes sense. Lets get to the Market Action this morning. Seven straight sessions of decline for the s p and nasdaq, five for the dow. It looks like theres momentum behind the selling, albeit, the size, not blowout. Were down 1. 5 for the week as a whole. And as you can see, we are flat in the premarket. The dow, fractionally higher, the s p and nasdaq, fractionally lower. The selling in europe also continues and has been more pronounced. Were down some 3 for the week as a whole for the broader europe stock 600 index today. A little bit mixed. Weve got the dax was down earlier with the French Market and the ftse 100 higher. Is that still the case . Pretty much. In fact, the dax is now just higher in the green as well. The number of Companies Reporting most notably Credit Suisse, which did turn in a profit, however, the guidance was soft and some costs in asia building up, which means the stock is down 5 . But others doing well, including socgen up 5 and taking the French Market higher wit. Asian trade for you there. Japan is closed. Weve got mixed trade elsewhere. Shanghai up, hong kong, down. Culture day in japan, a national holiday. So they can celebrate the arts, promoting culture, the arts, and academic endeavor. They have the best holidays in japan. My favorite asian holiday in hong kong is tombsweeping day. Its a national holiday. Really . I assume what happens is in the title, but its a good reason for a holiday. As for a Broader Market picture here, check out the price of oil. Its rebounding a bit. Wti back to 45 after a selloff yesterday on that bigger build in crude inventories we got from the u. S. Government. Brent is back above 47. 11. Gasoline rebounding as well. As for the tenyear treasury note yield, we sit around 1. 80 post Federal Reserve statement yesterday. The possibility for december did move up a few Percentage Points after the fed came out with its statement and said that they need to see some more evidence to raise Interest Rates, signaling they were moving a little bit closer. December looks like a go. Almost 80 odds in the futures market. As for the u. S. Dollar, the dollar has been weaker lately, over the last few sessions. That continues against the euro this morning. There it is, unchanged, but at 1. 1094. Dollar continues to be weaker against the japanese yen. That safe haven yen has been bought along with the selloff in stocks. The pound is up a little more than 0. 25 ahead of the bank of england immediating. Gold has been the recipient of a lot of the market anxiety, the jitters. Youve seen vix, the volatility and fear index spike up and gold is at a onemonth high, backing off by about 1 this morning. Earlier, we saw it cross the 1,300 an ounce level. Overall, weve seen selling of u. S. Assets as the polls have got closers and markets slightly fear a donald trump presidency, whether thats a correct position to take or not, but its interesting to see that bonds have been bought. The u. S. Treasury perhaps the most American Asset of all of them, but clearly, as were selling riskier assets, there was bond buying. And that was similar to what we saw with brexit, a shortterm purchasing of bonds and yields coming down. That has an added effect on the dollar. Interesting to see if that continues if we do get that result. And theres a lot of debate about how you price in a donald trump presidency, as the odds go up. Does it mean selling of stocks and bonds and the dollar . Bill gross made some headlines when he said that. But trump has outlined policies to borrow more, spend more, boost the economy. Those are inflationary and that trade would be selling in bonds with higher yields. The move seems like we would have a shortterm purchasing of bonds if the last weeks anything to go by. Lets move on to the top corporate story of the day. Facebooks results. The Company Reported better than expected quarter thanks to strong mobile advertising sales. Revenue topping the forecasts, but shares slipping significantly on growth concerns, down about 6 in the premark this morning. The social media giant says that it cant maintain its current pace of growth, starting in the middle of next year. It will stop showing users more ads in their news feed, which has been its strategy to hike Earnings Growth recently. On its Earnings Call, Mark Zuckerberg says the election has helped the engagement. In the first nine months of this year, 109 Million People on facebook in the u. S. Generated over 5. 