Lets check a check on your money, america, shall we no major reports for stocks marginally lower. Get this, if today would be the dows first drop in seven sessions if we fin down today. Some leading the s p 500, and it is a match made in heaven for match shareholders that stock is soaring, as earnings beat on the flip side ouch lending club, kicking out members today, sinking in weaker results. No down 30 in just the past three months. Looking awful. Thank you, brian we begin this hour with President Trumps trip to china and how critical he will be of that country, one of the most frequent targets in the past before the trip even kicked off, the two countries, however, announcing 9 billion worth of deals. Kayla tausche joins us live from beijing. Kayla . Reporter this trip comes as a year has passed since President Trump clinched the victory. And now hes trying to and that slate of deals is part of that deals in agriculture, manufacturing and energy, deals to import u. S. Beep onto ecommerce and sell more helicopters. Its a drop in the bucket of the trade deficit, but commerce secretary wilbur ross says theres more to come fair and reciprocal treatment for the companies is a shared objective. Todays are some examples of how to productively build up our bilateral trade. Reporter talks over in north korea with the security of the region hanging in the balance. Trump is expected to challenge remaining financial linking between china and its onetime ally, as he trying to chart a new course on north korea. Earlier today, telling the socalled rogue regime in a speech in south korea, and then again in a tweet over chinas firewall, quote do not try Us White House Officials Say that economic and National Security discussions will be held in separate tracks, though as we know, guys, the president has preferred to pursue package deals. Yes, he certainly hat thank you, kayla for more on those deals and what President Trump can gut out of china, lets bring in patrick conovember konovik, and jillian, a cnbc contributor, and michael frommen. Lady and gentlemen, good to have you here the administration has made clear there are two things they want out of china. They want more help on north korea, getting them to dismantle that that and they want them to act more like mr. Frommen, are we making any progress on those two issues i think youll see a number of announcements, the chinese like to call tweetable deliverables the question is whether these deals would have at the happened anyway and whether they were just saved up for announcement and whether the president will pivot on those deals, if were going to have a fair and balanced around, those are the underlying issue that is we really need to get at. So far they have not received a lot of attention. Who knows if the deals will go through, right, patrick theyre announced, they walk away, then what . Some of these deals, like michael said, were already in the works, but this is a classic chinese thing that they do, whenever they have a foreign visitor, they go to another country, they announce a whole slew of deals, about 90 of them never happen so as michael said, the key issue is whether you change the structure of u. S. china trade, and in particular the structure of the chinese economy that means engaging the chinese about economic reform, which unfortunately has really been stalled. Theres a sense in the markets like china is back, the chinese economy is doing well, when this fact the reforms that are so necessary. And also open up to more imports from abroad this isnt about tweetable deliverables this is all about followup, followup, followup jillian, weigh in there, because when you look at the congress that just happened, it looks like theyre going backwards, more state intervention, more government control of the Big Industries there. Absolutely. You have an increasely authoritarian leadership there i think the chinese have been studied donald trump choice le in recent months, and its absolutely about tweetable deliverables if you look at the alaskan pipeline which would be a deal to bring lng from alaska into china, this is something they will almost certainly make a big deal out of. You it tell the voters about, but in rae il, as patrick said, this deal has been inle works for a report tine. So it will be boor some kind of cot messic takeaway. Patrick, can you really make a deal with the Chinese Corporation . Because Chinese Corporations are, for all intents and purposes, they wont like me saying this arms of the government the communist party is always a partner. Are those deals you can, a, make, and b, believe that will be adhered to . In many cases there are china as commercial as well as political goals, but i agree, by the way, with jillian, that tweetable deliverables is what matters, down the road what we really need from china is the structure of the relationship. That includes staying on enterprise perform is one of the things thats gone backwards, instead of what they said they wanted to do, chet open up stayedowned enterprises to more competition, more competitive environment, instead theyve been turning them into more concentrated oligopolies thats one of the things that the United States has to have a serious conversation about with china. Youve had thor conversations. You have fought this battle. China is demanding they be labeled a market economy at the wto, even though theyre clearly not. What can we do so that their incentive structure changes, that they dont keep supplying, you know, leading to a glut of steel, as one example, in world supply well, china poses a lot of serious challenges in the Global Trading system over the eight years during the obama administration, it was a primary area of focus. I think we made some significant progress, but theres still work to be done i hope the Trump Administration will continue that work. What does that mean you talk to them and tell them thats what they should do how do you is there any leverage we have so they change their behavior yes i think you need to use all the tools you have available to you. Yes, you talk it to them and raise it at the highest level, but you always use enforcement tools and use tools of diplomacy to get the rest of the world organized behind you whether its europe or japan, or very importantly, other emerging economies, some indonesia or brazil say theyre disturbed by chinas overcapacity and steel, it has more of an impact on chinese decisionmaking than if the u. S. Does it so organizing that effort, it takes a lot of dedication, it does tend to affect their behavior over time we have that leverage, jillian, but on the other side, we want chinas help when it comes to north korea. Dont they ultimately have the hand here . The problem is the Administration Says it wants to keep the economic and trade track in a Different Box from the security track actually that is rubbish as far as donald trump is concerned, he hayes spent his entire life in korea cutting deals using whatever leverage he can, pulling any element he can to bring to the table to actually cut a deal with his opponent and in this case, theres a very clear recognition by the administration that they want to try to use the trade element, both as a carroll and stick to get more corporation on the security element one of the things is theyre actually trying to seek, its not entirely clear who is driving Foreign Policy from the Trump Administration, whether its rex tillerson, the military or trump himself whether hes going to carry off this balancing act or threatenings on trade, in order to get cooperation is tough. And the other key element is the chinese themselves are increasingly divided about what to do withnoic there are both hawks and doves inside the chinese administration, and frankly it xis position right now is also uncertain. Interesting. Patrick knows a lot about that. Thank you all a tax on imports by Multinational Companies would be the newest sticking points in tax reform negotiations, that is if its not dead on arrival already. It depends on who you speak to and ylan mui joins us. Is it fair to call this a surprise in this bill . Its popped its ugly head up in the last 36 hours or so. Thats right. Folks were not expecting this to be in the house bill, brian, but three people i have spoken to who have been briefed on this issue said it does not appear to be included in the Senate Version of the tax bill. Business groups are strongly opposed to this. They say it has the potential to massively disrupt Global Supply changes. The reason is because it works on imposing a 20 excise tax on imports by u. S. Subsidiaries from their foreign counterparts. It doesnt matter if theyre importing intellectual property or importing a tangible good but the key is, the transaction all has to happen within a single Parent Company. Thats why this really hits multinationals pretty hard, conservative groups are even call it a backdoor adjustment tax. The language of this tax is included in the house version of the bill, but im told lawmakers are currently massages some of that text. It is a big revenue raisers, worth about 155 bill yor over a decade, so there there will have to be tradeoffs. Now, the latest timeline we had heard on the rollout is the Senate Finance committee is expect to do release its tax plan tomorrow. The house Ways Mean Committee is expected to vote on its tax bill tomorrow, but we will be here all day today and let you know if any of that changes. A news alert Rick Santelli is tracking all the action we had a little reaction in yields. Not much. As a matter of fact its not a lot different from yesterdays rather average threeyear note auction. Lets go into the details. First one, the next two will be reopenings, the yield 2. 