Points are we seeing signs of a top well break down head winds. We have a 6 billion chip acquisition to tell you about this morning and what it means for other potential deals as well. And retailers gearing up for black friday but walmart gets slapped with a downgrade over at goldman today. We have the latest on the Retail Sector as we begin an abbreviated trading week due to the thanksgiving holiday, the dow and s p east in the midst of a twoweek losing streak na nasdaq coming off the Third Session and bit coin surges past the 8,000 mark over the weekend. I think the high 8101. 91 theres discussion whether or not it can hit 10k. I was thinking about zimbabwe, whoever has money may want to go to bitcoin. A chinese crackdown, they go to bitcoin. Venezuela, natural bitcoin because its defaulting on everything when you see defaults and people realize currency may be devalued, bit coin seems to be a Good Alternative jack dorsey this weekend disagreeing with sara fryer, the cfo of square. Sara fryer made the point that they are going to be trading bitcoin but not going to be important. Square goes up again. Over all on the markets, jim, were going to talk to santoli about whether the bears missed their last chance. When you put together the outflows and high yield, goldman says we might get four hikes next year. The migration from tech and social media stocks to more Stable Companies i just think the migration from tech and social media is is going downstream. Everything that all of the deals and stocks moving are companies that have bet them so i think its just an expanding universe i read a lot of stories about the top. I read a lot of stories about high yield and come back and say, listen, its a benign period theres just enough good news in tech i had Applied Materials on friday. Gary is well known as a guy whos rigorous, not prone to any sort of hyperbole and hes saying, jim, you have to understand these companies are including are doing so much better than you people in the media think. Typically they try to tell you to tamper expectations, these Tech Companies are all going to minneapolis. Thats a reference to the super bowl. You wouldnt know that. Im not really thinking about the super bowl i would advise you not to either. You played ten games i think. Jets have, yeah. No, im not thinking about minneapolis other than point of view of like 3m and target. General mills. Thats what makes me think about and air bnb. Theres a lot of companies that are doing well that are part of this weird mix, whether it be broadcom or europe world with qualcomm. My world is qualcomm not Broadcom Qualcomm reports, analog devigs advices. I have to get ceos to stop saying iot people dont know the difference between iot and iou. They dont. But you say them all together, ai Machine Learning iot. Youve got it. Its all one thing. Thats something that mr. Up dollar and quarter bennyofftold me, not just social and mobile and include, its Machine Learning and ai. Speaking of all of that, marvel confirming it has agreed to buy the chip rival cavium, thats when media reports of the transaction first came out both Companies Expect the deal to close in the middle of next year also reports that qualcomm is expecting to get japanese and i trust approval nxp they have the battle to come and what price they are willing to raise to i continue to believe qualcomm is going to need to raise. Broadcom would rather see them not raise and not do the deal at all. As for this deal this morning, comprehensive Data Center Solutions where they try to be pointing to. Intel, its an arm holdings partner, the main thing you have to know, marvell tech has been associated with the lowest of the low of the food chain, which is hard drives this gets us to hard drives less than 35 and thats fantastic a lot of what they are doing here is car. The internet of things nonconnected part of the car, not the cloud part, david, this is a big win for your friends at starboard. Oh, thats right. They are owner of marvell right. Matt murphy is their guy and put in really good numbers on the board including rick hill and took the stock from 10 up to 20 where they can do this deal and congratulations to starboard, this is probably one of the better lets say like carden, they turn this company around. As we always point out, keep an eye on the acquirer stock price and in this case it is going up, both the cash and stock deal, 40 a share in cash and 2. 715, the overall value going up a bit. Great balance sheet. Increase in marvell stock price. Marvell shares as 18 times they are going to go to 22 times, which is the average multiple of Companies Involved in the data center you can see the stock going to 26 rather rapidly. Its not a merger monday but its interesting how many different situations we are tracking that could result in large deals. We mention broadcom and qualcomm remember december 8th. Thats the deadline they have to file for nominees for lts board. Well see how many they come with, whether they come at all it is expected they will hasbro mattel is still out there and cvs and aetna, remember . Its still out there and being worked on. Cvs needs it badly. Thats a vertical deal, which gets you to time warner and at t, still waiting for the department of justice there as to whether they make a move. Time and meredith, small deal but people care about that a lot of things out there when it comes to m and a activity that havent hit yet not to mention the other one about fox, reported on a little bit well keep an eye on all of those. This morning just this one deal to actually tell you about. I do find that the conversation wherever you go, people want to talk stocks, they are enthralled by the fox deal because everyone comes back to your unbelievable malone interview, which is the death star summit. So the federation has to unite. The death star if you missed it, the quote from malone, referencing amazon the death star if it moves in your industry and blows up the planet. How