Track to end the week lower. Check out the bright spot. Nikc nike, the best performer in the dow. Were hours away from the last jobs report of 2019 get this, its the last one of the decade high hopes and also high on certainty. Job growth remain strong depiet an undertow of decline and Capital Spending and manufacturering. 187,000 that would reverse the 128 last month the job growth needed to keep the Unemployment Rate low indicator have been mixed as we go in. Ism service expanding. Claims have been up and fell back down. The lowest level since may in the last 12 months theres been three distinct levels of job growth it dropped back down do the 143 area then it picked back up will the real jobs number please stand up given that the fed is on the side line the economy is weakening more than already thought there werent really workers to hire well talk about that right now. We want to keep the jobs conversation its in the market for worker right now. Please welcome Jonathan Tisch. Good afternoon. Great to be with you i asiem youre houring in whatever market youre in. Youre having a harder time finding workers. Thats the right way to look at it. Its a harder time we hope to be an employer of choice we try to create a corporate culture. The young people today where they are graduating from colleges, grad schools want to come to be part of our team but it is getting harder remember the Hotel Industry and travel in general we are labor intensive. We need a lot of women and men to supply the kind of service that we as a four star company are proud of and runs throughout the system where ever your price point is as a hotel company. How much does immigration weigh on your mind in terms of finding a path to receive legal immigrants who can be employed in your businesses we only hire legal team members. We feel the travel industry is the first step to somebody becoming part of our system. If you look at the people who run our hotels many of them started. Many of them started as pous keepers. We think there is a way to work your way up in our industry. We need team members you and i were talking about the wide openings many manufacturing jobs at a time when manufacturing is not posting the kind of increase of jobs that other businesses are theres this big lag akros tcro nation with open jobs sitting empty. I kind of know the numbers in the back of my head. I was like wait a second, half a million unfilled manufacturing jobs in the country while you have this decline in manufacturing. Also the idea that its going to be pockets in the country where manufacturing will still remain strong even more so than manufacturing in mr. Tischs sector. 1. 2 million unfilled jobs in the Service Sector you get to the same place. This is a sign of the u. S. Economy coming up to its speed limit relative to the number of workers there are. As you go out into the labor market, youre competing with other hotel companies. Absolutely. Once again that goes back to my point. We want people to seek us out. We want them know about us were building a couple new hotels that we can get into in a moment i was in kansas city and st. Louis meeting with our team members. Neither hotel is open yet. I was saying why did you leave the company youre with. Some of the biggest names in lodger we said we heard that loews had a great reputation we heard what youre trying to do in terms of culture thats trying to make a difference for us. Pressure on the bottom line. If you look at markets where there are minimum wage requirements now may come from the voters that when you look at markets highly competitive our wages are market driven. Its becoming an issue we have to think about that as we budget for 2020, for 2021 where does the Wage Inflation come in. Let me ask you youre outlook for 2020 we have Hotel Revenue projections thats expected to grow at a dismal 1 . I cover casinos. The casey now out look for 2020, youre seeing occupancy rates of 97, 98 they are booming what does it say to you about the broader economy. Its now over building, over supply its starting to jump ahead of demand there are key markets if you look at nashville, austin, houston, dallas, los angeles, new york city, which we can talk about later. Supply is continuing to come online at a great pace the demapnd might not be there. Youre right about the numbers the casinos are different they can absorb the couple thousands rooms. Thats taken new york city i was chairman of Towns Convention bureau ten years ago. We had 77,000 hotel rooms. Here we are a decade later were at 120,000 hotel rooms. Thats a lot of new rooms for this market to absorb. That said there will be 67 million visitors in new york city in 2019 it goes back to the revenue is there but were not getting the increasing youre probably losing Pricing Power. Were losing Pricing Power and the pressure on the bottom line between labor, increase in real estate taxes, energy costs and what we have to pay the otas, the Online Travel agencies to get business which help us fill the beds, that pressure is mounting well leave it there and come back and talk more about the economy, your business and what you see for 2020 shares of Sage Therapeutics losing more than half their value after the companys drug that treat depression failed to meet the goal of the trial we spoke with the ceo two weeks ago. Meg joins us with more we mentioned that wall street was looking at this in a binary way. Here is how he addressed that. Its a large portfolio of studies. Its not binary in our mind. All will make it investors have wiped more than 4 million off of the market value, the company is doubling down on its optimism about the drug saying the results are supportive of its activity theres a couple of reasons the study didnt meet the goal without the trial would