Transcripts For CNBC Closing Bell 20141125 : vimarsana.com

Hell be here to explain why and what it could mean for the markets, as well. Speaking of the markets, 24 hours from now much of the country in the grip of a winter storm that could literally hitting at the worst possible time. For anyone trying to get home for thanksgiving. Guys down here thinking it may be affecting volumes. Well have the latest on how bad the storm will be, how long to last and where exactly it will hit. Also, the other story were all keeping an eye on at this hour. Law enforcement officials in missouri are bracing for what many fear could be a second night of violent protests. Property and businesses ransacked and burned in the wake of that grand jury decision not to indict Police Officer who shot Michael Brown in august. We will be speaking with the owners of one particular local Family Business there in ferguson who watched their livelihood completely destroyed overnight. And they want to know why it was allowed to happen. And those are questions that are being asked today in ferguson, missouri, as well. Asked, bill, by the mayor himself who at this hour we hear will be holding a press conference and which hell say, where was the help . Where was the National Guard is this theyre with the governor it seems this hour trying to explain their role or lack thereof in the past 24 hours. Now, with the final hour under way here, the dow is up about 20 points. Again, the big weighers on the index is oil names. Exxons, chevrons of the world. A little bit better, though, are the guys that benefit from it. Dining chains and transports doing well again. S p is trying to turn positive here in the nasdaq up about 4. Art cashin said its early and pointing out theres a lot of stock to sell in to the close. About 1. 2 billion worth but again we have a full hour to go and well see how that goes as we go into the final hour of trading. Let geese to the Closing Bell Exchange right now. Joining us today, theres rob morgan, steve croll with us at the big board today. Susan fullton is also with us. Sos peter anderson. And our own rick santelli, as well. Rick, i want to bring up to you first because two things. I mean, we had a strong gdp report and bond yields lower today and reports of a huge block trade in the treasury markets that pushed the yields on the 10year and the 30year to more than 1month lows today. Whats going on . Well, im sure there was that trade and a variety of other trades that all have one thing in common. That investors are looking towards the rest of the year with higher prices an lower yields. The charts i think are pretty clear. Many dont like to look at technicals but its a record of how investors behave and their behavior started to change friday and 30year bonds started to break out of their closing range. They had amassed 22 sessions they were in that range. They dipped below it and now the entire curve. Im sure theres curve trades. Im sure theres long trades and theres relative value trades. Again, boon yields of alltime yield lows and whether youre looking at 5s, just less than a month of regard of last time close under 60 or looking at 10year notes and 30year notes and seen them at these yields, one thing is clear. Is that, yes, economic datas getting stronger. Yes, the fed seems to not be aware that its ludicrous to continue to not express that rates crisis level lows and probably should normalize but i do think theres more of an influence on yearend and some of the issues regarding other sovereigns relative yields that continue to make it almost just a crazy run. I wouldnt at all be surprised to test that october 15th 2. 14 yield close in 10s towards the end of the year. Not to mention the intraday below 1. 9 that day. Steve, you were on here months ago telling us you thought rates would go lower so a hat tip because most people thought theyd go the other way. Whats driving the latest move, even the move today . Is it all about oil or what and how much lower could rates go . I think the 10year under 2. 8 . 1. 8 . Yes, 1. 8 . We have oil going down and talked about later in opec and you have one world and you have china, you have japan, you have europe that is cutting rates so its given the fed a little room. They could raise fed funds rate 25 basis points and rates still come down for a year. Why . Because i think the World Economy is slow. I think the u. S. Is better but theres plenty of cash out there and theyre seeking a haven. Peter, i had a floor trader tell me yesterday hes out of the market altogether and just going to sit on the hands the rest of the year an i wonder if thats a mindset that we find elsewhere because we are seeing this decided lack of volatility this month and i wonder if there are a lot of guys with great profits of the gains earlier this year and theyre done for now. What do you think . Well, its really tempting to do that, isnt it, bill . I myself have fan that sized about that but really thats not what were in this business for. I mean, were in the business to make the best positions available all year. Right . Not just through the end of november and then coast through december but i think you are right. Anecdotally, im hearing a lot of data people have done very well and, you know, lets just think of how well people have done. I mean, im up in the 14, 15 range year to date in an equity portfolio. Thats pretty good, right . It is a temptation to stay on the sidelines but i dont think thats necessary just as a matter of style. But also, talk about sentiment right now. I think going into december and filling out the rest of this year, through the end of december is looking very, very positive. We still have a lot of m an activity. If youre a player in that field, fantastic. Look at the company like starz. You know . The paid cable media station. What more do we want . They have told us that theyre for sale at a total market cap of 5 billion. Thats a 40 premium to what the stock is trading at now. Right. And theyre not the only ones naming their price these days. Exactly. Buyers are showing up so, you know, look. If you are up for bid, youd probably be saying the same thing. I just wanted to pivot and ask susan, as well, whens been talking on this program and others, susan, about the meltup into year end. Back to bills question, you know, investors here may be seeing the potential for significant upside into year end. Is that right . Well, i think that stocks are about the only way to play the game right now. The bond market is i think we are moving into deflation and that has me very worried but i also think that the stock market has a lot of room to grow. Earnings are still strong. Companies had lots of money backing them. Were the only Strong Economy in the world right now. And whats your favorite deflation play then, susan . As you see deflation, the word you used, if you see that, but you still like the stock market, how do you play that in equities right now . Well, what were looking at in ek tills right now are places where were adding to our theology. We have companies with huge, huge Balance Sheets. We have put a lot of proprietary ownership. We have microsoft and qualcomm now. We havent been able to buy them for a while. So, were the United States the only place that the United States has an edge over the rest of the world is in our industry. Yeah. You know . And and in capital market. Financial markets, susan . Is that what youre saying . Yes. In the stock market. In the fact we know how to make a profit. Yeah. In the fact we know how to create things. We know how to do new things. Rob morgan, you also look at history and see that the end of the year we traditionally have a stronger market. Wheres the catalyst . What is it thats going to push us higher here . We are going higher anyway. We hit the little singles that push us into new alltime high territory. Do you see another push higher here going into the close of the year . I do. I do, bill. Seasonally, were coming up to the third year of the president ial election cycle. S p 500 is historically up 17 in the third year. Thats the best of the four years. Also, after midterm elections which we just had from november to april, the s p 500s up 25 . So yeah, i think we have a meltup going on and polls still show that Retail Investors are very gloomy looking forward. In the street signs, it was mentioned that a yale poll showed that its been running for 15 years that Retail Investors view of 2015 is the 14th worst that they have seen. So and that is a great sign for stocks when individual investors are gloomy. All right. Thats going to be part of the catalyst. I apologize. I can barely hear whats going on. We have traders, theres a middle of a vitamin shop or something. An event going on here and the traders little loud. So tough for us to hear but we know you folks at home can hear. Thats all that mat earls at this point. Thank you all for joining us. We have to go. Happy thanksgiving. Yeah. Happy thanksgiving. Safe travels out there, please. The dow up 23 points still. The s p fractionally higher. Again, as you mentioned, even if its just a point or two, still watching for new closing highs even as those treasury yields continue to sink and the nasdaq holding out for a gain of 6 right now. Part of that, the story today, the u. S. Economy growing faster than expected in the Third Quarter and someone thats joining us coming up next year says 2015 will be a breakout year for the u. S. Economy. Just how big will that breakout be . And apple today topping a 700 billion market cap milestone for the first time. Unbelievable. Discussing the companys future and unscientific live poll on which phone you prefer, iphone, blackberry, bill . Can we vote . Or android. Go to cnbc. Com vote. Music. The getaway vehicle for all the confidence you need. Td ameritrade. You got this. Good news on the economy. When we got up this morning, Third Quarter gdp grew at the fastest Third Quarter rate at a fastest pace and Third Quarter gdp clocked in at better than expected 3. 9 giving the combined growth rate for the past two quarters a 4. 25 reading. Not too shabby. Next guest says it gets better. 2015, the breakout year for the u. S. Economy. Ian is joining the conversation and steve liesman. Ian, with all due respect, im hearing the line about the u. S. Breakout. Do you think its going to be 2015 . Yeah. This time is really different. This time we have got an absence of the fiscal driver of the last two to three years. And we have also got a much, much better credit environment. Bank lending to u. S. Is rising 12 year over year and a transformation of an awful credit situation and that coupled with the easy monetary conditions and the better fiscal environment i think is giving us a push. Its not just the last couple of quarters. If you lock at the last five quarters remember the Middle Quarter in the last five was a horrible winter when the economy contracted but looking at the average for five quarters 2. 9 gdp, previous 5 is 1. 7. The breakout is already happening and not just a forecast anymore. Yeah. Steve, what do you think of ians premise there and what more importantly, what do you think janet yellen thinks about that . I think this is more or less in line what she would have thought and we did have a report this morning showing that wages were not as robust in the Second Quarter as we thought and stays her hand. I saw Consumer Spending on the upside. I saw Business Investment on the upside. Government up but not as much as expected and this inventory increase we saw was higher but net trade was lower so they kind of offset each other. I isle agree with ian on this in the sense that, kelly, i understand your concern here and its not waiting but happened. Four of the past five above 3. 