And impeachment inquiry as the Fourth Quarter gets under way. Plus, no force can stop the Chinese People, president xi commemorating the 70th anniversary of the Chinese Communist partys rule, this as violent protests in hong kong ramp up. Facebooks Mark Zuckerberg rallying employees against critics, competitors, and president ial hopefuls, like senator Elizabeth Warren first up, though, investors looking ahead as we begin the Fourth Quarter after a volatile q3, which saw the dow and the s p extend their quarterly win streaks to 3 the nasdaq fell just short of a similar run. For the year, though, leading the major indices with a 20 gain, s p up almost 19 the best performance through q3 since 97. This is all affected by the fact that december was so bad last year. Yeah. For instance, apple up 42 you say, wait a second, great year but apple preannounced the stock had gone down. You have to look at all these to see what is up from the bear market whi what is interesting is this market has in leadership it keeps rotating. Drugs are a leader and then Speaker Pelosi says be careful of the drugs managed care and then you immediately get the single payer. You get technology and then micron pulls it. You see these package good stocks and then one will be good, one will be bad. Retail, just watch it is walmart, amazon, target, costco and home depot. Nothing else nothing else so there is really just this, wow, what do we do most notable, most notable theme to the end of the quarter was the change from what had been focused on growth momentum to value totally thats why the banks went up. Thats one of the key questions, will that continue . How much momentum will there be when it comes to these value stocks and have not gotten a lot of attention for a long period of time. Nxpi, it broke down, you covered it extensively. 127. 50 was where they had a deal to be acquired. Chinese never ruled. Fabulous piece today about nxpi and how it is the backbone for the battery for ev you got these you got merging leader tech stock. I dont know advanced micro and micron,terink was a great stock for a few weeks and facebook is awful. And i think a lot of it is by washington it is by washington. Market has gone sideways ever since the trade war escalated. Wto today, again, for the third consecutive year, cuts Global Growth forecast. Largely because of trade they see World Merchandise trade 1, 2. That drives money to lennar, a fantastic performer. Towards poult s polti, which ha good the rates, Mortgage Rates going down spurred some house. Housing punches above its weight how long is that leadership going to last . I find there is no leaders that last. Do you think q4, seasonally strong yes fed is in a much different place than it was last q4. Does that help dont fight the fed, dont fight the i see it that way i did expect that there would be more mutual fund selling second last week of september. When september got overbought, it got overbought, we had this big slide, now were not overbought and the beginning of october tends to be pretty good. Then a couple of months where people say, oh, my well do anniversary of crash stories tends not to rally on anniversary of crash stories october has been a pretty good month. Youll also have ipo weakness, and epo madness to throw in the mix make people a little more jittery. I wonder, were so pelotoned, my wife wanted to say, listen, not sports bra, okay, not it is lululemon that hangs on the peloton. It is lululemon, she corrected you. It is not sports never mention that that is wrong. I want to correct myself shouldnt have said sports bra, sorry, lisa, what i meant to say was lululemon. Clear now . Better we did spend the end of the quarter talking a lot about the market for initial Public Offering i think poor is a nice easy way to say it. Not well received. Why dont you smile directly at me. That was one of the worst were done. Just say no. Im working on a piece tonight for mad money. The president pulled the plug on the theory that maybe well pull the plug on chinese ipos i think the president should do it to protect our wealth. Do what stop the chinese. Not allow listings by chinese companies. The performance of these is so horrible, that Peter Navarro would have had more ammo had he come on and talked about that yesterday. In that interesting interview that he did with squawk box. You dont think what happens to the Fund Managers who have billions in these names, what happens to them. You have to be just in the s p. I just really feel that the the msci decision to make it so you had to be overweighted, which is something that navarro talked about, you mentioned goldman sachs, actually msc, the company, it said it, that said that china should be allowed in, like, the kind of the regular, i dont know, league of nations, but the chinese dont have the disclosure navarro was right about that im looking at the disclosure they dont tell you a lot. Like of neo, nio, the stock that went to ten on a 60 minutes piece, and it is at 2, a car company. Jeffries comes out today, the move would completely undermine the International Market and would harm the u. S. Role as a conduit for international capital. Please. Save us a lot of money. No, it wouldnt. Come on come on nothing choose to invest in these, they can choose to do so we want to maintain the u. S. Capital markets. Happy 70th to you hey, sunshine, happy 70th to you. Im saying. Alibaba, you dont want any part of that. You cant get ten sent alibaba has u. S. Financials a lot of the companies that have come public, david, do not have typical i dont think that we should allow in our country ipos. Hard to borrow. Why cant if you want to bring a u. S. Deal, like, you know, we work you think that one sailed through the s. E. C. . If it was from china, it would can you imagine . Chinese we woowork how is wework doing with the new team you know the guy one of the coceos starting to come together . I think they have a tough road ahead of them when youre losing 1. 6, 1. 