And blame baby yoda. Fresh numbers this morning on disneys new streaming Service Coming in as Worldwide Exchange begins right now i need a hero, im holding on for a hero till the end of the night hes gotta be strong and hes gotta be fast good morning, and welcome to the show im dominic chu in this morning for Brian Sullivan it is tuesday, november 26th, 2019, and what a difference a deal or two or three makes stocks coming off another recordmaking day with the s p and nasdaq both hitting record highs. The dow surging triple digits early in the session and really never looked back, partly in thanks to a huge merger monday more than 50 billion in deals sealed in one day alone. Topping that list, a 26 billion deal, a tieup between Charles Schwab and Td Ameritrade for that retail brokerage business on the heels of those numbers, heres how you and your money are looking this morning stock futures indicating the dow will open marginally lower by just about 17 points, again, from near recordhigh levels the s p off about two points and the nasdaq down by about four. The bond market also key, a tick lower across many parts of the yield curve. Maturities on for treasurys down to 1. 747 , twoyear as well. Lets go worldwide in the asian trade, a bit of a mixed session there. You can see a little bit of green here onethird of 1 for the nikkei, the hang seng off 0. 25 and relatively flat here in the shanghai composite in european trade, a lot of that same sentiment carrying through there as well, marginal gains and losses generally, though, red the german dax off 0. 25 , the cac off 0. 1 and the ftse 100 just about flat in todays trade as well. Lets look at some of the other top stories we are following this morning. New progress on the trade war front. Chinas top negotiator, liu he, speaking with treasury secretary Steve Mnuchin and trade representative Robert Lighthizer overnight. According to Chinas Ministry of commerce in a statement, china says both sides discussed resolving core issues of common concern and reached consensus on how to resolve related problems ahead of a phase one trade agreement. In hong kong, chief executive carrie lam making her first Weekly Briefing since this past weekends elections, appearing to offer no new concessions to protesters, despite the overwhelming prodemocracy electoral victory over the weekend there. And fed chairman jay powell speaking yesterday evening in rhode island, signaling that Interest Rates are unlikely to rise any time soon and that the bank remains committed to its 2 porti2 inflation target Monetary Policy is now well positioned to support a strong labor market and return inflation decisively to our 2 inflation objective. At this point in this long expansion, i see the glass as much more than half full with the right policies, we can fill it even further, building on the gains so far and spreading the gains more broadly to all americans all right, for more on this, joining me now is chief Investment Officer rob morgan. You heard the comments from fed chairman powell about this idea of trying to get things moving in the right direction what exactly is the holdup here for the fed in getting that real Economic Growth and that real inflation stoked a little bit more dom, i tell you, its a real conundrum as to why inflation isnt starting to move higher, which the fed would certainly like i mean, in the last pronouncement, and of course, in chairman powells comments yesterday, you know, theres definitely a high bar for cutting rates anymore, but theres probably even a higher bar set to raise rates, because the fed wants to see inflation consistently at or even slightly above 2 and its a real mystery with the strong Economic Growth wage growth is starting to pick up a little bit, but inflation growth has not and its kind of im sure youve used that term goldilocks economy many times in your career, and that seems to be what were in right now. So, rob, as you look at the balance of Economic Data, the markets, and the dynamic developing here and abroad, is the feds more likely move the next time around going to be a rate cut or a rate hike . I think, dom, the next move and its not going to come any time soon, as i said, but it will be a rate cut. And that certainly factors in to kind of our Overall Investment thesis so, all right, so a rate cut in play here what exactly does that mean then for a market thats near record highs right now . There are places that have been left behind. Theyre playing catchup a bit we saw a nice move higher in smallcap stocks yesterday so, if there is a trade thats going to reflate the overall market towards record highs, like we are right now, where is it that investors can still find some of that catchup value if theyve missed the move thus far . Well, dom, i think you know, assuming that there eventually will be a rate cut, that should nudge the dollar lower, which from a very large macro scale should help bigcap multinationals they benefit from a lower dollar so, i would suggest, even though small caps did well yesterday, i would overweight the largecap Growth Stocks here for u. S. Investors, id overweight the international space. And then, of course, if youd like, we can get into the individual sectors of the s p 500, but i think that kind of sets a bigpicture background for where things might be going. Are there key sectors or industries that you think would be within that side of things better positioned . You mentioned the largecap growth side of things. Is it technology, Communications Services were talking about names like, of course, facebook and alphabet, the Parent Company of