5 . And if you take out that Middle Quarter, then youre definitely north and a question of average americans and start to feel it. And all you can see is that it has to believe in the future in the sense that if you have an economy growing this way, an open economy such as we have, it should get down to regular folks soon. Well, ill tell you what i find interesting, ian, id love your thoughts about this, jeff gibbs says that last week this recovery is stronger with each successive year and it used to be that typically the strongest years of growth and even payroll gains were the early years of the snapback and then taper off. Are we seeing the opposite taking place here and if so what does that mean . Yeah, we are. Absolutely seeing the opposite. But its only opposite if you comparing this to normal cycles. This wasnt a normal cycle. This is a postfinancial crash event and really when youre looking at a postcrash event, throw out chuck in the garbage everything you think you know about u. S. Cyclical behavior because it doesnt play. Look at economy that is have successfully got out of financial crashes and what always happens is that they have a terrible first few years because of the credit constraints because the Banking System doesnt work, cant put credit in peoples and businesss hands and you get a terrible first few years until the Banking System is fixed. We have done that now in the u. S. And credit is flowing again properly and so thats why were getting the acceleration. I think that the payroll numberless picking up will continue to accelerate and wouldnt surprise me if over the next six months we printed maybe 300 and drive down the unemployment 300 . Finally going to start boosting wage growth. Yeah, sure. Sbeerly achievement. The key thing is not the number we does to wages and starts to push them up. Kelly, i lean against that a little bit in the sense im not i dont want to people to think its a 4 economy. We are not there. Maybe close to 3 as a snapback from lower growth that weve had but really underlying growth, 2. 5 , 3 , thats the expectation for the Fourth Quarter. I think the psyche of both businesses and the consumer are challenged right now an theyre not in the kind of allout mood that would get you to 4 growth. You have to have people saying, you know what . I got an idea. Lets build it. Theres still concern and trepidation. Theres still People Holding back right now because of that hangover from the crisis and i dont think that goes away right away here. Ian, what about the strength of the dollar . The expectation around town is that thats going to continue through next year. What point does that become a head wind and do to Inflation Expectations that the fed is concerned about still stubbornly low right now . Yeah. I dont think it does much on both counts really. This is a gigantic closed economy. 87 of the u. S. Economy is domestic. What goes on with the dollar affects a small sliver of manufacturing industry. Most of the economys Domestic Services and the same applies looking at the cpi. I have no doubt that the stronger dollar pushes down the price of imported goods over the next year and happy with that idea. Cpi for goods price is already below zero. Ian, you have to worry about stocks on that. And other services. Ian, dont you have to worry about the stock effect and getting a big chunk of the s p profits do come from overseas and if those global economies are weak then the translation back, especially with the strong dollar is going to hurt some. Yeah. I look at consensus earnings numbers for next year and raising my eyebrows at them but the market is fully valued to me. Having said that, you know, we have such a flow of liquidity from the boj and the ecb, you know, moving into money printing in quite a big way and hard to be bear i have been about any global asset prices and supporting most of the companies that are not massively exposed to europe and to asia so i think overall the market is okay to me. I would be surprised of another year like this but im not looking for the strong earl dollar to kill it, thats for sure. Ian, before we go, this is a contentious issue. Why are you not worried about deflation taking hold in the u. S. Economy . Because most u. S. Inflation is services and therefore most u. S. Inflation driven on by Service Sector wages and the randall market and 40 of the core cpi is rent of property and the rental market is showing vacancies at a 17year low and not an environment of deflation. Everyone focuses on goods prices but the cpi is a Service Price index. Wages have been steady for four years growing at 2 . Next year faster and that rules out deflation. It is a european story. Not a u. S. Story. All right. Export it. Well save it. Ian, thank you. Come back. Well continue the discussion with steve liesman, as well, this afternoon. Good to see you both. Thank you. 40 minutes to go. Good stuff. Dows up 30. Look at that. I guess maybe theyre pairing off some of that selling pressure coming at us here. As you see, dows up 30. Fractional gain on the s p. Both put that in record territory. And the nasdaqs up. By the way, again, the transportation average very strong. Price of oil, we havent mentioned that yet. Down more than 1 today. Big move lower. Close, i believe, at a fouryear low. Yep. Transports benefit from that. Another new alltime high there, as well. Coming up, the coowner of century 21 and Flagship Store hoar on the corner talking up black friday sales. Up next, the live poll wait for it okay. Now its open. Which smartphone do you prefer iphone, bills blackberry or the android . Go cast your ballot right now cnbc. Com vote. Youre driving along, having a perfectly nice day, when out of nowhere a pickup truck slams into your brand new car. One second it wasnt there and the next second. Boom youve had your first accident. Now you have to make your first claim. So you talk to your Insurance Company and. Boom youre blindsided for a second time. They wont give you enough money to replace your brand new car. Dont those people know youre already shaken up . Liberty mutuals new car replacement will pay for the entire value of your car plus depreciation. Call and for drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch to Police Officer<\/a> who shot Michael Brown<\/a> in august. We will be speaking with the owners of one particular local Family Business<\/a> there in ferguson who watched their livelihood completely destroyed overnight. And they want to know why it was allowed to happen. And those are questions that are being asked today in ferguson, missouri, as well. Asked, bill, by the mayor himself who at this hour we hear will be holding a press conference and which hell say, where was the help . Where was the National Guard<\/a> is this theyre with the governor it seems this hour trying to explain their role or lack thereof in the past 24 hours. Now, with the final hour under way here, the dow is up about 20 points. Again, the big weighers on the index is oil names. Exxons, chevrons of the world. A little bit better, though, are the guys that benefit from it. Dining chains and transports doing well again. S p is trying to turn positive here in the nasdaq up about 4. Art cashin said its early and pointing out theres a lot of stock to sell in to the close. About 1. 2 billion worth but again we have a full hour to go and well see how that goes as we go into the final hour of trading. Let geese to the Closing Bell Exchange<\/a> right now. Joining us today, theres rob morgan, steve croll with us at the big board today. Susan fullton is also with us. Sos peter anderson. And our own rick santelli, as well. Rick, i want to bring up to you first because two things. I mean, we had a strong gdp report and bond yields lower today and reports of a huge block trade in the treasury markets that pushed the yields on the 10year and the 30year to more than 1month lows today. Whats going on . Well, im sure there was that trade and a variety of other trades that all have one thing in common. That investors are looking towards the rest of the year with higher prices an lower yields. The charts i think are pretty clear. Many dont like to look at technicals but its a record of how investors behave and their behavior started to change friday and 30year bonds started to break out of their closing range. They had amassed 22 sessions they were in that range. They dipped below it and now the entire curve. Im sure theres curve trades. Im sure theres long trades and theres relative value trades. Again, boon yields of alltime yield lows and whether youre looking at 5s, just less than a month of regard of last time close under 60 or looking at 10year notes and 30year notes and seen them at these yields, one thing is clear. Is that, yes, economic datas getting stronger. Yes, the fed seems to not be aware that its ludicrous to continue to not express that rates crisis level lows and probably should normalize but i do think theres more of an influence on yearend and some of the issues regarding other sovereigns relative yields that continue to make it almost just a crazy run. I wouldnt at all be surprised to test that october 15th 2. 14 yield close in 10s towards the end of the year. Not to mention the intraday below 1. 9 that day. Steve, you were on here months ago telling us you thought rates would go lower so a hat tip because most people thought theyd go the other way. Whats driving the latest move, even the move today . Is it all about oil or what and how much lower could rates go . I think the 10year under 2. 8 . 1. 8 . Yes, 1. 8 . We have oil going down and talked about later in opec and you have one world and you have china, you have japan, you have europe that is cutting rates so its given the fed a little room. They could raise fed funds rate 25 basis points and rates still come down for a year. Why . Because i think the World Economy<\/a> is slow. I think the u. S. Is better but theres plenty of cash out there and theyre seeking a haven. Peter, i had a floor trader tell me yesterday hes out of the market altogether and just going to sit on the hands the rest of the year an i wonder if thats a mindset that we find elsewhere because we are seeing this decided lack of volatility this month and i wonder if there are a lot of guys with great profits of the gains earlier this year and theyre done for now. What do you think . Well, its really tempting to do that, isnt it, bill . I myself have fan that sized about that but really thats not what were in this business for. I mean, were in the business to make the best positions available all year. Right . Not just through the end of november and then coast through december but i think you are right. Anecdotally, im hearing a lot of data people have done very well and, you know, lets just think of how well people have done. I mean, im up in the 14, 15 range year to date in an equity portfolio. Thats pretty good, right . It is a temptation to stay on the sidelines but i dont think thats necessary just as a matter of style. But also, talk about sentiment right now. I think going into december and filling out the rest of this year, through the end of december is looking very, very positive. We still have a lot of m an activity. If youre a player in that field, fantastic. Look at the company like starz. You know . The paid cable media station. What more do we want . They have told us that theyre for sale at a total market cap of 5 billion. Thats a 40 premium to what the stock is trading at now. Right. And theyre not the only ones naming their price these days. Exactly. Buyers are showing up so, you know, look. If you are up for bid, youd probably be saying the same thing. I just wanted to pivot and ask susan, as well, whens been talking on this program and others, susan, about the meltup into year end. Back to bills question, you know, investors here may be seeing the potential for significant upside into year end. Is that right . Well, i think that stocks are about the only way to play the game right now. The bond market is i think we are moving into deflation and that has me very worried but i also think that the stock market has a lot of room to grow. Earnings are still strong. Companies had lots of money backing them. Were the only Strong Economy<\/a> in the world right now. And whats your favorite deflation play then, susan . As you see deflation, the word you used, if you see that, but you still like the stock market, how do you play that in equities right now . Well, what were looking at in ek tills right now are places where were adding to our theology. We have companies with huge, huge Balance Sheet<\/a>s. We have put a lot of proprietary ownership. We have microsoft and qualcomm now. We havent been able to buy them for a while. So, were the United States<\/a> the only place that the United States<\/a> has an edge over the rest of the world is in our industry. Yeah. You know . And and in capital market. Financial markets, susan . Is that what youre saying . Yes. In the stock market. In the fact we know how to make a profit. Yeah. In the fact we know how to create things. We know how to do new things. Rob morgan, you also look at history and see that the end of the year we traditionally have a stronger market. Wheres the catalyst . What is it thats going to push us higher here . We are going higher anyway. We hit the little singles that push us into new alltime high territory. Do you see another push higher here going into the close of the year . I do. I do, bill. Seasonally, were coming up to the third year of the president ial election cycle. S p 500 is historically up 