8 billion a year, you got to cut, youre going to burn through 700 million bucks. Journal says they have enough cash to get through q1 bonds yielding 11. It is you know, when wework can anticipate coming back, trying to come to the Public Markets is it is a question. A mystery wrapped in a riddle. Covered by an enigma. Ill advised deal they wribri to the market. Maybe theyll realize, hey, were not losing as much money as we thought. Maybe some of the tequila the president of mexico has great tequila. You would know. Youre a wework is all part of this era of, like, please, save us from wework, give us more mcdonalds, Mcdonalds Well get to that call. Bad call out of jpmorgan. It is terrible. The guys, something went bad, everything is watching a game, and then the guy goes, oh, and he likes the mcdonalds thing, and everyone else is mad no, i mean, if we sit there and watch hours and hours of football, i want good commercials. Jpmorgan says q3 comps are trending below consensus they expect them to disappoint once mcdonnealds how do they know . They use some tracking organization. Yes channel checks. Yes you think they have a channel what are you doing im texting Important News people are in touch with me at all times i need to respond to them. I got important people myself im going important people i promise, i listen to you out of this ear. With this hand im doing something else. I think mcdoms canalds cals not a call i want to you sell at 211, buy it back at 213 thats what the pajama traders i dont like that trade. I know we have to move on. That kind of trade, that kind of call is never mind. That kind of call is a really tough call for individuals to do you would say this even if the call were that it was trending above consensus. Easter brook is doing a very good job hes instituting a series of technological advances it is chipotle and carne asada, really good. Very nice. Youre in and out of there, my time spent in the store, it is under 60 seconds it is amazing yesterday i said we got to have the carne asada, my wife said no only in new york, they deliver from 45th, by the time they deliver, they started door dash, at the house like this as long as it took the redskins to fall behind sa. Saw the New York Times had a story about grubhub. They take everything. And talking about actually similar things you experienced in terms of pages being created that you werent aware of. Door dash, door dash says they are a provider. Door dash buys caviar, now up the creek without a burrito. Tough business as we know Mark Zuckerberg is rallying the troops in a leaked audio of a meeting with facebook employees obtained by the verge. He slams senator Elizabeth Warrens call to break up the social network Elizabeth Warren who thinks the right answer is to break up the company, ill be honest, she is elected president , i will bet we will have a legal challenge and i will bet we will win the legal challenge. It is so basically it is and so does that still suck for us . Yeah i dont have to have a major lawsuit against our own government thats not like the position you want to be in when youre, you know, it is like we care about our country and want to work with our government to do good things and but, look, at the end of the day, if someone tries to threaten something existentially, you go to bat and you fight. Tough to understand the audio there. He says go to the mat, if she tries to break us up, i would bet we have a legal challenge and i bet we will win. This is that new form of antitrust which reminds me of the old form this is facebook is too powerful, lets break it up. Thats a different form of antitrust than were used to our prices are going up because of monopoly. And in this case, youre not. You still have to deal with the actual law. The doctrine is you dont go after companies because they are powerful thats against the doctrine. In interviews ive done with the antitrust doj chief, hes made that point. I know. You have to prove anticompetitive. Senator warren it would be a different regime if senator warren came in a lot of people talking about a different regime in a lot of different ways. Would she allow us to do what we do . The three of us we talk about stocks. If she tries to stop us, were going to the mat. Were going to the mat too. Or bear case. Or the mattresses. Etfs are going we go to the mattresses. Well be okay fear of senator warren is getting overblown. There is commerce. Sanders raises 25 million in q3, the most of any democratic hopeful so far. I got five sanders emails yesterday, between the first game and the second game i got just give me 2. 83 it costs me 2. 83 to read his stupid his ill advised email. The guy does spam he gets you no matter where you are. Hell be around for a while with that kind of cash balance. Forever i just i want to stop the fear of senator warren i really think that thats a mistake. I think that there is such a thing called congress. And i also dont think shes nearly as antibusiness i think some of these faang stocks are so bad, i wish they would break them up. Like alphabet. That conceivably could create a lot of value, some say. There are Big Companies against what alphabet does. No, yes, including one we know very well i like how you teed that up for him. Big companies yeah. Reports there comcast. A lot of information, a lot of companies have taken in terms of what they believe is somewhat anticompetitive behavior. Snap did with facebook just do that in the course of business and maybe at some point have an opportunity to use it. Business what kind of thing did walmart do to 99 of the Small Businesses in this country and no one said a thing. That was fine that walmart could destroy all the Small Businesses because, what, theyre benevolent, from arkansas. What is that about it was an issue it continued to be something of an issue. Senator warren. A little late youre an impossible bird to deal with. Thank you thats one of the nicest things youve ever said to me. Well talk to casey newton of the verge about that story regarding