>> are rock stars eating healthy? on wild,ey going debilitating benders and then the next day trying to fill it all in with green juice? we will find out. the top global business stories of the morning, opec is sending mixed signals as oil ministers repaired to meet in vienna. saudi arabia says falling crude prices will stabilize them selves and the uae meanwhile says that the oil cartel will do what it takes to balance the market. prices have fallen 30% since june. the world's largest bond equipment maker came up short with her forecast for last year -- next year. the general problem is a slump and crop rices. and a show of force in ferguson, missouri. violence subsided there last night and the number of national guard troops tripled to about 2200. riders saw stores vandalized and it was nothing like complete chaos of monday night. the police officer that shot the teenager in ferguson is speaking publicly for the first time. he was interviewed last night by george stephanopoulos. >> i don't think it is haunting. it will always be something that happened. >> you have a very clean conscience. >> the reason i have a clean conscience is i know i did my job right. >> is not over for officer wilson. he is also the subject of a justice department investigation. former prosecutors say that the government is unlikely to charge him with violating the shooting victims civil rights. >> the last word that you want to hear the day before thanksgiving, nor'easter. travelers will be facing challenging weather over the next couple of days, a storm bringing rain and in some cases, snow. heather, bad weather on thanksgiving is not all that uncommon. put it into perspective, how bad is this going to be? >> it is certainly going to lead to a lot of headaches. delays are already over three hours. as you said, the timing is not exactly great, this is the busiest travel day of the year. here to look at things on the radar again, a weak system moving across the middle part of the country. northeast.ses in the philadelphia and new york, just rain for right now, but heavy and wet snowflakes mixing in as well. already six inches of snow in virginia, it is already really piling up. farther to the south, mainly looking at the rain, but the rain is absolutely soaking. farther to the south you can see heavier showers and storms moving through the state. as far as the snow map is concerned, the interest -- interstate 80 one quarter or is looking to take the brunt, otherwise generally looking at three inches to six inches. it is a big headliner here and if you have not already left, you may want to save it for thanksgiving morning, if you can . >> six inches to 12 inches does not impress the people of buffalo. >> canadian. >> how long will it take before the system lose out? is the east coast threatened by these systems over the weekend? >> the good news is that the system in the midwest will not be impacting our area. it looks like ames will be improving in pennsylvania. as we head through tonight, new england still looks messy through the first half of thanksgiving. >> heather, thank you. have a happy thanksgiving. >> pocahontas county, i like that, perfect for thanksgiving. guess what? milton berg turned , but now back to a bare again. giving me vertigo. this firm is clearly position against the trend, but it looks like they have made the right call so far. here to speak about it, the one and only milton berg, ceo in chief investment strategist. you turn the ship around. why? >> when you were last year i boost shouldt the make new hires, but the broad market should not. the rest of 2000 did not. more importantly, japan did not make new hires this month. if you adjust the japanese look at the japanese market in u.s. dollar terms. basis onn intraday december 31, easily in japan it is not really helping the real stock market or the real economy in their recession. the underlying economic trend is negative and the stock market is giving the classic signs. >> just because we are not seeing higher highs. >> the blue chips are going to make new highs, but the rest of to follow needs alternately. >> ok. so, if people believe you, you know, how do they express the view? >> we are now 100% short on stocks. friday was very fast technically. >> not flat, short. >> right. friday closed a trend. the trend measures the capitulation to the upside. lowestat 53, the third reading of the year. the market had a new high, meaning that people had to get in and had to get in because of the news out of china. my feeling is that news from china does not really affect the united dates. >> why? it is the second-largest economy . >> but it doesn't help the chinese. playing around with the money supply does not help the real economy. people working the fields, the factories, getting jobs, tinkering with money does not help. rice do you agree that the data we get out of china is just fictional? >> he is a fundamentalist. maybe he is right. but the markets tell me something is wrong. they have not made a new high in four years. >> in your heart of hearts, you are also a fundamentalist? 6000 681st cfa. i am one of the original fundamentalist, actually, but you are competing with hundreds of thousands of other people looking at the same data. >> more than 3%? >> my answer is always using the technicals. >> which is why we are talking about this. >> exactly. >> mumbo-jumbo in the minds of someone. >> i say december, that is superstition and fundamental analysis. >> the main point? >> another fact i hear from fundamentalists is that 2015 will be a great year because since 1905 the dow never had a bad year ending in a five. i am a technician, but i don't follow superstition. >> i should hope not. is the easiest thing to do just a purchase negative s&p? of a positive etf, things may change. >> you think it is important to be tactical? which is why you switched from bear to bull? >> yes. >> is the market liquid enough to be technical? >> not for everyone. even some of my clients resist these recommendations. in and out, long and short, if you have a five-year view for five years, the reality is that over five years there are many, many changes to the market. also happenat you to be long on gold producers. you are short everything that is in gold and long on producers. why? >> back in the late 1980's i found that gold was a strict commodity. like commodity moves. me,tarted in 1911 -- excuse 2011, but it washed out at the higher rates under technical evidence that they got about three weeks ago. >> ok. you think that the rally in gold is going to continue? if we look at the relationship between gold producers and the gold price, there has been negative leverage the gold producers as they have dropped much more. you think we will see the same thing going back up? >> it was a separate topic in 2011 where there was a 10 year that wound up being a secular downturn. i don't think that the deflationary aspect of the market is over. it is a secular downtrend. april of 2011 through september 2014, that was a dropped nose, naturally. there is nothing strange about the drop in oil. >> if there was only one trade i could put on today, what should it be? >> for you? cash. [laughter] >> i'm just going to spend it. all that black friday. >> on a long-term trade you would probably be able to buy stock to short the market in three years. significantly lower two to three years now. >> right. >> you want to take a long-term view, short now, by them 30% lower. >> shorting stocks now is going to be outrageously painful if you think about where the