Transcripts For CNBC Closing Bell 20240713

Cnbc interview with iac chairman barry diller we are higher be 0. 8 on the doubt stephanie link is here with us. Good afternoon. Thanks for having me. Good to see you as always. We shall rule off all the major at least, owned now that they seem behind you are theyre rallying and rallying hard apple is so incredibly impressive if that really is the case, we have up side to numbers for apple, and i think a lot of analysts will have to raise estimates. Its a great leadership group. It really is. Apple up 5. 2 so far in 2020. Lets fog focus in on the big stories. Were looking at what wall street is says courtney has a read on retail. Mike santoli has his market and if youre wonders what got us to the doorstep, not quite, its very simple. Its bigcap Technology Stocks apple a good part of the reason, moiismt the secondmost important, and, of course, a suite of semiconnect or stocks like nvidia. Tame, re that mean reversion trade . Center stocks rallied, why they were greatly beaten up. Thats not been changing oil stocks are resuming their downward trend if you dont get fundamentals behind it, the price will come down guys, back to you. Bob, thank so much for that lets focus to the banks, theres been a absolute of notes ahead of next week my main takeaway is the where. Theyre not quite as positive as they may seem on the surface but the former seeing only 16 up side. The latter just 10p bar calculation upgraded, but did down yay wells fargo the most significant becoming happen rfrgts haw upgraded. That price target as lower, though, at 260 as rates have risen, outlook for the sector is now not bad. That is, as opposed to outright bullish. Its possible that net income year over year could be flat and from late august, the kpw index has soared up some 25 some of the titles of these notes suggested where two, three years ago, they were still a cheap, but its not like the outlook is incredible. Its like they like them, but dont really like them i wouldnt buy a stock if i only had 5 or 10 up side Portfolio Managers are still underweight, banks in particular i think you can pick away. If you see a pullback into earns, because they have risen so much, i think a new position for me is ing. They actually have more improvement to come. Theyre way behind the eight ball i notice youll fight me on that. 0. 2 times per book value. Thats pretty darn cheap in my opinion, but i think theres opportunities in space very quickly in the short term goldman is up, and their announcement of restructures hag taken well. Its an easy story to like. I have a catalyst, and this is changing its something you can easily get behind i think Morgan Stanley that is lagged i can easily see why people would choose goldman i wonder if we get a sell on the news. Meantime, a slew of retailers are move lower courtney has moore mast mastercard says sales grew 3. 4 , so far retailer reporting sales declines kohls disappointed after weakness in womens. J. C. Penney, down more than 7 , l brands do you 3 victorias secret down 12 macys holiday sales, those fell to 0. 6 , which is better than expected, but still a decline. Costcos December Comp sales did nick 9 , a good month after a good move, buttent analysts say shares here are pretty fully valued, right in and out up only about 2 , after the numbers, which seems to suggest the street is listening. Lets get to plik. The market has been moving through perhaps the stages of grief. Maybe theyre moves through denial and bargaining here look at the chart showing various segments, online and market cap weighted, kind of big box dominated, and xrt is kind of the equal weighted version, can reflects more the experience i think of oldchain retail. This is a threeyear chart, basically no up side naturally online doing better. That including some payments, of course the r. T. Is dominated by the like of home depot take a look, though, at this, as just how the market is values these different types of companies in a very dramatic divergence i i picked an extreme example. Shopify has an enterprise value. Up more than 45 billion. That is more than these four combined this is enterprise value that including a significant amount of debt. These stocks have 70 billion together in expected 2020 sales. So the market is basically saying a lot of those sales over the coming years are just going away to other parts of the industry and the likes of shopify, allowing people to pop up a store online. Might you want to bet these guys are going to decline slower, they trade 0. 1 to 0. 2 times expected revenues . Perhaps so, but thats a tough trade. I always find it interesting, if you really want to play retail, you really have to do your homework. For theres an average going on there, is that the way to play it i agree with you, courtney, its probably an inefficient, very blunt instrument. To its more a but youre absolutely right. The huge guy with scale. The dow stands at about 65 points away from 29,000, up 0. 7 on the day with 51 minutes left in the session former uk chancellor Philip Hammond, who is many a former foreign secretary when the Iran Nuclear Deal was signed, he will join us to discuss tensions in the middle east. Plus gold hitting nearly a sevenyear high this week, coming up a look at the precious metal when were joined by tom palmer the data tracker here, this is the fourth rahteey stig wkl decline, and closing bell will be right back. I can. The two words whispered at the start of every race. Every new job. And attempt to parallel park. electrical current buzzing each new draft of every novel. typing clicks the finishing touch on every masterpiece. newborn cries it is humanitys official twoword war cry. Words that move us all forward. The same two words that Capital Group believes have the power to improve lives. And that, for over 85 years, have inspired us to help people achieve their financial goals. Talk to your advisor or consultant for investment risks and information. Doprevagen is the number oneild mempharmacistrecommendeding . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. 47 minutes left in the session. Shares of helen of troy are high after reporting an earnings beat they also raised its 2020 guidance, its up 3 retirement and Insurance Company Voya Financial is jumping on the report its likely to explore a sale rumored bidders are aig and the stock is up. Wort odd street. Bare down grading it, and a warning that theres a says its moves to the sidelines given the outperformance over the last year. Shears are down more than 1 . Bullish on snap by a couple. Star becomes getting a jolt. The firms citing cup sales growth as well as unit growth in the u. S. And internationally its up 2 stephanie, its richly valued, but there was a bit of a pullback that softened the multiple a bit. I like it but i cant pay 28 times forward, even though its lagged in the Fourth Quarter relative to its peers and other Consumer Discretionary names like the company, like the ceo, the initiatives both here and in china are impressive i feel like its like costco, i can only own a few of these expensive companies. I wouldnt say sell it, i just cant buy it here. What a name like snap in union years 177 . I know, i know brian, hes