facebook and that audio of zuckerberg. Well get cramers mad dash, countdown to the opening bell as the futures look good here, watching rates around the world as well. Back in a moment turn on my tv and boom, its got all my favorite shows right there. I wish my Trading Platform worked like that. Well have you tried thinkorswim . This is totally customizable, so you focus only on what you want. Okay, its got screeners and watchlists. And you can even see how your predictions might affect the value of the stocks youre interested in. Now this is what im talking about. Yeah, itll free up more time for your. Uh, true crime shows . British baking competitions. Hm. Didnt peg you for a crumpet guy. Focus on what matters to you with thinkorswim. Were going to get started with trading in 12 minutes first, lets get in a mad dash as we count you down to the opening bell lets talk a little emerson. Coming out with an announcement this morning at 7 00 a. M. , clearly a response so they dont say it that way to an activist in their shares. What may be more than one activist from what i hear. De shaw was added by reuters late on friday, they are there without a doubt. I think they have been talking to management. We havent heard from de shaw either. One thing i learned at goldman in the 80s was to sell a lot of credit cards no emerson is the one industrial you never sell why . It is the one that is best run and you know what is amazing theyre talking about some of the parts, breakup emerson was always the opposite. This is a Deutsche Bank piece about what sum of the parts is, 12 upside, 74. The idea that this company is some sum of the parts rather than the best run industrial it seems like theyre after management. I believe thats the case i dont have a great sense yet as to what they have been asking for. My sense here is things were done a bit prematurely in terms of it coming out in the markets. They were there and perhaps not quite werent quite ready we get an announcement this morning, jim, from emerson, saying they concluded following discussion with their board over the course of this year. They concluded thorough this a thorough review of their cost structure Capital Allocation and portfolio will inform decisions that drive strong value, creation for shareholders, what we expect to be an uncertain environment. Isnt that what they do anyway you evaluate and think about uncertain environment. Go on to say, they anticipate a clefhallenging landscape and focused on ensuring well positioned to drive out performance and shareholder value. They go on to affirm their full year 2019 gap earnings per share guidance of 360 to 370 kind of a weird little press release here didnt say too much. Obviously in response to some of these reports. Emerson and 3m, emerson is the the growth from emerson is from china. A lot of it is from china. This has been a play a lot of people think like caterpillar is dependent upon a trade agreement. These guys are saying that i believe the actors say, you cant just be trade agreement. Nontrade agreement this is one of the great performers of all time. Time for far to go. The stock has been underperforming. How is that for an answer. Very diplomatic. Right how much am i jeffersonlike hardly ever. Thank you. Youre welcome. Dead right on wework. How am i doing on juul . I aint be juuling, i rather juul than juul. We are we are a podcast. Get out. Yes, we are. You dont work on the podcast. Most of the things you do are just silent to me and make me look like an idiot. Im here to try to make you look like an idiot listen to us, you can do it. Go to cnbc. Com podcast. Listen to us because you should listen to us. Yeah. Where did you learn that. Im good at this. Is that from rut arledge, the ja ovior wsf cty. Servicenow put our workflows in the cloud. This changes everything. Youre right sir. Everything. No not everything, i mean youre still blatantly sucking up to me gary. Brilliantly observed, sir. Always three steps ahead. Six steps ahead. Sixteen. So many steps. You done . A million steps ahead. Servicenow. Works for you. Futures green for the first day of october and the Fourth Quarter. Plenty to talk about well get cramers playbook for the next few months. Talk about what the week might bring, it is far from over were back in a moment [upbeat action music] pilot were going to be on the tarmac for another 45 minutes or so. Sometimes, they just drop in. Obvious. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Youre watching cnbcs squawk on the street live from the Financial Capital of the world. The opening bell in about three minutes. Busy morning as we kick off q4 one thing i want to touch on before we get to stocks, this jgb auction, we never talk about jgb auction in japan, but it did spark a spike in rates all around the world. Well, i have to i dont know how it is possible. But, yeah. The fact is that ive been waiting for these all to fail. Auctions to fail. The worst since 2016. Yes no is that the worst worst auction in three years. Yeah. What are we doing like, a lot of these countries should just be buying our dollar, we know the dollar is the strongest. Than buying our bonds. We still have overinflated shortterm rates why do people participate in auctions where you know youll lose money what kind of fiduciary would ever just say, you know what, im going to lose money . Well, some of them are have an obligation to own a certain amount of counting onthe bank of japan, to continue to inflate its ownership of and deflation has been something they have seen for a long time in japan that said, negative rates kill your banking system. Right. Kill your banks they do you got to figure out a way out of it. Bank of japan seems to be somewhat more focused on that. It you see the eurozone their inflation rate eurozone inflation is near a threeyear low and their pmis at 457, weakest since 12 germany weakest since 09. All big trading partners of china. China is the epicenter of all of this, because the chinese have a slowing econom