Maria big show this morning, thank you for joining, us, joining us Dagen Mcdowell, jon hilsenrath, veronica, great to see everyone, big news this morning actually, first of all, we have a record high in the markets and we are looking at stocks chattering the records this morning, take a look at futures, s p up 5 and a half and nasdaq up 23 points all markets losed in alltime highs yesterday, the major 3 indices were at unchartered territory and new highs, President Trump touted with strength in the economy during rally in florida last night. You know, we just set another stock market record, the stock market just hit another alltime in history meaning 401 k s and jobs. [cheers and applause] americans have so much to be thankful for, the economy is booming, wages are rising, crime is falling, poverty is plummeting, confidence is soaring and america is stronger than ever before. Maria oh, yes, part of the reason for this strength in the markets is the fact that we may be getting close to trade deals, my sources are telling me that usmca will likely come to the floor within the next two weeks, pretty incredible here that we are getting china deal and uscma deal together within the next couple of weeks, i understand that nancy pelosi is going to bring it to the floor likely next week, jon. Jon stars aligning in helpful ways for the president going into an Election Year, on the usmca front i think what the democrats see is it doesnt pay for them to look like theyre getting in the way of the president s polls policies and nancy pelosi has been pushing on striking the provisionsover provisions of the deal, on china i would be careful using the word deal, what theyre agree to go is to basically stop escalating the tensions but there are a lot of things that chinese havent agreed to that the u. S. Has been pushing them to do, what the market is responding to here, they dont want to see more escalation, i think a lot of ceos dont want to see more escalation, even though its not the grand bargain that a lot of people were hoping for, still good news. Maria very good point, the president hinted about the progress during rally last night and people are thinking that maybe we we are getting close to phase 1, it is enforcement of intellectual property that continues to be the sticking point, here is the president last night, watch this. We are getting close to a very good deal and if we dont make it, thats fine, but we are getting very close. Maria shes putting that out there if we dont make it thats fine, but, but, looks like we are getting close. Uscma could come to vote next week, sources telling me its definitely going to happen before the end of the year, dagen, it reminds me what we started the week talking about, its thanksgiving week, congress is home with families they have to go homes to face constituents and what have you been doing in the last 2 months, nancy pelosi is feeling feeling the heat up , democrat colleagues want to get reelection, she will have to show something, she knows she has to bring that to a vote. Dagen its not as usmca deal was sealed among the negotiators in in the last couple of weeks, its been a year, because of the links and because of the time period thats lapsed for her not moving on the heat is on. They have to act like they are doing something, impeachment is in the interest of democrats and not in the interest of putting money in someones pocket or securing their job here in the United States, in terms of the china trade, even if it isnt like hard tough deal on china in terms of the intellectual, theres a lot that President Trump and this administration could do in terms of cracking down on abuses by the communist government. I think back to the wall street journal reporting basically the taxpayer dollars going to Fund Research here in the United States that is by high niece researchers, has been sent back to communist china and the wall street journal has another story today, u. S. Tech companies, lets name a few, are aiding and profiting from chinas multibillion dollar surveillance industry. Maria can you say google with ai lab in beijing . Lauren theres a lot that this government can do to prevent money, u. S. Taxpayer money and basically research and technology from flowing to help the communist government in china. Maria thats right. I want to know, though, if we get a phase 1, when is that going to happen, how is that enforceable, do we have a sense of assigning dates, whats going to happen to tariffs in december, are those going into effect, my main question is what kind of deal will get the Business Community spending again, when are we going to see Business Investment pick up, is phase 1 deal going to be enough to convince ceos and cfos to feel confident enough to start with that invest men again . Maria on the side of chinese they have giving market access, right, jon, they will open up markets, they will open markets and you review for Financial Services company jon theyve been saying they will do that for a while. Weve had a story about how businesses have been investing less because of the uncertainty. I think this is where the nonescalation part is important, what businesses want to see is stability and, you know, no more kind of tweets at 6 00 oclock in the morning that say we are raising tariffs in 3 months, if they have more predictability they can manage the world as they see it, they dont want to see the back and forth and thats where this helps, the other thing i wanted to point out about why is the market hitting all these these highs, i think its worth remembering that 6 months ago a lot of people are talking about are we heading into another recession, i think people in the markets are starting to see the coast