Productivity washington helping drive stocks lower. Bitcoin boom, the cryptocurrency surging past 12,000 for the first time ever. And the buyback trade, home depot announces a 15 billion repurchase plan as congress looks on track to pass Major Corporate tax reform mute you futures moving lower three day losing street for First Time Since august. Data from adp, the private sector added exactly 190,000 jobs that was the estimate in fact. The year to date average now, 209, which is better than last years 181 well see what friday brings. Look, i think were in one of those moments when i used to trade professionally where you would come in and say it wants to go down i was watching will and morgan this morning japan is down. I said to you on cross talk, copper had a bad day you know, theres a belief that maybe tech is slowing down, which i cant find i ask everybody there isnt a big firm where is tech slowing down, cant come up with it. But the market wants to go lower and its okay. If we had reasons for it, it would be more acceptable but i think theres a worldwide profit taking moment and i cant find after a certain point when youre racking your brain and looking at it, its like bitcoin, i said something negative about bitcoin so im marred for life. I cant come up with anything, maybe there is nothing. You told the troll on twitter to stay focused. Told sparky to stay focused why do you get up at 3 30 every morning . Do homework. Why at 10 00 still doing homework. Because of clowns like sparky who tell me i dont know bitcoin. I meant to call him mr. Clown. Sorry. No problem. I dont know him. Thats all right. We mentioned buybacks, home depot and b of a at 5. The era of buybacks . Look, its very funny i got like this little thing i love the tmobile buy back, such a wild man. Did a Little Program how wild he is, but ive been going over home depot and reading a key peace and key does a lot of good work talking about the possibility thats all thats happening that they are doing what we thought they were going to do. Right they are doing what we thought they were going thats not good enough i mean, this is the premiere retailer in this country what did people expect they just reported recently. Do they think in the last 18 days like something happened at home depot to make it so their business is even better than we thought . We saw this with Restoration Hardware yesterday they preannounced and did the number you cant just suddenly say, you know what, heres what we know, in the last 48 hours, we sold more snow shovels than we ever thought. Theres nothing. So sell . Yeah. I mean one person told me that Morgan Stanley is looking for 14 to 15 margin operating margin, couldnt come in at 14. 4 they are looking for 14 if it was 14. 6, would the stock be up three. Were just as we went up ir r e irrational irrationally, were having profit taking. I worked on adobe because i couldnt believe why it was down nine i realized it was down nine because its down nine it is what it is. Yeah. Stock was up a lot. Some others weighing in overnight, carlisles david rub rubenstein gave a dinner and talked about what there is to worry about in the market next year and in 2019. The only thing we have to worry about in 2018 or 2019 is some unanticipated geopolitical event, socalled black swan. If i told you that tomorrow north korea launched a missile into south korea, that would have an effect on the economy. If there was a 9 11 event that would have an effect short of those dined kind of things the think the economy is in reasonably good shape and spurred on by the tax bill. In the event of Thermo Nuclear war i dont want to buy dave and busters up three. You want to get shelter. You might want to buy kraft heinz, most of their stuff can last through nuclear war. We didnt have a fallout shelter on our block we were one of the poor people it was filled with velveeta, theres a piece called built from scratch thats called build to last. If there is a black swan do you agree theres nothing to worry about other than that every day i wake up and im worried. Im worried every day. Im worried about the planet but you know what, im worried about the planet but that doesnt make me want to Sell Health Care or riot laugh chain. Riot laugh chain block chain. I did work on block chain between the eagles loss, all that mattered. Did work on block chain myself i really did. Did you read block chain for dummies, i tried to read those things. I read the whole thing. I felt like a dummy. I dont understand it yet. Most important thing since galil galileeo. I think he wants to talk about bitcoin and block chain. As far as bitcoin goes, there seems to be no stopping the cryptocurrency, surpassing 12 k for first time, on track for the strongest quarter since 2013 people hate it when we compare it to market cap, but if we did, it would be bigger than all about 16 s p why doesnt it just get to amazon apple levels. Apple is inaccesinsepperable you dont have a bitcoin watch, do you . I found out i was reading the gambling over again because i wanted to see other than double zero, bitcoin is so much like who knew that would be the handbook for bitcoin trading. Are you going to read too what are we talking here . The idea that its double it could be black or red on a given day. A little ball spins around is there more to it that i dont know thats take great question. I dont know the answer either i do know that that guy youre calling sparky, if he owned any bitcoin like six years ago, he could probably buy and sell you. Ive been bought and sold so many times it gets tiresome. The way this thing