17 in the third year. Thats the best of the four years. Also, after midterm elections which we just had from november to april, the s p 500s up 25 . So yeah, i think we have a meltup going on and polls still show that Retail Investors<\/a> are very gloomy looking forward. In the street signs, it was mentioned that a yale poll showed that its been running for 15 years that Retail Investors<\/a> view of 2015 is the 14th worst that they have seen. So and that is a great sign for stocks when individual investors are gloomy. All right. Thats going to be part of the catalyst. I apologize. I can barely hear whats going on. We have traders, theres a middle of a vitamin shop or something. An event going on here and the traders little loud. So tough for us to hear but we know you folks at home can hear. Thats all that mat earls at this point. Thank you all for joining us. We have to go. Happy thanksgiving. Yeah. Happy thanksgiving. Safe travels out there, please. The dow up 23 points still. The s p fractionally higher. Again, as you mentioned, even if its just a point or two, still watching for new closing highs even as those treasury yields continue to sink and the nasdaq holding out for a gain of 6 right now. Part of that, the story today, the u. S. Economy growing faster than expected in the Third Quarter<\/a> and someone thats joining us coming up next year says 2015 will be a breakout year for the u. S. Economy. Just how big will that breakout be . And apple today topping a 700 billion market cap milestone for the first time. Unbelievable. Discussing the companys future and unscientific live poll on which phone you prefer, iphone, blackberry, bill . Can we vote . Or android. Go to cnbc. Com vote. Music. The getaway vehicle for all the confidence you need. Td ameritrade. You got this. Good news on the economy. When we got up this morning, Third Quarter<\/a> gdp grew at the fastest Third Quarter<\/a> rate at a fastest pace and Third Quarter<\/a> gdp clocked in at better than expected 3. 9 giving the combined growth rate for the past two quarters a 4. 25 reading. Not too shabby. Next guest says it gets better. 2015, the breakout year for the u. S. Economy. Ian is joining the conversation and steve liesman. Ian, with all due respect, im hearing the line about the u. S. Breakout. Do you think its going to be 2015 . Yeah. This time is really different. This time we have got an absence of the fiscal driver of the last two to three years. And we have also got a much, much better credit environment. Bank lending to u. S. Is rising 12 year over year and a transformation of an awful credit situation and that coupled with the easy monetary conditions and the better fiscal environment i think is giving us a push. Its not just the last couple of quarters. If you lock at the last five quarters remember the Middle Quarter<\/a> in the last five was a horrible winter when the economy contracted but looking at the average for five quarters 2. 9 gdp, previous 5 is 1. 7. The breakout is already happening and not just a forecast anymore. Yeah. Steve, what do you think of ians premise there and what more importantly, what do you think janet yellen thinks about that . I think this is more or less in line what she would have thought and we did have a report this morning showing that wages were not as robust in the Second Quarter<\/a> as we thought and stays her hand. I saw Consumer Spending<\/a> on the upside. I saw Business Investment<\/a> on the upside. Government up but not as much as expected and this inventory increase we saw was higher but net trade was lower so they kind of offset each other. I isle agree with ian on this in the sense that, kelly, i understand your concern here and its not waiting but happened. Four of the past five above 3. 5 . And if you take out that Middle Quarter<\/a>, then youre definitely north and a question of average americans and start to feel it. And all you can see is that it has to believe in the future in the sense that if you have an economy growing this way, an open economy such as we have, it should get down to regular folks soon. Well, ill tell you what i find interesting, ian, id love your thoughts about this, jeff gibbs says that last week this recovery is stronger with each successive year and it used to be that typically the strongest years of growth and even payroll gains were the early years of the snapback and then taper off. Are we seeing the opposite taking place here and if so what does that mean . Yeah, we are. Absolutely seeing the opposite. But its only opposite if you comparing this to normal cycles. This wasnt a normal cycle. This is a postfinancial crash event and really when youre looking at a postcrash event, throw out chuck in the garbage everything you think you know about u. S. Cyclical behavior because it doesnt play. Look at economy that is have successfully got out of financial crashes and what always happens is that they have a terrible first few years because of the credit constraints because the Banking System<\/a> doesnt work, cant put credit in peoples and businesss hands and you get a terrible first few years until the Banking System<\/a> is fixed. We have done that now in the u. S. And credit is flowing again properly and so thats why were getting the acceleration. I think that the payroll numberless picking up will continue to accelerate and wouldnt surprise me if over the next six months we printed maybe 300 and drive down the unemployment 300 . Finally going to start boosting wage growth. Yeah, sure. Sbeerly achievement. The key thing is not the number we does to wages and starts to push them up. Kelly, i lean against that a little bit in the sense im not i dont want to people to think its a 4 economy. We are not there. Maybe close to 3 as a snapback from lower growth that weve had but really underlying growth, 2. 5 , 3 , thats the expectation for the Fourth Quarter<\/a>. I think the psyche of both businesses and the consumer are challenged right now an theyre not in the kind of allout mood that would get you to 4 growth. You have to have people saying, you know what . I got an idea. Lets build it. Theres still concern and trepidation. Theres still People Holding<\/a> back right now because of that hangover from the crisis and i dont think that goes away right away here. Ian, what about the strength of the dollar . The expectation around town is that thats going to continue through next year. What point does that become a head wind and do to Inflation Expectations<\/a> that the fed is concerned about still stubbornly low right now . Yeah. I dont think it does much on both counts really. This is a gigantic closed economy. 87 of the u. S. Economy is domestic. What goes on with the dollar affects a small sliver of manufacturing industry. Most of the economys Domestic Services<\/a> and the same applies looking at the cpi. I have no doubt that the stronger dollar pushes down the price of imported goods over the next year and happy with that idea. Cpi for goods price is already below zero. Ian, you have to worry about stocks on that. And other services. Ian, dont you have to worry about the stock effect and getting a big chunk of the s p profits do come from overseas and if those global economies are weak then the translation back, especially with the strong dollar is going to hurt some. Yeah. I look at consensus earnings numbers for next year and raising my eyebrows at them but the market is fully valued to me. Having said that, you know, we have such a flow of liquidity from the boj and the ecb, you know, moving into money printing in quite a big way and hard to be bear i have been about any global asset prices and supporting most of the companies that are not massively exposed to europe and to asia so i think overall the market is okay to me. I would be surprised of another year like this but im not looking for the strong earl dollar to kill it, thats for sure. Ian, before we go, this is a contentious issue. Why are you not worried about deflation taking hold in the u. S. Economy . Because most u. S. Inflation is services and therefore most u. S. Inflation driven on by Service Sector<\/a> wages and the randall market and 40 of the core cpi is rent of property and the rental market is showing vacancies at a 17year low and not an environment of deflation. Everyone focuses on goods prices but the cpi is a Service Price<\/a> index. Wages have been steady for four years growing at 2 . Next year faster and that rules out deflation. It is a european story. Not a u. S. Story. All right. Export it. Well save it. Ian, thank you. Come back. Well continue the discussion with steve liesman, as well, this afternoon. Good to see you both. Thank you. 40 minutes to go. Good stuff. Dows up 30. Look at that. I guess maybe theyre pairing off some of that selling pressure coming at us here. As you see, dows up 30. Fractional gain on the s p. Both put that in record territory. And the nasdaqs up. By the way, again, the transportation average very strong. Price of oil, we havent mentioned that yet. Down more than 1 today. Big move lower. Close, i believe, at a fouryear low. Yep. Transports benefit from that. Another new alltime high there, as well. Coming up, the coowner of century 21 and Flagship Store<\/a> hoar on the corner talking up black friday sales. Up next, the live poll wait for it okay. Now its open. Which smartphone do you prefer iphone, bills blackberry or the android . Go cast your ballot right now cnbc. Com vote. Youre driving along, having a perfectly nice day, when out of nowhere a pickup truck slams into your brand new car. One second it wasnt there and the next second. Boom youve had your first accident. Now you have to make your first claim. So you talk to your Insurance Company<\/a> and. Boom youre blindsided for a second time. They wont give you enough money to replace your brand new car. Dont those people know youre already shaken up . Liberty mutuals new car replacement will pay for the entire value of your car plus depreciation. Call and for drivers with accident forgiveness, Liberty Mutual<\/a> wont raise your rates due to your first accident. Switch to Liberty Mutual<\/a> insurance and you could save up to 423 dollars. Call Liberty Mutual<\/a> for a free quote today at see Car Insurance<\/a> in a whole new light. Liberty mutual insurance. And youll see just how much it has to offer, especially if youre thinking of moving an old 401 k to a fidelity ira. It gives you a wide range of investment options. And the free help you need to make sure your investments fit your goals and what youre really investing for. Tap into the full power of your fidelity green line. Call today and well make it easy to move that old 401 k to a fidelity rollover ira. Jeerk welcome back. Energy is the biggest laggard in the sector today. The dow up about 28 points and helps for consumer names in the gdp figures this morning. A Strong Quarter<\/a> for the consumer. Stronger than first thought. Courtney reagans covering all the movers for us in this final hour of trade. What do you have . Bill, lets start with tiffany and sales in the americas grew 9 and then in europe 10 . Throughout the day, up about 2. 3 and a tough session for hormel. Missed street estimates by a penny and also gave a 2014 forecast that fell short. Raised dividend by 25 . Not enough to make investors happy today. Shares down 4 . Different story for comcast. The parent of this company. Bank of america added the stock to its conviction buy list. Those shares trading up almost 3 and apple hitting a record high. In fact, it went over the 700 billion market cap level for the first time before giving up a little bit of ground. And now negative territory and down and speaking of apple, blackberry announcing a new tradein program to pay iphone owners up to 550 for the device purchasing a blackberry passport. Shares are down about. 3 . But what a headline. 