a great analyst. Im surprised, rpu is a bit of what facebook has, right average revenue per user. , so theres tremendous opportunity if they can control costs. Its not my kind of name, but i did buy twitter, put it back in the port joel i dont. Thats much more palatable on a valuation basis twitter up about half a percent. We have just under 45 minutes before the end of the session. Coming up Philip Hammond discussion brexit and the health of the british economy. And the ceo shakeup at expedia, and more on match, with iac chairman barry diller. Do you have concerns about mild memory loss related to aging . Prevagen is the number one pharmacistrecommended memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Joining us is Philip Hammond, one of the signatories of the Iran Nuclear Deal in the first place. Thanks for joining us. Good afternoon. Given your background, of course, as a clear morer of the original Iran Nuclear Deal, do you support the recent assassination of general soleimani and escalation of tensions with iraq the jcpoa was a sing of highway purpose deal tell we did the deal, we were told that iran was just months away from a Nuclear Weapon judged on that criteria, the jcpo haismt has successful what it hasnt done and what it never expected to do is iran sponsoring terrorism in the region, to stop Iran Destabilizing the neighborhood, to stop iran being a sponsor of militias in countries around the meet soleimani was clearly a key figure in those activities these are two completely separate issues. Irans daytoday behavior in the region and irans he they said to see deescalation if thinks were to escalate for one reason or although, should the uk back the u. S. Almost regardless they ver longstanding and the default position to want to support any action, but we also like behind the scenes to try to persuade to lets have one more try at avoiding the need for action actually what i have seen in terms of the rather calibrated iranian responsibilities it does feel, to me, as though were in a somewhat deescalateory period this is his about Irans Nuclear program, than it is about irans behavior in the region. If we may shift focus, can we talk a bit about brexit and the progress towards this very historic move . That they still see result of following through with this very big action its clear that the government will now complete the process, and we will leave the European Union on january 31st, but in practice, there will be no immediate effect, because the transition agreement that we put in place the year before last means that will carry on so the question becomes in a race against time, will it as to negotiate any kind of effective trade deal it is europeans have been very clear that they think the time scale is too tight. Ology its very much in everybodys interests that some kind of trade deal is negotia d negotiated. Going back to has given a couple fairly downbeat, most people would say about the uk economy, but he said it could be tricky for the bank to ever return because of the perception that its increased in equality. Do you sxep that it did increase in equality . Because but its very nature, q. E. Has bigged the i held very unequally there is no doubt that q. E. Has been a contributing factor, and that is that is undoubtedly one of the factor factorsty moment. I think its absolutely right that a government in the central bank in the future, uses q. E. As a response will want to think very carefully about the longer term impacts on district bugs of wealth within the uk economy mr. Hammond, i wanted to finish, if i may, by asking about their royal highnesses, the duke and duchess of sussex im sure youve been following the latest i wondered from your position. If that are sbejs is to significantly monetize who they are, whether they give up the sovereign gra sovereign grant or not, will that do significant damage let me, first of all say, i think there is quite a current of opinion not only in the country, but also within the wider royal family itself, that over time the focus needs to be narrowed down, so that it is the immediate line of descent that is the focus of the royal family, and the more distant members of the family perhaps take a lower profile role over time i think what the duke and duchess of sussex are proposing actually fits real well with what is probably the prevailing current anyway whats ruffled a few feathers here has been the manner of this announcement being made rather that i think so much the substance of it. On the second par of the question, its very commendable for somebody in their position to say, look, we want to make our own living, we want to make our over way in the world, but it is extremely difficult to do that without provoking exactly the kind of reaction that you have just set out there, that this is somebody seeking to capitalize, to monetize on their position i think thats a very, very fine line to tread. While, you know, i wish them well, i think they are going to find it very, very difficult to go out into the world and earn their living without provoking exactly those kind of accusations from the media and Public Opinion here in the uk. Mr. Hammond, always a pleasure to catch up thank you for joining us thank you nice to talk with you. Coming up we have your last chance trade and well speak exclusively with tom palmer. As we head to break, heres a check on bonds we have less than 30 minutes left to go an easing of tensions is taking pressure off stocks, as we wait on the do you 29,000 china confirmed it had sign a phase one trade deal in washington next week, and a report that apple is seeing strong sales in china, and that helped the nasdaq cross 9200 for the first time sue has the update. House minority leader Kevin Mccarthy slamming House Speaker nancy pelosi and democrats on their plans to vote as will as plottis continues efforts were in our first week back in session in a new year, and the majority is only focused on two things, first stalling of their selfdescribed urgent impeachment. Secondly, blaming american for irans escalation. More cases of vapinging illnesses and injuries have been reported the cdc says ago of january 7th theres been at least 57 deaths have been reported in 27 states and washington, d. C and the british tabloids are criticizing pretty harry and megle markelle to step back from their royal duties meanwhile, the queen and Prince Charles has directed their teams to find solutions to the situation. It was pass nating what philip wham had to say. Hes had quite a lot of impact on the sovereign grant, so he knows a lot about it too. Mike has a second look at the dashboard. Take a look at the sixmonth chart of the nasdaq is 00, thats large Growth Stocks by stocks plus appear 8 what you are looking at against the industrial, the dow transports and the regional banks index is we got liftoff in the megacap Growth Stocks as a matter of fact the last three weeks or so, theres been almost no net progress in the industrials, in the transports, a bit of giveback in the regional banks what we had initially was the market sending a message of saying were going to price in a reacceleration but there has been no wholesale move toward more cyclical and value stocks, at least