has gone and those who believed in it a number of years ago are smart enough to have held on to bitcoin, many of them are millionaires i melt an old friend yesterday who is like, yep, ive got new wealth. What does it mean i watch i was on the Toll Brothers call and they are saying dont worry about the tax code should we just say i bought a house and i killed it. So what . I bought bitcoin im busy trying to figure out the valiant Balance Sheet. Am i i throwback how about jeff strecker, we may be stupid for not being first on futures i dont have the answers, i wish i knew how they were going to evolve this is a rather sophisticated observer. I like that they are doing as is any top, they are issuing different futures. Im waiting for an etf that does absolutely nothing except forbid bitcoin up into theetf. I think we can sit here and talk about the price of this particular crypto currency at this point, but then people talk about block chain, under lying technology and how important its going to be and talk about ee theer yum these millennials, they like this stuff. They like protein too. They do. They dont like velveeta. Like to do instagrams. Dont like chemicals in their food or deodorant. Do they like buybacks im not trying to be facetious, the value added, like sara fryer who worked at sales force and goldman comes on mad money cfo of square the square is its not a bitcoin story. Dont ever think that its going to be a bit coin story, its not even important then like what, 48 hours jack dorsey says its the most important thing the single most Important Initiative for square now, i dont know. Help me. How many ways would you like me to help you i dont know. I think you need i think you need psychopharma work. I think you have to cut back, you were on adobe, reading about block chain, little overbooked. Worried about trading revenues. Rereading duskesque ski if the middle of it all. He used the word fraud. He did, right im going to send him a copy of block chain for dummies and see what he thinks. Thats what im giving as my christmas gift, sure. Thanks. Honestly, this is what you need that will get you through. Theres a big thursday night game, what value added do i have whether the saints are going to win or not im talking about trying to get us back to where we can have value added and its really hard to have value added with bitcoin. Fine, go back to tax reform and stock buybacks, going to be a lot more of that. I like to talk about disney and fox but i guess we should be talking about bitcoin. Its right here when we come back, the latest on the potential deal between disney and fox well check in with david. Tomorrow we have an exclusive with lulus ceo, what he has to say about the quarter and Holiday Shopping season. Watching the selloff overnight around the globe and well see how futures shape up when the opening bell rings in about 20 minutes. Keyboard clacking ] [ mouse clicks, keyboard clacking ] [ mouse clicking ] [ keyboard clacking ] [ mouse clicking ] [ keyboard clacking ] good questions lead to good answers. Our advisors can help you find both. Talk to one today and see why were bullish on the future. Yours. Its wednesday, one day potentially closer to fox and disney reaching the deal that we told you is getting much cloers. Could be announced as soon as nextd week wall street Journal Running a front page story on those kind of stories they do so well there behind the scenes look at what the changes were that have led to the strong possibility that fox is going to part with all of the assets weve gone through so many times and wont bore you with going through them yet a lot does add up to the reporting i did as well in terms of james which has been my sense leading the charge about the conversation around scale and whether or not fox really had the scale to compete with the likes of facebook and google and amazon and netflix or needed to go in a potentially different direction. Then rupert versus james, lockland who im told supports his father for the most part what will happen if and when this deal actually occurs and who will go there. Lockland likely to run, fox itself, the possibility as i was bringing up yesterday given the delevering that will take place at what will be left or what were calling the spinco, those fox assets that will remain. That delefring could allow the company to go out and buy something, putting the two companies together or take it private. And then the question of james future there is some speculation that maybe he would go to disney in some fashion. What . That was in the journal story. Fte yesterday. Well see i think thats potentially not as likely as some might think but he may go his own way so to speak. Look, i think this whole notion of scale needs to be explained to people at home. Theres a belief that unless that bigger is better. I work with when i started the street i met with at that point it was 20th century fox. And what was incredible, they were talking about scale from day one. They understood that unless you were a beast around the whole world, you would be beaten by another beast whos around the whole world. And its still the case except for now the other guys have unlimited ammo alphabet has unlimited ammo. And global distribution, which is a key by the way great distribution Assets Overseas which is another reason why our Parent Company comcast has been interested in having discussions with it and continued to have discussions and why disney has been interested the 39 ownership in sky, very importantly, star in india, very important distribution platform. Given our reporting yesterday, certainly a lot of people out there trying to figure it out all and go through numbers, is fox under valued based on expectations what it may fetch, a taxable trans answer, what would spinco look like that could perhaps 2. 