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 CompanyVoya 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 t