market will be in the next two or three months. >> superstition again. what basis is there? >> on what basis? >> on the ratios. the value line on median price ,otential uses stocks at 35% one of the highest valuations in history. there is no reason to assume that stocks are going to do well. qe is the most important thing. each time they reduced it, that was a tightening move. several tightening was by the fed, generally after that many moves the market does not go much higher. >> i can train your -- contrarian. thank you so much for joining us. >> coming up, it is called the most expensive rule in the history of the epa, the new proposed limits on ozone. formerfe at any speed, a aading executive has written rebuttal to the michael lewis best-seller. ♪ >> you are watching "market makers." the obama administration wants to clear the air. some of america's biggest is mrs. are not happy about that. the environmental for -- biggest makers are not happy about that. peter cook has the details. what is it that the epa proposed? why are there so many objections about it? >> they are talking about a much tougher national standard and it is not the first time they have threatened to do this. previously the president decided to pull it at the time, but the specific pullback here comes from a range of industry groups who said that this will cost so much to comply with and it is not worth the added benefit to the health of americans. they are specifically proposing to reduce the national standard of 65 to 70 parts per billion from the current, and exposure rate over eight hours. a low-cost, according to the epa, $15 billion to comply with by 2025, but you have to factor in that it will produce $38 billion annually in health benefits to americans in terms of reduced cases of asthma, heart problems, that kind of thing. industry groups are crunching their own numbers and they say that it hermetically underestimates the real price tag they will have to pay given the other rules and regulations now in play, given the fact that they have made so many changes over time, the low hanging fruit is basically gone. they say the new ozone regulation threatens to be the most expensive ever imposed an industry in america and could jeopardize the progress in manufacturing by placing massive new costs on them, closing off counties and states to new businesses by blocking projects at the permitting stage. the industry does not like it, republicans do not like it, and like many of the rules this one is likely to end up -- >> cap we specifically heard from any corporate ceos detailing how it would affect their businesses? >> we are mainly hearing from trade routes at this point. you are going to hear from api strong api, taking a stand against this. you are going to hear from them over time. you can expect to hear from car companies as well. pollution comes from tailpipes. they are a factor in all of this . they are going to challenge this. they have 90 days to comment before the rule becomes final in october of next year. >> the obama administration is undeterred by the news from the supreme court yesterday? that they are going to on the legality of other epa restrictions imposed earlier? >> that's right. the related move, of course, a decision from the epa some time ago to provide scrutiny around mercury. it is an important decision for the epa and the administration's effort, but to deal with air quality and climate change, the specific issue there is whether the epa took on the cost to comply. that will be the issue there and the issue with most of these rules going forward. >> peter, thank you very much. christine is here with us from clearview energy partners, a nonpartisan firm that analyzes strategies for investors. between over the phone and the -- which is the better deal? >> it depends on the industry that you participate in. it is a significant met -- regulation, but not the only one that they face. as peter described, the ozone standard has significant impact on other sources. they're looking at a potentially larger to do list. the utility industry could face incrementally, incrementally lowered targets for nitrogen oxide in the future. but we are already trending in that direction under the current regulation. >> it costs a lot but they are not going to do a lot to help the environment. >> the epa takes seriously the adverse health impact. since 2000 they the obama administration has been pulling together a lot of information that they feel from a scientific perspective bolsters the need for regulation and to cause incremental production for health reasons. i think that the epa is taking an aggressive stance. part of what we will see play for the supreme court is whether or not the epa is treating costs as an important factor in in control. manner. that litigation is the challenge that the epa needs to consider, even though it was not specifically in the clean air act, because it was an important factor. may be they can go constrained. >> how consequential will it lead to future epa rulings, christine, if the supreme court forces a rollback? to say with ozone. back in 2010 and 2011, when they initially proposed statements of ozone, deferred coincidentally before an election campaign for president, you saw very much higher cost themate for this rule, in order of magnitude of $90 billion. about six and 13 depending on how aggressive they get. one of the things we're looking at is how they reduce the cost numbers. epa is proposing what appears to be a less costly rule, we are trying to dig into it and find out what is behind it. if they can defend the lower cost estimate, the rule does not look as expensive. >> happy thanksgiving to you, christine. thank you. >> coming up, front running on wall street. every holiday story. the author of the new book says don't blame high frequency for the markets since. coming up here on "market makers," our boutique market the markets?g don't believe everything you read. >> they don't make rock stars like they used to. booze and pizza, replaced by juicing. >> no. >> i think they are still breaking hotel room furniture. >> smashing guitars. >> we will be back. ♪ . >> it is bloomberg television on the wednesday before thanksgiving. i'm erik schatzker. >> i'm stephanie ruhle. did michael lewis get it all wrong? he blasted high-frequency trading in his latest best seller saying that it rigged market. executive begsg to differ. he has come out with his own book. he is the author of "flash boys: not so fast." michael lewis got it all wrong? >> absolutely. almost all of it. the market is not rigged. that is clear. we can't really say the market is rigged, that is clear, because it is not clear. that is why you're here. boyst called flash sensationalized and salacious. by document -- that my book is a correct. uncle looses allegations of front running, his scam is impossible. it cannot happen in today's markets. there designed to prevent that kind of a scam. >> what about flash orders and the frequency of canceled orders? >> do you see a lot of orders? yep more tight prices. you'll see more activity in a market that has the size prices. if you look at order cancellations or speed over the course of the last 10 to 15 years, as the markets get faster and have more orders, prices improved. retail investors in a fit, institutional orders benefit. >> stephanie likes to say, don't hate the player, hate the game. and this case, is there with the market structure we're than left with? >> it has some benefits, but we really need to have 40 to 50 places to trade? i