314 the one issue market was trading pretty much right there, so a push in terms of pricing, 2. 4 to cover 68 on indirects, just a bit better from a ten auction average. The only thing that stood out. 9 direct, best since march of this year. I gave it a cplus so, it did better than a three year, but you would think if be more agreggive. As these levels, even though were below that magic 244 area, it seems investors are gunshy about jumping in well see how the final in the form of 15, 30year goes tomorrow melissa, back to you. As we soar to new highs, Goldman Sachs was leading the way. Whats ahead for financials in year two under trump plus snap was way down, it bounced back, and now its down again. Whats going on . Power lunch will be right back most etfs only track a benchmark. Flexshares etfs are built around the Way Investors think. With objectives like building capital for the future, managing Portfolio Risk and liquidity and generating income. Thats real etf innovation. Flexshares. Built by investors, for investors. Before investing consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. His family. His steinway, which met a burst pipe. So grant met his insurance you are caller number 12. Which didnt quite cover the steinway. But what if hed met pure insurance . Owned by members. Hed have met lisa, your member advocate. Whod introduce him to gustav, a temporary address, and help him get tickets to the mozart festival. Excuse me, grant likes beethoven uh, the beethoven festival. Pure. Love your insurance. Welcome back we want to bring your attention to the crypt ocurrency spay, and this is because a possible Software Upgrade to the system is being postponed another record high thats gone very far, very fast. Back over to you. Dom, thank you. Financial stocks have soared in the year since President Trump was more than 30 , the kre, thats the etf that trashes the 32 , jpmorgan. Citigroup, bank of america with an even bigger gain. Can that move continue, or are they going to getstalled Jason Goldberg is with barclays good to have you here, jason. Good afternoon. Banking have not behaved the we want to talk about that in a second, but first, the rally in the last year, how much of that is because of the election to President Trump. I think the number one driver was the backup to the Interest Rate you know post the election that has hiked several times and is slated to continue. Thats probably the biggest driv driver. What did deregulation we just heard from Randy Quarles yesterday saying theyll reexamine everything. Absolutely. One of the drivers on the come is nothing has really happened out but yesterday quarls for for the fist time, and as they help both earnings and valuations. Youre not worried about the flattening yield curve in the last week or so. Thats certainly a negative at this point the fed the curve matters more meaning that adds beneficial to the curves not steeper, but to the extent you get regulatory rollback, will help and then what the administration is working on, whether its tax reform, anything to help drive the economy could certainly by beneficial. Citigroup, jpmorgan, big traders as well. Do we care at all about the lack of volatility . Certainly trading revenues have been under pressure all year, you know the first couple quarries theyve been lowered. At the point where roll stilt cant get much lower, but that the see the fed raising rates, hopefully that brings some volatility back to some asset classes. So tell me, jason, why investors could even think about the financials here. And right now, were waiting for loan growth to come through. Bank of america, Merrill Lynch had highlighted the fed loan survey down just by weaker lending standards what is going to drive it higher . Despite all that, you have another quarter of doubledid you get Earnings Growth and project q4 given the fact that expenses are well controlled, credit quality is theyre buying back a lot of the stock, so 3 , 4 , actually gets the the doubledigit, and then evident leverage toal these other things we talked about. And valuations havent really moved. This group traded in the low 70 area prior to the election and is still there despite the exposures that could come. Jason, thank you. Mean tile drug during this timers are facing pressure about the Opioid Crisis from a group you might not expect the teams sisters union. Were going to explain why and speak with a Top Executive about it plus more on the wild trading day for snap chat. Many investors no doubt learning a lot of money all of that and much more on power lunch. Throughout my career, ive been fortunate enough to travel to many interesting places. Ive always wanted to create those experiences for others. With my advisors help along the way, its finally my turn to be the host. When you have the right financial advisor, life can be brilliant. Ameriprise shares of snapchat are now down 50 from their closing high the day after it began trading ouch Julia Boorstin joins us from l. A. With more on the snap story. Reporter thanks, brian snap was slammed after the Quarterly Earnings fell short of expectations on all the metrics that investors care most bond. The Company Reported slowing yew and Revenue Growth while he was bullish about a redesign in the works, he warned it was impossible to predict the reaction s. E. C. Filing revealing that it owns 10 of snap after investing in the company in 2013 through the ipo, it acquired shares recently tencent also owns wee chat,ee that for everything from communication and entertainment like snap to online payments, games and ride hailing despite speculation that tencent staple could provide a analysts are split. Guys, back over to you. Thank you for the rundown, julia. When President Trump is elected Small Business soared how are the Business People feeling now one year in . And apple now a 900 billion company. Wall be the thing that pushes it to the first trillion dollar valuation . Will it be health care . Virtual reality . A look at the future of apple, next here on power lunch. Rays always been different. Last year, he said he was going to dig a hole to china. At t is working with farmers to improve irrigation techniques. Remote moisture sensors use a Reliable Network to tell them when and where to water. So that farmers like ray can compete in big ways. China. Oh. He got there. Thats the power of and. Jubilant congression appear democrats say the door is open to retake power in 2018 after tuesdays wave of victories. In 20 on 5, i was head of the dsec you could smell a wave coming. The results last night smell exact the the same way our republicans friends better look out a former boston tv news anchor said kevin spacey sexually assaulted her teenage son. She says she filed a report with Police Last Week and they are investigating. Pope francis chastising priests and bishops who take pictures with their cell phones during masses. He says they should lift up their hearts to god in that and not their cell phones. Thats the news update this hour michelle, back to you. I never heard of a priest ive never seen that personally in church when im there, but apparently they do, or some of them. You want more millennial. Thats right. Thanks, sue we have a higher market. Were actually going u. S. Quotes, structural remedies before approving its deal. Thats been a big move over the last two days. We sea that some assets that clearly the market doesnt like at this point, because as melissa points out were also watching bitcoin hitting a new record before pulling back apple hitting the 900 billionsh to keep that 900 billion milestone. Speaking of apple, can a apple watch a day keep a doctor amp . Ceo mark bert olini say they will partner with apple to provide a half million free watches to aetna willsh great to have you with us. This seems like a big leap forward if you hand out all those watching to all those members. Right, the watch has been looking for a market, really its still an expensive kind of luxury item. Its a way in. Its still really experimental this is one of those things that ceo tim could be has really, really touted. He himself has personal taken interest in this it all makes sense i dont know if its convincing enough regular consumers that this is something they should use for their i understand it would be free to the employees and customers or whatever, but is aetna paying for it the reason i ask that question is if aetna is not, it looks like a desperate move from apple to try to get more per investigative use of this thing. I think those are both good points the watch has been looking for a killer app the flip side, i dont know how much of is free so much, as lowering your premiums maybe its baked into your premiums so if overall it makes. If you sit on your did you have duff all day long you know like the people who hand out the mystery food at the mall, i get nervous. I wonder how much intrusion do you honestly believe this will bring in your personal life. The only way theyre going to pay for this is by backend data. I mean your back end is going to be on the couch, theyll know it when youre sick we know you havent move in three weeks, but you claim to move three miles a day the watch is programmable. They could create their own app for it, and if you dont mean that threshold, they could say, well, your preium are going pulp up, youre not being healthy enough. Put it on the dog you run 62 miles a day of course i do 29 body fat works for me. [ laughter ] i want to ask you about a. R theres a report that apple is working on an a. R. Headset tip cook has talk about not being as isolating as vr, and he thinking it would be the next big, big thing what are your thoughts i think the 900 billion market cap, theyll probably get to a trillion the closer they get to creating a new ecosystem, so augmented reality i think is the next step. It could be a clunky thing a fewiers if anything is going to create it, it certainly can. So if it works its going to the next big thing for apple i think its a mart move ed, great to speak with you. A better news aher. Ie ylan has it. Reporter the estimate of 1. 