5 million and what would be left would be around 22 billion. As i reported yesterday, at least 60 billion of assets in enterprise value going to be sold thats including the assumption of debt and its at least 60 it depends on the valuation they get. Regional Networks Worth about 20 billion on their own. When you look at bamtech, its a mouth and you have to feed it. That Regional Sports network would be if you took 60 billion, that would exceed the total value of disney acquisitions on record. Right. Yeah. Theyve done pixar, lucas and marvel, all fairly large and important deal but all single digits. All very true this would like i said, this is a narrative changer synergies are large, there seems little doubt about that. And ive been getting a lot of questions on sky, dont have the answer yet guys, its my understanding that sky that disney would want to own all of sky, which is why that spread has tightened because fox has been facing problems in getting british regulators to allow it to purchase that 61 it doesnt own. How that would be structured, how that would be part of the contract when that deal would have to close prior to this deal closing, its unclear to me. I dont have hey lot more to add on that at this point. But try and understand it. Do you feel after your unbelievable interview with john malone that it is amazing discovery is down in terms of Bits International distribution in the scale and if you put that in too, such natural its great natural disney programming. Discovery with disney you think . Yeah. I dont know. They are still figuring out and going to close the scripps deal. Not until probably the end of the First Quarter next year. Deals take forever. Deals take forever. Any deal takes forever now its crazy. Amazon video was announced it would be available on apple tv at www d. C. Back in june and just today announced you can watch Amazon Prime Video on apple tv. Just now. How about the fact theres a great piece about Credit Suisse this morning about broadcom wired for success. Heres a deal broadcom for qualcomm, that literally is i think to some degree meant to take a long time its a siege its a siege broadcom . I want to talk more about that later. Faber report. Maybe well faber report it its unclear. It feels like one of these great siege battles. Its early days because they havent they havent done much yet they may be maybe one or two rocks, believe me. Hock tan, hock is rock. Another Earnings Report tonight. Qualcomm guys havent called me during the show. When we come back, well get cramers mad dash and count down to the opening bell. Take a look at the premarket more squawk on the street squt straight ahead you always pay your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 782 on home and auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Here on hump day, a wednesday here at the nnc, you want to talk amazon and continued death star more . The death star had been aimed we thought at auto zone, advanced auto. Those stocks have done quite well what the death star is aimed at is what you talked about, medical devices. What we didnt real until Morgan Stanley with an unbelievably good note, its denial, going after dental henry shine consumables and patterson consumables and the Morgan Stanley note which takes them both to sells, Fine Companies amazon will be selling the consumables right to dentists david, they can slash im just saying that this is the next level. Henry shine, i had i know you had bergman on. And asked about competition and told me not to worry about it but this Morgan Stanley note amazon would be selling to the dentist. The dental market, other than invisiline, they havent had more products to sell. Theyll spend lesson henry shine. Now this is an amazing company, also vet products. Ive not seen a stelth move into a market that we didnt think Morgan Stanley douwngrades both of these breath taking. Do you have any idea what they actually sell they sell the i understand the stuff when you go to the dentist and get drilled that kind of stuff. Its remarkable piece for what i say is really great reporting. No, its now, did we know this whole time . No, but this just shows you that the death star has moved on from auto parts to doing something that if you can think about it, what they can do for doctors offices and do for lawyers, if this is direction they are going in companies that had unbelievably good margins. I thought this piece was brilliant. The death star, where will it go next . Opening bell next. Stay with us why did you take Credit Card Debt on . Second kid. Private school. Medical bills. Moving costs. Solid ground. 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Youre working in millions of places at once with iot sensors. Analyzing social data on the cloud to create new designs. And using blockchain to help prevent fraud. So get back to it and do the best work of your life. Youre watching cnbc, squawk on the street. Opening bell in about 90 seconds, were keeping our eye on the conference efforts regarding the tax bill bit of a selloff overnight, some attributed to the decision were expecting out of the white house today to move the u. S. Embassy in israel to jerusalem. Ive been trying to put that in perspective because its obviously an emotionally charged issue. Again, you get emotionally charged issue, people sell ive also got in the las