550. Bill, will you make a tradein . I dont need to. Are you going to . I gave up the blackberry and kind of miss it. Come back. Come back to the light. I need those keys. We need you there. And john chen said hell remain profitable in this business. So whatever hes doing there, im confident it will remain profitable. Courtney, thank you. My english teacher, my late english teacher in high school is spinning in his grave. I introduced you by saying what do you got . Thats what we know apologize. The heat of the moment. Yes, thanks very much. Thanks. Will people trade in the iphones for a blackberry . I dont need to do that. I have one. I have two, as a matter of fact, right now. Go to cnbc. Com right now and take our poll. What do you prefer . By the way, people already tweeting, when about the Windows Phone<\/a> . Neither one are part of the offer and joined by ari zoldan and chris siatchia to talk about whether the proposal pays off. How much do you think theyll get the changeover crowd for 550 . They dont need a lot of crowd but a fraction of it, its again the Smartphone Market<\/a> we know is a massive market and always said and maintain my position is that you dont need to be the biggest in the space. You just need to be the best and the most profitable. Chris, im not blind. I realize, you know, Everybody Loves<\/a> the iphone. They love the android for various reasons. There are a lot of blunders in the past by blackberry. They lost their cache. Do you think they can make a comeback as john chen is promising here . Theyre not making a comeback where it matters either apple or the android ecosystem. Apples projected to sell over 70 million iphones in the december quarter. Blackberry is ecstatic with 7 million. It is a no contest. I completely disagree. Again, especially in this Smartphone Market<\/a>. You dont need to be the biggest but the best and enterprise or security, look. You dont have one you have two of them. Because you missed that qwerty keyboard. Exactly. If someone makes a decent physical keyboard i will buy consider buying this. You hear that. People miss the keyboard, they miss the keyboard. There you go. Case in point. Thats why, chris, what about this point which is not that blackberry to take over or even seriously diminish the others, its rivals but to become profitable by itself with these devices, take a little bit of share . Is that not enough of a case to invest in the company here . Id say the runup we have seen in 2014, you know, thats kind of already baked into the stock. So i really cant see blackberry, you know, really taking any kind of meaningful market share. 2 million phones is a nice number but not going to be a material mover to the stock in rest of 2014 and 2015. Youre not going to leave the apple or android ecosystem just because john chen throws 550 at you. No. But its beyond that. Its about the security i think. Also holding ip. Its the keyboard. John chen threatened in the past to abandon the consumer altogether and go as a business to business enterprise. Not a bad idea. Thats not a bad idea. What happens to my blackberry . An exception for you and kelly. Next month they launch i think december 17th. The classic. The classic and the passport. I think its going to do well, also. The passport was has not gone anywhere. Ive got a q10. That was a disaster. That did nothing but i love this thing. You know . I mean, its a decent phone. Try it. I feel like im on dancing with the stars. Vote for blackberry, folks. It will make a comeback. 44 say iphone. 40 say android. Less than 20 say blackberry. The runup in the shares this year has optimism, ari, priced into it. Make the case for blackberry being able to take another leg up here for those who are looking at it for 2015. Its niche. All about the niche. What you mentioned before, government, its about business to business. And focusing on two or three verticals. Blackberry doesnt need to be a 700 million market cap company. This is an unscientific poll, chris. People are choosing to vote. What about the percentage that android is garnering . Something for apple to worry about . Apples never been about being the biggest player in any space and the pc market with the mac and mobile phone market with the iphone but most profitable and ibm deal of a few months ago helps them wenter prize, too. Speaks to blackberry and the Enterprise Market<\/a> to get any kind of meaningful market share in the enterprise its all gravy for apple. Ari, 17 , 18 are voting for blackberry s. That a thats about what john chen is expecting then, i guess. Right on target. Thats the market share you need then . Im sure the street happy managing that target. Im sure he will. 45 voting for iphone. 30 for android and 17 of the fine people out there all vote voting from his desk. With my foot. Thank you both. Happy thanksgiving. Well take a quick break here with the market up about 30 points. Yep. And the s p is also a fractional gainer there so weve got alltime highs for both the dow and the s p. As ferguson, missouri, hoping this isnt night two of violent riots, speaking to a husband and wife whose Small Business<\/a> looted and ransacked last night. Theyre wondering why there wasnt more protection when we come back. How could a luminous protein in jellyfish, impact Life Expectancy<\/a> in the u. S. , real estate in hong kong, and the optics industry in germany . At t. Rowe price, we understand the connections of a complex, global economy. Its just one reason over 70 of our mutual funds beat their 10year lipper average. T. Rowe price. Invest with confidence. Request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. Ferguson, missouri, residents and Business Owners<\/a> petraeus bracing for what they near is another dangerous night in the wake of the anger caused by the officer not being indicted for shooting Michael Brown<\/a> in august. A grand jury decision coming down late last night. Scott cohn is there in the embattled suburb and hearing protesters already gearing up along one of the highways there in the area. Yes . Reporter theres been a protest along highway 44 here. That is now apparently beginning to disperse. But it just gives you a sense of how on edge this city and this region is for a second straight night. After being on edge for several weeks as the grand jury deliberated. We are getting a succession now of news conferences from state and local officials. The mayor of ferguson, james knowles, just appeared with a number of local clergy urging calm tonight. And also, pointing, saying just a moment ago that officer Darren Wilsons<\/a> future with the Ferguson Police<\/a> department is not yet decided. He was promising to address officer wilsons status in that press conference and thats basically what we have got. As for the preparations for tonight, the mayor criticized the state and the National Guard<\/a>s efforts last night and theyre hoping far better night tonight. Lets listen to the mayor just a few moments ago. Unfortunately, as the unrest grew and further assistance was needed, the National Guard<\/a> was not deployed in enough time to save all of our businesses. The decision to delay the deployment of the National Guard<\/a> is deeply concerning. Were asking that the governor make available and deploy all necessary resources to prevent the further destruction of property and the preservation of life in the city of ferguson. Reporter that governor is jay nixon and he is expected to speak at the top of the hour about just that. He is said that there will be more National Guard<\/a> out tonight. He said that the level of violence is unacceptable. Hearing more from him next hour. The hope is that last night certainly does not repeat itself. Guys . And scott, our thanks for you for you following that story. Now charles and karen vogel whose Family Business<\/a> was looted and trashed in the violence last night. Joining us live from ferguson. Folks, thank you so much for joining us. We appreciate you taking the time. Mr. Vogel, could you just briefly tell us what you experienced last night . Well, we expected it to go peacefully but it didnt. So when we closed up our store around 6 00 and went home and expected to get through the night without a problem. But then, around 9 30 or so the Alarm Company<\/a> called said that the bin does had been broken open and the police informed us not to come down until the morning because it wasnt safe to be there. So with didnt go down until this morning. It was pretty bad. Im curious, sir. And, you know, i feel for you and i realize this is a devastating time for you. But your store was vandalized in august after the initial shooting. Why didnt you believe that the same thing wouldnt happen again last night . We didnt have any damage in august. We were one of the few businesses in ferguson that didnt have any damage done in august so we were i stand corrected then. I believe in the goodness of people and i believe that, you know, people do the right thing. So i was praying and hoping for a peaceful evening. Got it. Karen, how much did you estimate this cost your business and what are you guys going to do as were hearing reports of perhaps more protests tonight or in the days ahead . Well, weve had to board up our windows because they were all broken but ferguson has always been a wonderfully diverse community. People for the most part got along. We dont want to think that our friends and neighbors and our customers, our clientele, would want to harm one another. Now, after last night, were a little concerned. We think that there are a lot of people from outside the Community Coming<\/a> in and stirring things up because people from ferguson arent going to want to destroy their own community. People we like to believe the best in people. Understood. And at the same time, being Business Owners<\/a>, you have to be pragmatic about this. How much has it cost your business . I understand the cash register, for example, was part of what was looted last night. Yeah. It was on the sidewalk in pieces this morning when we came in. Are you do you i mean, where was the police . Where were the National Guard<\/a> . Were you surprised or disappointed at the response or the lack of it . Your mayor just a little while ago we showed was expressing that very sentiment and maybe the police and National Guard<\/a> were slow to respond to all of this. Do you blame them . Well, we dont know about what snafu caused National Guard<\/a> to remain where they were and not come and help the firefighters coming out to fight the fires. But as far as whether or not the police were out to protect our business, we are one of any number of businesses and, actually, human life is more important than possessions. And it was more important to protect how many life and to preserve it, any kind of peace that we could get then to watch out for the property. Property is secondary to what is preservation of life. Understood. We wish that we didnt have to have this happen. We had hoped and did not board up our store in advance because we didnt want the people of ferguson to think that we didnt trust them. Or that we didnt have faith that they would do the right thing. Now this has happened, folks. What now . How do you view this . Are you rethinking your business keeping it there . I mean, tell us about your plans beyond this now. Weve been in ferguson for almost 50 years. My father started it back in the 60s. And weve been there forever and we hope to be there forever. So i have no plans or reasons to move out of ferguson. It is our community. It is our hometown. What are your expectations for the next several days . The fear is its going to happen again tonight. What about the rest of the week . Were going to hunker down and survive. You know . Well come out of it. Ferguson will come out of it. Were hoping to be open back by friday. And were going to see patients. We are going to dispense eyeglasses. We are going to do contacts on saturday, friday, next week and weeks after. We have to serve the Community Just<\/a> as we have in the past. Because theres a problem doesnt mean that you give up and you walk away. Because if everybody did that, ferguson would turn into an east st. Louis. We dont want that to happen. Were proud of the community. And we want it to survive and we want it to go well. The sign we have out in front of our sign that says we are family says it all. Folks, you are great people. Sometimes families have squabbles and problems. You are a great people. We so appreciate your sentiment and taking the time and we wish you well and good luck through the rest of the week here and happy thanksgiving. Thank you so much. Thank you. Thank you. Same to you, bill. Charles and karen vogel whose Family Business<\/a> ferguson optical was, unfortunately, vandalized in the violence last night. I admire their spirit. Love that sentiment. Just that vitality that you see so often with Small Business<\/a> owners. This is not going to chase them away. We are heading toward the close. 