7 trillion over a decade. Lawmakers cannot go over 1. 5 trillion over a decade, so this puts them above the number they are allowed to hit, according to the special rules they are using to try to pass this, with only republican support the because this address to the definite session the higher Interest Payments currently not compliant with those special rules. Ylan, thank you for the breaking news. Well talk more about it coming up. Small Business Owners were optimistic when trump got elected, hoping for tax and Regulatory Reform that would help grown and start companies, but it appears a year later, some of that optimism is wearing off. Thats right, Small Business optimism soared in the wake of President Trumps victory thanks to promising of deregulation, repealing and replacing the Affordable Care act and overhauling the tax codes. You can see the moves in this chart, the monthly read on sentiment, climbing to the highest level since 2004 to 105. 8. That was up. It also marked the largest month over month increase in the indexs history. Last month it actually dipped, as it teams to and the longawaited tax bill was finally released last week to be clear. Optimism, but advocacy groups are mixed. The national Small Business association said businesses are feeling upbeat and positive about the economy, but they did have higher hopes on the policy front. The conservative it said members are generally pleased, but are expecting substantial tax relief the group also came out against the tax bill, saying it left too many Small Business owners behind with the passthrough rate only be applicable to both groups did tell me, though, they are looking forward to having a seat at the table well, we certainly talk a lot about Big Companies hoar, but lets be clear, Small Business is the business of america. In fact, Small Companies employ about 57 million people. Small big startups are the leading job creators, so some are wondering why the tax plan doesnt seem to put Small Business as friendly of a position as it should. Were joined by loyal chapman, and on set with us is bank of americas head of Small Business, sharon miller. Welcome. You guys are suing the administration or the lack of empathy or whatever you call it, for Small Business why doesnt the tax plan appear on its face to do more to help Small Business well, trump is a billionaire. Hes filled his cabinet with billionaires, hes not a Small Business person. Look at the statistics the u. S. Census bureau says less than 100 employees and spooned for about 9 of all net new jobs he said he would be the greatest jobsproducing president ever created, but a focus at the Small Businesses in fact i i want to push trump i would say is a Small Business person he owns Companies Like hotels, you know hes not a huge corporation. Thats a different debate. Lets talk about the passthrough change is you dont believe thats some kind of help. Infinitesimal, very insignificant. It will benefit trump, save him half a billion dollars tax bills dont need to be so complicated. First of all, can we great that the purpose of the tax bill is its function is that what were trying to accomplish i think so. You obvious hear politicians say, which is wrong, by the way, or a misnomer, new business is the job creator, and new businesses by default tend to be small. We know for the kauffman foundation, that start updensity is around a 20year low. For whatever reason people arent starting up Small Businesses sharon, youve taken the pulse of a bunch of Business Owners. Millennial are more optimistic as a group do you think well see a new Company Creation thanks for having me today. We survey or clients twice per year the results are in, and our clients are optimistic, and what were seeing as a result of the activity in the local markets so what has that caused these businesses to do, then are they optimistic, but still constituenting on their hands when it comes to taking out new loans or hiring people we are at a low as far as employment rate, so Small Businesses are the job creators, the innovators, the back did not bone of our economy. We have 28 million Small Businesses in the United States. Without them, you know, we dont move forward with our economy. So although hiring may be stagnant, there is a lot of work going on to make sure we have the best place for people to work, that were training, developing and attracting talent with such a tight job market, the word is out there to attract Small Business owners. I never ahead what you actually dont like about the tax plan if you were designing a tax plan for Small Business, whats in there that you dont like that you would get rid of our change . Its too complicated, and theres too little in there for Small Businesses, again, 98 of all u. S. Firms youve already said that. What should be there lets just saying lets cut the taxes for all companies with less than 100 employees. If youre trying to create jobs and boost the economy, we want simpler tax laws. What is it right now for Small Companies . What is it in the tax bill. Im sorry, say it again in the tax bill as youve seen it, how is it for Small Companies . Whats in there . I think 1. 6 of Small Businesses will benefit in some way. Thats insignificant what i thought he was going to say is this issue of the first 70 being counted as ordinary income and only the final 30 actually being able to be a passthrough would be the most problematic for Small Business owners, right yes, and again to still wail and see. We still have to wait, but any time we can take costs out of the system and not pay those taxes, and Small Businesses are able to hire, theyre employ getting that activity and investing. Thats what im hearing. They are optimist ecthat something will get done. We have to see how long this will take, but it is good for our Small Business and local communities. Sharon, you think so, lloyd, you disagree its a good debate well get you both perhaps back on soon. Thank you. Thank you. Thanks for having me. Coming up, how the Teamsters Union is using its clout again opioids. Power lunch will be right back i was playing golf days ago. Love golf. I used to love golf. Wait, what, what happened . I was having a good round, and then my friend, sheila, right as i was stepping into the tee box mentioned a tip a pro gave her. No. Yep. Did it help . It completely ruined my game. Well, the truth is, that advice was never meant for you. I like you. You want to show me your swing . Its too soon. Get advice thats right for you. Investment Management Services from td ameritrade. With time warner, for more on this, lets bring in craig moffett. Thanks a lot for phoning in, short notice we appreciate it. My pleasure, michelle. Its melissa. Im sorry. That theyre demanding a c. N. N. Sale whats your take on whether there will be asset sales . Well, you know, weve said all along that its likely that at t would be President Trump signaled that was his personal problem with it, so it will raise eyebrows if thats the structural fix theyre looking for considering they were up in arms over at t having control over entertainment content what did you see initially as the sticking point, and if its just the sale of cnn thats a pretty good deal still from at ts perspective. What at t wanted and still wants out of this deal is the ability to create phone content bundles with telecom thats well while they have said they would still like to own the cronn business and think its good business, its certainly not a make or break asset for whether or not at t would want to continue to do the deal. They are reporting that theyre going to fight being forced to sell cnn what is it that this is a vertical integration, right . This is content and distribution what else is there that cnn would be competing against or would be considered horizontal is there anything, as far as we know in the history of the doj and antitrust, is there justification . We spent a lot of times talking about disney and buying the fox assets, and everybody said, well, you know they own espn has x and therefore it should not be allowed to own cnn its a puzzling one for me so no yeah, not that i know of. You can maybe the a. That giving away hbo for