Keep crying all day. Well get through this. A week from black friday, a double dose of retail reality today with two big retail ceos. Apparel companying ipo today, up better than 40 . The ceo jill granoff is here with us. They left money on the table. I tell you. And Brendan Hoffman will be with us, operating 260 department stores. Looking forward to both of these interviews. When is it time to cry uncle . Bill ackman is down 500 million on his herbalife short position. Hes not down yet. Well ask a top investor when you need to say enough is enough and admit you were wrong. In the markets, lets take a look at wherer with we stand. The Dow Jones Industrial average up 0. 25 . We have been trending higher. Sitting around the highs of the day. Nasdaq composite showing gains. Technology doing well with the nasdaq up 20 points. At 3990. The s p 500 looks like this. Gain on the session of 7. 5 on the standard poors. Joining us on closing bell exchange, ann, michael yoshikami, rich peterson, and mike tepper from Strategic Wealth partners. Hi, everybody. Good to have you on the program. Thanks for joining us. Thanks marks. Market at all time highs even though the whole idea of new tapering has entered the conversation. Would you put new money to work here . I think the market is pretty fairly valued. We have we say upside of 10 over the next 12 months. Doesnt mean necessarily its going to get there. I do think there are still some values and were finding some in the market today. Rich, the earnings justify the move were seeing in the stock market here . Well, the earnings are beating expectations. Again, go back to last month when we start easterning season expectations, at 5. 6 on the s p 500. We take out the one sector that is showing declines, energy, probably closer to 6 . Then you look at earnings for next year. Earnings per share basis, about 124 for s p 500. Put a 15 multiple, that puts the s p to 18, 20 or so. Thats reasonable value. I think the fact we had great ride, were seeing consecutive weeks of increase in the s p 500. Just confidence for earning for 2014. So, michael, jump in here. We go to the market once again, record highs. Where are the values in this market . Well, first of all, maria, these flowers are for you. I want you to know youre a good friend put them up higher, michael. A great journalist. And we wish you nothing but the best. Thank you so much. I appreciate it. Back to your question. I cant believe today is my last day on cnbc. Im just im trying to get my head around this. We cant believe it either. You know, i think the markets at this point, back to business, i think the markets are fairly valued. But i agree with what was just said about a 10 upside in the market. Heres the key. If youve got profit right now in the market, you need to started taking some of that profit. Weve been doing that. You dont want to let them run forever. Take profit, reallocate into position that hasnt gone up as much. Thats key. Mark, yields have been rising but you think thats actually a positive. I mean, a lot of people wring their hands of the stock market and say, when the yields start rising, think that will provide too much competition for equities. You disagree with that, dont you . Yeah, we do. We think the great rotation of money going out of the bond funds and into stock funds is going to continue for quite some time. You know, we like particularly the financials are very attractive right now. Asset managers would be a place were looking at for our clients. As the money begins to move from bonds into stock funds, obviously, the fees on the stock funds are considerably higher. And Profit Margins are higher. So, we do think i very much agree on the financials. I think financials right now are very inexpensive. Net interest margins have got to improve with Interest Rates employing up. I think thats a great point. I feel like profits have done better than we thought. We went into the Fourth Quarter on the heels of the shutdown. Rich peterson. You know, so many people were saying, well, this is going to even larry fink came on the show, largest asset manager and said, were going into the Fourth Quarter week or this is going to impact profits. I dont know that weve actually seen evidence of this. Look at revenues. Expectations revenues can be weak and poor. 4 for the third quarter. Best period for revenue this is year. I think the fact is that you look although the market, look at the economy. Were moving along. Even though retailers are reporting sop some ominous signs, whether it be walmart or kohls. The consumer may be bruised but not down and out. I think the Holiday Season should do well. The fact, electronics, best buy should do well in this environment. I think the fact is, again, look althou at multiples for the market, 15 1 2 times forward 12month earnings. Start of this year we were at 13 1 2 times earning. In terms of a bubble, were not expansive. Things are reasonably valued where we stand. Ann, im going to ask what sounds like a naive question, maybe even a dumb one, but when we talk are we overthinking fundamentals when it comes to the stock market . Isnt the only thing we need to know right now is that the fed is going to keep quantitative easing coming . Well, bill, we know its going to end at some point. Its been going on for an awful long time. Im kind of looking forward to see what happens when we have to live on our own. And when that happens, hopefully the strength were seeing in the market today and at the company level, too, that will start to show. We see it. Ive been to ive been meeting with ceos, numerous traveling over the last month. What im hearing is positive. I mean, for the most part. Its a slow growth environment. Managements are very focused on profit. I think they would get more excited about spending if we kind of we knew what the environment would look like once this tapers off. Mark tepper, what about that . What are you hearing from your clients, mark . Are they risk adverse or putting money to work here . No, theyre putting money to work. Were not overly concerned about the about the tapering process right now because were expecting really what we would call switcharoo. As the fed begins to taper, what were expecting is for the fed to firm up on the Forward Guidance part of the equation. And more than likely, lower the unemployment threshold from 6. 