in recent weeks. We have this initial push of new money. Its really disproportionately finding these huge growth momentumlike names. Nasdaq does tend to outperform the s p, but perhaps there are markets, and bigcap tech might be getting overheated. Were going to look at gold right now. It is trading down just fractionally the commodity did hit highs earlier this week, touching levels not seen in nearly seven years. Joining us now from denver is tom palmer, the ceo and president of newmont good afternoon. Weve had a busy holiday period, announcing before the hole dales, a billion dollar buyback and significant increase in our different this week. What both of those announcements do reflect our commitment to return longterm value to our shareholders at the confidence that we have in the future cash flows from our business we have a set of operations across the globe in some fantastic locations. We have a project pipeline thats second to none, and a reserve basis for gold that underpins that confident in generating cash flow for a long term weft to return that cash flow to our shareholders tom, the gold prices have had a nice run in indeed the last nine months or so. Whats your rough cost such that does a move in the gold price really matter to you were generating robust cash flow at 1200 and run our businesses with a discipline that its an 1200 so at such levels were Generating Positive cash flow. I was interested you chose to do it via different, because on the surface of it, i wouldnt have thought that once exposure to gold they actually want to generate income, but almost a head to incomegenerating assets do you have a close idea of who your shareholders are . Everything. Were the only gold company that sits on the s p 500 in terms of the transactions that we completed last year, we have established a business that has a steady profile forst for the future to come we have an industry leading dividend in gold that can appeal to the general investor who sits particularly on the s p 500. It was about another investment alternative to folks who can see the stability in our profile, have an exposure to gold and have a yield thats well and amongst our peers in the s p 500. Tom, when we were introducing the segment, we talk about the recent run that gold has had, as we look at it as a safe haven. What is your outlook for the price of gold . What does that suggest that were saying about the world, whether a geopolitical comment, or a comment about Global Growth courtney, i think the recent geopolitical tensions have certainly strengthened gold, but the gold rice you talked about over the last year or two, the fundamentals are underpinned by a slowing down in mine supply, the producers of gold. Weve certainly got the growth in the middle class in klein and india, looking for that demand for gold youre starting to see goldbacked etfs grow. They reached a peak last year. The fundamentals are pretty strong geopolitical tensions certainly compound then, strengthen them, but the fundamentals are there were confident that gold can stay at Pretty Healthy levels. We very much focus on running our business with dids reply at a 1200 gold assumption. Tom, thanks for joining us. Thanks, wilfred. Stephanie, whats your take on gold . This stock is up 50 last year, i cant believe i didnt catch my screen. Im embarrassed to say i dont own any gold, but this is blue chip it also has the integration efficiencies that they have come out. 500 million in save savings thats going to help catch flow, which drives dividends and buybacks its a great story, i dont know why i dont own it, and ill keep an eye on it. Good interview there, tom 21 minutes left in the session, and shares of katie holmes soaring thats coming up on closing bell. Dont get mad. Get e trade, dawg. [narrator] at Southern New Hampshire university were committed to making college more accessible by making it more affordable. Thats why were keeping our tuition the same for all online and campus programs through the year 2021. [woman] i knew snhu was the place for me when i saw how affordable it was. I ran to my husband with my computer and i said, look we can do this [narrator] take advantage of some of the lowest online tuition rates in the nation. Find your degree at snhu. Edu. And now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Time for lastming trades. What are you looking for, stephanie . Amazon facebook was up 50 , apple up 100 , so im playing a reversion trade, if you will for 2020. You usually want to own amazon when its a nonheavy investment year last year they spent more than expected as a result they didnt have operating leverage i think margin will upside surprise holidays sales were up quite good i think theyll do multiples of that growth, and then on aws, as you mentioned, they have already done a lot of spending, so i think theyll still spend, but not as much. Sothats on the fundamentals, but what about the multiple clearly all those others facts, they are much more stretched, city its a totally different ballpark i think the total Addressable Market for amazon is so is strong i think its for all the fangs, quite frankly. I think the same thing will happen it amazon mate not a. W. S. As much, but Something Else i think you cant discount that and count that out this is the last commercial were going to take, and next is uninterrupted coverage of up to the minute trade. And then well have barry diller here. As we head to break, heres a check on the major averages. We are high by 1200 points on the dow. As a reminder, you can always watch usiv le on the go on the cnbc app well be right back on closing bell. When it comes to your customers expectations, theres one thing you can be sure of. Theyre changing by the nanosecond. Thats why cognizant created a unique engineering approach to design and build new digital products. Learn how cognizant softvision designs experiences and engineers outcomes. Cool. You should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade and start Trading Commission free today. Just 12 minutes left in the trading day. We are not in the market zone, commercialfree conch of all action going into the close. Mike is here to break down the trading day, and we are set for three record alltime closing highs, as we stand lets kick things off with apple. That josh lipton has more. Hey, josh. Wilf, apple moving higher in china specifically 3. 2 million phones in china through december, according to cnbc calculations using Government Data some analysts think iphone sales could accelebrate as we approach the end of the new year. Jeffries raising its saying that apple saw a strong finish to 2019. Mike, we discussed this a bit with stephanie before the show the momentum continues year to date its sort of limitless, literally limitless, it schemes accrues a its already, what, 1. 4 trilli 1. 