free, and some might argue that thats different for people to compete against because difference in costs and what have you, but cnn is headscratcher with the structural issue and that would make cnn pop out craig, theres the debate is it a structural issue or is this literally the president doesnt like the head of cnn and hell make life as hard as possible as he can on him, but to melissas point, the time warner stock, while down is still 7 above where it was the day before the deal was announced. So, yeah, its come down, but obviously the market still sees value in this deal getting done. It hasnt gone flat. Do you believe ultimately the deal gets done, bottom line . Yeah, look. I think ultimately the deal gets done at the doj, ultimately would have to weigh, what are the odds that if at t takes this to court, that i win and do i really want to go to court on a case where maybe i have winning or losing from my first big case in antitrust my case is he would say politically there is no upside in taking that to court and thats what i think at t is signaling, look, we will take this to court so dont block this im not sure i would connect the dots that says at t would go to court divesting cnn and they would make it very clear that we would go to court fighting against this being blocked so dont block it. Say cnn went up for sale. Whats it worth . I dont know. I wouldnt want to say thats more for my partner who covers the media side. There are certainly people that would like to have cnn weve speculated in the past that theyve had partnerships and news gathering with abc, for example, so with disney or with cbs. So possible buyers out there. Got it okay thank you, craig disney guys, thank you, craig. We know that disney is a potentially interested buyer in somebody. I think the story is to michelles point if there were an at ttime warner deal and there had been some concerns about cnn ownership, comcast looks a whole lot like that combined company. Right could there be any movement for us, comcast to sell . This is the president being angry at cnn is it that simple . And that would up end doj precedent. To melissas point, Cable Companies owning News Organizations, not unheard of. At all. Not unheard of at all. Just to throw it out there to question the validity of the business model, what are the extrapolations to that lets say the doj gets its way and lets say they force the divestiture of cnn from this deal, and does at t. Wheres david . Somebody call david faber . Does at t have a provision where they could walk away from the deal maybe that is maybe it would cost more money. By the way, btigs rich greenfield says hbo is the asset in question to divest and that would create a whole other, you know, thats what they really want. A whole bunch of problems arsts ing up, how the teamer e tackling the Opioid Crisis thats next on power lunch. At ally, we offer low rates on home loans. But if thats not enough, we offer our price match guarantee too. And if thats not enough. We should move. Our home team will help you every step of the way. Still not enough . Its smaller than id like. Well help you finance your dream home. Its perfect. Oh, was this built on an ancient Burial Ground . Okay. Then well have her cleanse you house of evil spirits. Well do anything, spiritual chatter seriously anything to help you get your home. Ally. Do it right. Time for street talk we kick it off with qualcomm downgraded from outperform to market perform number one upside potential for the unsolicited bed and qualcomm remains independent. The price target on the stock 70. Brian . Your second and final stock is green dot gdot, btig downgrade the company to a buy after a beat and raise on earnings. The analyst mark palmer said green dot had the ability to sustain strong growth in ebitda. Adjusted ebitda rose 33 year over year, the Company Guidance was raised and they have a 65 target on gdot and thats about 15 upside that is very green. Okay the Dow Jones Industrial average up 28 in the past year since President Trump was elected. Can the good times keep rolling from here . Plus, a look at amazons new key program and why your dog may not like it and more on whats going on with at t and time warner well be right back. And the wolf huffed and puffed. Like you do sometimes, grandpa . Well, when you have copd, it can be hard to breathe. It can be hard to get air out, which can make it hard to get air in. So i talked to my doctor. She said. Symbicort could help you breathe better, starting within 5 minutes. Symbicort doesnt replace a rescue inhaler for sudden symptoms. Symbicort helps provide significant improvement of your lung function. Symbicort is for copd, including chronic bronchitis and emphysema. It should not be taken more than twice a day. Symbicort contains formoterol. Medicines like formoterol increase the risk of death from asthma problems. Symbicort may increase your risk of lung infections, osteoporosis, and some eye problems. You should tell your doctor if you have a heart condition or high Blood Pressure before taking it. Symbicort could mean a day with better breathing. Watch out, piggies child giggles symbicort. Breathe better starting within 5 minutes. Get symbicort free for up to one year. Visit saveonsymbicort. Com today to learn more. Heres whats on your menu one year after the election stocks everywhere are soaring. The dow surging here tech on a tear 5 trillion added to the markets bottom line so when the markets are rocking should you and your money still come a knocking . And do you think video games are just childs play. Tell that to investors in one stock thats been a gamer. It is game on for power lunch as we kick off hour two. And lets get you caught up on the markets right now stocks basically across the board barely in the green here it closed lower for the dow would be the first in seven sessions right now the Dow Jones Industrial average higher by nine points and s p up by almost three and nasdaq up by 15. Apple becoming the First Company to hit the 900 billion market cap mark the stock is now up 58 this year and banks, this is a note under pressure for a second day. Bigcap names in regionals both of them led by bank of america and wells fargo and time warner, this is the breaking developing story we continue to follow. Those shares continuing to fall. U. S. Regulators demanding that at t sell cnn to approve an at t time warner deal and this, of course, were chasing this story and well bring you more as we have it. Michelle we will one year ago today donald trump became president elect of the United States and since that time the major indices have been hitting new highs seemingly daly and the dow rallying over 5,000 points taking a deeper dive inside the numbers of the bob rally with bob pisani and the state of stocks with the collapse of volatility and the huge year bob, kick things off for us. Its been a year since President Trump was elected and hes often claimed credit for the 20 climb in the markets the short answer is he should get partial credit, but only partial. That partial credit is based on the perception that tax cuts will add to earnings ultimately and it is parts of the businessfriendly environment. Fair enough. More important for stocks have been record corporate earnings and the market believes that the record high earnings will continue for at least the next several quarters second, Global Growth has returned and many countries have returned to growth after years of stagnation. As a result, the u. S. Stock market is up 20 since President Trumps election, but the whole world is up 20 or more including hong kong and south korea and japan and yes, even germany. There is a relatively benign Federal Reserve and no reason to believe that incoming fed chairman jay powell marked a radical departure from the policy the bottom line is give the president some credit. Art cashin told me that most trump could claim 25 of the rally. I think thats a Fair Assessment back to you. All right well take that assessment then, bob. The Trump Presidency bringing a sense of market zen thats hard to believe. Volatility in the last year dropping to its lowest level in decades. Mark santolli with that part maybe that is the unexpected element of the market. If you were bullish on the market following the trump election you probably thought it was jumpier and more thchoppy ad faster moving and maybe trade wars and with the fact that weve had low president ial Approval Ratings often being a coincidence with rougher markets. Its all those factors bob just mentioned and the calm, global backdrop has been very much a factor here, but another one here is different stocks moving in Different Directions. We have 40 of the s p 500 stocks up 20 or more this year and weve had 30 of s p 500 stocks negative on the year and thats pulling in two different ways and its keeping the overall indexes and those etfs that track them on a very calm course right now and the big question is what might disturb the situation and low volatility environments can happen before and they can last a very long time and multiple years in the mid90s and mid2000s and its got to be some kind of sense that the Economic Cycle is more predictable and the 2018 corporate earnings picture gets called into the absence of the tax return package we want to bring in Andrew Ross Sorkin regarding