don't think so. >> many of the operators of those dark pools are alternative trading systems would agree that we don't need that many venues. >> exactly. many of the problems of today's market structure, everyone is in agreement on what the problems are, but they don't agree on what the solutions are. that is what was so frustrating about flash was because it distracted us about the real problem and replaced it with angry allegations that are not a stunningly data. >> what do you think his motivation was? he is not want to tell tall tales. >> i can't speculate as to his motivation, but he did not talk to anyone who actually traits. >> that is not true. some people who complain about the same things lewis documented in his book are activist hedge fund managers who need to build positions quietly in order to bring about the implicit threat of the fact they represent to an intransigent board or management. , and they, for that matter, make a somewhat persuasive case that for that group of investors, the current market structure is a very favorable. of people small group who are complaining. you look at state street, vanguard, the most sophisticated managers, the ones were most price-conscious, the want to know how the markets worked, they are not making the complaints. i was saying michael lewis did not talk to anyone who actually trades, knows how the markets function -- >> how we understand. who would that be? >> anyone who trades electronically. he never asked about trading. theells us how complex markets are, but he did not talk to someone who knows how to work inside those markets. if he had, he would know why the scams he alleges are simply impossible. >> since the book came out, have we seen any trading practices change in any way? has urban negative affect -- has there been a negative affect? >> not in terms of trading practices, i've seen negative sentiment and panic. everyone became scared to invest in the stock market. >> the guy who runs the quiddity strategy at ubs was here last week saying the trading practices themselves may not have changed, clients are asking many more questions and in some cases, not making wholesale changes to the way their orders are executed at asking that some subtle changes take place, and that orders to be directed -- not be directed to certain venues. >> i think it is great people are taking more responsibility for their orders. that is fantastic. >> what about two of the suggestions that have been raised many, many times in the interest of trying to fix what is broken with current market structure, assuming, of course, you would agree it is broken? one, get rid of rebates for order flow. >> with rebates, it is a matter of economics. if you look at today's market, there are other exchanges where they do and some don't. not all the order flow goes to one of the other. people make a choice based on economics. i'm happy to experiment with different models. particular p.m. whether it is the best model. we need to figure out what the best model is and works for investors. >> what reforms do you think are needed most? market fragmentation is a big problem. i'm skeptical pinafore to flow -- >> what does that mean? >> market fragmentation means we have over 40 different places where you can place an order and many are not even the public markets. that is one of the tragedies. our public markets necessarily have the public in them anymore. lewisthe months since published his book, to my ear, the single most persuasive suggestion was, why not substitute best price with best execution? would that make a difference? >> you will have trade-offs. if you are the trade-off investor, you're getting the best price you have. executions are faster, cheaper than ever before. all data shows that. instead of getting the best price, someone tells you, there was a better price. i would be skeptical. anyhe best prices are not individual trade as opposed to necessarily the whole order. if i put in an order, even if it is for 100 shares and he filled the first 10 shares with the best price for the remaining 90 shares get filled at a price higher, i might have light best execution if it was all 100 shares at a lower blended price. >> first, you'll get all 100 shares in line with easy trade. >> i'm just trying to make it easy for people understand. >> if you are in institutional investor, you need to get the best execution. that is why got your broker. some are better than others. >> how hard was it her you to get this book published? we know michael lewis doesn't have a hard time getting a book published and his pr machine, there is nothing bigger or better or stronger. you're coming out with an argument to basically refute everything he said in the book. how hard was it for you to get this executed? >> it is very intimidating. it is just me saying this. i literally released it on amazon and the next day, twitter was -- >> self published. >> institutions and regulators happen calling me. >> did you ask any publishing houses? >> they said no one was to hear more about it. >> that is interesting. that is fascinating. >> there needs to be a debate. >> michael lewis writes a book about it and the hold -- the whole world wants to hear it, you try and they say it is too niche. you, peter kovac. >> coming up, party like a rockstar has a different meaning these days. for one, healthy food is on the menu. ♪ >> welcome back to "market makers." rock 'n roll superstars once known for their hard drinking, hard parting ways are changing their tune. you can forget the jack daniels and bring on the kale smoothies. i'm not lying. seriously, richard went backstage to bring you a firsthand look at the new rockstar diet. he joins us from london. richard. help me out. mick jagger and keith richards did not get their groove having a kale smoothie in the back of a show. sorry. >> it is a bit disappointing going backstage now. i was hoping for rock excess. i found a quiet dining area with people eating super foods. it is a bit strange. nobody was taking alcohol. well, at a couple of beers myself. >> what band was this? this is disappointing for me. >> it is called the specials. they're not the rolling stones or led zeppelin, they're big in england around 1980 and best-known hit is probably "free nelson mandela." they're playing in north london -- >> what about ghost town? come on. >> i did not think you knew them. >> i know them well. >> he is from canada. >> the concert sold out. it is quite a big audience. the bands, i'm friendly with the bassist. he likes to read a book two hours before the performance. >> when did this start to happen? when did rock stars start to get healthy? >> i spoke to the chef and he said within the past five years, even five years ago, the roadies were drinking jack daniels and so on. backid if you tried quinoa and he would've been kicked off. he said recently rock stars realize that needed to be healthy, especially the stage crew as well lifting the heavy cream and through the night. >> does it have something to do with the fact they're having to spend more time on the road because they're not getting paid as well? >> this is a good question. >> i don't think it is. i think we are all changing our lifestyles. lots of heavy drinking a few years back. there's also the management realized it is more efficient if you everybody basically sober and well fed. >> have the groupies been replaced by yoga instructors? >> i saw no groupies at all. >> what? >> i saw the grandson of one of the players and his daughter, but no groupies. >> what is the point