Not going to balance the market, we have to hit the marginal supplier, and that is north america, and we need to look for lower prices in the short run. Saudi arabia pushed opec to maintain production levels over objections. China has overtaken japan as the Worlds Largest stock market, with a market cap climbing to 4. 5 trillion. It could go higher. Meanwhile, the japanese market is down over 3 due partly to the weakening japanese yen. There is also increasing pressure on the airbag maker takada. The move comes after the u. S. Look nationwide. Five deaths are linked to the airbags. Split parliament voted to google apart, separating the Search Engine from other businesses. However, the resolution carries no legal weight. Google has been the subject of an antitrust investigation from the eu for four years. If the crowds are not as large as black friday, maybe it is because many people did their shopping online. It was a recordbreaking day for target, which had it Biggest Online day ever. Walmart headed secondBiggest Online day had its secondBiggest Online day. I was on amazon myself. Opec said they would not cut production levels despite a global glut. More. Hilcote has much there was not speculation opec would cut production prices, so why did we see Oil Prices Fall so much . It is a good question. While there was an expectation that they would not cut production, nobody expected they would wait another six months to reconvene to look at oil prices again. That was a surprise. People thought they would roll over their production budget and then have an emergency meeting in about three months time because, obviously, the price of oil has been retreating quickly and you would have thought they would want to get together quickly to keep an eye on it, and take action if they need to, but they do not seem to be at all concerned. Not at all, which means, what, a freefall for the price of oil . It might be a freefall. Think about it this way the saudis got their way. They might not be interested in a Higher Oil Price because they think there is a supply glut, but they think it is coming from shallamerica and producers. They want to take them out of the market, take them out of the business. The gulf countries produce 30 a barrel. That shall producers are at 60 a barrel. They think if they can see the price fall, those companies will belly up. We saw this in 1996. Oil was about 10, and the saudis kept it going. It really punished houston. Nobody thinks it has to go to 10, but 60 is where you can extract pain in places like north dakota. In terms of oil production, you mentioned north dakota and other areas for u. S. Shale oil. We will see competition between shell oil here in the u. S. And opec . That is the idea, market share, and trying to hold onto market share in the united states. , while it has produced a lot of oil, the gulf, trees looked countries like to point to producexpensive and it aint they can take them out quickly because the Production Profile they think they can take them out quickly because the Production Profile is very big. To starta lot of cash another well. If they bring the price down, they will not have the money to start the next well. They think they can clear them out quickly. We heard the russians say by the middle of next year prices will stabilize. That might be optimistic, but most gulf countries think in two years they will be done with that shall producers. Thank you so much, ryan chilcote. Storesear people hit the and shop online earlier and earlier to score black friday deals. I was online, too. Some retailers are setting new records. Julie hyman has the trends we see. I saw Amazon Television sets for lesson 300. It was crazy less than 300. It was crazy. There were a lot of deals, but analysts say the deals are not different than last year. If you are shopping online, you are not alone. Eitherion americans were in the stores or online according to the National Retail association. Target has come out and said it was its best day ever online. They saw sales up 40 yearoveryear. Itsart said it was secondbest day after cyber monday last year. The bricks and mortar have been pushing online business. Macys was doing that. Terry lundgren was on in the last hour, and i do not know if he is giddy from a lack of sleep, but he was excited about macys position online. We are the eighth Largest Internet Company in america after netflix. Macys is booming in internet business, and we have a great advantage over amazon. We have these things called stores and customers can touch the products, interact with the person, and tell them whether the makeup is right for them or not. It is a huge advantage for macys. One other tidbit Terry Lundgren said 50,000 people had visited the Macys Herald Square store, the flagship. Walmart says traffic yesterday was 22 Million People. If you divide that by the stores, you are talking about 5800 people per store. It is interesting when you compare that with macys. Of course, you get a lot of tourists there as well. It is the flagship store. Exactly. What about losers here . I am looking at analysis from Piper Jaffray. They say if you look at the malls, anchor stores were performing better jcpenneys, busier than the may have madehls a mistake, sending out an email saying they were opening at midnight, and then another saying they were opening at 6 00 p. M. The team at Piper Jaffray observing traffic was lower than it might have been otherwise. Also capitalize on first mover advantage by opening an hour early an hour earlier. Piper jaffray also says doyle makers will be a big winner. Toys selling well hasbro, pacific. Akks they are making what they are buying they are buying what they are making. Whoever is making frozen. I have to get one myself. Lets hear more from that interview with macys ceo Terry Lundgren. Tom keene asked him about the Herald Square renovation here in new york. You just heard julie hyman say 15,000 people have gone into it already. Hear how he says it is paying off. This store is all things to all people. That is what we wanted to make sure of. You can get a 9. 