at t and time warner, and the potential speed bumps and the deal could be hitting right now andrew, whats the latest . We are now hearing that the justice in terms of remedies has approached at t and time warner and demanded that one of two options and either they sell cnn and the other turner assets or they divest themselves of directv and this is a Huge Development in the merger process and where the office would be they expected, as you know, for this transaction to be completed by the end of this year. Just this morning the cfo of at t at a conference said that the timing was uncertain and this may explain some of that uncertainty in terms of antitrust law and thinking this through, its a little complicated to really see, frankly, how either of those divestments would make in terms of antitrust law make a deal like this more palatable and the big question now, of course, is whether at t time warner will succumb to these requests or demands and whether they would go to court and pursue the transaction nonetheless. So thats what were watching right now. Its interesting, andrew because under antitrust law and first off monopolies and this is not one, and monopolies were the fact that theyre not illegal, its illegal if you use your size and tie in products to block other participants for the marketplace. Andrew, i dont know about you, but tongue in cheek, i can think of one Large Corporation which a, controls the pipes and the Internet Connection and b, controls news and entertainment assets can you think of one im not sure of the one youre thinking of. Its the one we work for, andrew, because it begs the question if there is a problem with the structure of the at ttime warner, then the question is what other companies are like that . Comcast is kind of like that thats one of the questions and the larger question at this very moment is whether this is politically motivated. Weve heard President Trump publicly declare that he believes cnn is fake news, for example. At one point during the president ial Campaign Said that he would seek to block a transaction like this toward reminding the viewers that when you think about directv it has a relationship with the nfl. At t has a relationship with the nfl. The president has been very critical of the nfl. The last, but not least and the important point and maybe we can at some point pick up the video and show you later in the day and there is an interview done with the new head of the antitrust enforcement before he was appointed by the doj where he was asked what he thought of the transaction when he was just a professor and he said that it would pass effectively with flying colors and he didnt see a reason why to block it now hes in this position and its very interesting to see how things have developed. Andrew, so if we can just underline, youre hearing that their options are sell cnn and the other turner assets so that leaves behind hbo and the Warner Brothers assets, correct correct or they can divest themselves of directv i understand that correctly, right . Those are the two options. That we understand have been put on the table at the moment and we understand that there are conversations that continue to be ongoing. So one of the options is you get rid of some of the content the second option is you have less pipe, right it sounds like they just think theres just too much power to have all of these assets all together and they just want it to be smaller. But in truth when you think of antitrust law i get it. Youre right about that. Historically, when they have approached these things including with the Parent Company comcast its been done in the context of behavioral remedies as opposed to divestitures given what you just said, yes, you would have an hbo and you would have lots of other channels so its not like it wouldnt be a content company and on the flipside and on the distribution side. I think the tell is if one of the choices is divest themselves of directv and if thats one of the remedies as opposed to controlling all that content, it just sounds leak they do not like concentration of power both across distribution and content at the same time right to your points, its not how its been judged in the past to michelles point earlier about the feud between the president and cnn as well and lets also not forget that since some of the other deals have been done in this space the regulatory landscape has changed and people come and they go at the doj and the fcc so past deals just like the stock market, andrew, for what regulatorily is going to happen and i know youre speaking to stevenson tomorrow, but ill ask you to speculate a bit, but do you think it is the distribution or the content that would be most important to Randall Stephens of at t because in the press release, the content was the first word that was mentioned. So you take that away, i wonder if they walk away. Look, i think and we should say we will be interviewing Randall Stevenson tomorrow afternoon while your program is on and hopefully well be able to bring you some of that, but my sense is that at t and time warner will try to take this to court and that is my sense and well put the question to Randall Stevenson. Even if they had to sell this part of the content cnn plus turner and it leaves the crown jewels effectively, right, andrew, of time warner what is more ironic meaning hbo but what is ironic about this is consumers have actually benefited from bundles and benefitted from at t having directv within it, and bundles of content have become cheaper is there a thought that bundles of content would not become cheaper if the two merged . I cant speak to that i think my understanding is this is what was brought to the companies and its been a back and forth, i believe, for the past several days and i think it surprised both of the companies to a large degree given the expectations that the deal was going to go through andcan i cant speculato that point. Andrew sorkin, it was a pleasure and well hear tomorrow from the conference. Thank you. Just a couple of things before we go to break at cnn, we think of time warner and we think of cnn and its tnt. The Turner Properties. And they own rights to major league baseball, the nba and march madness. So cnn is probably a relatively small part of the transaction in many ways. Yet a sticking point. We wonder why lets take a short break on power lunch. Much more on the breaking news and Everything Else thats happening right after this feel that . Thats the beat of global markets, the rhythm of the world. But to us, its the pace of tomorrow. With ingenuity, technologies, and markets expertise we create the possible. And when you do that, you dont chase the pace of tomorrow. You set it. Nasdaq. Rewrite tomorrow. Anything worth pursuing hard work and a plan. At baird, we approach your Wealth Management strategy the same way to create a Financial Plan built to last from generation to generation. Well listen. Well talk. Well plan. Baird. The market. Redict but through good times and bad. At t. Rowe price. Weve helped our investors stay confident for over 75 years. Call us or your advisor. T. Rowe price. Invest with confidence. All right. Lets bring in Julia Boorstin and the news that broke this hour the fda announcing that doj will want direct tv to divest cnn if it buys time warner. We just had Andrew Ross Sorkin on and said the other possible remedy is they divest directv in exchange for getting the deal okayed what are you hearing in hollywood about this and what do you think . You know, this has been a topic thats been on the table ever since the deal was announced especially the focus cnn. Its worth noting that there were questions even on analyst calls with companies such as cbs if they were interested in buying assets such as cnn because this is one of these assets thats really been criticized by President Trump. I think this all comes down to the bigger question of vertical integration. Vertical integration versus horizontal integration and the fact that theres so much competition in the marketplace right now and the argument that Randall Stevenson and the folks that at t are making is its just a different world right now and vertical integration has always been okay and right now theres been more competition than ever when you look at amazon, facebook and all of these Tech Companies also getting into the media space youve been covering the space for a very long time, julia. When you take a look at cnn plus the turner assets. If that were to remain in the combined company what sort of antitrust concerns could there be thats what were all sort of scratching our heads about well, i think that the question is always when you have the company thats controlling the distribution pipes and also controlling the content, what could that mean . Weve seen vertical integration before when you had comcast buying nbc universal, at t is a different situation because it has the mobile carrier and it also has the tv business in directv and it would have the content assuming this all comes together the reason why at t wants to buy time warner is because of that content because they want to figure out a way to differentiate their pipes and to differentiate their mobile service at a time when whether its broadband, pay tv bundle or mobile, that pipe is becoming a commodity. Thank you, julia. Im