about a moment in interview where very i dont know people didnt talk about it more, are the Cable Companies too late to take on netflix . Yes, without a doubt. Didnt say know, they all get yes. Its too late, yeah when the moment was the pin drop in interview yeah, just like yeah. Malone for his part had been asking years and years ago for there to be some sort of coalition of Cable Companies to come up with a netflix like streaming svod offering and they didnt and its too late. Now youve got verizon having largely turned its back on large scale m and a. According to reports today better be careful because the nfl is everywhere. I find you cant you walk down the street, you get hit by nfl. You could. Handheld in your maybe theres going to be punches slammed between jerry jones and roger goodell. I know last night was kind of a preliminary battle, its going to be a beat down for jones. Retail will be a story of the week as we get closer to black friday walmart got downgraded by goldman citing valuation, they still raise the price targets from 100 from 91 alibaba and art retail groups gives them more than 30 stake making it the companys second largest shareholder. Sun art operates 150 Stores Across china goldman note says all of the appreciation has been multiple expansion, which is not common theyve gone from 16 to 21 times. I cant disagree with that. Thats sound reasoning its just when you come back and think who can take on amazon, whoever can take on amazon gets a higher multiple its not like i think they can grow into that multiple and do the earnings. They had very impressive Comparable Store sales, that really does matter so i like the combination. Going back by the way to cvs, theres still so much talk about amazon wanting to own the pharmacy arc, that i thought there was an amazing cardinal hold to sell because amazon is putting its whole model at risk despite their supposed denials about wanting to this is about selling to hospitals, selling medical equipment to hospitals. The death star analogy is apt and we talked about this last week, amazon when you think about the m and a world, theres fox disney and amazon is parentally is having impact on the way they are thinking about the assets and the whole studio model which is being thrown out to a certain extent because of amazon and netflix and how they go right to the producers and then cvs, what two completely separate industries and yet its having an impact on both. This is first time ive seen i made a terrible error, i said buy 50,000 cbs now it doesnt matter, you would short 50,000 cbs and both get hit by amazon, wouldnt matter. Sell 50, which one cv or cb doesnt matter. Called channel 2. Immediately became channel 2 because i bought the wrong one were all channel 2 in the eyes of amazon, were all channel 2 we like the little white guys getting mowed down, the white robots, thats us, right you mean star wars. Star wars, yeah. Storm troopers. Do we have a solo on our team i dont think so. You said Doug Mcmillan was our best hope. Thats right. Hes princess no, that doesnt work you know. Yes. Exactly like hes got the sword light sword i dont know. Maybe elon musk is like elon musk, i read about him a lot this weekend because i realized that the reason why the utility stocks are hitting a high is because this guy is convinced everybody were going to plug in 18wheelers cummings, a Terrific Company was down huge last week because of elon musk talking about the truck. Yeah. And there were people who had the guts to actually mention hes having trouble making cars. Not fair. Look, were talking about him next. We are . Does he want he wants to go to mars. Yes, he does. He wants to going to take three years to get there and probably not coming back. Its amazing multiple expansion without earnings. Probably not coming back from mars, better be ready to live there. Musk had a weekend, we had an eye opening tweet roading quarter Million Dollar roadster and anand plans to add jobs in the america. Well get to an upgrade to gm which mentions autonomous driving. Re omosni squawk on the stetfr pt ne when we return what we do every night is like something out of a strange dream. Except that the next morning it all makes sense. To power global ecommerce Fedex Networks are massive, farreaching and, yes. A little magical. Fedex. Com slash dream after teslas surprisingly unveiled that quarter Million Dollar roadster late last week, elon musk said a special upgrade could make it capable of briefly flying not saying next package will definitely enable it to fly short hops but maybe, certainly possible just a question of safety. Rocket tech applied to a car opens up revolutionary possibilities. Its funny, my daughter this weekend asked me, do you think one day there will be flying cars and your instant reaction, no, unlikely then for a split second, i dont know anymore, right . Elon musk has big ideas and i think that the end of fossil fuels is within sight because of this thrust, whether it be mostly these cars dont the future of cars will not be fossil fuel. I would have thought that was impossible no, although the combustible engine is fighting back, you saw that story. But coal fought back too. I thinkthat musks vision look, he wants he puts the roadmap out for all of us and i think we can i know a lot of shorts continue to say its a giant scheme but every single idea resonates with younger people with your daughter and my kids they just think this man is a hero the cynical view on some writeup is that hes dusting off the fund raising playbook, right, reaching back in his pocket for big promises. Well, it works, it worked for amazon and worked for netflix. And worked fosh him. That cohort of people that say ill throw money at him if something will stick. There are efforts underway to have some sort of flying i dont know what you call it, vehicle or and they would station them sort of in highway areas where theres dead space, im not kidding, like the big highways and