clearing a little bit, we will have not have great growth next year but we are going to have growth and thats something that people are starting to feel confident about. The Federal Reserve gets a lot of credit, cuts rate 3 times in recent months and expanding Balance Sheet although fed argues that that is not meant to stimulate the economy but this is a global story in terms of the asset buying by global central banks, thats a huge, huge benefit to the stock market. A major reversal because the fed was looking at raising rates, at this time they were thinking they were going to raise rates at 2019 and instead they cut them, a huge change in financial conditions that helps explain why the stock market is ly point out research that ive been talking about, nancy lazar who has been saying in the last 2 weeks that pmis have bottomed out and manufacturing and that the cap x slowdown has bottomed out and shes expecting a pickup in 2020, she put the research 2 weeks ago, seems like shes spot on in this. Dagen really quickly to tease whats coming on the show, second reading only Gross Domestic Product for the most recent quarter, the reason why this one is important we will fine out Profit Growth and also durable goods, but this profit number is very closely watched by people because of because its so broad. Maria two more numbers coming out. Bloomberg weighed in on a potential wealth tax. Wealth tax has been tried in a number of countries, i think france really the last time and just doesnt work, i criticize the tax plan that congress did pass under the trump administration, it was ill conceived. Tax reduction for the wealthy was uncalled for, it was the money that we really needed for infrastructure and a number of other things and remember, when i was mayor i raised taxes dramatically on people particularly the wealthy, why, because we needed to pay for services. Maria well, there you go, he has to walk the balance here of trashing a wealth tax and and raising the concerns around some of the socialist ideas but also trying to criticize President Trumps Economic Policy as well, your reaction . Jon this is where a moderate goes in the Democratic Party, hes against a wealth tax or raising income tax on the wealthy, thats what a moderate looks like. Maria i wonder what that means for the party, does Michael Bloomberg modern position on things impact Elizabeth Warren negatively or fracture the party and and push lots of people toward him . Jon a lot if hes going to get traction with voters, right now hes at 3 . Dagen on this note, hes merely following a lot of the other candidates who have found the middle lane, whether its a mayor pete buttigieg, even cory booker pushed back on Elizabeth Warren on her wealth tax in the last debate saying it hasnt worked in other nations, lets go down the list, again, the middle seems to be beginning to work for some of these candidates. Jon Elizabeth Warrens numbers are really going down in the polls. Right. That would be interesting to see. Dagen she has already with her medicare for all plan, its not going to be immediate implementation which, again, its just maria youre right, some moderates get by and can past go, others cant. How do you explain Howard Schultz and tim ryan . Lets take a short break, we are just getting started, acting homeland secretary chad will appear this morning on Holiday Travel and keeping us safe this Holiday Season, phil orlando here on wall streets record run, Christopher Bedford on impeachment inquiry and cyber guy. Lydia is here tamping down on thanksgiving feast, we will take a break, when we come back taking a live at east texas, take a look at pictures, fire raging after Chemical Plant explosion, blast is so powerful that it blew windows miles aways. Puts a dent in thanksgiving travel plans, your full forecast when we come back. Maria extreme weather causing headaches, icy conditions responsible for highway traffic and traffic from the northwest to midwest, heavy snow in denver led to hundreds of Flight Cancellations and at oakland airport, power outage left passengers in the dark for hours. Massive Chemical Plant explosion sending flames shooting in the air, that happened in east texas, Cheryl Casone with details in headlines, cheryl. Cheryl thats right, maria, and good morning, giant fire ball, near Chemical Plant in port neches. Neighbors say it felt like a bomb went off, breaking news that we are following in southern texas, homes near plant are being evacuated, this is near beaumont, texas, folks. They want to inspect and sign off on every jet as they deliver airlines, faa decision impacts more than 300 planes sitting in storage, 737 max grounded since march following two crashes that killed 346 people, well, stunning upset in the world of college basketball, number one 1 ranked duke upset by the unrank Stephen F Austin university by buzzer beater that happened in overnight, lastsecond turnover and snaps dukes 150 streak. Maria for sure, thank you so much, cheryl. Im a duke alumni. I have to take the losses, its early in the year, we have a lot of time. Dagen nacadoches, texas, did i say that right . Reigning champions cavaliers, so far. 60, 10 in the conference. Maria theres your duke. Jon you got me. Maria you have nothing to say about that . Jon we could spend the next hour talking about grievances. Dagen named after one of the Founding Fathers of texas, do not make texans mad. Maria, no i dont want to make texas mad. [laughter] maria whole new world with popup businesses that combine Business Technology and artificial technology, wait till you see, tesla with smashing debut. Yeah. [laughter] well, maybe that was a little too hard. Maria i knowinger we had to run it again, come on, elon musk