google, amazon, or is it more down the lines of the industrialtype names that have been beaten up, maybe like a 3m or names like that yeah, well, technology, dom, is certainly its one of my three favorite sectors i also like financials with the resteepening of the yield curve. Should benefit from that as well as utilities and would underweight here health care, consumer discretionary, and telecom all right those overweight and underweights rob morgan at sethi financial, thank you very much. Appreciate it. Thank you. Hong konglisted shares of alibaba soaring in their market debut overnight. Emily tan is there with all of the highlights and emily, this is a strong debut and were just off session highs right now. We got as high as 8 at one point, didnt we yeah, thats right, dom we are still at the Hong Kong Stock Exchange watching the biggest ipo this year to come on to market. Were talking about alibaba. The most heavily traded stock on the Hong Kong Market today with 1. 8 billion worth of shares changing hands it was up 6. 6 on the close at 187. 60. Thats against an issue price of 176 hong kong per share that allowed alibaba to raise 11. 2 billion, pregreen shoe, making it the worlds biggest ipo so far this year alibaba listed in new york back in 2015 because the market did not support dualclass shares here in hong kong at the time. One new yorklisted a. D. S. Now translates to eight hong kong shares, and based on the close here in hong kong, we are traded at a slight premium to the a. D. S. Chairman daniel jong was speaking at the listing ceremony this morning, and he said, hong kong, here we come there are i especially want to thank hong kong, thank the Hong Kong Exchange. In the past five years, hong kongs innovation, Capital Market reform has allowed for what was a regret five years ago to become a reality, to be able to achieve what we said five years ago, that if conditions allow, we will definitely return to Hong Kong Alibaba now joins the likes of xiome with weighted shares in the Hong Kong Market with this alibaba listing, hong kong jumps to the top of the league tables, overtaking that of the nasdaq in terms of funds raised 34 billion now in hong kong with alibaba listed in that Hong Kong Market. Back to you,. Com doom. Does this mean at all that the Hong Kong Markets are back to normal . I mean, theyve got months worth of protests to kind of work through. Is this an adequate sign that the Capital Markets there, the Business Environment overall is constructive, given whats happening with the recent elections, and of course, all of the protests in the weeks and months before that we can hope so. Weve seen, of course, a couple of days of calm now leading up into the elections yesterday was largely calm and a similar situation today as well. No major flareups and the performance on the market also showing that the hang seng index was weaker on the day, but the newcomer to the market, alibaba, showing a very strong debut, as weve been talking about, up about 7 at one point in the morning session. Weve seen companies try to come to market. They shelved them in the summer only to revive them and come to market successfully. Budweiser apac was one of them, esr cayman was another and alibaba today, all signs that the market is trying to work as business as usual, and so, i guess that would be bringing confidence to the market all right emily tan live in hong kong with the latest on alibabas listing. Thank you. When we come back, reports on new subscriber numbers for disney plus. Seems like Everyone Wants to take a look at that baby yoda buzz plus, why shares of this cloud giant, this one right here, are surging this morning. And then later on, an impossible valuation the plantbased burger craze climbing to new heights this morning. We speak with an early investor in that industry, a very busy aadhewldde wn orwi exchange returns after this and non24 can make me show up too early. Or too late. Or make me feel like im not really there. Talk to your doctor, and call 8442342424. It nice . Ce. This is the mostawarded minivan three years in a row. The van just talked. Sales guy, give em the employee price, then gimme your foot. Handsfree sliding doors, stow n go seats, man, yall getting a hook up and yall dont even work here. Pacificaaaaa it seems kind of odd that wed be showing a Christmas Tree right now because its not thanksgiving yet, but that is a shot of rockefeller center, the Christmas Tree, everything getting prepared, the ice rink its a glorious time here in new york city. Fresh numbers coming in for disneys new streaming service Frank Holland is joining us now with those is it a hit . Number one, the publicity alone has made it a hit, but the numbers say the same thing so were getting new data from a Company Reported by the new york post. According to the research firm, its off to a blockbuster start. They say the streaming service is averaging about 1 million new subscribers per day. The disney plus mobile app has been downloaded more than 15. 5 million times since launching on november 12th. The data also shows many users are paying 6. 99 a month for disney plus, rather than just taking advantage of a free trial. The service has generated more than 5 million through inapp purchases. Important to note that apptopia does not track people who pay for it through the disney plus website, so could be more. For comparison, netflix has about 60 million subscribers while hbo has 34 million disney says it topped more than 10 million subscribers for disney plus on the first day, despite widespread glitches and technical issues they Beat Estimates and it really gave the stock a big boost. Disney also offers a bundle option for 12. 