5 down to 5. 5 . So, the net negative effect on the stock market really isnt going to be as significant as some people would expect it to be. Were also expecting Earnings Growth to reaccelerate next year to somewhere between 8 and 12 , which weve only seen 6 Earnings Growth since the end of 2011. So, you know, were looking at some pretty good gains in the market next year. When you throw in a little additional multiple expansion, which we think is very possible due to the fact that money continues to move from bonds into stocks, we think next year could be a great year. Michael, whats the biggest headwind for this market right now in your view . Obviously, its what happens with the fed in terms of Interest Rate policy and what the bond market anticipates that policy is going to be. But i wanted to comment back to what you said, as you put it, a kn naive question, do fundamentals really matter. Lets think back to a few bubbles. Real estate. Do fundamentals matter in real estate in 2007 . Fundamentals, lets see, did it really matter in 1999 . Fundamentals always matter eventually. And thats what investors need to recognize. You cannot ride this momentum horse, even if its run by the federal reserve. And ignore fundamentals because ultimately, cash flow, event actual, longterm cash flow equals share price. If it gets too ahead of itself, you have to be careful. Were five years into this bull market. The last two bull markets have lasted how long . Guess . Five years. There you go. Ill tell you what, a lot of nodding heads up here on the set with us at the New York Stock Exchange. A lot of agreement there. Thank you, folks, appreciate it very much. See you soon. The dows on track for a seventh straight weekly gain. The best week weve seen in almost three years to january of 11. Dominic chu rounding up the stocks making big moves today. Thats right, bill. Lets start off with shares of biogen after they were given multiple scloersz drug patent protection for the next ten years. On the losing side of things, check out shares of ross stores. Reported earnings that match wall street estimates but warned of a, quote, intensely competitive pricing environment for the Holiday Shopping season. Intel lower after disappointing wall street at investor day yesterday. Forecasted flat sales and margin growth for 2014. The big news of the day in the media sector, Time Warner Cable is at the center of more and more deal chatter. Cnbcs david faber reporting some comcast shareholders have been asking management to look into a deal to buy Time Warner Cable. On the heels of a wall street journal report which charter communication, backed by jon meloan, is exploring financing possibilities for a deal of its own. Stocks of all three companies are active. David faber is doing more digging around this story. Well be back with more later on. For now, big movers. Back over to you. Heading toward the close, 50 minutes left in the trading session here. The dow up 40 points. Record territory. Any positive close for the dow is a record. The s p looks like it could close above 1800 for the first time ever. 16,000, 1800, the next thing well be talking about nasdaq 5,000. Lets not get ahead of ourselves. What a debut for clothing designer vince. Up 40 after the ipo. Ceo jill granoff lays out her Company Exclusively on the closing bell. Californias Health InsuranceExchange Says you cannot keep your plan even if you like it. They voted against extending canceled health care policies, going against what the president wants. Coming up, well talk about who will take the blame. The insurers or president obama. Stay tuned. Tdd 18003452550 trading inspires your life. Tdd 18003452550 life inspires your trading. Tdd 18003452550 where others see fads. Tdd 18003452550. You see opportunities. Tdd 18003452550 at schwab, were here to help tdd 18003452550 turn inspiration into action. Tdd 18003452550 we have intuitive platforms tdd 18003452550 to help you discover whats trending. Tdd 18003452550 and seasoned market experts to help sharpen your instincts. Tdd 18003452550 so you can take charge tdd 18003452550 of your trading. The ocean gets warmer. The peruvian anchovy harvest suffers. It raises the price of fishmeal, cattle feed and beef. Bny mellon turns insights like these into powerful investment strategies. For a university endowment. It funds a marine biologist. Who studies the peruvian anchovy. Invested in the world. Bny mellon. Welcome back. The dow is on track to close at record high. S p getting ready to close above 1800 for the first time ever. These blue chip gains pail in comparison so one of the debuts today. Look at vince, up 40 . A Designer Clothing company. Courtney reagan with details. Its hard for investors not to compare any new highend retail ipos to michael kors. First day of trading at New York Stock Exchange under Ticker Symbol vnc, Vince Holding corp is exciting wall street with shares up better than 40 . Vince shares opened for trade at 29. 50 per share. Comfortably above that 20 ipo price, which was also above the expected 17 to 19 range. Vince Holding Companys market cap is 1. 