have been successful. It says 9 of patients appear not to have taken the medicine the Patients Enrolled had milder depression than those in previous trials. The goal is to offer a new paradigm for treating depression its approached as morelike an antibiotic you take the drug when you need it and stop when you dont the set back means theres a lot more work to be done seems like that could have been managed in the trial i itself here let me see you take it its one of the most controlled environments. Were seeing the stock of biogen going on a roller coaster after the announcement of its alzheimers drug earlier this year biogen said it was stopping all development of its alzheimers drug after it looked like the drug wasnt going to work. In october the stock shot back up when they said they got more data and it does work. Initially it was down. People didnt think it proved the drug worked. The company does plan to file for approval its kicking the ball down the road to the fda now. Well hear from the regulator next coming up, the latest on trade, e hiswet wli coming up, the latest on trade, e hiswet wliabeth warreno megamergers. Plus, who is watching you and you kids when youre on the internet or just sitting in your living room watching tevioelisn . The answer might be everybody. How concerned should you be . Power lunch will be back as a principal i can tell you this. When one student gets left behind, we all get left behind. This is a problem that affects each and every one of us. Together with ibm, we created a whole new kind of School Called ptech. Within six years, students can graduate with a high school diploma, a college degree, and a pathway to a competitive job. You know whats going up today . My poster. Today, there are more than a hundred thousand ptech students around the world. Its a game changer. Nice rock. Ptech students around the world. Its time to drop gold. Go digital. Go grayscale. Welcome back wall street is caught in the cross hairs. Lets get started. Well kick it off with senator warrens war on mergers. The senator drafting legislation to ban mega mergers, including a company with over 40 billion in annual revenue or two companies that rake in 15 billion a year in revenue does this have a chance of flying and i guess it just sort of confirms the idea that to senator warren big is bad. Big is bad in washington and more in general. I think she probably has some more sympathy on both sides of the aisle around this issue. Morebroadly and to your question, this really has very little chance of getting any traction this session of congress you have to remember that the senator warren is many the Minority Party in the senate you fast forward to next session of Congress Even if senator warren were in the white house, she would still have an uphill battle on this issue i think the bottom line here, this is a great deal political talking point for her on the campaign trail but very unlikely to materialize into law any time soon or really over the next sort of secular time frame how do you react to that . They got a lot of ideas and have to figure out how do i pay for my ideas then theyll throw suggestions and make stuff up. As a Business Leader i believe in strength of the business community. We now have details on joe bidens tax plan senator sanders, the former Vice President s plan proposing 3. 3 trillion of tax increases largely targeted at corporation and the wealthy. He would put a 15 corporate minimum tax. Push the Corporate Tax rate from 28 to 21. Top individual rate to 39. 6 and he would raise Capital Gains taxes to ordinary income tax rates. Presumably as high as 40 . This is much more of a moderate plan compared to other folks in the field. His proposal of raising the tax rate was back to 20 something a bit more revolutionary is the equitiable treatment between labor and capital. Again, this is what were telling clients is this might sound good and might be a good political talking point on the campaign trail but all of this does come down to the composition of congress. This is where my hyper focus on the senate is sort of makes a lot of sense the senate is going to be a lot more moderate. You could even see a Vice President biden in the white house with the Republican Senate while this is a much more realistic plan than some of his other Democratic Candidates in the field, it still would have to go through congress theres a lot that congress would not like in Vice President bidens plan could biden get the support of a Business Leader like yourself over a 15 corporate minimum tax . Very much so. Joe, who i know is a centrist, he understands the difference between the public and private sector theres parts of the plan we heard of for many years but also one of these candidates would say lets look at the existing tax code and bring some sanity to that and i think you get some Corporate Leaders that would support that kind of looking at. Lets move onto trade the chinese reiterating the tariffs have to come down before any phase one deal can be signed before december 15th tariff hikes. This is a cheg problem the chicken and egg. They will go back to prior levels or be eliminated before they are willing to discuss any of what would pass under a so called phase one theres a lot of political wills on both sides for President Trump and xi to get to a truce here the agreement about what kind of tariff relief to give china is one. Congress is asserting itself putting human rights back on table as well both with the passage of the hong kong, human rights and the bill the house passed and senate looked like it will pass next week. A lot of trip wires as well. Were telling clients regardless of what happens there will likely be uncertainty with china under President Trump or a democratic president final