of being a rockstar? >> richard, it is like lent forever. what are you giving up? >> i never give up anything, actually. if i see people giving up things, attended a bit more. january is my main month for drinking. ,> all right, richard bloomberg's food critic. if only you could be here for thanksgiving, lots of happy eating entering king -- eating and drinking. >> i like how you said it is is main month. thank you. >> coming up, we will talk with the ceo -- >> november, my main month for eating entering king. ♪ >> are you homesick for hometown meal? gold belly may be your answer. it is a curated marketplace for gourmet foods. they deliver food such as crack pie or philly cheese steaks anywhere in the united states. with this now is the ceo. you are on with us about six month's ago. tell us what has happened your business since then. >> we are growing pretty quickly, about 500% year-over-year. a is only your two, so still long way to go. we launched our app, which is super exciting. people can order food from anywhere on their phone at any time. >> given the fact there is an app craze, what did you wait so long? >> when you are a startup, things take time and money as well. you really want to do it right and execute it right. we're pretty excited. ofme" magazine named it one the top five apps. >> we're not familiar with the publication. joseph stone crabs was your original inspiration? >> i went to school in nashville, tennessee. i was exposed to pecan pie and fried chicken in southern barbecue -- >> stuff unique to the south. >> and so much better than anything you could get, even in new york city. almost anything at your fingertips. a few years back i was a ceo and in local delivery, you can get a lot of great things but a lot of things you can't get. >> who are you hurting, the flower delivery business? >> we don't view it that way. there are a million restaurants in this country. 700,000 normal mental shops. , youyou look at technology come face like grubhub and seamless that of major takeout and delivery business easier. these folks don't want to build technology or market online. >> it is like etsy plus seamless for food. >> people are ordering this for their own dinner. i'm thinking a thank you gift for someone. hey, i'm from new york, i'm going to send you some bagels. you're saying more, i live in new york and i want some barbecue, bring it. more ordering it for myself? you have to be a glutton if you live in a city and there's not enough food in your town that you need some from another city. >> at first, a lot of people thought that is what we were about. what we have seen is there's a power user base of our consumers that are ordering weekly and monthly. it is a new type of food experience the did not exist before. people travel. one of the main reasons people travel is food. if they miss certain food, you watch food network and you see something you love better just not there, now you can get it at any. >> time are you partnering with the food network? that is a good idea. >> no -- >> this all has to be air freight it? >> you talk about you go to a restaurant in new york city. do you think their fishing lobster out of the hudson and throwing it on your plate? it ismaine lobster. if you order a pecan pie, it is from texas. now consumers can get it directly from places they love. we empower the small shops that basically have an e-commerce is missed to -- >> how expensive is it? >> it depends on the product. >> let's say a little lobster roll from maine. >> this is a six pack and i think it retails with shipping for about $100. if you get a lobster roll locally, it is -- >> $18. >> you're not going to get a lobster roll for one person from our site, but it is about sharing. people have bonded -- >> it is a really good idea. >> what are people ordering for thanksgiving? >> that looks like it could hurt me. >> i was just talking about this this morning. >> this is huge. >> it is the pastry rendition of the turducken. >> it is three pies inside three cakes. only in texas with a come up with something like this. >> and that is just one quarter of the original. >> the entire cake is $300 and it sold out in days. >> how much does it weigh? >> how much is shipping? >> it is about $100 to ship it, but it feeds 50 people. as you can see, this thing probably feeds a good 15 to 20. >> what will a dude your business of selling the government required you to have all the calories -- what would it do to our business if suddenly the government required you to have all of the colors listed? >> if you're going to have a treat, why not have the best treats from the best purveyors and not be limited? geography doesn't when it e-commerce, buffer food it has. now it doesn't. >> the only reason we need into the segment, i've summoned messages coming from our producers. you are about to get charged. i want you all to know eric and i are going to eat this first. joe, thank you so much. time he was on here, i complain the last time the food was in here. he had it delivered. moving on. sticking with the holiday season. key retailers are among those that have the most to prove their comparable sales have fallen for seven straight quarters. there fallen pretty changing trends and cheaper competitive's let's bring in our senior markets correspondent julie hyman to talk all retail with us. first, we have a quick package to show you. and analyst visiting -- oh, garden state plaza mall in new jersey. you don't think i know this place? let's take a look. >> we're fronting and stand -- we're standing in front of hollister. a year ago, you would not have been able to see inside from the outside. >> as you change the product, you need to tell the consumer, look, we are not the same hollister we were a year ago. part of it is literally a removing the shutters and letting the consumer see inside the store. >> and we see less logo merchandise as well. what are some of the other changes? >> focused on not having the big logo on the shirt. fashionableant more items. this not just a sweat shirt and pair of jeans. they want something fashionable and affordable and they don't want to blast there where no logo. >> if i am 16-year-old, what is more fashionable right now? teens love color and really interesting patterns and construction. they want something more sophisticated. asoften people do teens having simple taste. >> do you think what these guys are doing is when the work to appeal to the teens at this point also? >> the industry is moving very rapidly. not only do you have -- you have forever 21 that are not only giving you fashion, but giving you a very, very attractive price. >> there you go. garden state plaza, one of my favs. >how badly are these retailers doing? >> pretty badly. down for seven straight quarters. we of the decline after decline of the decline. they've been trying to turn things around like doing things like remodeling the store. they've been doing a lot more social media, as you might expect. hollisterercrombie or is doing its first-ever ad campaign on snapchat. going to where they think -- >> they are on snapchat. ontothink their moving other things. that is part of the problem, keeping up with the changes of social media. >> exactly. even if they're doing all of this, is it going to work? sales have suffered, stocks have really suffered as well. there's still a lot of questions about whether it is going to work. you do have competition from h&m and forever 21. >> is it that they can't get teens into a mall? one would think that is part of the experience, where