4 trillion market p somehow its still responding positively to things like records of good fundamental sales in china the south side and the buy side everyones getting thats right, you do. Thats obviously very underappreciated at this point. Yes, youre starting to get people reaches its pushing 5 of the s p 500 its very overbought its much more reasonable in that sense by it depends on the earnings, the growth so if you think it sees an acceleration relative to its own history because of margin of the through those were one of the hot items, but overall the season was defined by winners and losers. Costco saw december costs rise also kreismt off mary dylan, she discussed the changing retail landscape. The thing i will say about hole days, weve seen Consumer Shopping patterns continue to evolved. Retailers who are set up well to have a great instore experience, online and the channel. We are set up to do all of that. That was very helpful for us. Stephanie, with he got the early rates say the the numbers we have seen so far have been a little uninspiring. This is really a stock pickers part of the market i was buying it in the 80s, costco, i tell you this all the tame theyre in a position of strength wall mortgage doing all the right thing, so you have to pick the right stocks, companies that are investing, or they already have invested and starting to see the benefit. The department stores, they have a way to say go on the investing side of things. Well see people trying to pick up some losers on this thing, theres got to be an upside i did a scanning, just looked baked on this years pricetoearnings ratio. Youre relying on some kind of turnaround, because otherwise, the comeback stories are hard to make persuasive. If macys stabilizes sales, its a huge win, because thats how cheap the stock is were up 0. 6 on the s p 500 and nasdaq up a bit higher than that amd trading higher after an upgrade to buy the firm admitting it missed the rally last year. But the chip maker still has room to run. Mizuho pushes to and for the stock, i mean, mike. Its not been as clear a start to the year as, say, an apple has. Theres been a bit of giveback, and i think theres been a higher rotation into software and things like that forced to have a Decision Point of saying, do i raise the price target and i have to kind of surrend to it i think more are saying let them resident are you going to pick specific names . I would pick specific names it was up 0 i think the autoexposed still have up side i own that one as well i think broad com has lagged as well, so yes, there are places you can buy. At the same time i am trimming lam research we are going to get earnings result from kb homes seema mody has the record for us. Suntrust thinking that kbh is better positioned for order growth Raymond James calling it one of the topics they have trailed the Broader Market over the past three months analyst also have constrained the housing sectors. Back to you. To the rally we saw mostly last year, the economy government is kind of imperfect for these guys every tightening job market. Theres a piece that hasnt worked quite as well, as to whether you can actually make that a positive, obviously when you look tess new home builders, or do you want to go a home depot or lowes you read my mind. Thats exactly what i was going to say home depot had fallen, and i was buying more. I had owned it i really didnt think the quarter was that bad if you just for things, thats pretty dash good theechd a nice recovery so farther. Weve been three minutes left were not going to quite hit 25,000, but well have three record closes. Mike, what have the internal been looking like . This has been a theme theres a quite the level of profittaking and dijesting going on underneath. Volume volumes almost even. One could say this is kind of the best of both worlds. The profittaking happens below the surface, but that could be a divergence the s p 500 so far trailing the market cap related it is criming higher in a calm way, but thats been relatively stubborn we saw a lot of buying of treasuries both of that buys hit around 1 00 eastern, when had its auction, 16 billion it affected the entire curve year to date, it feels like a penny higher, and bertha, boy, big tech is putting nasdaq leader of the pack its all the usual suspects, getting us right there at 9200 if it closes bottom that, that would be an alltime high close. Facebook has been one of the longest ones to get back meantime they moved higher dat one of the winners, its gotten an upgrade. Invision line maker gets also beyond meat, the ipos continue to find home depot and boeing especially a big help in the middle of the day, moving on the up side. We noted earlier a big rally in oil stocks, dropping in the last few jays schlumberger went and a big rally has been stabilizing in the last few hours, so oil stocks are also trying to find a new level theres the closing bell also just shy, but again, new records right right across the board if youre just joining us, im wilfred frost. And im Courtney Reagan all of the sectors were high led by energy and financials coming up, a first on cnbc interview with barley diller youre going to want to make sure to stick around to that still with us is stephanie link. Still a nice little run here, as thinks mideast tensions cool down to me it was 9,000 on the nasdaq 100. Finished just below it as well that tells the real story of what has the big five nasdaq are now 4 trillion in value. I think the credit marks are very strong, but its disproportionly at this point benefiting the ap. To mike ace point, if credit is still strong, can we continue to rise the current momentum . I think you will get a sign. That hasnt always been the case in the past. Theyre worried were in this momentumdriven market does it worry you we have so much concentrated focus on these big momentum names here . Again thats the point yeah, i am a little concerned. The question is, in my mind, how do we react to bad and good earnings if caterpillar misses, lowers guidance i think were in a spot until we start to see earnings, were going to drift up. Baas the tensions in ran kind of alleviating. But then its going to be all about earnings and reactions the setup is heart. Exactly so i do thing that its going to be more different to really have that better than fear type of dynamic than we had in red quarters its not principally an earning story. Whether it turns out to be right our not, i dont know. Cfos are interthe new year on a cautious note. Most cfos believe at the slow in 2020, resulting in a downturns 77 also say the stock market is overvalued however a pessimistic attitude is a ig only its that theme that you hear there, its just city perfectly constructed, provide provided it still has the betts alternative attraction. And its also consistent with what weve been seeing the past year or so, which is this bifurcation in the economy reflecting weaker cfo ceo confidence has been the weekend and slowdown in cap ex and we, for now, everything, have that healthy dividing line, depending on whether you look at the bifurcation or surface terms. And itsing our view that the play you would see any morph in but obviously leading into tomorrow, so far so good on the labor front. Perhaps it was the trade deal uncertainty preventing Business Investment from happen materially now that this seems to be coming, well, will that spur more Business Investment i dont know. I hope so. But i thought it was interesting that the survey said if anything i think theyre starting to go the other way, at least globally green shoots really primary, but in europe and