99 toaster and a 2000 Louis Vuitton handbag. It needs to cater to everyone and that was the renovation that is what that was all about. I am out of reach out questions. I had to bring in somebody smart and expensed. Here is gilbert harrison. Sellingme about what is. Is a barrel getting stronger with so much more money in consumers pockets . Apparelest thing about last night and this morning was active apparel. Anything active is selling like crazy mens, womens, and children, and also functional active apparel spectator. You might look active come but you are not out there doing exercises. Secondly, it is clearly outerwear. It is an outerwear season for the code climate stores. Cold climate stores. That motivated people. That is great. Your inventory tell me the position it is an. It is in. I was worried about the dock strikes, but our team was good at anticipating, so we had good delivery. 19. 99 rampage excellent. The cashmere sweater sold online and in our stores. I. The key items we really need are in good shape. Tell me quickly what youre Business Plan is to get to december 25th. We have done this before a few times and the last four years we have grown by 4. 4 billion in sales, so we have the right formula. It is a combination of focusing on the products for individual macysocations called my and then clearly on the on the channel, where customers like to come to the store and touch the product. That is our strategy for now to the christmas season. Right. Again, that was macys ceo Terry Lundgren with tom keene. Morning,d shaking this billionaire activist investor carl icahn and his quest to save Atlantic City casinos. One of his affiliated funds is offering a 5 million loan to save Trump Entertainment Resorts from going into liquidation. The trump plaza has already shut down. Trump entertainment, which has no affiliation with donald trump, the founder, is asking the federal judge to allow the carl icahn long to come ahead of other secured debt. Hearing is next week in delaware. No limits to a carl icahn will be involved in. Much more ahead. With your shopping on black friday, a look at devices and technology. Which are worth your money, and which should you leave behind question mark one popular behind . One popular gift is the go pro camera. Next year, they might have another item on the market. You will not believe what that is. You are watching in the loop , live on Bloomberg Television, streaming on mobile devices, and on bloomberg. Com. Speaking of streaming, black friday sales show people still want content on that 50 inch flatscreen tv. Last week we spoke with the ceo and tivo. There are others on the market. Ande isrocku, apple tv, chromecast, but which is the best . We are joined by gregg harper, the founder and president of harpervision, where he tries out the latest technology. Lets start with this video streaming what is the best. What do you like . I use amazon fire the most mainly because it has prime. I can say a movie name and it pops up and starts streaming, and because i am prime, most of the movies are free. In terms of content channels, roku has more than any others, but you also mentioned tivo. It records programs and i can watch them anywhere on the road, which is helpful. People seem to like all of them. They all have their value. Traveling, having the little stick, i go to the hotel, plug it in, i have it going. In terms of use of use easeofuse and simplicity, the fire is the easiest. Roku. O use what have you brought . This camera is made by canon sony. I am a canon guy. It has an ability to shoot incomplete darkness. In complete darkness. It is a fullframe sensor. 2500. It is not inexpensive, but it will take all kind of lenses pick, sony, olympus you. By the way, it shoots video at 4k. And even this is for serious shooters. I the second thing that brought is this little thing. Dot, andled dash and if you think back to the middle ages where it was not cool to read and write, where monks learned, and now it is considered normal, but if you want to learn languages, what is the best time . When you are five years old. I could argue programming is like learning to read and write. How does this help you do that . A gentleman sold his company to google, made some money, and decided he wanted to teach his twoyearold daughter to program. This is learning all kinds of things through play. It runs around. I put one of the adapters on it. It is a xylophone. The button on here it would normally play it. That helps you learn how to code. It teaches you how to code. You can program it. This is a bulldozer. It will clean up your room. [laughter] it will add your legos, your smartphone. Multi functional. It uses programs developed at m. I. T. And even though it looks like play, it is useful. We were talking about gopro and how they are getting into drones, but you have a few gadgets. The thing that is interesting about gopro is there are so many different attachments. There is the gopro selfie capability. We have seen that happen. The diving one. You can go diving with it. This is for your car. This is for your dog. That is so cute. You get all of this capability. Then, look at this guess what, he just woke up. He did . Ok. I will get him to play. Anyway look at this. Hot. Aveling s we could have connected this, intercut it with your tv show. This is by Remote Control . This i do with my hand. There are all kinds of things. He drones all have gopros some gadgets for your Holiday Shopping. Thank you, gregg harper of harpervision. How are sales going on black of customer