they hang out. teens are a big demographic for shopping on mobile and shopping online. that is part of the problem is people have actually aged out of some of these teen retailers, so if say your older sister shop that the apostle or upper comic, maybe you are not shopping there. he of moved on to something else. -- abercrombie, maybe you're not shopping there. yet moved on to something else. i want a tablet -- >> ahh. >> yes, indeed. julie hyman with the latest on teen retailing, not so hot this holiday season. >> "market makers" will be back in a moment. we need to eat those cakes. ♪ >> live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle. >> on your mark, get set, shop. it's the day before the holiday shopping season gets underway. we will tell you what to look for. >> will housing stay high? tolenial's have something say about that. you will you're from new york's top-ranked real estate firm. >> on women being singled out? ofcome to the second hour what might be my favorite "market makers" ever. i'm stephanie ruhle. >> and i'm erik schatzker. we will begin this hour with the downstairs -- the top stories in finance around the world. holiday shoppers are feeling better about the state of finances. consumer confidence climbed to a new high this month. stocks are near all-time highs. an unexpected drop in pending home sales last month. contracts on previously owned homes fell 1%. the national realtors association blames wage growth. according to people familiar with the situation, a new round upfinancing would value uber to $40 billion. t. rowe price is one of those in talks to become an exist -- an investor. an existing investor, fidelity, is set to give more. and amazon wants you to shop from your tablet and smartphone on thanksgiving day. for the first time, amazon will offer holiday deals available only on mobile devices. >> and travelers along the east coast are going to face challenging weather conditions this thanksgiving. that is why eric is making me do this. a nor easter moving rain and snow through the area. heather waldman, we spoke you an hour ago. i'm hoping the that between then and now things have forgotten -- thatgotten much better, traffic is moving on time and the sun is coming out. >> that sounds great, but i hate to be the bearer of bad news. we got to be a little realistic. we got about an inch right here in central pennsylvania. delays from philadelphia to new york city. dulles changed over to snow just about another ago. and in minneapolis-st. paul, a couple of inches chelating their -- accumulating there. looking a lot better. if you can save your plans until tomorrow morning, that may just be a better idea. at the system in the high plains. some pretty steady snow showers in the twin cities down into the st. louis area. messed --despread mess is off the east coast. things are turning slippery in a hurry. wintryin and out of some mix as well. areas of new england reporting complete mixing in as well. on on contact. looking at about six to 12 inches by thursday morning. things yet to improve in portland. the northern section of i-95 will be a bit messy. things looking a lot better from new york into d.c. intople of inches of snow third of fair. here is all the moisture feeding into the system with the cold air farther off to the north. just some rain on the outer banks, but it has been heavy. that extends all the way down into the sunshine state. a lot of moisture still yet to come north. that means the snow will still have plenty of juice. >> what about the return journey on saturday or sunday? i saw some people getting excited about a big snow dump in the sierra. could that disrupt things? snow -- >> the snow moving out into the sierra, that system will take a couple of days before it moves into the northeast. it is great for skiers there. the way home looking a lot better, although some who get the heaviest snow may have to work out -- look out for some street flooding. >> thank you so much, accuweather meteorologist, heather waldman first up >> don't believe the hype that retailers want you to believe, that you must shop on black friday. does it really matter for the business? friday come as important as it has ever been? was it ever that important, or perhaps less so now? >> it is important, but you have to contextualize it. thanksgiving week is the most important. >> joe, we don't do nuance well here. >> oh, no? [laughs] giving week ons wednesday. the deals are already up. tomorrow, it has moved along. thursday now becomes part of the week. friday is a huge part of the week. 40% of the business is probably going to be done on that day. -- >>ll echo x yeah still? >> yeah, still. choice but to no lock in volume. discounts are so big right now and margins have shrunk. do they just need to sell massive quantities? >> this is all the plan. it's a drill. they are all set to go. the pricing has been established. the margins are protected at this point. they are not over inventoried. it was a plan to make consumers addicted to discounting. >> well, that has happened over years. their cost structures are actually covering the margins at this point. >> as stephanie points out, at one point, the retailers didn't offer discounts for stub now i wonder if the consumer is getting discount fatigue. if you see so many discounts over such a long time frame, why even go shopping? >> it's a great point. in the last couple of weeks, 20% to 40% off. it's no different today. i noticed that sears and kmart on monday will have a week of e-commerce deals. they put in exactly what they were going to sell. >> starting next monday. >> wild you go to the store tomorrow and spend money when you know what it will cost next monday? the consumer only has so much money to spend. >> one piece of research that caught my eye heading into black friday was done by an analyst that looks at retail and tech. they tried to put the two together and come up with an estimate about how much the incremental holiday spending the season is going to be soaked up by the iphone 6 and six plus. the 20y estimate that in bush -- $20 billion additional that will be spent, $4 billion will go to the iphone 6 and six plus. increasethat of a 4.1% in holiday sales, it will only be a 3.3% increase. do you agree? >> i think that is a valid point foes of is why these retailers are opening a more hours, starting on thanksgiving day. on fifth avenue is opening at 9:00 a.m. >> do you support this? >> i really don't. >> i don't either. >> you are spreading it out. not so manyre people crowded into a store on friday and you can shop on thursday, so the consumer can benefit from that. i'm sure the new york city hotels are booked solid right now. so the folks that are in town on holiday can go shopping at their leisure. for many people, it's a good thing. but in general, i wouldn't support it. >> howdy you think retailers will do this christmas season? -- how do you think retailers will do this christmas season you >> i think what erik schatzker mentioned, the 3.3%, that is about how they will do. black friday is a huge day and it is the plus on the year. >> there are a lot of people, joe, who say that cheap gasoline is going to fuel better than expected holiday spending this season. what is your view? >> i think it will give consumers who have a more modest ability to spend a bit more. who will benefit from that? from that.l benefit perhaps target will benefit from that. some of the lower cost providers will benefit. but also, some of the disposable income will be used on food. onis not