The ashes . That is what you did in virginia and new jersey. And your guy your guy going to politics who is my guy . Deblasio. My guy. 60 youre a new yorker hes your mayor hes my mayor hes my mayor. Thats my mayor. And he we had him on the show before ive also had commentary that has not always been positive about some of the things he said i know. I know youve been critical you have not been positive of deblasio, im just yanking your chain. So the prospects for tax reform what do we think i think it gets more complicated. Is this a picture of the future . Is this something they can look at a year from today and say election day all over again if we dont have something passed potentially in all fairness im glad you guys got it. Its nice once in a while. You were off a low base. A lot of state legislatures and governors. You are talking about the democrats having a good day for the first time in a long time. Youre looking at the democrat over there . That democrat . Its been a long time since democrats had a win. So its nice but gillespie, they talked about what an unbelievable upset that would have been since trump lost virginia by five points. Gillespie was coming from far behind it was hard to figure out whoa was because hes usually associated with more mainstream establishment republicans. And then the new jersey republicans didnt have a chance Chris Christie had 19 approval rating. Yeah. Trump lost by five, but this guy lost by ten. So it was even the magnitude what are you saying what are you trying to say here . Im saying this should at least be a wakeup call for any republicans that are complacent at all about, well, we have a 28 rise in the dow, we have the gdp numbers looking good we have unemployment how are you feeling this morning then the disconnect is evident that by next november, by november of 2020, who knows whether what some people think are great economic numbers, great stock market numbers, who knows whether that overcomes the endless beating by the msm on everything. Oh, not the msm im sorry, mr. Msm. Thats not part of this where are you your other president , the guy that you loved, one of them, youre too young, he even said hes never jimmy carter said i has never seen anything like that i thought it would have been tough maybe some of that was warranted it would have been tougher to be all right you voted for carter, right i did i have a scarlet c on my shoulder, its tattooed listen to so i never forget what i did. Lets get back to watching the markets. Overnight in asia, mixed trade data came out in china exports rose less than expected. Imports topped expectations. The trade surplus with the United States garr rowed to just over 26 26. 5 billion. You can see the nikkei ended slightly lower, down by 23 points hang seng off by 86. Shanghai was up, but just barely in europe, with withe trading action weve seen happening, things are flat to mixed there the bigger loser is the cac in france stocks are weaker in italy and in Spain Crude Oil prices, crude yesterday during the trading session hit a twoyear high. It pulled back and enden down. This morning giving back another 13 cents heres whats going on the big story, shares of snap, they are sinking in a very big way after the Company Posted a Third Quarter revenue miss they posted a also of 14 cents per share, better than estimate base penny daily active users came in at 178 Million People, falling short of the 182 million that had been forecast. The one thing we have heard over the years is that snapchat is difficult to understand or hard to use. Our team has been working on responding to this feedback. As a result, we are currently redesigning our application to make it easier to use. That stock is down now in the premarket by over 20 . We should talk about this it looks like were hearing that tencent is going to be taking a 10 stake in snapchat on the open market. Reporter spiegel warning this is breaking news. Chinas tencent taking a 10 stake in snap. I guess theyre getting in at 12 bucks a share. Well see whether this stabilizes the stock and whether or not it will shoot up. I wonder what they get it far. Says buying it on the open market are they buying it now . I dont know if you can just buy 10 . Or will they filling it as this was falling is it already done . It may be done. That stock moved up and down as were watching it as this news breaks tencent taking 10 stake also puts tencent into the social talking about all the foreign companies, where everybody is we dont do a lot of business in china. China starting to do a lot of business with us thats interesting from a question of social media exactly given all the questions what you can do in terms of influence. Saudi arabia has a big stake in twitter, saudi through softbank, they now perhaps will take a big stake in uber, also sorts of other business. Its International Still minority stakes a couple other pieces of social media news. Twitter officially doubling its character limit for all users. Twitter users can rejoice for those of white house suffer at 10 characters. Most tweets will now fit with 280 characters thats up from the original 140. The expansion started back in september and was only available to a select group of users i was not one of those i wasnt either i saw some ridiculous things on twitter, including people carrying out pi. Wendys reporting results before the bell. After the bell, reports from 21st century fox a lot of eyes watching that. We will hear from monster beverage and square along with Hostess Brands you sound much better im glad are you feeling better did you take some stuff yesterday . I took some stuff and the election. But you got a bounce in your step i feel like one more day. Perfect tiptop shape. We have more information cnbc reporting more information on this breaking news. Tencent, as we just mentioned has bought a 10 stake in snap it was bought over the last quarter, 145. 