china, the data is a little better. Initial claims, and so, i dont know i hope we get to see better Business Investment, but im not so sure. So it wasnt before you got the certainly of a trade deal, and the other thing, cfos are kind of paid to work. So all that being said, it shows you a reserve of caution by the way, corporate have not gotten crazy in this cycle you would expect them buying other company with his their shares very good context, for sure liz anne, you came out with your report recently, and that well, weve had an overweight large caps, which in our case uses the s p 500 as a benchmark for over 2 1 2 years right now one of the things that small caps have going for them right now is that benchmark is a pretty significant valuation the problem is almost no other fundamental supports a breakup, if you look at profit margins, small caps, much higher costs of goods sold, if you think will Larger Companies that have actually had interesting rates many of these of and they could be a nimble as other companies and a much higher percentage of socalled zombie companies, so you add the fundamentals, its still in a largecap bites for all of us and the records we continue to get, the russell is 12i8 its not that typical tism were talking about the things we are concerned about, and things like that, thats Smaller Companies are less able to absort that. Thank you both for joining us. Back in october iac charm defended Mark Zuckerbergs position to allow political adding. How do you prove a lie . Given most of these commercials in at the tiff advertising are filled with exaggerations and things i think hes completely right, hes become this poster boy, and i think of the services of all these big services, facebook is really the most benign. Up next e. Well ask him about facebooks new rules and if hes Still Standing by the company. That comes up in 90 seconds. Because Health Insurance doesnt always pay it all. Aflac after surgery we had extra bills followed up visits, deductibles. We thought Health Insurance had us covered up for everything, but it didnt. Aflac gives you money directly to help you with those things. I want to thank my wife, my mom, the duck. Get help with expenses Health Insurance doesnt cover. Get to know us at aflac. Com when i see obstacles, i create opportunities. soft music when i see adversity, i find a way. When i hear never, i say now. [announcer] Southern New Hampshire university is education made to fit your goals with over 200 degree programs, flexible class schedules, and some of the lowest online tuition rates in the nation. cheering so when i face barriers, i can break through. [announcer] breakthrough at snhu. Edu. Welcome back iac slimming down its portfolio, and spinning off its stake in match. Joining us from c. E. S. Is Julia Boorstin with barry diller, a first on cnbc interview. Hi, julia. Reporter thanks so much. Thank you, courtney. Iac barry diller thank you so much for joining us here from ces. Tell us about what that move says about your sense of this digital video subscrips space . It doesnt say much about the space it solicit we found that well really couldnt compete i mean, its not material to our company at all we just decided lets concentration on where we can make good things happen. You also made this business purchase of care. Com for half a billion, what are these two deals,. First of all, it wasnt a sale it was a spinoff. We create companies, we get and then we spin this much oaf to our shareholders. Were kind of an anticonglomera anticonglomerate match reached the same where we thousand a good thing to now be completely independent care, on the other side, which has no connection to match, you know, you think of care. Com and what did conjures in your imagination, it takes care of people through technology. This is an area in which it is undoubtly going to grow enormously as the check platform gets increasing, sophistication, and a gig economy that couple times inside, so if you want somebody to take care of elderly people, your children, your dogs, whatever, any kind of care, this is the most efficient platform to do so. We think its a great area for us hopefully what will happen is it will grow and grow, and then we do what we do with everything, spin them off or everything of real value. Now, you have completed this do you think it would prove to be a real asset . Why would that cause the fact that its now in the hands of our shareholders rather than in the corpus of iac doesnt make a difference. I would never discount any competition. It depends on their innovation thus far they have not done anything that scares the horses. We just ran a clip of you defending Mark Zuckerbergs decision to run political ads. We have seen twitter ban political ads entirely and google places limits if you think this is the right call, are there other steps you would like to see syncer berg takes . If you have basically free speech and the ability to advertise something, unless you are so egregiously over the line, you dont have any right to censor advertising, political advertising. And how will you actually do it . What kind of slope will you slide down when you say, well, youre actually going to promotional media, what is advertising . Its promotion when you promote, you tend to exaggeration most political advertising is negative. How will you vet those its impossible. What this country should do is get rid of all advertising for politics we should have a system where in fact the government subsidizes getting the message out. We have so many actual so many arenas of communication available to us that why not simply set aside x amount of hours or days or weeks, i dont care, it would be far less than the irritation of being bombarded by political ads, and simply have essential free elections, free messaging from politicians, and do away with the circus clearly im not a television station owner, but even when i was, i advocated this the idea that you have money in politics is simply crackpot. When you think about the idea that our elected officials would spend the amount of time they spend trolls out for money to it is their message out, when we have so much available for inventory of time to get the message out, it seems nuts to me, and has very, very bad consequences. Mayor bloomberg, what do you think about his entry into the prais race im not only very fond of him for a long time, but i think hes a totally credible candidate. He hayes a relatively narrow it, because hes starting late hes not an obvious choice he has a narrow corridor if he performs at super tuesday, then i think hes first of all i think he starts as the real deal. I cant imagine, in contrast to what we have today anybody better to conduct the affairs of this country that is mike blo bloombe bloomberg, in every day, decently, smarts, a great examine ectiff, fantastic tread report. I dont criticize them. The truth is that theyre a monopoly when youre a monopoly, great. The only thing that comes with monopoly like with great wealth comes great responsibility for the people who department on it, thats often problematic i think there will be appropriate either selfregulation or real regulation is inevitability. I have to ask you also about the