necessarily christmas gifts, but it might be a christmas meal. >> or would it be food at the mall? with the lower gas prices, with that be a positive for the lagging mall industry? perhaps, but i was think that would probably be more food at home friday than spending on mall food. at home rather than spending on mall food. >> the average calculus is that the average american is only going to save $47. >> and what we you do with that $47? are you going to buy fast food in the mall or a gift for your family, or something special for a holiday meal? bewhat do you predict will popular this holiday season? the apple products will be very popular. >> the national retail federation assumes that the $800al american will spend entertainment. that is almost $300 of the $800, which means you only have 500 bills left. >> that is right, but that's a very important if for some of you want something special. it's better to get one great gift like that than perhaps filling the christmas tree with lots of other things that perhaps are not wanted as much. >> these malls are spending an enormous amount of money creating destination experiences this year. when i grew up, it was just santa in the middle of the mall and you get your picture with him. now they are spending huge amounts of money to create -- to attract people and create a destination. do you think that will work? >> i think they have to create an atmosphere of containment. the better malls are doing that with better restaurants. the more affluent consumers are responding. , is it clearance that so much more in common to spending will go online? sure, and you are seeing a contraction at the malls. empty malls are contracting. they are changing into health clubs and things like that. people want today. >> i don't want to go to a health club in a mall. i want to go to an orange julius. >> the that's because you live in tribeca. >> i like going to the mall. orange julius. there you go. thank you so much. when we return, do you think hard-core gamers take this stuff seriously echo the critics who got -- the stuff seriously? at the critics who got death threats for pointing out problems with the game. ♪ >> welcome back. i'm stephanie ruhle. we've got a story about a critic who took aim at sexism nvidia games and became a target herself. video games and became a target herself. it is the court -- cover story of bloomberg businessweek. sheila wrote that article and joins us now. this is crazy. >> the woman i profiled in this piece is essentially, an academic and she sat down and watched every single videogame and played them for hours and hours. she has about 10 different consoles in her apartment and she created a series of videos basically criticizing the way these games portray women. she isolated a number of what , very academic, but basically the things that appear over and over. women are hyper sexualized, andn victims of serious graphic violence. they are rarely characters that you can engage with during the game. and you would not really know this if she had not sat down and watch them all, so we would not have to come and laid them out together in these videos. once she published these pieces to the internet, she put them out there for free. videogameard-core fans got really upset and started to target her with threats and harassment. interpretre being the -- the important term. >> it ranges from the standard graphic insults, rape threats on twitter and social media. people tried to post her address and phone number. >> rape threats? >> of, gets worse. -- oh, it gets worse. of thetypical image hard-core video gamer is some unemployed man or boy in his late teens and early 20's sitting around in his underwear. >> in his mom's basement. >> yes. know, because a lot of what they are doing is under the cloak of anonymity online. some of them have done things with their names attached. they almost all seem to be men. >> the videogame audience is overwhelmingly male. although the entertainment software association likes to sort of say that almost half of players -- they say, 45% of game players are actually women now. although that does not as his early focus on console games, which is the biggest part of the industry. it includes candy crush, angry birds, games for your two-year-old. in women are interested games and there is really no place for that in this culture that for them in this culture. -- there is really no place for them in this culture. >> how has the industry responded? >> there are two parts to this. there is the online harassment companiesf the game have said we condemn online harassment and sexist threats and all of this. however, there are a lot of people who feel there is more they can do to discourage it. even in the platforms and websites where gamers interact, some of these sites are managed by game companies. they could probably do more to eliminate it. clegg's do think we need to share the segment -- >> i do think we need to share the segment. >> the chairman and ceo of the firm behind grand theft auto -- now, not being a gamer at all, let alone a hard-core gamer, i cannot tell you if the depiction in women -- in grand theft auto of women is any better or worse than other games. my sense is that it is not as bad as it is in some places, but grand theft auto has come under criticism, and in the most recent edition, for the the fact that it prostitutes -- it has prostitutes that you can have sexed with and then kill them if you so choose. >> it is a criminal setting, gritty underworld. it is art. and i embrace that art, and it is beautiful art. but it is gritty and let's not make any bones about the environment within which we operate. and we stand shoulder to shoulder with other major motion picture releases and major television shows that explore a similar universe. point, and ofair course, it is a criminal underworld and a lot of people are getting upset at the way andn are being portrayed saying that it is just one aspect of the game and you don't have to choose to do that if you don't wish to. thatheila makes the point if a woman is there at all, they are a prostitute, a pole dancer, and they get their throats slit. and when you see them game after game laid out in a row, it starts to seem like it's really -- >> and it seems like it will just elicit rage and bad behavior from the gamers. one would think that the people arecreate grand theft auto doing it in response to what the gamers want. >> is some of these games are huge sellers. call of duty gets talked about a lot. it is a first-person military shooter game. it brings in over a billion dollars in revenue per year. the game companies understandably have a little fear about messing with their economic model. however, one of the points we try to make in our bloomberg businessweek piece is that the industry is at an inflection point and they can either choose the mainstreamof conversation about -- part of everyday life, or they can focus on this adolescent male, this kind of guy in the man cave player that they have almost exclusively been fixated on. and they may have to make some choices. next except he is axially -- actually a 31-year-old troll in his basement. i don't disagree with strauss. art can be art. and it can always be violent, since the don of time. but if it is incentivizing people to behave like this? >> in the very least, get the debate out in open -- the open. sheila, congratulations on the cover story. >> market makers will be right back. stay with us. ♪ >> we just ate the most delicious cake, pie actually, during that commercial