johnson Growth Partners has 16 people on the road looking. You are watching in the loop live on Bloomberg Television and streaming online and on mobile. I am betty liu. Walmart says 22 million ontomers visited thanksgiving, looking for tablets, televisions, childrens apparel, and video gaming equipment. Was theo said yesterday second biggest day for online sales. Only last year cyber monday was bigger than this. Gopro getting into the drone business. They plan to sell consumer drones with High Definition cameras late next year according to the wall street journal for four betweentwo 400 and 500. According to federal health officials, nearly half of those who signed up for insurance do not currently have coverage through the Affordable Care act. It is 26 minutes past the hour. Bloomberg tv is on the markets. Oil prices taking a hit in europe and asia. We will talk much more about oil in a moment after opec decided not to cut production. And we will back on the markets in 30 minutes. Million that is how Many Americans flocked to the stores or shop online according to the National Retail federation. , 16g those, Craig Johnsons goteam, 16 researchers that to stores coast to coast to find out who is buying and what they are buying. His research led to last year being spot on on black friday sales and he predicts this year will be slightly better. ,uring this now, Craig Johnson founder of customer Growth Partners. Far, what are you seeing . It has been an ok black friday weaken so far. Some parts are very strong, some parts are very weak. Strong is anything consumer electronics. Releasewalmart, their this morning, and what our team tablets, inch tvs, the the, theps4, xbox one. The problemes is there is not a lot of margin in a five dollar toaster. Apparels ives, apparel is very weak. It was week last year, too, right . Last year. Eak so far, it is only up in that range so far. Why is that . Why is apparel so weak . A couple of reasons. A lot of demand has shifted into consumer electronics. Overall, Median Income growth is 90 of the american public. The top 10 is doing fine, but everybody else is struggling. A lot of Discretionary Spending has gone to monthly, recurring bills cable, cell phone, data plan, netflix, etc. That gobbles up and takes oxygen out of the air of spending that would in the old days go to apparel. Marks when you say electronics and you mentioned the five dollar when you say electronics and you mention the fivedollar toaster, there is so much discounting going on, so if people spend their money, they will spend their money there, even though it will not make a lot of profit margin for these retailers, right . One of the hot categories there is the lowand tvs, but audio items sound bars, dr. Products, the headphones, they are very big. They have been discounted sum, but other parts are not. You will not find the iphone 6 plus at discounts. Those are still in scarce supply. I was in the apple store downtown a half an hour ago and it is not available in all models for all carriers, so what can you do . I am curious, how does it work what you do on black friday, how many stores do you get to, and when you get into a store, what you do exactly . It is hundreds of stores the team does. We do the 30 largest retailers walmart, macys, etc. Arget, costco our team follows a discrete operational protocol where we are gathering both quantitative data and qualitative data. Are you there with your clipboard . A not normally with clipboard. Our people are relatively technology advanced. Your iphone. We have done this for years, since 2001, so it allows us to get a good flavor of what is happening in retail, who the winners and losers are, what the trends are. We see patterns because we go across retail. Auto parts and restaurants, but we do merchandise retail, and it gives us a good flavor. Does that mean after you talk hitting moreill be stores . I had four or five this morning, and were all over the country. Thank you so much. , president of customer Growth Partners. Itset says thanksgiving was Biggest Online shopping day ever, but how are the sales doing at the physical store where crag and his team is at. Market makers will be talking Cornell Brian korn in a few moments. Hurt show opecs question mark well, oil prices are tumbling with wti crude dropping below 70 a barrel, as you can see in this chart, after opec decided not to cut production despite a glut in supply, including from u. S. Shale. Good news in terms of consumer oil prices, but bad news for production back to prices we have not seen since 2010. We are joined by an associate teaching professor of finance at notre dame. Thank you for joining us. What that are day than today when we have already had it come all to us and volatile oil market, and what we saw in the last 24 hours beats all of that. It sure does, and what we have seen is a new world order of Global Energy producers. Opec is no longer effectively operating as the cartel and directing price. To hold thedecision line and key production at 30 million barrels, i cannot say it was unexpected, but it opens up the field for a new level of competition and like everyone prices going see below 50 a barrel. 50 a barrel it was hard to imagine just a year ago. Sitting,ere we are talking about crude prices south of 50, i think it is plausible. The last time opec made a production cut, you have to think back to 2008 in the midst of the economic crisis and 45 a barrel. To there is precedent for them cutting, but i think what you will hear is smaller countries in the opec cartel get louder and louder as their economies feel the pinch. Level ofntioned a new competition. Are you talking about opec versus u. S. Shale producers . Yes, indeed. You have u. S. Shale producers, it isan sands produces the opec face off against north american producers.