1 billion. They sell at barneys, bloomingdales, Neiman Marcus and saks and their own boutiques. They expect their potential for boutiques to grow to 100 in the u. S. And looking at international expansion. Logging a 32 increase in the first half of 2013 following a 23 uptick in 2012. And 7. 6 growth in comps in 2011. Despite increasing comp tilgs and heavily promotional environment, vince expects its q3 margin to expand by more than 1 percentage point. Sun capital owns ma joesh joers of the shares. Maria, well miss you. Were joined with the ceo of vince here at the post. Good to see you. Good to see you, too. Jill granoff joining us. Look at this situation, 40 . Have you be feeling great about things right now with this ipo performance. We are just thrilled to be here today. It is a huge milestone in the companys history. I think it really recognizes the success weve achieved to date. More importantly, the huge potential that lies ahead. You know, you left some money on the table. You could have priced this thing higher, obviously. A 40 gain. Thats enormous on an ipo. Well, the market values the stock in the way it sees fit. Tell us the Growth Strategy. We have a lot of excitement about vince, obviously. Volume, one of the best specialists on the floor doesnt he look great. Ive never seen and youre wearing vince. Ive never seen you look this stylish. Whats the Growth Strategy . How do you keep hitting it out of the pashgt . We have six key lovers for growth. The first is to introduce mu and compelling products. Women love our cashmere sweaters, leather legs, well introduce dresses, and footwear, handbags, elevate mens, do kids wear. The second its to increase penetration. Weve opened some open shots. Theyre doing well. We feel well get better space and location as we expand the assortment. And retail. Shop in shops. Why that strategy . I think it showcases the brand in a compelling way. You have brand signage, fixtures, can you create mannequin looks so its a carved out space you have to be careful who you partner with in that case, dont you . We have really great partners. We sell to premiere department stores. Were sticking with that channel of distribution. They know highway to create environments where women like to shop. One of the things weve been hearing a lot about this week, and certainly this period going into the holidays is all this discounting going on. Where do you see going on . Are you expecting well see surprises coming down . Is this going to be a good story for consumers but a tough story for margins . How do you characterize that . I cant give any forwardlooking statements. Were in a quiet period today discounting and the holidays. If you have compelling product, i think people will want to buy it. You know, we see a lot of our products are sold at full price today. I think discounting might happen if theres too much inventory. But i think so that if you have compelling product, you know, men and women want to buy, you dont always have to discount. The international play, you chose japan first, specifically tokyo. Why there . You are already established there, obviously, but why that country to begin with . So, japan was the first market we launched internationally. And the japanese customer really loves the brand. I think our modern, sophisticated styling, our neutral color palette, clean lines regs resonates. Weve been in the market a long time and weve had success with Key Department store partners and weve decided to launch our first retail store, which opened just a few weeks ago in tokyo. We just did our first shop in osaka. Its consumer driven where people love the brand. We see that from tourists here as well. What a great resume, having been at kenneth cole, estee lauder. How have things changed . Retail is important because can you optimize your customer interactions. I think the biggest difference is between store and online shopping. Obviously, people are so pressed for time so they like to be able to, you know, really navigate the website at night and come into the store, try it on. But i think the biggest difference is really the inte gra integration, especially when i was at victorias secret running 1,000 stores it wasnt that prevalent. I hear mobile is the big thing. Retailers have to be acknowledge customers will be buying things on any device they have. Its tough to do with clothing, though. Not really. Were very much focused on having Consistent Customer experience, whether its in store but i need to dry it on. I dont know about maria, but have i to try it on before i buy it. Michael needed to try that jacket on. A lot of women dont have time. They order clothes and they order their shoes. If it doesnt fit, they send it back. Which is no problem. Mobile technology, mobile apps, i mean, are you very kneedeep into using technology to extend the brand . Well be relaunching our website in spring of 2014. Thats our first step. Were considering a mobile app. But well be relaunching the website first. Well have enhanced photography, improved navigation, really dynamic recommendations, neighborhood concepts. Once we kind of nail that, then well be able to move on to mobile app. Great to have you on the program. Congratulations. Thank you. What a performance. Up 40 . Great to have you. Thanks very much. Thanks. Michael is taking all the blame. See you at vince. Well take a break. 40 minutes left in the trading session. Holding onto gains here. Dow up 44 points, comfortably above 16,000. S p up 8. At this point, we may close above 1800 for the first time ever. Well, think next week will be quiet for the markets. Think again. A lot of stuff happening next week. We have what history books say in terms of what the bulls expect next week. Also, california, their Health Exchange is rejecting president obamas reversal to let people keep their plans that dont conform to obama care . 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