break. we're going to give you a market check. >> we are going to specifically deere & company, forecasting lower-than-expected profit in fiscal 2015. it's all because of crop prices. when crop prices are lower as they are now, farmers have less machinerynvest in new . replacing things that are old and broken down, that is what exists on.re >> when we return, home prices still rising, but not as quickly as they once were. let's find out what the new year will bring with the ceo of one of new york's top real estate firms. ♪ bloombergom headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle. >> i'm erik schatzker. >> and i'm stephanie ruhle. >> let's talk about home prices, everybody. they are finally cooling off. we saw that yesterday with the case schiller index rising 4.4% year-over-year. does this mean that twentysomethings, those millenial's, are finally going to jump into the market? dottie, millenial's have effectively been on a buyers shrike, not because they did not -- buyers strike, not because they did not want to buy, but i'm sure they couldn't. do they qualify for those low mortgage rates? >> they do. they want to be part of the american dream. and don't forget that when they get out of school, because i guess that is anywhere from troy three to the early 30's, the job market wasn't so good. early 30's,o the the job market wasn't so good. of jobs when they came back are lower paying. >> is that part of the money deals -- the millenial's american dream? they have apartments they listened on airbnb and they are sharing cars, staying in homes and not hotels. is part of their american dream? -- their american dream. dealing thing is, they will take less space. they want to live next to their friends. they would rather not commute two hours. however, a lot of them don't have kids yet. when you look at surveys, you have to look 10 years out. >> how does this differ from the way twentysomethings behaved 10 years ago, 20 years ago, 30 years ago? it's as almost -- it's almost as large if not larger than the baby boomers. they want a valuable home. don't forget, rents are very high. they want convenience. they don't want to drive a lot. they want mass transportation and places that are open late. >> and that is different from how kids were in, let's say, the 1980's? >> i think all the kids wanted places to stay open late. -- whatho can afford about places in chelsea going for $6,000 a square foot? i don't know anyone who can even afford that. >> i tell people you have to get in the game somewhere. and then of course, the problem also is the financing. don't forget, before we had that recession, you could get money, virtually a lot more than you made. -- could get mortgages and that you didn't have to pay back for 10 years. financing is 20% down now, unless it's government financing. in the city, it's kind of high to do that. >> does that mean that there will be high apartments going for $4000 to $5,000 per square foot and they will not be occupied? .> they will be occupied as baby boomers get older, their jobs hopefully make more money. or you could get financed by the bank of mom and dad. adselcome to how many mind have that money? >> there is so much construction going on in new york city. it is great. i cannot figure out who has that much money right now. >> this is not afford housing. >> no, but the trend is more back to urban, to cities. an international city and people want to be here. at one time when the city was not as safe, people flew to the suburbs when they had kids. york going to be the hottest market in 2015? --it is right now projected the number one destination in the world is london and new york is number two, and is projected in the next few years that new york will take first place. >> in the early 2000, the market crashed and it was a disaster in 2008 in miami. now it's back with a vengeance. >> again, it's an international market. people come from all over. you are on the ocean. have cultural centers and entertainment. >> this was the exact same argument in 2005, 2006, and those people who bought got burned in 2008. >> correct, and there was tons of new development and people flipped. and if you things bought a building and let's say, there was 200 units and ,verybody is holding contracts they just walked. the development happening in the high-end of the market, a real estate oliver was here telling us last week that a new apartmenta new york sold and the role we available -- there will be available units at 10 times that much. >> we came from no supply. we came from nothing. even though it is way up, it's still not a lot. it's not like miami or las vegas. >> will we see 65 or 70 units trade at 10 million or more for the next 10 years? i think so. if you look at the market reports and the trends, the market is going up, but not 20%, 10% a year. it is gradually and what i call sustainable growth. collect when you say international, are those buyers occupying those apartments? because i look at night at some of those really new, beautiful luxury buildings and their pitch black. there is not a light on in apartment after apartment. it makes me think those are international buyers parking cash in the big apple. >> well, some percentage is. let me tell you something, new yorkers by new york. people in the suburbs when their they areout back and sick of the suburbs, they buy. people from all over the country by. as long as we keep new york , peopleean, and vibrant want to be here. nobody forces people to pay. >> outside of new york city and miami, what else is going to be hot in the u.s.? bargainelse is also a when you look at london and -- r international cities >> to be fair, that is not how most americans look at new york city. they look at it compare to chicago. parisy are not looking at when they think of new york. it helpsuth is, everything around it. long island city is a product of the city being so expensive that kids started going there. >> queens. is aeens, brooklyn, now destination. it lives on its own. >> you should see my neighborhood on the weekend. tell me about it. >> it is sensational. >> erik schatzker, it's you that makes brooklyn cool. >> [laughs] >> dumbo was just dumb until you got there. thank you so much, dottie herman. >> and we come back, feeding the hungry on thanks giving and every other day as well. ♪ flexible comeback. i'm stephanie -- >> welcome back. i'm stephanie ruhle. forget the table of turkey, sweet potato, and pumpkin pie, for millions of americans, just getting a hot meal is challenging. in new york city food bank faces a staggering shortage. in fact, nearly 40% of the food banks that we have, have had to turn people away. julie is the executive director of city harvest. the organization hopes to rescue 50 million pounds of excess food from restaurants, farmers, and wholesalers. she joins us now to talk about the leftover economy. this is an important time for you. how many in new york city will show up and need a hot meal tomorrow? >> it's a very important time of year. righty of our neighbors here in new york city know, hunger is an issue for us year-round. we expect many people in line at the city soup kitchens and pantries. and we know that 1.4 million of our neighbors in new york city need help putting food on the table. >> what are you doing to capture that leftover economy? something likeas 15,000 restaurants. is there an action plan to go to those restaurants and take the leftovers that we know and up in a trashy and don't need to? >> we are in the middle of a five-year strategic plan to