3 billion post, comments, and likes and shares is related to the election. During the primaries and in september, we also added a register to vote link at the top of our facebook app that we estimate helped the more than 2 Million People register to vote. Some who are registering for the first time. The key word we heard last night from the cfo, he said the word meaningfully in terms of the guidance of where ad sales would slow down. Pretty spooky to the markets, even though they did manage to post another blockbuster beat on the bottom line. They trumped estimates there, posted more than 50 Revenue Growth. But they did say expect in the middle of 2017 for us to cut down on the ad load, which is something theyre engineering. They dont want to bombard users feeds with ads, which is how they have grown revenue. So the stock correcting on that move. Its still up double digits so far this year, before yesterday, it was up almost 22 . So potentially investors taking it adds an opportunity to take some profits. Mizuho for one saying reiterating its buy on this market selloff pip expect a lot of analysts who do love this company and this growth story to say that as well this morning. Now to politics. Five days to go until the elections. The polls are tightening, as weve been reporting. Our john harwood joins us from the battleground state of ohio. Good morning to you, john. Reporter good morning. Im in lima, ohio. This is donald trump country, were testing sentiment here. And as you indicated, the polls have closed nationally. Look at these real clear politics averages, the clinton lead down to 2 Percentage Points, 4543. It had been more than 6, but the nbc news estimate of electoral votes is that Hillary Clinton is still favored to win, more than the 270 electoral votes she needs to become president , and here is why. Look on this battleground state map at the new state polls we got yesterday. In the midwest state of wisconsin, which is critical for Hillary Clinton, shes got a sixpoint lead. If you go down to florida, shes got a onepoint lead. Trump needs to win that. Hillary clinton doesnt. If you go to north carolina, Hillary Clintons got a threepoint lead. Thats a takeaway. Mitt romney carried it four years ago. Then you go to pennsylvania, a state donald trump has desperately wanted to break through in, she is ahead by five Percentage Points. Here in ohio, donald trump has built in a new quinnipiac poll that was out yesterday a five percentage point lead. That is valuable for donald trump, but its not enough. Hes got to get more momentum in these last five days and figure out ways to take the state of florida, take the state of iowa, take the state of nevada and try to find Something Else to get over the hump, guys. John, i know ohio is always critically important, but you say hes in the lead there. It looks like from some of the maps im watching, the michigans, wisconsins, and north carolina, to some extent, are going to become even more important swing states in terms of getting her over the hump. Reporter thats right. Those are swing states that are holding for her. Wisconsin and michigan have gone consistently democratic lately. Donald Trumps Campaign has tried to build momentum among bad luck wlhites. There are a lot of blue collar whites. So far, donald trump has not been able to achieve a polling majority in those states. So you look at pennsylvania, wisconsin, you look at michigan. All of those are big rust belt targets for donald trump. He hasnt gotten there yet. Hes giving it a shot. Hes been putting new effort in those states, but well have to see what the last five days yields for him in terms of movement in the polls. John, weve seen that early voting is up significantly compared to last elections and the previous averages. Who does that favor . Is that in Hillary Clintons camp or Donald Trumps camp . Reporter not necessarily in either one. Weve got a trend in this country over the last two decades for more and more people to vote early. Were ahead of the pace from 2012. Weve seen in some of those earlier votes that Hillary Clintons having trouble motivating and turning out the africanamerican base, which was so critical to Barack Obamas victory in 2012 and also in 2008. However, hes done a little bit better or Hillary Clintons done a little bit better with the hispanic vote, which has been galvanized by donald trump and some of the stances hes taken on immigration, that sort of thing. But you cant make a blanket statement either way, because donald trump has generated a lot of enthusiasm among his base and some of the early vote indicators suggest that hes going to have a good turnout. And john, what do those early vote indicators suggest about turnout overall . Because if i remember back to june and the brexit vote, the increased turnout by about 7 Percentage Points compared to the general election the year before was a massive swing factor, which, of course, added to the wild card nature of the result. Reporter the last few elections, turnout nationally in the United States has been drifting up. And has been doing very well relative to recent history. We do not expect that 2016 is going to reach the levels of 2008 and 2012. So i think it is likely to be a decent turnout, not a super heavy turnout, but, of course, the mix of who is in that turnout is whats going to decide the election. If donald trump can super