17 minutes left. Dow up 21. The s p up a fraction. Well see if well, now, going to minus territory there. Any positive close for the top two indices there will be an alltime high once again. Energy weighing on the dow again as oil closed at a fouryear low and those talk about the supply, arctic, asia and beyond. Our Michelle Carusocabrera<\/a> has an installment on the future of oil. Here we go. Winter storm watch in effect for much of the northeast on one of the busiest travel days of the year as we know. Why that has retailers worried, as well, when we come back. All clear lookin good close it up got it. And then, santas helpers boarded the train, and off they went. And thats how we got it. Wowww. You guys mustve been really good this year. The magic of the season is here, at the lexus december to remember sales event. This is the pursuit of perfection. Welcome back. Drilling in the balkan might be the frontier for the United States<\/a> in terms of oil but experts say the real source could be the arctic, asia and beyond. And beyond . Michelle carusocabrera outlines it. Mars . And beyond, right. Like toy story. Listen. When it comes to growth in consumption, the vast majority is going to come from developing areas of the world, not developed areas of the world. Take a look. According to bp doing one of the authoritative reports on the oil industry, they say 25 years from now, look at the growth in europe. A gain of little more than 1 in consumption. 2. 9 for the u. S. Middle east, 77 . India, 132 . China up 71 and the former soviet union with the countries together, 24 . Just because, though, you see the huge Growth Numbers<\/a> doesnt make them the biggest. Remember, the small numbers. Former soviet union and india only consuming about 9. 5 billion barrels of Oil Equivalent<\/a> per year. These are yearly figures. Not daily. This is when you put together every kind of energy that you can have, oil, et cetera. Who are the biggest . China continuing the growth rate, 34. 5 billion. The u. S. At roughly half that. 16. 9 billion in terms of Oil Equivalent<\/a>, barrel equivalent per year. Now, production where it starts to get super interesting and all so curious about the United States<\/a>. Growth and consumption in the u. S. Measley. Look at the growth in production, 24 . Europe nothing going on. Lower by 2. 7 . The middle east grows and so big already. 37 . Yind yeah coming on strong and china and former soviet union and the law of small numbers is important here, right . Because indias still a very small producer. China when you add up coal and everything else, theyre the number one producer and followed only by the middle east. Now, the next frontier, the arctic. Earnst young did an analysis. 67 of the oil is natural gas and expensive to get to. But if we need it, thiss whats going to drive it. Back to you. Michelle, thank you. Its interesting the way in which even the tidal production boom, bill, analysts say oil prices to fall another 10 bucks to take off ththat offline. Thats another day. Yeah. For right now, a little bit of selling coming in here. Art cashin said 1. 8 billion to sell into the close here but we have a major index rebalancing. What that means is seeing a lot of buying and selling into the close and some of that may be absorbed into that. Right now the dow up 18. The s p down a fraction. Nasdaqs up 4 points. Coming up right after the close, well get earnings of hewlettpackard and david faber is here to bring you the numbers the second they hit the tape and get you instant analysis as this Company Heads<\/a> for a breakup when we come back. , they say i never thought you would quit. but chantix helped me do it. Along with support, Chantix Varenicline<\/a> is proven to help people quit smoking. It gave me the power to overcome the urge to smoke. 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Ask your doctor if chantix is right for you. Dow up 17. 16 points. S p moved into minus territory heading toward the close here. Joining me on the floor, two of the savviest traders i know. Keith bliss and terry dolan. What are you laughing about . I mean, you are. Thanks for the leadin. Both of you. I appreciate it. You told me the other day youre kind of waiting for a pullback to get back in the market in a meaningful way. What are you doing here . I think the markets trying to run the course as far as im concerned. We have a dip in october which we talked about. Come back up. And i think right here is right around where we thought they would be for the end of the year and between window dressing and profit taking, we are around the range here. You dont see Much Movement<\/a> here . Not much. I think well con sal dasoli here. The russell 2000 to break above 1188 which were almost there, that is a very strong resistance point we hit. The chart bumping against it all day long. Getting through that by the end of the week i think we move higher into the end of the year with more propulsion in that. We have pretty strong momentum signals in the market and not waned. We pick it up at the end of the october and just remained there. What if we do get a move . Theres a feeling out there you have a lot of active managers who will start to chase this market if it gets away from them. They dont want to miss a yearend rally and look bad on the Balance Sheet<\/a> at the end of the year for their clients if they missed a rally of some kind. I think thats always in play each year were in play last year with something similar and money on the sidelines and expected this big january to be a boost and the money coming into the marketplace after january and so thats always a big issue for the managers in terms of timing. Think they a lot of managers were accumulating positions as we were moving down in the last decline and right now as were at this level right now, a lot of people saying not establishing new positions in the Holiday Season<\/a> right now and volatility that can occur right here as the markets almost in a blowout state and bringing you in and filling in is probably status quo to the end of the year. Well take a break and come back with a couple more things to talk about. Before the close, we have the count in a moment and after the bell, Earnings Report<\/a> that will probably set the stage for tomorrow. Hewlettpackard reporting. David faber will be along to deliver the numbers the instant they hit the tape and the instant analysis and the important market reaction, as well. Youre watching cnbc. vo watching. Waiting. For that moment, where right place meets right time. And when i find it i go for it. announcer at scottrade, we share your passion for trading. Thats why we give you the edge, with innovative charting and trading features, plus powerful mobile apps so youre always connected, wherever you are. Because at scottrade, our passion is to power yours. Open port twentytwoohoneseven on the firewall for customer db access. Install version twopointthree of db connector and ensure verbose flag is set in case of problems. clapping sound isnt the cloud supposed to make business easier . Get the one that can connect to the systems that you already have. Today theres a new way to work. And its made with ibm. About 90 seconds left here. Heres how the three major averages are doing. The dow, just enough to keep it in record territory. Up 9 points near the close. A little bit of a stumble for the s p. We got a major index rebalancing going on at the close and could push us higher. Well see. Nasdaq up 3 points. Oil, another feature today. We got that opec meeting on thursday. The feeling is maybe they will be talking about a slight cut in production but still down 2. 4 on crude oil today on wti here in the u. S. To 73. 93 a barrel and pushed the transports higher. Hewlettpackard reporting earnings at the top of the hour. Maybe five minutes into the hour. They moved the market a big amount the next day. So were watching for that number and david faber will have that for us. Hewlettpackard up 19 cents right now toward the close. Very quickly, oil, if it continues lower, good for the market . Driver for the economy, for the average consumer. I feel it myself when i go out to fill up my own car. Hewlettpackard, you like that in technology right now . I do. Its a play a. L. 700 billion company today. Right. Back to your point on oil, very good for the transports, leading the s p 500 higher. All right. Thank you, guys. Happy thanksgiving. Good to see you. Going out with records for the dow so far and for the transports especially. Stay tuned for those hewlettpackard numbers now on the second hour of the closing bell with kelly evans. See you tomorrow. Thank you, bill. Welcome to the closing bell, everybody. Im kelly evans. The dow finishing up about 6 points. Well see if it holds as things shake out here. The s p slightly lower. First day in a little while not seeing record highs on that index. Nasdaq up about 3 points. Not Much Movement<\/a> on the top. You have to get below and we deal that right now with the panel here. Well have much more on these markets in just a moment with cnbc contributor carol robb, tee seymour here for the party but first we have breaking news on wells fargo. Whats happening, steve in. Federal reserve and fdic commenting on the wells fargo living will. These living wills mandated by doddfrank reform legislation that basically a bank to put out a plan to resolve itself in the event of a crisis and theyre saying that wells fargo living will is a standard. About as close to accepting the plan. They say there are shortcomings and dont specify them and said its been specified in a letter theyre not providing. In 2015, they called it the bigger banks not credible. And so this is very different. This wells is obviously a smaller bank than the bigger 11 coming out and whats happening the fed not rejecting or accepting and saying that the plan is okay. And thats in contrast to the bigger plans which the fdic pretty much rejected flat out. Well have other Smaller Banks<\/a> to come in the days ahead from fed and whether or not theyve accepted their plans. Steve, just to be clear again. My audio is spotty right now. Wells fargo is getting the okay from regulators here when many of the rivals have not. Is that right . I think thats right. Thats the way to put it. Quote, basis for a resolution strategy and think they the plan is overall okay. It needs some changes. And those changes the fed says can be addressed in the next plan. Okay. Steve, thank you. Just want to get some thoughts, panel, guys on wells fargo here. Kelly, one of the questions i have is how much is the living will they put in place versus the structure of that entity versus the very complex structures of some of the bigger entities. I wonder, is steve is there a difference in wells fargo is structured . Is it really the living will itself or the fact that wells fargo as an entity isnt as risky as the other one that is are complex. Steve . Excellent point. I think that the fed and fdic both expressed concern about the size of these banks. These other banks. How complex they are. Wells fargo, a straight ahead entity. Without some of the complexities, some of the other banks and certainly the fed and the fdic both expressed a reference for that kind of bank and giving the other banks a harder time with these living wills because they are much more complicated to resolve in the event of a crisis. John, are you surprised theres not more movement in the shares . Im surprised that the other banks are so complicated to no, youre not. No, im not. In particular, jpmorgan. But i do love the position that jpmorg jpmorgans in and i like many of the other Banks Like Bank<\/a> america after coming through what they have come through over the past few years so if we knew that that piggybank would stop getting broken every time the government wanted to tap them, i would be buying with both hands but the only one i own is bank america and its just because in my way of calculating its just so hideously cheap. I wonder if it makes main Street Investors<\/a> and those consumers, anymore confidence in wells over some of the other banks and whether that change in terms of consumer perspective anymore transparency of whats happening and any way they can make it understandable to the Retail Investor<\/a> and to the consumers very helpful. We have a couple of seconds left here, steve, but it is an issue that strikes to the core of what Elizabeth Warren<\/a> has been out there saying, as well, saying to janet yellen, we want the see real ways of resolving these banks to avoid a too big to fail situation. Yeah. You saw the rejections of the 11 after warren basically called yellen on the carpet over the number of subsidiaries they have and the complexity and the failure to comment on the living wills have been out there and the fed seems to change the tune when warren basically laid out these issues to yellen in congressional testimony. Right. That was such an interesting moment. Steve, thank you very much. Steve liesman again on wells fargo i think what we can call the okay on the living will and now hewlettpackard out with the Quarterly Results<\/a> and our david fab we are the numbers. Hi, david. Thats right. We have the Fourth Quarter<\/a> fiscal of hewlettpackard in line with the analysts anticipating for again this fiscal Fourth Quarter<\/a>. Revenue number 28. 