thought, jonathan here are the unintended con kwenss of the trade war. They are important because the International Traveler stays longer and spend more money. The rhetoric that comes after our Nations Capital is not sending out a welcoming message to people that we need to fill our hotels and support jobs. Thank you very much see you again soon coming up much more, a lot of football topics to discuss. Are you ready for football bezos may be buying. First anike, the biggest gainer welcome back to power lunch. Nike gaining speed today analysts getting more confident. Lets bring in trading nation team bill, its had a good run. Up 80 in two years, three years. How does it look now its crushed the competition. You have strong growth from china. They are betting on this brand pulling out of amazon. What are the charts telling you . I see a nice channel here. This channel is coming in all the here as long as it stays here, its also broken out. I want to see it stay above. Im not sure about that. As long as it stays above 92, its a buy john, good chart, great brand. Whats not to like in. Theres no question its a fantastic company. Every great investment is a function of the price you pay for it i think the company is facing tough times. Consumer discretionary has been a have versus have not world the big box side has been sucking wind all right well see if it can hold that premium. Thanks very much head the our website or follow us on twitter. Back over to you ahead, an evil corp. The government taking action against a russian Hacking Group that stole 100 million from banks. Well discuss the biggest Cyber Threats out there now. Why are so many ceos jumping ship a ratings touchdown. Tv and digital ratings for the nfl climbing well lay out the latest numbers and get a take from our guest host all this when power lunch returns. [spokesman] if youve tried college but never finished, group cheering snhu lets you transfer up to 90 credits toward you bachelors degree. [woman] it doesnt matter how old you are, you can do it, you can finish. [spokesman] finish your degree at snhu. Edu at cdw we get youre always yeah. Im just not sure Office Drones were the way to do it. [ laughing ] drone voice lol. Our market share looks good, but. Drone voice where are the bagels . Well, cdw can help you modernize your company the right way, with a scalable infrastructure from hpe, making you more efficient and secure. Great. Oh. [ drones buzz angrily ] lets find a different room. For transformation that works, you need Hewlett Packard enterprise and it orchestration by cdw. People who get it. Welcome back here is your cnbc news update. The house passing a bill making it harder for robocalls to get through. The bill is likely to pass the senate and make it to President Trumps desk by the end of the year lawmakers estimate 5. 6 billion robocalls were made to americans in november alone. A ukrainian lawmaker releasing photos of his meeting with Rudy Giuliani he posted the photos on his facebook page. He said he spoke with Rudy Giuliani about alleged misuse of u. S. Funds by the Ukrainian Government the u. S. And vietnam kicked off a joint effort to clean up contamination left by a chemical agent during the vietnam war the project is being oversee been the u. S. Agency for International Development and vietnams ministry of defense. Not only will we work to reduce risk and ensure the safety of surrounding communities, well again demonstrate to the world the incredible example of the United States vietnam relationship where former foes choose to partner, overcome the past and pave the way toward a future of friendship and mutual prosperity youre up to date thats the news update this hour thank you for that. The latest group voicing big concerns about tik tok and other apps for kids, pediatricians we have more on the doctor of issues with social media what did you learn the American Academy of pediatrics are joining groups calling on the fcc to subpoena on how they advertise to children, track them and collect and store their data this kind of sweeping review could not only target players like disney and google but tik tok and twitch the fcc must design rebust protections to keep kids safe. Doctors and consumer groups raise concern about playable ads that are built around games. They said they would understand the impact the new kind of ads are having on the psycho social development of children. Doctors are starting to think about kids digital environment in a similar way to their physical environment doctors supported putting seat belts in cars. Now they are trying to figure out what kind of protections kids need online when you take the kids to the doctors youre hearing pediatricians sit down with parents and ask about use of devices and the digital habits as well. I dont know if thats playing into this. Now it seems like a big step forward to ask the government to intervene. Thats right. I think youre hearing doctors talk more about technology not just as a parenting issue but also as a Public Health issue. It took labeling transfat as a Public Health issue in order to get companies to remove them from their products. Doctors are saying you cant address this oneonone with each parent and each family. Perhaps you need to take a look at this more wholistically thank you for bringing us that the technology is tracking every moment of our daytoday lives. Kevin who is the ceo and one of the fbis most wanted hackers. Kate, what have you learned about evil corp and the way they were able to bypass cyber walls to get to the information . This was an interesting pace. It was a sophisticated big group that had, according to the department of justice, the buy in from the russian government for a very long time the russian government has been accused of