charge the turnout among those blue collar white voters who represent his base, he has got a shot. So far, we dont see evidence that it is supercharged relative to recent history. John, thank you very much for joining us this morning. John harwood in ohio. And lima, my home state. Enjoy. Important state. I would just add one further point. Clearly, the Electoral College math as john went through is not working in Donald Trumps favor. But, the real clear politics average is so, so close now. But the Prediction Markets and the betting odds still have a significant gap between the two, in what is essentially a twohorse race. 538 has been my go to. And some of the charts there that show, especially on electoral map, theres a snake chart that shows which states he would need to get to cross over the line and which states she would need to get. Based on the polling, it still gives it to her but shes back down in the 60s and thats where she was in september. And its widened significantly since just friday. I just said maps there, im real adapting. Youre learning. Yacht words. Not all of them. Back to corporate news. Wynn results falling short of forecasts, the company citing costs related to opening a second casino in macau and how construction of the hotels in the areas is making it hard for customers to get to that resort, down 6 . Whole foods Fourth Quarter profit beating forecasts while revenue was in line. Samestore sales fell more than expected. But the company saying those declines have been easing lately. And whole foods doing away with its jewel cofounder. Shares up 3. 7 . Aig swinging to a profit in the Third Quarter, driven by higher returns on investments and lower costs, but the insurers results missed forecasts. Aig is increasing its Stock Buyback Program by 3 billion. Shares down 2. 6 . On a programming note, aigs ceo Peter Hancock will be cnbc at 9 45 a. M. Eastern. A few other stocks to s t gr the Fourth Quarter which does include the important Holiday Season also missing analysts estimates, hurt by soft demand and production analysts related to its new flex band wrist device. Avis budget topping forecasts on higher rental volumes and increased prices. The company now expects fullyear profits to come in at the low end of its previous estimates, due to softer demand in europe and the americas. 21st century fox reporting better than expected First Quarter results, driven primarily by higher ad and affiliate revenue from its cable channels, including fx and fox news. The companys movie studios saw higher revenue as well, despite the Box Office Disappointment of Independence Day resurgence. Ive still got to see that film. To to the cinema. Except its not in the cinema anymore. Lets move on to todays top trending stories. The campaign trail couldnt help Hillary Clinton from supporting her hometown chicago cubs. Clinton watching game seven on an ipad last night during a book signing in arizona. Hillary and her team continuing to live stream the game from their car. As the game came to its dramatic finish, clinton and her staff waving a huge w flag to support her team. Beyonce surprising fans at the Country Music awards. They performed her countrythemed song, daddy lesson. Halfway through the song, beyonce mixed in several lines from the dixey chicks 2002 hit long time gone. Would that have resonated a lot with country fans . Beyonce resonates with everyone. Shes not a country singer. Are the dixie chicks big . They were, sort of like 15 years ago. I grew up with the dixchiy chicks. Garth brooks, is it . Yes. Hes the big one. Playdoh is getting a facelift with a new toy to life app. It animates them in a Virtual World using the camera on your iphone or ipad. You can play the game for free with any can of playdoh or buy a 40 shape to life studio set. Thats actually pretty impressive. Playdoh for the digital age. But to kids still play with playdoh . I cant believe that they wouldnt. I was always more of a lego man than playdoh. I needed that help, the guidance to actually form something. Very masculine. You need to be more talented to have playdoh. Artistic. Creative. I played with playdoh. Lego was easier to work with for me. Anyway, we should move on. Coming up, todays mustreads. Heres a look at european kpas head the to break. We are if the green by a quarter of a percent. Were back in a couple of minutes. Youre watching Worldwide Exchange. Welcome back to Worldwide Exchange. To todays mustread stories capturing our attention. In the Financial Times, probability of a Trump Victory remains underpriced by the markets. The author, john authors, who is Senior Investment commentator for the paper, says it looks as though the probability of a Trump Victory remains underpriced and could easily swing wildly in the next few days. So the next week is perilous. A little gold or some vix futures might be a good idea. Treat it as an insurance premium. Volatility could easily