4 billion, a bit light in terms of what the analysts following the company had been anticipating. You have a stronger currency head wind that built up in the quarter, as well. As you well know, of course. And certainly a question mark for so many multinationals. Not just the failure to hedge given the violent move but the overall business. For example, in its printing business, hewlettpackard does cite some weakness in terms of at least competition with on pricing in japan. Given the weakness of the yen. Overall, marginals continue to improve for the company. 24. 6 , up 1. 6 points over 1 year ago and another. 6 sequentially. They have continued to improve, taking costs out of the business and the expectation after speaking briefly to meg witman moments ago is theyll take costs out of the business now that the companys focused on splitting itself as you well know. Something to do within the next 11 months or so. Splitting into hp, inc. And enterprise continued focus on lowering the cost structure and helpful in dealing with the potentially rising dollar over the year. They continue to produce a lot of free cash flow. 9. 3 billion the number for this fiscal year. They have guided next year it is going to be lower. Somewhere between 6. 5 billion and 7 billion and a company from having a net debt position of 11. 8 billion in fiscal 2014 to 5. 9 billion in cash on its Balance Sheet<\/a>. Wow. So overall, were not talking about a great quarter. On the revenue line, down 2 year over year or 3 in Constant Currency<\/a> but this is a stock as you know thats performing extraordinarily well much of the year. What is the breakdown by business . Again, with an eye towards of separation looming . Psg, personal system Group Continues<\/a> to see significant strength, particularly on the commercial side. Now, they benefitted from the xp upgrade running the course to a certain extent and they did see 7 Revenue Growth<\/a> at psg. Printing in contrast overall although largely expected did see total revenue of 5. 7 billion, kelly. Down 5 year over year driven by what theyre saying is sup lies and as i mentioned also some price competition to a certain extent in the laser market. Sure. Not necessarily graphics or ink but in the laser part of things, as well. And Enterprise Services<\/a> not bad. Again, this is not the most exciting quarter from hewlettpackard and you expect every so often they dont excite us that much. See how the market reacts to that at least slighter than expected a bit lighter than expected number on the revenue side but again the buck six in nongap right in line with what the analysts that follow the company thought it would be. David, thank you. By the way, you will be speaking with mega whitman tomorrow, right . Thats correct. 9 00 a. M. Going over the quarter and not just that, well talk a lot about the split to come, so much different work is being done now at this company in regards to that important split that will create two fortune 50 companies, each with fairly large Balance Sheet<\/a>s, as well. Not to mention work forces. David faber this afternoon bringing us those results from hewlettpackard, david, thank you. Joining us with more on the earnings is david eisen with the panel and tim seymour. Daniel, great the see you. Didnt srks this a currency drag story . Fundamentals take a backseat to the breakup situation and they continue to have major struggles on the enterprise. You know, on the core business. The breakup has added optimism to shares but they still have a kill icon. Now it really becomes a proveme story for meg over the next six to 12 months as investors need to buy into the fact that they could do this alone or maybe its through an acquisition specific on the enterprise side. And tim seymour, what do you think . Shares are off about 3 . I tell you what, kelly. This is a stock thats a darling this year much has large cap tech where you have capacity, big investors put to work. Decent dividends and in this case, again, you have a Company Playing<\/a> it relatively safe. Been about cost reduction, a split, capital markets. 5. 7 billion buy back on the books for these guys. Its a company who actually gets some benefits from the bar being so low. The pc business we know is flagging so the biggest hit for these gifs is global. Em down, historically a place for them to grow. Its a stock to buy on weakness here. Not today but its interesting on valuation. Carol . This is all about the split and a lot of investors ride this out and wait to see what happens once the plans materialize into next year. Is that too late . Im wonder do you buy a company about to split because its supposedly creating sal or already priced in or good record of how the splits do in terms of performance, say, a year out . We dont have that many examples of the same as you just said. Some of the most recent ones we have in the energy space and you wanted the ones with the upstream downstream. Nrds, if you kept both pieces of a hesse, marathon, the Marathon Petroleum<\/a> part is worth more and accelerated faster. Its not worthless. You want both pieces. In the case of hewlettpackard, you want both of these pieces and i think breaking them up as tim said, i agree with you, tim, i think you want it and buy it on weakness. Wall street looking for weakness on this report, however. What about okay. If you take just the pc printing piece of this, people say, maybe its picking up share but the segments declining and this is the piece thats going to have more of the debt, is it, Going Forward<\/a> . How much of an issue is that going to be for investors . Well, again, back to upstream downstream with these Big Energy Companies<\/a> that have elected to make that move, one side did have the debt in those situations, as well. And yet, holding on to both pieces was the smart move. Getting rid of the one just because it had the debt was the wrong move. Interesting point, tim. Some of the parts valuations which you can do on this company tell you that the spinoff will be value. People can look at Holding Companies<\/a> and cant necessarily call hp that right now and looking at the break down, you have the server business which is growing and certainly something that continues to be a cash flow generative part of the business. 3d printing people see as significant upside. Its a space that people eventually think theyll dominate so some of the parts, yeah, i think you want the own this thing. Last word to you, dan. What do you think it could be worth altogether and each piece . I think from a sum of parts perspective theres still invest to recalls view upside here as its a proveme situation now. They have taken the first step. The key is really do they make acquisitions in terms of enterprise, big data, cloud, getting the mojo back in the name and investors buy in 0 to the story of the optimism of breakup and renaissance. Shares have half the initial decline. Daniel, our thanks. And tim, our thanks. Stick around and catch tim with fast money crew at 5 00 p. M. And talking to the ceo generac. Kato, thats the name of this storm. It couldnt come at a worst time. That storm threatening the northeast on one of the busiest travel days of the year. Will that force people to spend thanksgiving at the airport . Will it hurt black friday shopping sales . Also ahead, michael dell says taking the firm private is really paying off and Herb Greenberg<\/a> says twitter should follow his lead. First sell itself to someone else and lays out the case on closing bell. You are watching cnbc, first in Business World<\/a>wide. So no set up fees wooh yeah so i get help from rollover consultants . Wooh yes no rollover hassle. Great. Woah oh, were spiking things, robbie. For all the confidence you need. Thats better td ameritrade. You got this. But what if you could see more of what you wanted to know . With fidelitys new active trader pro investing platform, the information thats important to you is all in one place, so finding more insight is easier. Its your idea powered by active trader pro. Another way fidelity gives you a more powerful investing experience. Call our specialists today to get up and running. From San Francisco<\/a> to silicon valley, Boston Private Bank<\/a> works with all kinds of people who are innovating, building, contributing individuals, Business Owners<\/a>, private partnerships, nonprofits, families planning their financial futures. People like you. If you want the individual attention and expertise your financial needs deserve, this is your time. This is your private bank. Big snowstorm the threatening to crimp the plans of thousands of americans this thanksgiving. Jennifer delgado has the latest forecast and following amtrak, that i95 corridor directly due north. Yeah. Like its trying to ruin thanksgiving. Everybody wishes for a White Christmas<\/a> but not a white thanksgiving. You got to get to grand manys house to get some of that food. Well, as we look at the forecast, tomorrow, really things are going to go downhill. Traveling today, tonight, its better or even tomorrow morning. This is 5 00 a. M. Notice, we are starting off up and down interstate 95 with all rain and the problem is we have this area of low pressure thats moving along the coast at the same time. We have cold air coming in. They marry and make some snow. Up and down interstate 95. So that means if youre driving by 9 00 a. M. Until noontime, well see a lot of this changing over to all snow for areas including jersey and up towards boston and into maine. And some of these locations we are talking a foot of snowfall. Nobody wants a foot of snowfall, especially on thanksgiving. Heres the reality. As we go into the evening hours, tapering off for d. C. And if you can travel late tomorrow night in d. C. Thats better for you but the problem is the roads rather slippery out there. Up towards the northeast as well as new england, we are talking a foot of snowfall out there and really doesnt come to an end until the Morning Hours<\/a> of thursday and then after that things look a lot better so maybe can you travel on thursday . Sometimes a cheaper ticket. Flying out early and make it in time to eat. Thursday a. M. , the purple shading where we see the higher amounts of snowfall out there for areas like albany and into portland. Boston for you, looks like roughly right around 5 to 8 inches of snowfall for new york city. Were going with the forecast of 3 to 5 inches but we have a real tight gradient out there and potential for snow or no snow. 3 to 5 and if the system moves to the west, new york, you may dodge all that snowfall out there and looks like even for the macys day parade weather conditions should cooperate for thanksgiving. Things are going to be a lot quieter out there. Another little system thats dipping in from the west and bringing another shot of snowfall just in time for early thanksgiving. Really talking about the western parts of massachusetts as well as into pennsylvania. Kelly . And, jennifer, our thanks to you. I know working hard to follow the storm for everybody. Listen, guys. My family already started traveling. Thats what guys saying about volume today, a sense that some traders trying to get out of dodge ahead of it. Can i gloat for a moment . Chicago sunny and 28 degrees if we can get home. When does that ever happen . Really. Good luck getting out of here. For people trying to shop and thinking black friday is the day, we have seen multiple reports out that say its actually the wednesday before thanksgiving when you get the greatest sales. Who will go out in the middle of this . But the good news is on thanksgiving day when youre upset because of the travel and want to eat and shop, you probably going to shop online. Get some of the best cyber deals. So much more advantageous to wait until the people are in the malls and have the snowstorm come, lock them in and then just shop. I feel like that would do very good for the economy. How do you like that for a stimulus plan, jennifer . Great. Any time of pie in this belly im all for it. Thank you so much, Jennifer Delgado<\/a> at the weather channel. Out to dominic chu for another quick earnings alert. Hi, dom. Well get dom after the break. Well check out the were not going to do that either. A quick break. When we come back, getting to the earnless of t. Row. They challenge us. They take us to worlds full of heroes and titans. For respawn, building the best teractive entertainment begins with the cloud. This is titanfall, the first multiplayer game built and run on microsoft azure. Empowering gamers around the world to interact in ways they never thought possible. This cloud turns data into excitement. This is the microsoft cloud. Welcome back. We thought he was trying to beat the snow out of here but dominic chu is here. Im not beating the snow out of here. Ill be traveling for the day before thanksgiving in probably the worst of the weather out here and not looking forward to that and shares of tivo reporting Third Quarter<\/a> earnings at 6 cents a share, a penny shy of wall street consensus estimates. Revenues the Sales Numbers<\/a> relatively in line and result tivo sharyls down by about 1. 