Such a streak. U. S. Equities close at 1 00 eastern. Road map begins with the santa rally. Nasdaq with nine consecutive record closes, longest streak since 1998. Retailers bracing for that last minute rush on this final shopping day before christmas. But Delivery Companies also under pressure from the late push. And weworks cofounder may have big reasons to smile this Holiday Season a report says his 1. 6 billion exit package could get sweeter well fill you in. With markets in record territory, investors are in a better mood. The 2018 Christmas Eve period saw the dow tumble 653 points. S p down 27. Nasdaq 140 drop. Since then, those stocks have surged the nasdaq leading the major indices with a 44 gain since then we forget, december 26 we came in the day after christmas, and the dow and the s p rallied 5 it was wild a year ago. I remember vividly sitting on Christmas Eve, watching this show and i probably shouldnt have been doing that on Christmas Eve. I was, and it was plungingsinki thought wait a minute, it is Christmas Eve, it is the stock market, it goes down, it goes up, i wont let it ruin my holiday. I put it aside i had a great time but it was pretty grim you were delivering lumps of coal a year ago at this time. The everything rally, how everything rallied this year as the fed has cut three times, trade tensions lessened and argument for next year is that multiples have room to run you can be looking at 19 1 2 times 178, gets you close to 3500 on the s p. Thats true i was looking at the multiples myself, rough gauge, are we at any kind of overexuberant territory. Theyre starting to get up there. I would say looks kind of fully valued without a pretty good growth in earnings trajectory. I see no reason why we wouldnt have that. I think a key factor that maybe some people have underestimated is this incredibly low Unemployment Rate with money flowing into the pockets of some marginalized workers who havent had a regular paycheck in a long time and Consumer Spending is a big part of the economy, thats going to provide a strong floor, especially the some of the basic products and materials that retailers like walmart, do cater and respond to people who are not have not been that affluent before. I think we got some news on uber. Not perhaps that big a surprise if anybody who has been watching, the sale of stock, he sold almost all of his ownership in the company he will be stepping off the board of directors uber announcing that mr. Kalanick will resign effective on the 31st of this month to focus on new business and philanthropic endeavors. A nice quote from the current ceo. Remember mr. Kalanick had been involved in, well, a lot of tension there from that period of time when he was in control and then gave up the ceo ship, but retained significant ownership stakes but that has changed significantly. Josh lipton, youve been following this through the time that he started to be a seller and picked up dramatically one can imagine that would be followed by his stepping down from the board yeah, i think, listen, as you just mentioned, maybe not a big surprise here. Travis kalanick has been systematically selling his shares since november 6th. As you point out, maybe not a huge surprise here he was on course to actually completely exit his stake from the company. You remember the cofounder, former ceo of the company, he actually sold about 2. 5 billion worth of shares in the company, since that lockup period expired last month he actually he had less than 10 of his holdings left according to public filings. Not a huge surprise here but a big step, a huge milestone in for this company, the founder of this company, gets a lot of credit uber, a lot of people say, would not be where it was without kalanick analysts, bulled up on this stock, would talk about as you mentioned there some of what they refer to of the excesses of the company under his watch. Probably not maybe too surprising for investors given what hes been doing with those shares, david. It is funny, josh, because there has been this sort of story out there for some time, certainly given the performance of the stock since it went public and what has been a poor performance, this idea that kalanick would somehow come back, steve jobs at apple, clearly we cannot i think dismiss that but there was a thought. Certainly we know the downside plaintiff c of mr. Kalanicks time, but many say the company lacked the energy and passion it may have had during his period of time as well well, we certainly heard that stated, david. We look at the recent performance of the stock obviously. It has been rocky under khosrowshahi when the company last reported, listen, they are on track for the ebitda profitability by 2021, some bulls grabbed hold of that there was an all great news with the last report either, some metrics came in slightly less than what the street is looking for. The stock took a hard hit that day on bookings and users. Kalanicks move here, the systematic selling, you talk about the energy, but it was interpreted by some as perhaps a lack of confidence in the companys future so well see how investors react to this headline were looking at video here a moment ago of travis on ipo day, awkward dance between him on the floor along with other members of