then theres that dead space where things turn on each other. Really . Yeah, there would be fleets of these things. Is that so. Take off im telling you really . I had a whole conversation recently about it with somebody. Anything to do with i wasnt dreaming. Really . It does remind us ive never seen, this is reversed now total reversed. Is that what i do every day yes must be annoying guggenheim does take gm to buy today on increased comfort in the 2018 outlook. I guess mary barr will have a presentation about autonomous as she has said apparently this is a story not in years but quarters. Yeah, they have to take on waymo, they are talking about waymo, therefore alphabets selfdriving this one of those companies that can benefit from a little bit of multiple expansion if you think they are going to be the winner, whats interesting is this note talks about increased comfort in 2018. Do you remember six months ago we had all of these bears telling us about peak auto this is changed the narrative, not only bam tech changing the disney narrative they have come up with more technology and it makes people feel like gm is an Edge Technology play. I know, but it is fascinating to me how that narrative changed quickly. Very quickly. And decisively for owners of that stock who suffered for years suddenly all of these thing mattered when they didnt previously even though theyve been under development for a long period of time. Does mr. Met want to split it what is that fellow. Einhorn. Income and just income to get it higher. I mean, those are all things those are like viagra. You get this thing higher by like actually having technology. By the way, in that moat, guggenheim note, they say they are 1. 6 trillion miles traveled urban suburban, right . Thats huge. Two tenths are autonomous and see is it going to 10 by 2025. I think we would never have engines that we drove if we had first invented these kind of engines. These are much safer and thats what people keep realizing thats why musk when he does the 18wheeler, it res snats because they are safer this is about doing something in traffic. I had ppg last week, the more jobs the more congestion, more accidents because people are not focused during traffic this is a way to cut down accidents. And when people start getting that, theyll realize i want to own gm but i want to own it because its more useful than ford wheres ford i dont know. Thats been the story, right . Leap frogging effect. Wheres fog have you heard from them weve heard from them. Fiat is tied up with waymo. They are, they are well get cramers mad dash and count down to the opening bell in a moment take another look at the premarket on this monday of thanksgiving week. More squawk on the street after the break. Today, smart planning is helping the new new york rise higher than ever. As the world leader in unmanned aerial systems, were attracting the worlds best talent to central new york. And turning the airport into a firstclass transportation hub. All while growing urban areas into vibrant places to live and work. Across new york state, were building the new new york. To grow your business with us in new york state, visit esd. Ny. Gov. Your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 782 on home and auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. [ click ] [ keyboard clacking ] [ clacking continues ] good questions lead to good answers. Our advisors can help you find both. Talk to one today and see why were bullish on the future. Yours. Time for a mad dash on a monday lets get to jim here. Were going to talk a little footwear. People are still upgrading foot locker after that amazing quarter last week. Wells fargo goes to 42 to 49 on price target. If you go through the conference call, you really want to be buying nike. Thats what they emphasize i also think you want to start thinking about under armour. Kevin plank, if they start doing well, its a rising tide be aware this quarter really was a nike breakout quarter and people are regarding it as a foot locker quarter. When foot locker does well, thats nike. That stock going up is still well behind the rest of the dow. Can make a strong case for it. I think i heard you say it might be time to think about buying ua. Under armour. A rising tide. Kevin plank is focused he had lost focus and back to being focused, apparel is not their strength, not the strength but i do think that yeah, i think under armour, its time to accumulate but im saying nike is the winner, under armour will start going ahead i think of reebok this is coming back. Now, it wont come back fast because kevin has a lot of work to do. Im inviting kevin to come on the show he will articulate what he articulated to me, i know ive missed and had too many different units, i know i was not laser focused, thats over, i am laser focused. Okay. Hes laser focused. As are you at all times. Were laser focused on an ayen five minutes away st with us for squawk on the street. [vo] progress is an unstoppable force. The season of audi sales event is here. Audi will cover your first months lease payment on select models during the season of audi sales event. Something we all think about as we head into retirement. Its why Brighthouse Financial is committed to help protect what youve earned and ensure it lasts. Introducing shield annuities, a line of products that allow you to take advantage of growth opportunities. While maintaining a level of protection in down markets. So you can head into retirement with confidence. Talk with your advisor about shield annuities from Brighthouse Financial established by metlife. Youre watching squawk on the street squt. The opening bell in a minute and a half, perhaps looking for lighter volume on this thanksgiving week of the well be paying attention to any news on how the tax bill is progressi progressing. We had comments from mulvaney, mur could you ski on friday, as the Senate Hammers this out. You keep getting defections and then you get Little