5 pfrs and only about 300,000 shares traded and lighter relative trade in the after hours and down day for tivo. Back over to you. Thank you very much, dom. Safe travels. Well see you before then. A year after going private dell is happy or at least michael dell is. In a wall street street oped today hes saying that the pc business is doing well not worrying about activist investors and Herb Greenberg<\/a> saying more businesses could do well and finding new owners and go private. What is wrong with you . Destroying the free Public Markets<\/a> . What is going on . No. I think that being public is a great way to raise cash. The problem is once you have gone public, you know, you know, youre sort of part of the game. If you want to call it that. In the case of a company like twitter, some of us argued it never should have gone public. It did. Now it has to go through the disruption and everything that comes with trying to fix itself in the public eye or at least evolve itself while its in the public eye. I actually think that, you know, while its price is too high to buy it, they do so much better as part of a google, as part of an apple, someone else who can let them do what they have to do and not have to hang on. Yeah. We want people to vote on this, as well. Will twitter be better off as a Public Private<\/a> company, im sorry. Will twitter be better off as a private company . 31 margin of seem speople sayi yes, it would. Dan gal ler at the scc made the point in october saying we need to encourage the very opposite, that more companies early stage High Growth Companies<\/a> need to be available to the broader public to invest in and look at the success of Something Like<\/a> a kickstarter and call it like a Venture Capital<\/a> exchange or Something Like<\/a> that. Why are you so opposed and everybody so opposed to this idea of letting investors take the risk inherent with getting involved in the early stage businesses . Well, you know, we have the jobs act and seen those companies have done, some have done well and some have not. Maybe were trying to protect people from themselves because we have seen what happens with even much better companies. I think you have to basically look at it from, say, a michael dell perspective. His stock was headed lower. Before he decided to take it private. It was heavily shorted and basically activist aside come in and basically do what needed to be done out of the public eye. It helped his reputation i think. So he didnt have to go down into that junk pile. Look. I have no problem with Companies Going<\/a> public. Its how i make my living watching public companies. I like right. Im not about to say, stop it. But when i see the gamesmanship, if we really said, you know what . Stop giving guidance. Stop coming out and making putting a target on yourself and start trying to realistically, really do some create something that has longterm in it for the long term and a different story. Its so tough. Im going to take the investment banker perspective and both agree and disagree with herb. I agree that this company should have never gone public to begin with because of the difficulty of trying to please wall street over main street. You end up making decisions that dont benefit the company and i think thats a really bad thing. However, if you look at twitter in terms of it going private, very different scenario than dell. We have a High Growth Company<\/a> versus a company with cash flow to lever up. Maybe its acquired by a very big company but this is a Large Company<\/a> and cant do traditional, go private transaction right now. Yeah. Going private is not an issue here. This is not what they should be doing but be folded into something else. You know . I think that works for them. Going private, i would never recommend that. Its very challenging, though, herb. Part of what makes twitter great is independent and not beholden unto anyone and getting one of the very large companies, only so many to buy this company with their market cap, then it kind of destroys the integrity of the underlying platform, dont you think . But now forever it will be the it will be the facebook wannabe and compared to facebook or some other social media metric. When in the end, you know, its doing its thing. Look, many of us use it. I love it. I love twit. I use it more than facebook. Its a great platform to use as your own personal news feed. The problem they seem to have is in the middle of doing this, they have also got to deal with as i say jerks like me who come out and tell them how to do as a public company. You dont have to do that. Or, herb, they have to make money and a lot of it to justify the valuation that theyre trading at. Thats the problem. So we have seen what happens with a very profitable company, blackberry when it no longer makes as much money and the stock goes from 100 a share down to the Single Digits<\/a> and now has with mr. Chen there fighting the way back but thats a long, difficult slog. Well see whether the twitter guys are up for that fight. I agree with you. I think this one is one that should not have come public when it did but the fact that it did gave many of us an opportunity to jump on it and flip it whether or not i want to buy it and own it here, i do not. The fact you see a 50 50 split has to do with Retail Investors<\/a> that own twitter in mutual funds, seen it, used it, daily, hourly. They want to be a part of it and i think now getting that investor audience away from twitter and saying, hey, now we are going to be with another company, not be an independent platform, that would totally lose the integrity of what theyre buying and want to have this stock as part of their portfolio and not owning the stox, they have it in mutual funds and stay there. The reason why herb i find it this thing fascinating is to go about a point about i think hes calling it now the capitalist dilemma and the point is basically that all of these financial metrics that we all use and rely on to evaluate the Big Companies<\/a> have contributed to a short term problem. With regard to how we run these big important companies. We stayed on the financial metrics and wouldnt have these problems and the fact here not adhering to a financial metrics aenl letting the possibilities escape what the relate is has created the crazy valuations and letting Companies Come<\/a> public before they should have. Herb, last word . I follow nuance communications. Its a carl icahn big piece of it. Just reported. I dont think it was a great quarter and the stock tells you it was a better quarter but the company says a new metric to watch. Net new booking. A madeup metric. I say, why . Because in the end, look. Hows the cash flow . How are the earnings, sales . Hows your Balance Sheet<\/a> . It comes down to that. Either its okay, its middling or not. If thats the case then we wouldnt have amazon. Com where it is. You know . This is true. Unfortunately, wall street doesnt work that way. Investors pay more for possibilities and not realities. I can live in an ideal world if i want to every now and then. I rather have it play out in the public sphere and have everybody have a chance to be wrong on it. The viewers agree with you. Evenly split. 51 say, no, twitter would not be better off as a private company. Herb, thank you. Good to see you. Herb greenberg joining us, americans plan to increase the Holiday Spending<\/a> by about 3 this year. Thats nothing compared to what wall streeters shell out. That story is next. And find out how discount retailer century 21 is planning to lure in shoppers speaking to the cofounder and like to tour with legendary band the grateful dead . The bands former manager Richard Lauren<\/a> is here. Find out how different is industry is today and whether he would still want to work in the business all ahead. Welcome back. Holiday shopping season is heetding up and on wall street apparently spending on spouses is said to pop. Jeff cox has more on these results in a new study. Hey, jeff. Hey, kelly. The verdict is still out on main street but on wall street, the sentiment is really strong for the Holiday Season<\/a>. According to a survey by convergence that i saw today wall streeters expecting black friday sales and holiday sales, period, up as much as 6 . 2 to 6 , the majority of the sentiment there. Now, thats a big number in itself. When you look at some of the internals of this survey, one of the respondents said spending 150,000. Im sorry. 250,000 on his significant other. So, with the National Retail<\/a> federation expects that number around 4 . But wall streets saying that, look, things are really looking good for us now. The average amount that theyre expecting to spend on their significant others, 900 apiece. About 200 above what total spending is expected for main street, so really a lot of sentiment. I think speaks to the top end of spenders and really strong sentiment for wall street for the upcoming shopping season. All right, jeff. See if thats the case. Thank you very much for now as we continue to follow how much wall street will be spending, may also give a holiday boost to the next guests company and Flagship Store<\/a> in the heart of new yorks financial district, century 21 and coowner eddie gindy joining me now. Not a long walk for you. Right down the block. So happy to be here. Thank you for having me. Right in the shadow of the freedom tower, just completed. Which has people beginning to move in i think. Yes. Condi nast. Great the see it open after years of construction and all the delays and all of that and it was just really it lifted up the whole area right away opening up. You were able to reopen five months after 9 11. Yes. You said at the time that the tourist traffic helped during that difficult period. But what can you tell us about the people coming through your stores today . Well, because of that, the tourists, our tourist customer is about 40 to 50 of the total Consumer Base<\/a> and our downtown Flagship Store<\/a> and its a very diverse crowd. Theyre very, very up on fashion. They know brands. They know designers. But really, what they want is value. And thats what we have to offer. Chinese consumer still turning out in spades, chinese tourist shopper in this city . Yes. The asian market tourist trade is very, very big for us. Whens really, really big for sus south american trade, as well. Number one country of tourism we attract is from brazil. Wow. And a lot of the south American Consumers<\/a> really, really love us. Sharon . So close to here, its dangerous for those who us who like to shop. Okay . Ill say that im in there too frequently sometimes down here. I like you. One of the things im curious about is what is the economic demographic of your customer . Many people looking for discounts, need discounts, in survival mode this Holiday Season<\/a> looking at stores like yours and people i know that shop there, wall street earls looking for value and a discount and arent the normal discount customer. Right. I think for us we attract every type of consumer no matter, you know, what economic bracket theyre in. It could be a middle class consumer, it could be a higher class consumer. The main common denominator that everyone has is they love brand names and added value and thats what we do. We have value and no matter who you are and where you come from, a brand name an you get to wear it for lesser price than somewhere else. 900 bucks that wall street earls spending on the spouse this year . I dont know. I hope so. I like that report. That was really, really great. Sounds like my mothership. My mantra in life. This particular Holiday Season<\/a>, the expectations for the last couple havent been so great and inventorys reflected that. Are you ramping up inventory build expecting a better Holiday Season<\/a> this year . Maintaining a tight watch on our inventory. The worst thing to have is have too much inventory. We are very conservative in that. We know what we need. We have a close watch of our weeks of supply in each store and were where every buyer