no expert on the doj and certainly a hot area to see what it means for the content business. Julia, thank you very much. Bring in blair levin, former fcc official you said in the last couple of days and we appreciate you rejoining us as an fcc official that was keenly involved in deal making and deal review do you believe that if the doj were to sue at t over this, if at t were to sue doj over this reported remedy that the doj would win or do you think that at t would come out victorious because they could point to what julia talked about, the makeup of our very fine organization . They absolutely favor at t to win. I would correct the last speaker only in the sense that vertical integration that vertical companies were an antitrust concern going back to the 50s, but there hasnt been a vertical case brought in over 50 years that indeed modern antitrust thinking very much looks at this favor on blocking vertical deals and i think at t has a pretty high level of confidence plus you have a second issue which is at t can argue on the basis of press reports that the only reason this remedy is being brought is its a First Amendment issue and theyre being punished for the exercise of free speech by cnn. Most courts would say the doj cant block it on these grounds. What i dont understand, blair is there are reports that either they want them to sell hbo. They want them to sell cnn, maybe hbo, cnn or directv if not those two. I can understand the entertainment side i guess i dont understand the cnn or hbo side. Does a News Organization get special treatment in antitrust review because of the power of influence . Were not watching game of thrones. Were talking about information that goes out to the world. I think its an additional argument for at t about why the doj analysis is wrong because it goes to the motive of the doj to block it there is a political motive, but if we take cnn out of it then we have to come up with whats the theory of this Republican Department of justice to block a vertical deal . This would essentially take us back to a period where most republicans wanted to leave, where the government would say big is bad, and so i think this has much broader implications if the Trump Department of justice is saying were now going to look at vertical deals as potentially anticompetitive, well see all kinds of Investment Bankers and others saying whoa, whoa, whoa, wait a minute that has president ial problems for lots of other things were thinking about you know what i dont understand is we know that the president has been critical of cnn. So at t is forced to sell it okay so what . Cnn doesnt go away . Cnn is still for sale. Cnn still talks. I mean t doesnt yeah. I completely agree with you, and another very interesting question about who buys it well, if steve bannon buys it and merges it with breitbart and they merge with sinclair, and i think a lot of people including by the way, Rupert Murdoch is upset about that and a lot of other people would be upset because youre using the instrumentalities of government and the rule of law to create an apparatus and on the other hand, what if you sell it to the Washington Post and amazon. Does that solve a problem for trump . So your question is a very good one which is that cnn, as cnn has value, as cnn and that value doesnt necessarily go away depending on the owner all right, blair. Thank you so much for calling in we appreciate it thank you blair levin. We should note time warner shares are down by 6. 5 . This is very close to session lows at this point in time. Its still five bucks above the deal price the day before the deal is announced. The market is not saying its dead, but maybe it will be reduced in value. We are continuing to follow this developing story on at t w e am b une, r,utp xt hothtesters are using the financial clout to fight the Opioid Crisis. To dig a hole to china. , he saig at t is working with farmers to improve irrigation techniques. Remote moisture sensors use a Reliable Network to tell them when and where to water. So that farmers like ray can compete in big ways. China. Oh. He got there. Thats the power of and. Welcome back everyone. Im sue herera with news it concerns carl icahn former president ial adviser to President Trump carl icahn has been subpoenaed by the u. S. Attorneys office for the Southern District of new york. Here basically is the background basically, icahn was a special adviser to the president although he insists it was an informal relationship, and this is all coming out because of a filing that his company made that was published on november 3rd. Basically, as a special adviser to the president he came under scrutiny after several News Organizations including the new yorker and cnbc focused in on mr. Icahn pushing to change part of a rule that had a negative impact on one of his Energy Investments namely crv energy which he had a majority interest in basically icahn and Icahn Enterprises say theyre cooperating with the request for information related to his activities as it concerned the u. S. Renewable fuel standard otherwise known as rfs, and mr. Icahns role as an adviser to the president. Basically, the company had taken a large short position in the biofuels credit market, as well, and so the attorney for the Southern District wants to look into that and wants to talk to mr. Icahn and his role in advising the president brian, back to you wow big news, sue. Thank you very much. You got it. It sounds like its of the equivalent or the thinking that its the equivalent of i dont want to say it because i dont want to get in trouble here, Insider Trading. Youre going take a bet against biofuels and then youll lobby so theyre not as required by u. S. Law the influence policy. Agreed, although you can make the counter argument that it wouldnt be much different of the Hedge Fund Strategies of shorting a biotech and lobbying to have their patents invalidated. As long as icahn was public about his intent i guess it depends on the perception of his role within the government, right . Hes always said hes never taken a dollar he has not been paid as an adviser when he was an adviser of some sort and so therefore it doesnt matter what he says because he didnt have that influence, but the perception is that if he does have influence on it then yeah, it does look like youre selfdealing. Totally agree except whats interesting is he didnt take a dollar, and maybe getting too in the weeds and bring out the weed whacker if you need, remember the last court case, the major court case on Insider Trading specifically held that there had to be some kind of reciprocity, a gift made both ways in exchange for the tip so it doesnt have to be money, but it had to be something so even if this is accurate, mr. Icahn would have to claim rightfully so, i receive nothing. I think selfdealing is the better word and not Insider Trading and even if he never took salary, if you were going to get a big windfall, a regulator would say you dont care if its salary because you would make money although they had to prove that the biofuels credit mkeart fell we have to go. Well be right back. Hello, everyone im sue herera here is your cnbc news update at this hour. Recent and extensive data breaches bringing current and former ceos to congress. Senators on the Commerce Committee didnt seem satisfied with the answers that they got former yahoo ceo was asked how the company failed to recognize its data breach. They are complex. They are persistent and often in cases the understanding of the facts evolves over time. To this day, as i understand it, still have not been able to identify the instrugz that led to that theft. A federal judge imposing a gag order in the criminal case against former Trump Campaign chairman Paul Manafort and his Business Partner rick gates. The judge saying the ruling is intended to safeguard the defendants rights to a fair trial. On a lighter note, a popular polar bear cub at the columbus zoo in ohio is celebrating her first birthday amelia gray already weighs almost 300 pounds. She received a special cake made of fish meal, peanut butter, molasses thats what i had for my birthday just kidding thats the news update. Back to you. Thanks, sue a rather unusual battleground is opening up in the epidemic. The Teamsters Union taking on Big Health Care and claims that some of americas large distributors Like Cardinal Health are partially to blame for big jumps in painkiller shipments and ken hall knowleops 30 million in shares, we welcome him to power lunch. Safe to say then that youre using investment dollars to change cardinals and others b behaviors and if not, youll sell the stock were seeing more people die as a result of opioid abuse than we saw lose their lives in the vietnam war. Were over 91 People Per Day are dying as a result of the improper use of opioids and we have to do something about it. We have an obligation not only to this country, but to our working members whose many of them, families have been shattered as a result of this outrageous behavior by some of the pharmaceuticals. This is called cardinal and the ceo, George Barrett gave us a quote and they put out this quote to a lot of folks and they said and ill paraphrase it, that they do not make the drugs and they merely distribute the drugs. Is it correct to make the assumption, connect the dots that