current management. Hard not to think, though, you cant blame a founder for diversifying their portfolio but, liquidating your stake is an indictment. I wouldnt necessarily jump to that conclusion this is a fairly interesting but very specific situation where i think it was very awkward to have the founder with this substantial ownership stake, who had supposedly rehe li relinquished all management site i think for the health of the company, he really needed to remove himself both operationally and from an ownership position i think thats because i met kalanick i thought he was very smart, very charming. Came across as the fire breathing dragon there has to be a significant shift here from the kind of hard charging aggressive, upset the apple cart, thumb in your face, we dont care about the local regulations to a global Charm Offensive to win over regulators that has gone from a scrappy upstart to a very major established company that threatens existing interest and travis is just not the right person i think he did need to sell. I dont know. I dont know. If he didnt, hes like what is the ceo going to do when hegets the phone call from the huge shareholder he had a lot he had a number a lot of influence, a number of initially a number of board seats that were given to him, remember they had the big fight with their Venture Investors as well. Kalanick and khosrowshahi came in and we forget the drama that took place there but there are a number of people i think who still view him and i spent time with him as well that think there is something missing, that Founder Energy and passion and now willingness to sort of fight for every last inch is missing to some extent. Well, im sure it is missing. And that isnt that the story of all of these, you know, high flying innovative upset the apple cart upstarts . They have to at some point make the transition from being, you know, the scrappy newcomer on the block, challenging the status quo, to becoming part of the status quo when exactly is that going to happen it is never going to be perfectly timed or very easy there have been many examples of founders that have trouble making that transition. You think about founders, zuckerberg comes to mind as the founder still on top, still every day making those key decisions for arguably one of the most Important Companies in the world. A really good point can you imagine zuckerberg not even becoming chair emeritus, leaving the board completely and selling all but 10 of what he owned . I agree, it is hard to imagine. But that said bezos, could you imagine that no, you couldnt. No. I can go through a bunch. Mr. Musk, you covered, could you imagine that no, but heres the difference they have succeeded. They may be the exception rather than the rule. They have there are various transitional points in the histories of these companies, but they have made successfully the transition to, you know, upstart, into establishment companies. Though lets acknowledge they have been running into some problems as they have become the biggest kid on the block there are a host of regulatory issues theyre confronting now that they didnt before. Massive problems that come with their success. And i think that the jury is still out on how successfulfully theyre going to navigate this new set of challenges to growth. Speaking of which, price is still here at 30, 40, a third below ipo at 35. Are you what do you think about the prospects for ride sharing and all the ancillary businesses you see us getting back to 45 anytime soon. I wouldnt predict the timing of it. Ive been positive, ive been bullish on the story for both the uber and lyft. I think these are transformative companies. I think, yes, theyre going to theyre meeting head winds here, very powerful established interests trying to block them the model is very good and especially as you move to selfdriving, selfdelivery, you start solving some of these environmental problems now i think the future is very bright i think this really is transformative model that could end up being very, very successful. Thats going to be the key story for next year. The degree to which they get out of markets with eats, theyre not number one or two, and how the Unit Economics work as we get closer what kind of advances we make toward autonomy in the years ahead. It will be interesting to watch the story play out uber attracted a few more bulls. One you know very well, i remember jim, jim cramer, a few weeks ago, late november, thought, with the lockup period behind it, i remember jim thought it was maybe time to take a look at uber. In terms of jim stewart, my old professor at columbia, make a great point, different companies, different points in their history, have need for different kind of leaders. At one point you need kind of maybe the scrappy founder and maybe the feeling that now you need more of the kind of professional operator and Travis Kalanick himself, listen, hes moved on he has new ambitions as well hes an venture investor now in Cloud Kitchens, but certainly an interesting headline and one im sure investors will be paying close attention to. Well keep an eye on travis as well. Hes an interesting fellow and as you say, Cloud Kitchens or ghost kitchens, seems to be putting a lot of capital behind them josh, thank you. Josh lippen to repo en tlipton t a day after firing the ceo, well tell you what boeing is telling its suppliers to do. Also ahead, if you thought there was outrage over Adam Neumanns speaking of founders who stepped aside, 1. 