is praising more cyber truck sales, back in a minute. Use caution driving or operating machinery. Tell your doctor if youve had Mental Health problems. The most common side effect is nausea. Quit smoking slow turkey. Talk to your doctor about chantix. Hey. Hey. You must be stevens phone. Now you can take control of your home wifi and get a notification the instant someone new joins your network. Only with xfinity xfi. Download the xfi app today. Maria welcome back, we want to look at tesla this morning, ceo elon musk, 250k the Company Received orders for cyber truck after smashing debut last week when executive threw a steel ball at the cars drivers side windows and trying to explain whey they were so secured and toy company poking fun at trucks debut, lego australia posted a photo of own version of cyber truck, the evolution of the truck is here, guarantied shatter proof. Joining us main stake Capital Management ceo chief investment strategist david, youve been a bear on this stock. Yeah, ive been a bear on the stock when we get to these levels, in fact, on the day of the tesla reveal last thursday, thats the point where i say that tesla stock had reached max pump is the term that i used, we had the surprise Quarterly Earnings for the Third Quarter that seemed to come out of no where, estimate of 51 cents a share, surprised earnings profit of a very good profit, really, in the Third Quarter for the stock, then the announcement of another giga factory in Berlin Germany and then, of course, the climax with the tesla reveal that we know is going to be big show last thursday, so when the stock was at 361 on that day we were shorting the stock near 360 buying put and weve, you know, covered, started covering since then the stock at yesterdays close 9 since levels on thursday, thats what we are doing, we are playing the cycle in the last couple overseas stock gets pumped up, when reality sets in its down in 200, below 200, thats when we cover and the cycle is played very well for us. Do you think its gone down to 200 . I think that ultimately tesla stock, people want to call it a tech company, they want to call it another apple, its a car company, 85 of revenue after more than 10 years in business come from selling cars, i give the company credit, they push the industry forward, i believe in the mission of sustainable energy, what ebs can mean for planet, all that, but im not talking about necessarily an individual product or the mission of whats happening at tesla, its more about the stock and when it becomes really just becomes overvalued its an opportunity to sure up the stock over near term and intermediate term, long term, we will see where earnings go, what sustainable earnings the company may have and, you know, the Auto Companies are usually in the 5 to 15 range, neighbor the 20s, exotic Car Companies like ferrari trade at 30, 35, tesla, whatever the profits may be, if we take profits of Third Quarter and extrapolate in 3 quarters, over 50, is it going to trade in 100, 150, at some point it has to come down to earth and thats why we think when they talk about a stock price of 400, 500, its just not sustainable long term. Dagen the stock always needs perspective and the 250,000 orders for so socalled pickup truck that looks like a pontiac aztec, not a complement, you have to put down 100 and refundable up to the date of delivery, 250,000 ford sales sold one million and thats just one automaker. Jon david, could you walk us through the cash flow situation at tesla, a year ago they were burning through cash and we will have problems raising funds, whats their cash flow situation like now and need for capital . Well, theyve got the same problem, its gotten better but depends on, you know, how you read the balance, theres still outed accounts pouring through that to see where it came from, theories that it was Currency Exchange rate fluctuation on assets and liabilities on foreign factory, so just some odds things from accounting standpoint each quarter. Maria right. The reality is they have a cash burning rate going, you know, most likely going back to Capital Markets at some point, sometimes thats why theres these efforts to pump up the stock for that reason. But it is a question of, you know, still a question of sustainability going forward. Maria david, real quick on broader market, record highs, tenth record close for the month for all 3 major indices, you say valuations are stretched here as well particularly s p 500 amid declinings earnings growth, do you want to sell into the salaries . I dont want to see into the rallies, we are constructive on stocks and fully invested, what weve been doing is looking at strategy, mote strategy, essentially both of those are about looking for businesses, companies with Sustainable Business models, the economy does struggle we are getting mixed economy data, you talked a little bit on the show today and we are getting we have been getting and also a garp strategy, growth at reasonable price and we live greece, they give us diversification and thats giving us a good diversified portfolio going into yearend and for most of the year its done well for us and will continue to do well in the market environment. Maria we will leave it there, dave, great to see you, thanks so much. Thank you. Maria have a wonderful thanksgiving, always a pleasure to see you, sir, one to have largest cities banning flavored ecigarettes, we are taking a look at that, 55 Million People expected to get on the road traveling for thanksgiving holiday with the road, the skies, what to expect before you take off or hit the road when we come back. I knew about the tremors. But when i started seeing things, i didnt know what was happening. So i kept it i