streaming wars since you were last on cnbc, we saw the launch of disney plus and apple plus were good to do the apps supporting peacock, and jeffrey ca cat zen berg youve known for a long time. It is so many people who have the means would rather watch streaming television than they would linear television, which is basically cable so that track is inevitable. As far as whos going to win, look, netflix has already won. It does not mean there could be other winners, but if you define winning as binary, win lose. Netflix will not give up very much of its lead, if ever. Theyre just so far ahead, and the amount of money that he they will put into production, its just not possible to compete with them, i dont believe nevertheless i think disney has done a spectacular job in promoting its service. What about the ones who have let to launch . Well, nbc, peace com, comcasts idea of ad support is different than subscription pay, and i think its a smart idea. First of all it takes a lot less capital intensive, less investment given that the ad load is much less than on broadcast television or cable television, i think that thats a very good scheme im optimistic about that. I can keep asking you questions what i do think, one thing, that ive been thinking about is that on were going to be pretty disappointed in the output of this, because the truth is the workers are getting tired. You mean of the content the actual programming. We are got to have to expect less there is so much pressure on what is relatively small, creative community, that the pressure on that, just a drain of pushing it to the extent its been pushed is going to redue quality. Weve had kind of a i think its going to go down from here. So it meeks a reduction in quality . Inevitably. I could keep asking you questions, but are going to tour the floor. Thank you for talking to us. Wilf, back over to you. And julia, thank you as well. We have an earnings alert. A beat on the bottom line, but revenue came in weaker than expected 392,500. The Earnings Call starts at 5 00 fm well get a sentence of how the company is responding to permanent delays and labor shortages, the stock down nearly 38 . Courtney, back to you. Thats interesting. It has done well, and. That doesnt necessarily mean a mixed issue at this point, but again, were talk about this a lot. Youre going to have to eventually say really beating the whisper number. Well, up next well break down the charts to say whether this mars is starting to like overvalued. And find out whether the phase one trade deal with china is alleviating the terrence, when we speak with the new ceo of the footwater and apparel organization so we can spend a bit today, knowing were prepared for tomorrow. Wow dad, do you think you overdid it maybe . I dont think so. What do you think, peanut . Nope honey, do you think we overdid it . Overdid what . See . We dont think so, son. Technically, grandparents cant overdo it. Its impossible. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Welcome back lets send it over to mike for the third install of the dashboard. Maybe an altitude adjustment. This is a longterm chart, this is in heavy rotation right now its the enterprise value of s p 500 companies, compared to ebitda, which is cash flow, a brought kind of way of reporting cash flow. Its basically back to 200 that was not a good time of pushing fresh money into the market this is clearly a relatively comprehensive way of thinking about whats ebitda earnings before interesting, taxes, taxes and amortization. You have essential a lot of they falling down, and perhaps staying that way simply because tax rates are lower. So we can make that adjustment, and then theyre different, a little more growth, a little more technology. But its probably not quite at that extreme where we were. Whats fascinating. Its the 2007 or so peak, so far below the it never got expensive. Why in part . Financials in centering were tremendous weightings in the indetect would the chart look in similar shape for that actually it would be a massive spike up here, and then probably more like that. Thats basically the adjustment im talking about. Mike, thanks so much. Coming up next, the phase one trade deal set to be signed with china next were. Were joined elulyxcsive by steve lamar. Were back in a couple minutes i can. The two words whispered at the start of every race. Every new job. And attempt to parallel park. electrical current buzzing each new draft of every novel. typing clicks the finishing touch on every masterpiece. newborn cries it is humanitys official twoword war cry. Words that move us all forward. The same two words that Capital Group believes have the power to improve lives. And that, for over 85 years, have inspired us to help people achieve their financial goals. Talk to your advisor or consultant for investment risks and information. Talk to your advisor or consultant were committed to making college more affordable. , thats why were keeping our tuition the same through the year 2021. [woman] i knew snhu was the place for me when i saw how affordable it was. [narrator] find your degree at snhu. Edu. Hi, sue. Hello, everybody a Senior Iranian commander says irans missile attack on u. S. Targets in iraq were not meant to kill u. S. Soldiers. He says that they were meant as a lesson to force u. S. Troops out of the middle east he said iran could have killed 500 american soaks, the popocatepetl volcano east of mexico city erupted today. Mexico raising the alert levels surrounding that volcano due to the increased activity fotis dulos is out of jail on a 6 million bond he and his attorney walked out of the court hose today. He is now on house arrest. Buck henry, considered a comedy icon, was a tentime host of saturday night life and created the spy spoof get s. M. A. R. T. Such a talented guy. A lot of big icon almost 20 today after recording dismal Third Quarter results yesterday. While kohls, the 2020 might tell a different story for retailers, as uncertainty over a trade deal with china hangs in the balance. Joining us exclusively is steve lamar. Steve, thank you so much for being here with us we have spend much of the last year or so talking about tariffs, and the Retail Industry by and large i think most of them dealt with it fairly well the consumer held up were they really that bad . Even if they get lifted now, did you that provide a tailwind . The phase one deal gave us some relief but its very lifted re all tariffs, well be pays them the first day off the face one deal was intimated you mean all the ones from the 1930s . For sure those, so 25 for your handbag, 25 for your wallet right now its 15 for most apparel. So when you talk to your members, we often look at the big retailers. And they told us as much to figure out how to mitigate these nicks. So just, for example, if youre a walmart and asks procter gamble, to takes on that increase, so is that really where the pain you think will continue to be felt . We paid 20 billion in tariffs. So this is real money, its not pocket change. Its going to be paid by somebody its paid to the u. S. Government, so uncle sam is still taxing us to get dressed every morning. People are being creative to try to mitigation a lot of the tariffs. As these tariffs continue, we expect to see those prices may increase or we may begin to see the tariffs build into the cost of product what was your assessment of theholiday shopping season with we seen quite a significant dropoff im hoping the momentum will continue the good news is people are back at work. Those who didnt go to the stores went online i think the lesson is that price matters, it still matters, and convenience matters. We saw a great deal of ecommerce more and more customers are looking for ecommerce as what way to fashion desires. The numbers dont look all that inspired. You would say theyre all down, but mastercard says total sales was up 3. 