the teamsters, the truckers, you are going after cardinal because they do what you guys do. Your drivers are ostensibly in the cabs of some of these trucks were in the cabs of some of these trucks and lets make this clear theyve tried to shove the blame everywhere, but themselves just, if they werent theyve tried to shift the blame to even a an organization in West Virginia that takes care of small children and a lot of babies, that have suffered as a result of their parents misuse of opioids this is a classic passing the buck issue the truth is if they werent pumping in drugs to these pharmacies there wouldnt be a way for them to sell them and get them on the street think about this, in a town of 400 people in West Virginia, 400 people in two years, over 9 million oxycodone, hydrocodone pills shipped there, and cardinal is the number one ship are of those drugs in West Virginia. I know we were ravaged and trying to use dollars to do some good ken hall with the Teamsters Union, thank you very much. Extraordinary numbers there lets get back to the developing story of at t and time warner. Kevin arquette is an antitrust lawyer good to have you here. Thank you the story andrew sorkin, our colleague, has is the doj is demanding the divestiture of cnn and other turner assets or the divestiture of directv in order to get an okay on this deal. What do you make of those remedies being put forth does that make sense to you . If that is indeed the case, to me it would seem to be at least a break in recent precedent. The companies divest assets frequently to gain antitrust merger clearance, but they do so to eliminate a competitive overlap. In other words, so that the resulting entity doesnt have whats called market power, but what news network or what news content does at t own that competes directly with cnn and in the absence of someone being able to show that theres not only overlap, but that overlap would lead to dominance, typically the government does not require divestitures in this type of situation. If i can understand this right, if we were to reverse the dojs case by taking a look at the options theyre giving at t, sell directv or sell cnn plus turner, what would that case to your best guess be i think that it will this is essentially a vertical transaction. Horizontal transactions and verticals are ones between players at Different Levels of the distribution for example, at t has platformed and things like directv and time warner has content and things like cnn the concern and the antitrust concern in the past has been that you dont want the resulting entity to discriminate, say with cnn not allowing it on thirdparty networks or putting it just on your own distribution. Thats been the concern and its been answered by parties into situations entering by consent agreements where they enter into by clauses the government is usually trying to stop them and they settle for this behave combroral relief instead. If you were defending at t or if you were working with them, would you sue . Well, the government is the one that has the right to sue. They have no right to stop the transaction and they have to convince the federal court of it and presumably and maybe at t and i dont know what their goals and motives are, and it may not be that big a deal for them and the settlement has occurred and its prudent to do so with a business matter and if it were to be taken it a legal challenge, i believe at t would be the case. Kevin arquit, thank you thank you. The secrets of nailing the Job Interview. Here is a hint no baseball caps pow lchisacinwoerun bk t hey, you every talk to anybody about your money . Yeah, i got some Financial Guidance a while ago. Howd that go . He kept spelling my name with an i but its bryan with a y. yeah, since birth. That drives me crazy. Yes. Its on all your email. Yes. They should know this . Yeah. The guy was my brotherinlaw. Thats ridiculous. Well, i happen to know some people. Do they listen . What . Theyre amazing listeners. Nice. Guidance from professionals who take their time to get to know you. I cant wait for her to have that College Experience that i had. The classes, the friends, the independence. And since we planned for it, that student debt is the one experience, im glad shell miss when you have the right financial advisor, life can be brilliant. Ameriprise a new show premiering tonight at 10 00 p. M. Eastern on cnbc is the Job Interview. The show takes an inside look to the clothes you wear and the expression and can be the difference between success and failure. Each episode takes people into the room where an employer provides real interviews with real candidates. A candidate mess us up the handshake by a florida accounting firm. Okay. Hi there. How are you all doing pleasure to meet you. Absolutely. Nice to meet you. Thanks for coming in. So before we get into the meat of it, you gave me a half hand shake did you realize that shake my hand. You gave him a stern one and you gave me a half handshake and if there was any reason. My dad always taught me to look in the eyes and with a lady youre more gentle wow lets bring in executive leadership coach adam bryant with some dos and donts with your big Job Interview we have a heated discussion about this particular clip prior to the clip airing brian, your case is that im not making any case ere i didnt say a word. Come on i just said in the south im not saying a word. What should you keep in mind when you go to a Job Interview. You have to be ready for anything and everything. Ive interviewed more than 500 ceos for the Corner Office column for the New York Times one of the surprises is how creative they are with the Job Interview questions that theyve come up with and it kind of makes sense because people are prepared for all of the obvious Job Interview questions and its an arms race, you know what are your biggest strengths and weaknesses thats like par for the course this is the one that really got me if there were no humans on the planet only animals, what animal would you be and why exactly thats nutty. This is just an example of the kind of questions they come up with and these questions are like bank shots is how do you get around the polished facade thats the motivation. They dont want to know the answer to that question and they dont think theres a good one or bad one its like elevator music to them theyve heard it all before. I care too much and i work too hard. Im a perfectionist. Thank you we got it in unison and they have to come up with questions to find out what youre really like and just the question about the animals and the ceo who told me about that, an answer she loves to hear is some kind of predator, right . I was just asking the woman who did my makeup. A honey badger. Honey badger dont care. She wants to be a lion and at the top of the food chain. Jeff bezos favorite Job Interview question is why are Manhole Covers round because they cant fall in which gets to the brainteaser questions Silicon Valley gets famous for asking. How many golf balls can fit in a 747 and when a talked to lazlo bach, the former chief of operations at google they realized that the only thing they accomplish is they make the interviewer smarter than the interviewee whats the answer well talk about it later and you have to be very precise, brian. So basically for a lot of these questions there is no wrong answer. Exactly its just to find out what youre like. Its a window into your brain and the thought process. And a lot of it gets to selfawareness tony shea likes to ask the question, what is the biggest misperception that people have about you and once you answer is its a little bit of a trick question because once you answer, whats the difference between perception and misperception because perception is everything, but its an interesting question that again, gets selfawareness. His other famous question is on a scale of one to ten how weird are you . How weird are you 11. There we go we need to talk about that a little more. I consider it unique. Can i tell you the clip we play i hated the tone that woman gave like, oh, i thought the kid was raised to try to be polite and part of it is what are you trying to accomplish in an interview, are you trying to put the person at ease to find out what theyre really like or are you trying to stump them and make them feel uncomfortable you want to bring out the best in that person to find out what theyre really like im not a big fan of the trick questions or putting people, you know, off their pitches. Wouldnt it be better to put people in a situation where they have to fix a conflict i mean, you can get a harvard mba, but no class do they ever teach you really about conflictresolution and conflict management and personality differences. Wouldnt those be better lines of questioning you know, ill give you a hip hypothetical brian brings in a delicious sandwich for lunch and melissa steals the sandwich from the refrigerator. She does it all of the time. How do we resolve you get my point and thats the key thing about hiring you interview somebody and its only three, six months later into working for you do you find out what theyre really like, and if you can find out on that first day one of those things and you bring up an interesting thing. So many of the ceos i interviewed grew up in very large families and you have to