8million shares nonvoting snap sees this as a vote of confidence they went it to help with their experience in china. They had to file once they got the 10 . But they were not buying it at 12 a share if it was purchased on the open market. Results in from yesterdays election it was a big night for the democrats. Ralph northam defeating republican opponent ed gillespie. And democrat phil murray, a tall man, trounced his republican opponent, kim guadagno to become new jerseys next governor in new york city, democratic mayor bill deblasio won a second term a whole lot swirling around him, but no one cares nationwide. Wasnt strong competition it wasnt whats the total number of votes . Its a very throw threshold like a million. It wasnt a full sweep in a special Congressional Election in utah, republican john curtis was voted into office he will fill jason chaffetzs seat i saw him arguing on some cable network. Chaffetz . With his new job does he have a new job . Im not sure what the channel was. Broadening your horizons. Not just leaning forward at all times. You should be leaning forward at all times imtrying to diversify my viewing a bit. President trump arriving in china overnight. Kayla tausche is in beijing, she joins us for a look at the president s schedule hello. Reporter the chinese are calling this visit a state visit plus, meaning it will have all the state craft of a normal official visit but also more time for a top level strategic meeting because President Trump is the first foreign leader that president xi is receiving since consolidating his power in the Party Congress the two leaders have a nascent friendship, but there are some areas of disagreement, like economic areas, the trade deficit, sanctions on north korea and the u. S. Deployment of antimissile Defense Systems in south korea. This morning in korea trump called on china and russia to continue tightening the screws we call on every nation including china and russia to fully implement u. N. Security council resolutions, downgrade diplomatic relations with the regime and sever all ties of trade and technology its our responsibility and our duty to confront this danger together reporter severing all ties of trade could be something large on the discussion table here in china. White house Officials Say that the president will directly ask president xi to delink any financial activity between china and north korea. And if that touches the stateowned banks, that could have a dramatic effect on the Global Financial system. Well see what form that will take the president suggested that if north korea were willing to drop its Ballistic Missile ambitions, he would come to the table and make a deal. Thats unlikely to happen. Well see where china can step in here. On the corporate front, we expect a series of corporate deals to be announced coming through the pipeline this evening with secretary wilbur ross signing several issuance letters for deals with china among them a deal for 1 1. 2 billion to sell pork and beef on the ecommerce side jd. Com the sale of 50 bell helicopters to reignwood, and you can imagine that business will loom large in this visit even if there are more tenuous talks at the highest level. Thank you very much Kayla Tausche in beijing well hear more from her throughout the day. A president ial milestone this morning the oneyear anniversary of President Trumps electoral victory. Joining us for a look back at last year and whats next for the administration, mike allen is joining us, executive editor and cofounder of axios. Good morning good morning. Im staying just a little keeping my distance. Everybody is still a little sick on the set. Speak for yourself, please. Unless youre talking mentally thats my own issue yours as well. Overshare help us understand a year later how you would grade the first year i can tell you that people inside had a different feeling about the first year before last night. Last night was really sobering for republicans. There was this idea that they could navigate around trump. They could embrace sort of trumpiness without trump himself. You saw last night the depth of the shellacking. You cant do that. So looking ahead, theyre worried about tax reform, that a lot of lawmakers will be more shy about it that they dont feel like the president having their back is going to be the insurance policy that they thought. So, how do you handicap tax policy at this point Tax Reform Tax cutting . Harder. Republicans will come out, what the white house will tell you is that now people realize the urgency of it more but this is a member to member, senator to senator decision. Like what they told us, the way to be smart about tax reform is that the big speeches, the big ideas dont matter as viewers know, the fine print matters. It matters to your constituents will they pay higher or lower taxes in. And donors. Every piece of fine print, it makes such a difference. Makes it much harder to handicap and har tore pull o and harder to pull out we talk about healthcare being onesixth of the economy, tax reform the whole thing you werent saying they didnt realize they cant keep trump at arms length. By saying that you are not saying that gillespie could have won if he embraced trump i dont know if he could have or not. I dont think in virginia gillespie would have won no matter what. Thats a tough state as a sweng staing state its a h one. He lost by five, but this guy won by 11. The margins were astonishing. The takeaway is any time you run as someone youre not, that catches up to you sooner or later. Ed gillespie, a textbook establishment republican i lived in virginia. The ads made it sound like virginia was being overrun by mauer maureders. And we didnt know who northam was. Because the action was on the other side, because, like, all of this was the middle finger to trump. It was Northern Virginia last night on your air, Steve Kornacki calling it the revenge of the suburbs this is Northern Virginia, like just gotten bigger and bigger thats almost part of the beltway, isnt it . That almost qualifies, doesnt it much of it is literally inside the beltway, sure the air is different there that theyre breathing, right yes outside the beltway in a little place called america you have these worries for republicans. Heres the other important thing to remember. Because the trump base and trump states are sticking with him, that amazing nbc wall street journal number showing if youre a republican, you voted for trump in the primary and you voted for him in the election. 