double the amount of food that we rescue every year. at the end of 2015, we will be getting 60 million pounds of food per year into the hands of new yorkers who do not have enough money to pay the rent, utilities, and still have money left over to pay -- put money on the table for -- put food on the table. ask it seems wrong. new york has never been wealthier than it is now. theere just talking about extra narrow prices at which high-end departments are trading. the city as a whole is prosperous, but you are still having trouble collecting food. why? i assume you have done some research to figure out what the obstacle is. >> 1.4 million of our neighbors simply don't have the means to do everything they need to do to consider themselves self-sufficient. course first up i wonder why all of these prosperous new yorkers are not more generous. >> we have 60 million pounds of food because of our neighbors who are generous. and not all of them are that prosperous. many of them may be close to meeting support themselves. money,getting not just but also food and omissions of time. >> did more food it donated this week? -- and donations of time. >> did more food get donated this week? >> we get about 20,000 pounds of food per day. the three months leading up to the middle of january, we will get about 40% of our revenue goals. >> for those listening to our conversation and are wondering what they can do besides donating money and donating time, what kind of food do you need the most? >> we are very mindful to get can.ealthiest food we nutrient dense food will make up about 75% of the food we deliver this year. a lot of fresh fruits and vegetables. we also keeping an eye on and are making sure that while we are taking food, we are making it the healthiest we can. >> even though that is a great idea, don't you need to get canned goods because you don't want to waste time and you don't want food to go bad. >> canned goods are very good. we've done them the last 32 years through the daily news. we will get more than a million --nds of shelfstable few foods. >> has the focus on healthy food been a change for city harvest and food banks and soup kitchens in general, the idea that it's not just enough to feed people ?alories the higher quality the calorie, the better it is on the whole. >> that is right. we look at the poorest neighborhoods in new york city, they are the neighborhoods that have the highest rates of diet related disease. our004 when we were doing last strategic plan, we recognize that we needed to focus on getting the best food we can. >> the people in your soup kitchens, do they know how to prepare healthier food? >> the soup kitchens are amazing. those chefs to figure out what they are going to do with the food that we bring for some and sometimes with produce they are not familiar with, they are great. we work closely with them to train them in safe food handling weapons. handling methods. x we have been talking since the summer about the phenomena in of the als ice bucket challenge. is there an opportunity? have you studied that phenomena in to see if there is an opportunity for city harvest to do something for it to go viral? wrecks that was a wonderful thing, the fundraising for als. -- >> that was a wonderful thing, the fundraising for als. we have not really figured out what we could do to come up with something similar, but across thing.be it is a good >> thank you so much. and if you haven't already, give to city harvest. "market makers" after this quick break. stay with us. ♪ >> before erik schatzker says that is it for "market makers," what state orders t the mosturdukens? rdukens?ost tu individuals by state. is it new yorkers, california? >> i would guess that it is texas. point -- commission yes! what is number two? >> i would say louisiana, indiana? >> wrong, new york. and it's like,ty look, it's the turduken. >> what else will you do when you're digging out from eight feet of snow? >> we should have asked dotty about that. let's have a great thanksgiving, folks. on thursday, the ceo of target. ♪ >> it is approaching 56 past the hour, which means bloomberg television is on the markets. take a look at the major averages here. a whole lot of major nothing going on as far as the s&p and our concern. but what do you expect the day before thanksgiving? we have low volumes on these days. the dow has actually shown movement, up about one third of 1%. as techocks gain -- stocks gain. even though the s&p and nasdaq are not moving much at all, they are still hanging around all highs. not bad, actually. claims gotd jobless investors worried up the strength of the economy. stocks snapped a three-day winning streak yesterday, barely. but hopefully gaining some momentum heading into the holiday. joining me on options is the equity strategist at the crest partners. first, let me ask you about low volumes. are always talking about trading ideas and options you can make. in low volume markets, is it easier for you to execute your strategy than it is for someone working with vanilla equities? >> more electronic trades go through because people are on vacation. you get large, broke trades go through. -- bulk trades going through. but some key investors are still there and those are still active. >> let's talk about the news outside of oil, because oil is really one of the biggest stories. we are watching john deere, or deere as it's called so low. the stock has dropped as the 2015 outlook fell short of analyst estimates. the stock touching a one-month low here. about theu think options activity here? >> the stock opened a little bit lower and we saw a bit of flurry of activity in options around 9:45 a.m. people were trying to get rid of the call and buying ahead of the earnings, thinking they would sell on the upside and that did not happen. it appears that the stock has valued since. i have not really followed up on the earnings call, because it was going on during the morning session. it seems like they must have said something positive that gave investors hope for the stock to rebound. place unchanged, by the way -- you cannot use this market jargon on television. a little bit activity today on the day before thanksgiving. thehad a trade for us on day before thanksgiving. and it is "bringing joy to the world." >> i came here a couple of months earlier and i was bearish on joy global. and now, so i'm bearish. >> this is a company, like deere, that makes earthmoving equivalent, but on a much larger scale. >> more mining as opposed to agriculture, so slightly different sectors. but similar equipment. and you are seeing a lot of supply coming online in january even though the levels of coral prices -- coal prices are down. i think that as the company reports its numbers, the stock has much more room to the downside. >> you are continuing to be bearish. the trade has worked out for you in the past couple of months and you think it will continue to go down. >> the january put spread was long. you can take that off and almost close to max profit. you can take that off if you want an initiate a new trade december 52-48e spread. >> thank you very much. again inn the markets" 30 minutes. "money clip" is next. ♪ >> welcome to "money clip." and matt miller. here is the rundown. the world's largest cartel is said to me as crude prices drop to a four-year low. we will feel you in on all the details. discontent spreads to other u.s. cities. odell beckham junior's otherworldly catch has earned him more than just praise. he

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