be really good at conflict resolution and say thats my sandwich and i need the bike this morning adam, thank you thank you tune in tonight to the Series Premiere of the Job Interview, 10 00 p. M. Eastern and pacific only here on cnbc. The eem, the emerging markets etf. The most favorite in all of the world since 2009 and still an event for your hardearned cash. Well tackle that next anything worth pursuing hard work and a plan. At baird, we approach your Wealth Management strategy the same way to create a Financial Plan built to last from generation to generation. Well listen. Well talk. Well plan. Baird. I know when i hand them the its gonna be scary. Car but i also know that were gonna have usaa insurance for both my boys. Its something that theyre not even gonna have to think of. Its just gonna be in the family. Were the tenneys and were usaa members for life. One year after Donald Trumps election to the presidency, the stock market is higher and unemployment is lower. With more money in their pockets people should be going out to eat more, right . Yes and no kate rogers is here with that story. Hi, kate analysts say the restaurants did get, and uncertain was taken away about who would be in office and trump promised deregulation across the board which is welcome in this sector. The retail environment continues to struggle. In general fast food names with Quicker Service and cheaper menu offerings have been outperforming their casual dining competitors over the last year look at mcdonalds, its up almost 50 for the year while Brinker International which owns international is down by nearly 35 . With trump in office, there is little chance of a hike in the federal minimum wage which of course is good news for restaurants, however labor costs remain a major head wind as more state and local governments take action to raise wages for workers, but a bright spot could be tax reform being passed if consumers wind up with more cash on hand and feel more upbeat likely means better sales across the board. Well have to wait and see covered two different areas, Small Businesses and fast food does there seem to be an advantage under trump under tax reform bill for a franchises definitely. I think Small Business owners and franchises, we consider them all to be Small Business owners, theyre feeling optimistic and hoping this gets put through as we were saying, the pass through thing, thats 70 30 split, thats been a really big Small Business issue i think both parties are definitely watching and waiting closely. Thanks, kate. Thank you all right today lets trade the worlds favorite emerging markets, up 30 this year, matt due to sanchez global. But been a good year which matt for intensive purposes is an asia, nine of the ten Biggest Holdings are in china, south korea, its really that region, would you still be a buyer well, its funny, there are a lot of reasons to be bullish on emerging markets right now their economies are doing well, were seeing a lot of them are kmadtybased, copper and oil ride back nicely there is a small little crack thats developed in the market because it is heavily dependent on the movement of the dollar. The eem, bottom, right one the dollar, topped out and back in december, and they both moved in Different Directions more recently, the dollar has bounced. Its a two month bounce. Not just a short one, but the eem has not rolled over. However the emerging market bond has. Im getting worried here just a mild crack, and im watching the 50 day move in average in the eem thats rock solid support all year long, and for breaks below that, with the way the dollars going it would raise a yellow bargain flag on the eem. Watching those levels dina sanchez, would you be a buyer of the eem right now youre making a big point, a big component is in fact the china, growth stories that are largely Technology Stories and that is why we like eem, we like emerging markets because of the expansion of trade and the fact that that has yet to really make its way into the bottom line in terms of sales and however those Sales Numbers are continuing to grow even though weve seen an expansion of pes, a lot has been techrelated we still see a lot more to the story and a big part of the story is a latin america, not asia and so we do see opportunities within emerging markets, but we think theyre going to get more idioincattic getting back to matts comment about the dollar we think that the story and the dollar really is that while it may bounce as he mentioned because were ahead of the ball game in terms of raising rates, relative to emerging markets, its probably going to remain weak the growth differential still support a weaker dollar relative to em currencies gina sanchez, matt bailey on eem. Reminder folks two more segments at tradingnation. Cnbc. Com. Check please is next this is not a cloud. This is a tomato tracked from farm to table on a blockchain, helping keep shoppers safe. This is a financial Transaction Secure from hacks and threats others cant see. This is a skyscraper whose elevators use iot data and ai to help thousands get to work safely and efficiently. This is not the cloud you know. This is the ibm cloud. The ibm cloud is the cloud for business. Yours. The amazing new iphone 8 is at at t. And we know youll love it. Because we know you want more. More great camera features and more power. And more than just unlimited data, we give you unlimited plans with hbo included for life. Because you deserve more entertainment. And more spokespeople. Talking like this, saying the word more. At t. Its time for more. Am i too close . I feel like im too close. Get the iphone 8 and with all at t unlimited plans, get hbo for life. Only from at t. Lets get more now of what is sending time warner down about the concerns about the at t deal and possible asset sales. And rejoin julia, julia, i know the storys kind of quick moving here, what have we learned since the last time that we spoke . Fast moving absolutely, reporting that the Justice Department has called on at t and time warner to sell turner broadcasting which includes cnn as one of the potential conditions to get approval of that 85. 5 billion deal that acquisition of time warner. Theres also another potential way for the merger to be approved would be for at t to sell directv which is another Major Division that at t holds, so its interesting here, we havent gotten the official comment from either company, but its worth noting that at ts cfo told a new york Investor Conference today that the closing the deal is now uncertain. He was referring to timing because up until now, the company has been confident that the deal would close by the end of the year. Now ceo, the ceo as well as the cfo have said that vertical mergers are not blocked. The cfo saying today, that the vertical merger like a vertical merger like this hasnt been blocked for over 30 years. At t really relying on the fact that this is not about horizontal merging, just content assets or distribution assets, but combining distribution and content, thats why theyre competent or have been until now that the deal would be approved. It seems almost as if at t had to sell turner broadcasting, including cnn, it wouldnt ruin the strategic importance of this deal you know, i think that makes thats a very good point. Because if you look at the assets that at t wants to buy, there is the Warner Brothers movie studio, which is sort of a separate entity, and then there is a content that the sort of tv style content thats so valuable on mobile devices. Theres hbo which has the directed consumer version as well as the hbo thats part of your tv bundle and weve already seen at t bund until hbo as a way to do that you can get hbo discounted or for free they really see the content, especially that tv style content that does better in mobile devices as a way to differentiate. If you look at what those turner assets are, looking beyond cnn, you have tbs, tnt, adult swim, entertainment content. So that seems to be the heart of the assets that at t was interested in. Sell directv or Turner Properties the tell there is sell directv, it sounds like its just size that bothers them, julia well, if those are the two options it seems like size is the concern, and then the question is, which is better, which would be better for at t which would be more strategic. You have to look at what directv has done the satellite tv business, faces the same challenges as any paid tv provider. Directv is having success with a directed Consumer Option directv now. So i dont know which of those options is better, but it does seem to be a question of size. And it will be a Merry Christmas for all media bankers and attorneys. Julia, thank you tomorrow, andrew will be interviewing at t Randal Stephenson from about 1 21 p. M. , headlines of course were going to bring them to you thank you for watching power lunch. Closing bell starts right now. Another very busy day here on wall street welcome to the closing bell. Youre hearing all of this thats going on, also lets remember, this is a big milestone day. Its the one Year Anniversary of President Trump being elected into office. Coming up, we will grade the president S Performance on some key areas, including the markets, taxes, and management style. We have larry kudlow, don, and ed joining us to weigh in. Theyll be giving grades,