rise far higher from here. And within reason, it is good to hold cash. This is an interesting take of the sort of arguments weve been airing in terms of the other perspective as to whether this is closer than people expect. And he says, in these kind of Prediction Markets, where you can trade, not in huge volume, he says, trump futures offer value at this stage. An interesting take from the Financial Times on that. In other words, its not being priced correctly . It should be closer than it is. He looks at all the polls, the real clear politics average, and takes an appreciation of the geographical spill of the Electoral College as well. This is value, in a twohorse race. Theyre not significant probabilities. In other words, nick colast of convergex always does a Good Research note and he looked at the odds of trump winning and compared to other odds, the odds of the patriots winning the super bowl, the odds of a british teenager making it to 100 years old, also around 30 . Did you see i replied to that . I asked about a 31yearold getting to 100 . We dont have the statistics, but he said based on the looks of you, pretty high. Oh, good. He said the people that bought those sort of trades a week ago are laughing. There was a complain sensy in the market for a real long time that clinton would be the choice. My pick is also in the Financial Times and its also about politics, but its about the business of trump. The future of trump ink. Its really not an opinion piece. The columnist, gary silverman, goes through some of trumps. Its a long read, but very detailed and very good, trumps business ventures, his past, what he might have in store for the future. He writes, according to mr. Trump, his father told him everything he touched turned to gold. In atlantic city, his son did act as if he believed him. Even as the economy stumbled in late 1980s, he built a third casino, the junk bondfinanced trump taj mahal. When industry analyst Richard Rothman said he doubted there were enough customers for those trump pleasure domes, mr. Trump called up his boss and demand head be fired. We know what happened next, trump taj mahal went out of business. But it is fact based and it doesnt really come to a conclusion in the end, just that its going to be fascinating to watch the reality star turned business mogul, no matter what happens, if he wins or doesnt. And theres also talk about the possibility of trump tv and things like that. But more generally, his overall brand, has it been enhanced or tarnished . Its certainly risen his profile to extraordinary levels, but does it help him if he does fail to win this election . There are some examples that its hurt him, especially after those access hollywood take place. In new york, his name has buildings on them. Some of the residents want the name taken off of the building, for instance. Well see overall. He certainly has a higher profile. Irrelevant with five days to go, because his job may be taken. The Business World might have to he might have to leave leave it to his children, which still have the trump name. When we come back, david roenzberg, chief economist will be talking about the markets, the fed, and the election as well as the economy. Stay tuned, youre watching Worldwide Exchange on cnbc. Thats why i have the spark cash card from capital one. With it, i earn unlimited 2 cash back on all of my purchasing. And that unlimited 2 cash back from spark means thousands of dollars each year going back into my business. Which adds fuel to my bottom line. Whats in your wallet . With new cabinets this wfrom this shop,house, with handles designed here, made here, shipped from here, on this plane flown by this pilot, who owns stock in this company, that builds big things and provides benefits to this woman, with new cabinets. They all have insurance crafted personally for them. Not just coverage, craftsmanship. Not just insured. Chubb insured. We are in the context of unusual uncertainty, not just political, but financial, economic, and institutional. This is a time to reduce your exposure to the Public Markets that has been. Keep a higher level of cash than you normally be, and be much more tactical than what youre inclined to be. Mohammed elerrian on cnbc last night. Joining us, david rosenberg, chief economist at glusk kikin f sheff. Does this uncertainty over the election and some of the market turbulence were seeing make the outlook even worse for you . Well, you know, i would say that heading into this situation with a forward multiple on the s p of over 18, trailing multiple of 20, were almost priced for perfection. And were going to find out that the world isnt exactly perfect. So i would say that when you take a look, not even at, say, the event risk around the u. S. Election or the italian constitutional vote on december the 4th or the european elections next year or the fed, the reality is that you have a vshaped recovery