accountable for that so we know what we need to have in our inventory and we watch it very, very closely. You guys are the weather, right . How concerned are you about this noreaster coming and the impact to have . I started working in 1979 and my wife calls may weatherman because every day i look at it and see, sunny out . Going to rain outside . It affects the business so, so much. Really more than anything else so yeah. That noreaster coming on black friday could be a disaster. Hopefully, you know, it will be wont be as bad as they say and people come out and shop. If you open that store in chicago for carol ill be there. And 28 degrees and eddie, thank you so much for stopping by this afternoon. Good luck this Holiday Season<\/a>. Let us know how it guess. My pleasure. Thank you for having me. Happy thanksgiving. Same to you. Over to dominic chu now. Dom . Kelly, we are watching shares of analog devices, stock moving higher in the after hours after posting better than expected Fourth Quarter<\/a> results and the stock up there by 2 . About 107,000 shares traded. This a company with analog semiconductors, going into all kinds of devices, so maybe an indicator for some about the health of that particular industry. Back over to you. Always keeping an eye on it for that reason. Thank you, dom. Barbie is knocked off the perch. Longtime monarch of the holiday presence for girls is replaced by elsa and frozen as the top toy. The big story on cnbc. Com. See if it has heat for the hot list ahead. Few businesses seen more changes than the Music Industry<\/a> and through the digital transformation, one band had staying power is grateful dead. Coming up, well talk to did deads long time manager about the state of business and what it takes to be a deadhead in the digital age. [ radio chatter ] [ male announcer ] andrew. Rita. Sandy. Meet chris jackie joe. Minor damage, or major disaster, when you need us most, were there. State farm. Were a force of nature, too. Were a force of nature, too. Then all the parts. Come together, and there it is. Our new car so, thats how santa fits it in his sleigh. Wow. Wow. The magic of the season is here, at the lexus december to remember sales event. This is the pursuit of perfection. I would not say im into it. But lets see where this goes. [ buzzer ] do you like to travel . Im all about free travel, babe. Thats what i do. [ buzzer ] balance transfers you up for that . Well unh. Too soon . [ female announcer ] fortunately, theres an easier way, with creditcards. Com. Compare hundreds of cards from every major bank and find the one thats right for you. Creditcards. Com. Its simple. Search, compare, and apply. [ ice rattles ] everyone likes a deal. Tough hear about the one of saks fifth story. Lets check in with allen wastler. You are right. Readers are loving this story. It makes the ceo look like a genius on the air earlier today and talked about itment he bought saks fifth avenue last year for about 2. 9 billion. Okay . And, oh, well, this week he had one building. Flagship building in new york, it was valued at 3. 7 billion. So, you know, he bought the whole company. A building outpriced it. He took a victory lap. Everybodys loving that story. Number two on the list, this is one we picked up from usa today. Theyre changing the rules about pensions and 401 k s. The pension benefit guarantee corporation, they said now you can roll your 401 k money into your company pension, assuming your company has one, and they will allow that to increase your payment from the pension. Now, remember, they only insure things up to 60 grand. They say that limit wont apply to what they add in from the 401 k so you get a bigger boost. If your pension goes under, then you get that back, the 401 k money back as a lump sum and then the payment from the benefit corporation. So not a bad job summing that up. Tricky one. Tricky, tricky. Complicated. This is not so tricky, though. Theres a Public College<\/a> in new jersey, king college, they have bought a conference table for 219,000. This is a taxpayer funded institution, mind you. They bought it. The president of the college is saying, whens the big deal . Everybody, if we bought it in china, the United States<\/a>, it would be half a million dollars. Anyway, investigation started. People shouldnt be spending that money. Sounds like a good table. A map and lights and very fancy. Yeah. Anyway, thats my outrage click for the day. The conference table outrage seems to follow the peak of an industry. Thinking about financial world, too. Thank you for now. Good point. Yeah. Lots of good stuff on the website. Industry observers said the Music Industry<\/a> is all but dead. Unless your name is taylor swift. Well talk to the long time manager of the grateful dead his take and maybe a few wild stories from when the music business was different than today. Tune in friday when closing bell hit it is road to connecticut. Live for black friday at the stamford town panel. In the area, come down and say hello and we want the know what youre buying. Thats all on friday on closing bell special early coverage 12 00 to 2 00. We have opec meeting and so much more to talk about. Were back in two. Who do you trust . Whose analysis is accurate . How do you make sense of it all . A simple, unbiased stock score consolidated from the opinions of independent analysts. Is that too much to ask . Nope. Equity summary score, powered by starmine, will help you execute your ideas with speed and conviction. And its only on fidelity. Com. Open an account and find more of the expertise you need to be a better investor. Having a perfectly nice day, when out of nowhere a pickup truck slams into your brand new car. One second it wasnt there and the next second. Boom youve had your first accident. Now you have to make your first claim. So you talk to your Insurance Company<\/a> and. Boom youre blindsided for a second time. They wont give you enough money to replace your brand new car. Dont those people know youre already shaken up . Liberty mutuals new car replacement will pay for the entire value of your car plus depreciation. Call and for drivers with accident forgiveness, Liberty Mutual<\/a> wont raise your rates due to your first accident. Switch to Liberty Mutual<\/a> insurance and you could save up to 423 dollars. Call Liberty Mutual<\/a> for a free quote today at see Car Insurance<\/a> in a whole new light. Liberty mutual insurance. Welcome back. My next guest spent two decades in the Music Industry<\/a> ranging, yes, the grateful dead. Now Richard Lauren<\/a> is telling all in a new memoir titled high notes and joins us at post 9 and so great to have you here. Welcome. Nice to be here. Nice to be here. We should ask you about your investments offer something or stocks but i think you have more interesting stoi ining stories. The legalization of pot, should i try . I dont have a comment on that. You know, it is like everybody gets high. Really . Drink a cup of quay smoking tobacco, having our martinis. People want to alter their consciousness. Youre right i must be hanging with the wrong people. Isnt music a different kind of the same idea . Look at the way people listen to it today. The transformtive effect of music on me was amazing. It transformed my life and spoke to my soul. I got to befriend these great musicians. At a time when rock was a movement and it was a catalyst for change. Everybody was excited about what was happening. Were going to change the world. Flowers in your hair. You know did it work . You tell me. But you were a business man, too. You were a combination of live nation and la la pa loo sa. One foot in the Business World<\/a> and the other in the ba backstage with the musicians. I had the best kind of both worlds. I know which one you had more fun with. You know which one. Truly, when i think about the grateful dead, really, as much as the music is amazing, it is a lifestyle and it is about creating the Affinity Group<\/a> of people who come together with music at the core. So when youre talking to an artist or entrepreneur from today, how do they harness the powe of that community to make their art more successful . They dont. The corporatization of the entertainment world has changeded everything. It was more fluent, more exciting back this those days. Youd find a promoter, a new wand, now, its all kind of planned and scheduled. Ultimately, the the creative impulse and what people want to do and hear will have to circumvent that, wont they . I think so. Im really happy with the lot of new groups out here, the avett brothers, lunineers, i think its starting with the roots and in communities. A lot of kids just Start Playing<\/a> to play. Because its hard to get a record deal today. Have to have connections. How important are some of the new shows like nbcs the voice, some of these shows that are trying to break through new artists and really getting them signed. Thats really changed the Music Industry<\/a> as well. I dont know, i try to embrace leisure at my anyone. What do you mean by that . I dont work in the music world any longer. I just enjoy listening to music. But young people who love the grateful dead who may not have been alive in their hey day are coming to you for advice on how to get started. Theyll read my book and get insights from that, i think, but its like i said, it was a much different world. How about streaming versus you know, vinyl . Well, i grew up with vinyl, obviously. Sure. And now, im digital. I sold all my records and now, i find kids are buying vinyl and they say that the sound is better. I think it is. Just not near the cracks. What about the spotify with taylor swift where they dont want pieces of it sold off. Of course. They want to protect their vested interest. People getting music for free. I think all music should be free. But you have to pay this is interesting. We talked to the team around garth brooks. Theyve had a different, staunch attitude about never giving away the music for free and are now giving away the competitor. Do you think free is the way to go or protect and charge . I think music should be free. Live music should be free. The grateful dead always allowed tapers. Thats why there are so many dead fans today because every show was taped and now, theyre releasing this music. They make the money then on the merchandise and performing. Theyre grateful they were never really theyve got a cult following. I like her a lot. I cut through. Thank you for being here. Really appreciate it. Much more in the book high notes is the name of it and we thank you for your time and safe travels. Happy thanksgiving. Rock on, guys. Take care. We know have a news alert on her balllife. Shares may or may not be. Heres the reason why. Scott wapner is reporting the Ceo Michael Johnson<\/a> has exercised options. Stock options to buy 750,000 shares of hlf stock. These were set to expire in december, so just next month the Company Tells<\/a> wapner that its a vote of confidence in herbalifes future. Back to you guys. Thank you very much. When we come back, well take a quick break and then relive some of our own Favorite Music<\/a> fe festvals. Back in two. Final thought here with the panel. Black friday, what are you doing . I have this tradition of not stepping foot in any retailer during black friday. That doesnt preclude me from purchasing on my computer. They could also purchase an action figure. Limited supply. A very limited supply of the action figure left. Sherry . Exactly. Its in development, absolutely. No, i dont really like to go shopping on black friday either. Id rather shop online, but unfortunately, santa doesnt always get the letter until the week before christmas, so, theres a lot get 100 satisfaction guaranteed. Dr. J, you shopping black friday . Yeah, ill be having a cnbc film crew follow me around the mall of america. Youre going to the mall of america . Wow. Okay. Yes, i will definitely can hold that one down. Please safe travels, especially getting back to these parts of the country. Fast moneys coming up in a few moments. Melissa, you need an action figure. I have one. No, i dont. Doesnt move or nirks but its pretty awesome. The snowstorm is going to come bearing down on the east coast, so weve got an exclusive with the ceo of generac. Fast money starts now. Live from the knanasdaq market site. Your traders are we start off with breaking news on a possible twitter acquisition. Speculation about what twitter may buy. We have learned twitter may be targeting shops, the Justin Bieber<\/a> a source close to the Company Tells<\/a> us twitter has engaged in talks with shots and centers around 13 to 18yearolds. 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