99 that includes hulu and espn plus over the past two weeks, downloads of those services have increased by more than 50 put that together, it looks like people are willing to not only pay for the app but also for the bundle great news for disney. All right, so full disclosure on my front. I downloaded and did it, signed up, the first day, probably like 6 00 a. M. Like a lot of parents. Like a lot of parents i have a small child and i signed up for the bundle, the espn plus, plus the hulu now, they gave me a break because i was already a hulu subscriber, so they just cut my bill for the espn plus a little bit to make up for it. But this is a sense here now that were getting that perhaps there will be the haves and havenots in the streaming wars, right . Absolutely. Between netflix and them and hbo. Well, you have to look at a company like disney that has such a library thats an advantage over some of the streaming services then you have amazon with amazon prime tv they just have a Subscriber Base for their prime delivery service, so of course, at some point, thats going to reach a zenith where these companies are competitive and maybe some others fall off like you saw in the Rideshare Space and like were seeing in the food delivery space but Important Note for you, dom, you may have saved on the bundle, but youre going to lose on baby yoda toys this christmas because youre going to have to shell it out. Were not going to tell you any more these are spoiler alerts. Well, Everybody Knows about baby yoda. If you havent watched the mandalorian, thats what were talking about. Thanks. If you thought original monopoly was a long game before, hasbro has a brandnew version just in time for your next Holiday Family gathering thats sure to stir up a few negative feelings, to say the least well talk about that. And as we head to break, todays big number 1. 6 trillion, the amount of north american merger deals through september. Pitchbook expects the total activity for the year to now pass 2 trillion Worldwide Exchange will be back as a principal i can tell you this. When one student gets left behind, we all get left behind. This is a problem that affects each and every one of us. Together with ibm, we created a whole new kind of School Called ptech. Within six years, students can graduate with a high school diploma, a college degree, and a pathway to a competitive job. You know whats going up today . My poster. Today, there are more than a hundred thousand ptech students around the world. Its a game changer. Nongmo, made with naturally sundown vitamins are all sourced colors and flavors and are gluten dairy free. Theyre all clean. All the time. Even if sometimes were not. Sundown vitamins. All clean. All the time. Welcome back to the show lets get a check on some of the other big stocks on the move today. Hewlettpackard enterprise reporting a bigger than expected drop in fourthquarter revenues, citing a longer sales cycle, especially for large deals amid trade tensions between the u. S. And china, but the hpe Company Overall expects to return to Revenue Growth later this year but shares are still off 4. 5 premarket. Palo Alto Networks firstquarter results Beat Estimates, but shares are down sharply today as the Cybersecurity Firm forecasts secondquarter profits well below analyst expectations as it deals with rising cost and competition. Shares off 8 premarket. Then, nutanx is spiking higher an a lower loss in expectations. They beat forecasts thanks to a rise in billings and jump in software and support sales for the maker of Cloud Storage software as a result, shares up 22 in premarket. Still to come on the show, far from over as another trump ally is called to testify in the house impeachment inquiry. We are live in washington with those details next. Plus, why former bond king bill gross says stock gains in 2020 will be hard to come by Worldwide Exchange is back right afr isteth ndown vitamins l nongmo, made with naturally sourced colors and flavors and are gluten dairy free. Theyre all clean. All the time. Even if sometimes were not. Sundown vitamins. All clean. All the time. That is a live shot of our nations capitol right now 5 23 a. M. Eastern time on the east coast of the United States. A very big deal and a hotspot, for sure a major blow to the white house after weeks of asserting quote unquote absolute immunity in preventing key witnesses from testifying in the house impeachment inquiry. Nbcs tracie potts joins us now with the latest from washington on that impeachment inquiry and a big name is going to testify, right, tracie . Reporter hi, there, dom. Good morning, everyone we think that person may end up testifying and interestingly, this is actually a ruling about a former white house lawyers testimony in the russia investigation, but it could have big implications for impeachment. A federal judge has ruled that former white house lawyer don mcgahn must obey a congressional subpoena to testify on Russian Election interference, but he can claim executive privilege to avoid answering certain questions. The judge appears to have done is say, uhuh, not in america, you have legitimate investigations by the congress of the United States reporter like impeachment hearings mcgahns ruling could compel testimony from current and former white house staff whove ignored congressional subpoenas, like former National Security adviser john bolton. He said he wanted an opinion from the court as to whether or not a president ial aide had to go in and testify. Well, mr. Bolton, here it