embedded in the current valuations of the stock market. So i think that were just richly priced right now and my sense that were in a transition phase. So the answer is yes. Weve been cautious for the past several months and that continues. What about the election . Where are you on a trump presidency, as the odds do increase . Whether thats sufficiently priced into the market at this point, and what it may mean for the market in the longterm . Well, its probably not completely priced in. I think that in the past week, weve seen a microcosm, just looking at the vix going from 15 to 20, that theres some nervousness, the uncertainty factor coming in. I would expect that if donald trump does win, well probably see a compression in the market multiple, just because of the uncertainty factor. My sense is that if the market does correct significantly, lets say at least 10 on a Trump Victory, my sense is that were going to start to put money to work in the market. Because what we know from history is that what you see isnt always what you get from the president ial campaign. I think the most dangerous thing an investor can do is to take anything that donald trump or Hillary Clinton says and extrapolate it into the future. I seem to remember that when barack obama got elected in late 2008, the view was that he was some wild socialist. But early 09, the banks were priced for zero, because apparently this new president was going to nationalize them. Im not going to say that Barack Obamas responsible for a tripling of the stock market, but no one was betting that under his presidency that was going to happen. David, you just said a 10 fall in equity markets a possibility in donald trump is elected. Is that your best case reactions from the markets if he wins . Well, look, we have that and we have the fed raising rates likely in december or so. The experts seem to think thats the case. You know, we had 70 probabilities being priced in at this point last year for that december hike. And everybody thought, oh, its going to be just fine. But the problem with the fed raising Interest Rates was that it wasnt just one rate hike, it felt like three, because of the overall financial conditions tightening, and especially the transmission mechanism through a stronger dollar. So i dont think the feds got to raise Interest Rates. A lot of people disagree with me. But if you remember last year, the fed raised rates, a couple months later, the s p is down more than 12 . Why would it be different this time, especially considering that the market is more expensive across any valuation metric today than it was 12 months ago. It could be different if they dont forecast four hikes in the year ahead. You remember, they hiked rates and predicted it was going to happen four more times this year, and that set off anxiety, because they tilted hawkish. If they dont do that again, it could have a different effect, couldnt it . Is the fed tightening into an accelerated growth environment . Whats interesting is everybody is talking about how they toughen up the inflation language yesterday. My lord, this is the central bank that has faced 53 months in a row of inflation coming in below its target. What i find interesting is when you take a look a year ago, sarah, at least they had in their press statement that Business Investment and Consumer Spending were rising at a solid clip. That was their view. Meanwhile, we have 1 growth in the Fourth Quarter yesterday. They downgraded their view on the economy weve got to leave it there, david. Thank you sorry to cut you off. That does it for us here. Squawk box is next. 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. Good morning. Facebook shares are getting slammed after the companys guidance in this case sparked concerns about the future growth in advertising. Full results are straight ahead. Fitbit stock plummeting after an earnings miss and is a sales warning for the Holiday Season. Its down nearly 70 now since the june 2015 ipo. And ecstasy in the windy city. The chicago cubs capturing their first world series title since 1908. We will show you the highlights. I saw the first inning. Its thursday, november 3rd, 2016 and squawk box begins right now. Announcer life from new york whereby where business never sleeps, this is squawk box. Good morning. Welcome to squawk box right here on cnbc. Im Andrew Ross Sorkin along with joe kernan this morning. The celebration still going on in chicago this morning. The cubs giving their fans reason to cheer, beating the Cleveland Indians 87 in a dramatic 10inning World Series Game seven. The cubs coming back from a deficit to win their first World Championship since 1908. I only saw the first couple of innings and went to sleep and happened to wake up, wanted to check, thinking it was all over, and it wasnt over, there was the rain delay, and i got to see the 10th inning and i got very excited. And we should tha