98 of you are still with him. He will point to numbers like that he wont change or listen. But it has donors to the Republican Party really worried that theyre looking ahead to Speaker Pelosi a separate question, we talked about this being the oneyear anniversary since he was elected. The next oneyear anniversary is coming up, thats him as president. Thats often the time when staffers, the first year group, some of whom leave then theres a change sometimes. Do you see a big change happening around him what will happen this is a massive problem for the administration as you know, the administration was never properly staffed not even the west wing so many people tell us they dont know who to call at freshry. Th treasury or at the stateme department now youre coming up in january, on a jeeyear even in the rosiest administration you have people cycling out. This time people may be more anxious to leave, having a change at secretary of state or the west wing. Who wants to come in its not only the fact that so many republicans who would want who would want dont want to be associated with trump, but now you have this massive legal liability. Anybody who goes in faces potential legal bills. Now if youre in the west wing, youre wondering if the person youre talking to is wearing a wire theres many former Administration Campaign officials who could be cooperating. You all wonder it makes it impossible to focus on what youre supposed to be doing. I was wondering if we were seeing time dilation in the countrys mood it was eight years of bush, then it was, wow, were sick of republicans. Then eight years of democrats, wow, were fed up. Trump may only be two years or four years before people say we need a change. Volatility is everything. Most recent elections have been changed elections. We talk all the time about how in business every is faster. The Business Cycle thanks to mike allen. Thanks for coming on the real morning show we should know mike is moderating an axios event in philadelphia this afternoon on the future of cancer care. Dr. Joe biden, sean parkerment. Nice. Coming up, happy birthday to the peter parker. Thats who i wish hes here where is mac happy birthday to the trump rally. Its been a year since the 2000 election well tell you what change in the last year with the markets and how to prepare your portfolio. And well talk to the analyst about the news that just broke that tencent has taken a 10 stake in snapchat. Stock doing a little bit better that filing out well be right back. Who knew that phones would start doing everything . Entertaining us, getting us back on track, and finding us dates. Phones really have changed. So why hasnt the way we pay for them . Introducing xfinity mobile. You only pay for data and can easily switch between pay per gig and unlimited. No one else lets you do that. See how much you can save. Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit or go to xfinitymobile. Com. The trump rally turns one today. Its been a year since the 2016 election dom chu joins us with more i like the color of that tie i think a red tie would have been better. Red, white, blue, 28 . You didnt see me yesterday for owe lelection day i wore th, white and blue, i wore the flag cuff links, i had the sticker that said i voted today. All day on air i did wear the red, white and blue i would like to wear it every day, i dont think the wardrobe people what is the dow number 26 , 28 . The broader s p 500 is up 16 , 17 during that time frame happy birthday trump rally if we look at the last year, yes, you would have made some easy money being in the s p 500 for the past year. If you look at the outperformance there we Talk Technology massive 24 weighting in the s p 500, a huge move higher vers telecom, which was still up but nowhere near technology. If you made the right picks, you did well if you look at the individual Industry Groups doing more fantastic than just broader technology or telecom, two etfs that attract key parts of the market, two best performing Industry Groups, the Semiconductor Stocks have been roaring all year long. Then the defense stocks. People call it a pure trump industry, Trump Administration play those stocks are up big as well. Its also about whether or not you have been able to pick those. Fundamental active stock managers, those people who are paid to make sock picks and outperform the market never do we talk about how indexing is the way to go. Christopher harvey over at equity strategy at wells fargo put together some numbers. They tracked 50 of the biggest active mutual funds out there. They put them against benchmarks it turns out the large cap fundamental funs they tracked are up about 21 versus the s p 500 which is up about 16 , 17 even if you factor in growth value composite type benchmarks, youre talking about 3 outperformance for active managers this year if you were a stock picker, you got it right one of the ones i was looking at, i only mention this because this particular fund, the Fidelity Contra Fund many of us know it, its a 1 123 bill ron mutual fuion mutual fud thats an active stock management fund. Will danuff over there, and he posted a 30 return this year versus the 16 , 17 for the s p 500. Why what were his big bets the ones would expect, overweights in facebook, berkshire, microsoft, alphabet, amazon, united healthcare, visa, those are among the top holdings if you overweight the right places you have done well. One thing i would say, people talk about technology now as maybe a crowded trade. B of a Merrill Lynch