6 billion golden parachute, hang on it could be getting even bigger for the wework cofounder. Another look at futures as we get ready. Shortened trading session today. We end at 1 00 we may have higher open, a lot more squawk on the street straight ahead hes finally here hey how are you . Im good. How are you . Hello grandma for every family going home for the holidays, there are countless people working to help them get there. Thank you to everyone we rely on to get us home to the ones we love. sure, the contents easy. But then you have to connect, download, edit, reformat, output, save, send, upload. Still uploading. And maybe eventually post. This isnt working. Introducing samsung business video solutions. With the galaxy note10, you can shoot, edit and post thumbstopping videos, all from one device. Samsung business solutions. Beyond the routine checkups. 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We have known that boeing sits at the middle of a huge economic ecosystem so far they were buffering the impacts of all of this by keeping production going and now the time has come where theyre having to shut this down we are going to see some substantial ripple effects moving through the broader economy. And discussion continues this morning about calhoun. And whether or not it is enough, heard on the street, probably not. More people need to go. I dont think you hollow out the company at a time when youre still dealing with the prices we have never really gotten an accounting of exactly what happened and who is responsible. But everyone in boeing is not incompetent or responsible for this particular thing. It will benice to know they have pinpointed the responsibility and taken the right steps, but short of that, i think they need some continuity here. As well as change. Yeah. You have to have a mix of both. It is a difficult industry from which to pluck somebody from the outside, not that you cant do it obviously. Calhoun was a board member before becoming chairman, difficult to find operating people who you can just put in here, particularly in the midst of a crisis, as they have been undergoing you could argue maybe the board could be up for some recomposition at some point. Well, yeah. And we still dont know why the board waited as long as it did, they did take action ive also been wondering, could there be a Silver Lining for boeing here. When this thing finally the max finally rolls down the runway, surely it is going to be the most scrutinized aircraft in the history of aviation. And, you know, as a flyer, i would feel maybe there is something really good about that it is going to be the safest plane in the air i hope thats the case but god knows they are really going over every single detail on that thing. Your point about the complexity of the companys operations is well taken and you added yesterday the point about safety being the completely other important element to their operations and calhouns been on the board of cat, experienced ge where youre dealing with multiple suppliers and precision manufacturing. I guess to that extent, his experience is critical, right . And definitely. And if they have solved the technical problems, i hope they have, then the communication function going to be absolutely critical it is going to be reassuring a vast number of constituencies, starting with the flying public, the congress, the suppliers, the airlines, that vast, you know he, network of people they deal with, thats going to take a really, really skilled communicator to inspire confidence that it is safe and that thats the primary mission of the company and it really i think the biggest failing of boeing was from the beginning, not to recognize what a catastrophe this was as jim said, on the phone yesterday, david, he believes that muilenburgs exit was almost a condition of get the plane back in the air, through the faas eyes. It may have been, worsening relations he had, reporting from phil lebeau and others, with the faa. And by the way, the frustration of his board and some investors with what had been continually incorrect assumptions he was making in terms of when the plane would be returned to service. Not only incorrect, but they were incorrect always in the same direction ie overoptimistic. Right nobody would have been upset, incorrect to say it is going to be june and turned out to be april. Right. It was consistently too positive yeah. I think, you know, optimism is a good quality in a ceo at some point it becomes delusional yes when we come back, weworks cofounder adam neumann speaking of optimism could be getting more money to walk well talk about the golden parachute. Futures here, cast of the nutcracker on the floor of the nyse on this Christmas Eve were back in a moment through the at t network, edgetoedge intelligence gives you the power to see every corner of your growing business. From finding out whats selling best. To managing your fleet. To collaborating remotely with your teams. 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