4 . I think were hoping to see that continue. I will say theres a lot of uncertainty. The budget deal, the phase one deal announced again some relief, about you were looking forward to seeing those details. Aside from changing there has been a theme running through the aparity in particular han a declining category. There is a lot of repurposing retail are we buying too much a lot of interest in consumers for sustaining more options. Well see, you know, continued strong sales steve, thanks so much for joining us. Thank you. Good to see you. You bet. U making the changes to fare rates the details are coming up. At fidelity, youll work with an advisor on a flexible wealth plan. And with new brokerage accounts, your cash is automatically invested at a rate thats at least 21 times more than other advisory firms. Personalized advice. Unmatched value. At fidelity, you can have both. Created by apple, not a bank. With a better way to track where you spend. A new level of privacy and security. Daily cash you get back every day. And no fees. Not even hidden ones. Oh, and if you happen to be somewhere that doesnt accept apple pay yet, theres this. Nice. All working to navigate californias landmark gig economy war. Dee, whats the story . Yesterday Governor Cuomo called it abusive and must start now. New york taking up the cause is especially bad news for uber it has a far greatest presence on the east coast and particularly in new york, one of the largest markets. This has been the potential, of course, to cost more time and money, just as theyre trying to figure out how to get to profitability. Wilf the app changes that are being made how effective are they in helping the Companies Navigate it in terms of the bottom line, as opposed to just the functionalities . Thats a good question. It doesnt automatically make their independent contractors employees. These are changes that affect us, the riders, also the drivers, so things like scaling back the rewards programs. Remember, the uber, lyft, door dash and others have been relying on the subscription revenue to cut down on cash, now uber having to pull back is not necessarily good they also cannot give you an exact pricing. They have to give you an estimated range. Theres so much going on here in california that were likely to see the changes, and certain lots of lawsuits as all these companies try to figure it out boeing shares rising on fresh reports that the ukrainian jets that crashed in iran this week may not have had a mechanical mishap after all. The latest, ahead. Coming up, the dean of valuation is back. Hell weigh in on what to expect this earnings season in a world where everything gets a sequel. Its finally time for. Geico sequels classic geico heroes, starring in six new commercials, with jawdropping savings. Vote for your favorites at geico. Com sequels ahhh, which way do i go . i dont know, im voting for our sequels. With geico, the savings keep on going to a screen near you. Not the leg you dang woodchucks geico sequels. Vote and enter to win today . Its almost like a mywchallenge everyday to seeey. Not the leg you dang woodchucks how well i can eat and still enjoy myself all day long. I wake up every morning to see how much weight ive lost and how much better i look. Myww join today with the ww triple play on new reports suggesting the ukrainian jet may have been shot down. Phil lebeau is here with the latest it appears based on evidence, satellite data, that surfacetoair missile just outside of tehran did shoot down the Ukrainian Airlines jet iran is disputing that conclusion keep in mind there were 63 canadians among the 176 victims. Today Prime Minister trudeau said they want acts to the black box. The iranian Authorities Say they wish to keep the blacks boxes in iran, but have indicated to president zelensky in ukraine that ukrainian investigators would have access to the block box. The reason the symptom has moved higher, a couple days is there was initial kayition that it might have been a mechanical failure, so there was a bit of a relief rally there it will be interesting to see what happens, under International Law its supposed to be turned over so people can have access to the data, but it is owned by the country where the accident takes place, so iran can hold on to it, though increasingly pressure is mounding to give others access. The black box wouldnt necessarily contain the clue that it was a missile strike rather than season especially if it was senateius, it may contain nothing of the sort. Well, but it will confirm a lot of things is if you see a complete shutdown in all telemetry, based on all the information that typically comes back, that would be further confirmation this gets to the issue of whether or not iran will allow the canadians, the brits, anyone who had victims on the plane, will they allow access, or are they just basically going to say, nope, we dont want anybody coming in here that will be the tug of war over the next couple days. Phil, what about the airspace over iran right snow in are commercial airlines saying were not flying right now remember, the f. A. A. Basically said dont fly over iran, theres a couple other middle Eastern Countries where they said right now its too dangerous, dont do it what you have are 90 of the airlines will not fly over that airspace keep in mind there was a plane level from tehran to kiev. Theres a number of carry respect who have flights in and out of iran, most of them in the middle east. They continue with their flights. Thats also part of the story, that increasingly people are saying, wait a second, iran should have said stop ought flights at a time when the u. S. Had launched the missile strike in iraq, and then you had the response from or the missile strike was from iran into iraq then you have the u. S. And the drone strike that killed the general, so you are all of these conflicting things going on. That has people saying they should shut down air traffic, especially at the major airports phil, thank you very much. Still ahead were counting down to jobs and payrolls well explain, when we return. Was another around the corner . Or could things go a different way . I wanted to help protect myself. My doctor recommended eliquis. Eliquis is proven to treat and help prevent another dvt or pe blood clot. Almost 98 percent of patients on eliquis didnt experience another, and eliquis has significantly less major bleeding than the standard treatment. Eliquis is fdaapproved and has both. Dont stop eliquis unless your doctor tells you to. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. If you had a spinal injection while on eliquis call your doctor right away if you have tingling, numbness, or muscle weakness. While taking eliquis, you may bruise more easily and it may take longer than usual for bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Whats around the corner could be worth waiting for. Ask your doctor about eliquis. We believe in education built for all people. , [woman] snhu was the best experience of my life. [man] without snhu, i wouldnt be the leader i am today. [woman] i graduated high school 19 years ago. I still finished. [man] in the military, you feel that sense of accomplishment. Thats what snhu is. You will march from this arena and say to the world. I did it. [woman] you did it. I love you. [graduate] i love you too. Well back. Send it to mike for the final dashboard of the day. From recent months theres been a so to speak separation anxiety about the separations involuntary layoffs of workers there was an uptick in jobless claims there was the fewer fourweek moving ample of unemployment claims better than expected, which is to say lower than expected, its calmed down the fourweek average. You can see the makings of a potential bottom in the chart. But its subtle. Really whats going on is its sideways at historically low levels of unemployment claims which is a positive thing. You have to stretch it back to 1970 as we always point out right ahead of a recession you normally get a more pronounced surge. This is not part of the economy that yet merits a whole lot of worry backup but of course the real jobs is out tomorrow for december. Well see if job creation can also confirm Something Like this. Every time we look at this chart im reminded how long this has gone when you see the downtrend. Such a persistent steep downtrend. Well see the big number tomorrow up next the wall street look ahead and the key things that every investor needs to watch as we head into a new trading day when closing bell comes right back dont get mad. Get e trade, dawg. Now you can, with shipsticks. Com no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. Sending your own clubs ahead with shipsticks. Com makes it fast easy to get to your golf destination. With just a few clicks or a phone call, well pick up and deliver your clubs ontime, guaranteed, for as low as 39. 99. Shipsticks. Com saves you time and money. Make it simple. Make it ship sticks. Shipsticks. Com saves you time and money. Our Retirement Plan with voya gives us confidence. So we can spend a bit today, knowing were prepared for tomorrow. Wow, do you think you overdid it maybe . Overdid what . Well planned, well invested, well protected. Voya. Be confident to and through retirement. I am totally blind. 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. Announcer up, up and in which. Big market milestones, jobs numbers and going next move. Strategy ahead of the bell squawk on the street, 9 00 a. M. Eastern tomorrow here is look at the closing bell big board. The major averages finished the day at record closing highs. The dow shy of the 29,000 mark leading the dow today, goldman sachs, apple and cocacola meanwhile walgreens wahl dpreens down more than 2 . Looking ahead to tomorrow the december jobs report due out 8 30 a. M. Eastern time meantime big data predicting the key number opinion and Steve Liesman has the angle on prediction on the number tomorrow. The wall street forecasters look for a modest cooling in the job market but a new data sears from bank of america using big data looking for sharper slowdown process here is the numbers wall street looks for 160 k, a cooling from 266 in november Unemployment Rate unchanged at 3. 5. Average hourly strong at 0. 3 ing ando strong adp report for the private sector bank of america has a new model forecasting private sector job growth from customer accounts at the bank and here is the number b of a model looks for 54,000 compared to the 160 k for the street process to be sure not even b of a relies not on this data its a model. Dragged down by the big data series early days for the promise of big data to give a clearer picture of the economy the fed and bls experimenting with it but over time big data should provide it in realtime, wilf. Interesting, steve, we always falk in interview was brian about their site on the consumer but normally in just the sort of retail sales data. We doesnt often bring it up what are the Details Behind the data and how accurate it is. Its taking time for the modland to be twekd and work over time. There could be geographic call it deshzs. Lets say b of a is not strong in the midwest and there is adown turn in manufacturing or may not pick it up or up turns in manufacturing. Also we know poor people to some extent do not have Bank Accounts they may miss that they could also miss people with two jobs depending upon how they crunch data. So its a part of the puzzle b of a we know has a 10 share of khmer accounts. Its a big piece but not the whole puzzle its part of the effort, wilf we have over time to use the data out there to get a a better economic picture. Its interesting, steve, because you said 10 in my mind i had a 12 in terms of what. North of ten, sure. Youre the banking reporter. We always kind ever use them as the best example for this because of the footprint they have but because the us banking market is still so diluted with 5,000 fdic insured banks only 12 for the biggest biggest. If you did this data for European Market the biggest bank would have 30 , 40 share. I think whats happening over time what i hope happens over time is we get a data did he tant where visa appear master card give us retail sales data jp morgan and bank of america and wells could give jobs data i think thats where were going. But im saying early day where individual Companies Put it out. I think thats Wishful Thinking but i love the title of a data detente. Im starting the movement now, wilf. There we go data detente pach mike we did see a pop up in the close. Final thoughts. We did not. Not to 29 k but record closes nonetheless. The momentum remains in place. I talked about a bit of the noisiness below the surface. I think the market wants the jobs number good were in fear of the fed getting to the active up std print i think thats the next thing to look for we are looking for a substantial of the idea the Economy Holding together better than we thought it was four months ago. And led higher by tech apple continuing the charge. But all sectors, broad rally to record closes for all three of the major averages. We are out of time that does for closing bell. Fast money begins right now. Live from the Nasdaq Market site, this is fast money. Im Brian Sullivan and your traders tonight are tim seymour. Darren finerman, steve grasso and guy adami. Tonight on fast, you guess to do more new highs for stocks. But as prices go up so do valuations especially in big tech are things looking a little 1999 out there nyu dean of valuation joins us with his thoughts plus we have not one not two but five calls of the day. The traders break down names and the wall street focus. And steve has a fast pitch on one red hot camera stock that he says has more room to run. The name and why steve is so