Transcripts For CNBC Closing Bell 20151021 : vimarsana.com

Here. Bucking the trend of ipos, look at ferrari. Those shares are trading on their first day of trading at the New York Stock Exchange. Luxury automaker also lining the outside of the exchange with all these different models. You can see whether the stock can hold on to these gains as we head into the close. Looks like the most expensive used car lot in the world outside on broad street today. Meanwhile, carl icahn is getting political. Hes launched a 150 million super pac with his own money. Well break down whats behind the billionaires move. And china versus mexico. Henry mcvey in a cnbc exclusive. Hell tell us what he found over there. Very, very instructive. You want to stay tuned. Lets start with this crazy story about valeant pharmaceuticals. Meg has this story about the huge decline. And finally the Company Coming back with a response of some kind. It has been a crazy day for valeant. Lets start by whats been going on. Today there have been some reports into relationships with socalled specialty pharmacies. Specialty pharmacies essentially streamline, getting drugs to patients as a way for companies to essentially alleviate their copays and get around insurers to deper patients from using high price drugs. So thats not illegal. Accounting fraud at valeant through use of these specialty farm sis, accusing them of booking revenue before the prescriptions are actually used. Valeant calling this report erroneous in its statement today. And responding to a couple other things coming out. Interestingly, our scott walker reported that one of the top holders of valeant, saying hes buying two million shares of the stock today, saying clearly a vote of confidence there in valeant. As of june, was the Third Largest holder in valeant. This presumably could make it the second largest holder of valeant stock. Ive been speaking with folks today about what is going on here. Somebody pointed out to me that with the holders in the stock, including value act, and the entire battle that went on with allergen earlier this year, a lot of really senior, sophisticated people have combed through these numbers and didnt find any sorts of fraud or anything like that. So its really a huge question of whats going on here. But the shares are recovering after that vote of confidence. And bill ackman being the guy that put out a 200page report detailing the Business Structure as he sees it of herbalife. So you assume hes somebody taking a granular look at exactly how valeant is doing its business, because theres a lot at stake. Thats definitely right. Its interesting to see the shares reaction today. Valeants been under fire all year. First it was high drug price increases after acquiring drugs. Monday, folks seeming to not really like the changes in valeants business models. It is under investigation from the attorney general in massachusetts and new york, and a senator. Valeant really under fire from a lot of sources here. It will be interesting to see how this continues to play out. One of the Big Questions it regarded there, their relationship with these distributors, these pharmaceutical Distribution Companies. There were some rather interesting developments in that regard about these Distribution Companies and how they operate, right . Yeah, thats true. So theres this company, a Specialty Pharmacy company. An investigative report out of the Southern Foundation for investigative reporting i just got the name wrong. Its surf. Essentially saying valeant hasnt disclosed a relationship with the Specialty Pharmacy. They say that they are actually the same company. And that valeant had actually sued rno to get 69 million back. Its all very confusing. Valeant in its statement not going so far as to actually comment specifically on that. But does explain that filador provides back end services to other pharmacies. So trying to explain the relationship that way. But all this is very confusing, guys. It is. The shares down about 17 . Trying to demystify all of it. More straight forward is ferraris ipo today. Lets get over to bob pisani tracking the action at the trading post. Its a respectable opening for them. Lets review whats going on. Very busy earlier. Priced at 52. Opens at 56. Basically throughout the day, its pretty much flat lined around 56. Thats a respectable showing. Look at the volume here. North of 20 million. Its traded more than 100 . Thats an indication of very active trading. You do more than 100 of the volume, youre doing pretty well. But ive been emphasizing, this is a very strange ipo. Whats different is the momentum and the stock story itself. Its got a luxury brand. So its got higher multiples. Higher margins. Ferrari. All much more higher margins there. Its sexy in the extreme. Thats whats driving this particular story. You know about the issues. Theres concerns about a slowdown among luxury buyers in china and the middle east. He can deal with it and find new buyers. Concerns that they might cut prices. He is not going to do that. Said it several times on our air. And finally, theyre going to spin off the remaining 80 of the company that the Fiat Chrysler company owns in january of next year to the fiat share shoulders. This is also different because the ipo market has been very, very different than ferrari has acted. In the last four weeks, theres only 14 ipos and only two of them are priced in the expected range. Averagely priced 22 below the midrange. Ferrari is the only one thats come out in the middle there. Nothing has priced above the midpoint of the range. The only good news. Its been better. Theyre up about 11 . Those 14 that have actually traded. So good news for ferrari. Good news for the owners of 8 . The bottom line is it is not representative of the overall ipo market. Up 8 , thats respectable. But ferrari didnt even get out of first gear from that perspective. With that kind of a game today. Bob, thanks. Well see you later. Lets get to our Closing Bell Exchange today. With us, heather hughes. We have peter costa from empire executions at post nine. Rick santelli in chicago. Peter, still a narrowly traded market. Were supposed to be focusing on earnings right now because the flood continues. And most of the High Profile Companies have continued to disappointment. Why hasnt this market sold off more, do you think . Well, theres been some stocks that havent disappointed. General motors being one of them. The stock is acting real well today. You know, this is a market of two separate viewpoints. Theres the bearish viewpoint, which im leaning in that direction. Theres the bullish viewpoint. Theyre looking at different data streams that are positive. I think you have two different sides pulling at each other. Thats why theyre in this very narrow trading range. Theres those people that are still positive. They find theres still some upside momentum and they want to try to take advantage of the different stocks that are having that upside momentum. Were going to see this market the rest of the year. One area that seems stronger lately is real estate. I wonder if you guys are playing that as a theme, or where are you putting money to work . Specifically right now, we would be looking towards the Housing Market for improvement there, as overall improvement on the broader economy. We would see telling signs of that. First coming from the real estate market. I cant comment if were buying the housing sector or not, but i will tell you that financials, the banks are in focus, i do know that. Technology has also been in focus as some big megatech names have been hit as of late. You just mentioned ferrari. The technologies represent only 14 of the total ipo market. Let me jump in, everybody. Were getting a new statement from valeant. It categorically denies the allegations made in the sit ron report. Saying sitrons false and misleading statements about valeant appear to be an attempt to manipulate the market in an attempt to drive down stock price. It believes its compliant in regulations and laws. A stronger response there from valeant, kelly and bill. Wow. Where was that the first time . Right . Yeah. As we see with each passing hour, perhaps they get the sense, the way this is playing out, it is not favorable. What is interesting about this as well, if theyre categorically denying it, you bet every single farm or Business Reporter more broadly has got to be looking deeply into these allegations right now. Also saying they are categorically false. That could be interesting for them Going Forward. Absolutely. Im sure everybodys going to be digging through this and getting to the bottom of whats really going on. So we just really want to understand it better. Thank you for now. The latest statement from valeant. Whats catching your attention in the area that you follow these days . Anything . The fixed income market has very few new inputs to price off of. I think in many way, thats going to keep the stock market mostly buoyant. These are the issues that move markets. So whether its china or something on the global economy, i know were going through earnings season. I dont see a motivation. I think rates are going to stay very close to where they are in terms of tenure, very close to 2 . In terms of bonds. I think the biggest story to continue to stay on top of is theres a lot of things about the u. S. Economy that may not add up to all the free marketers out there. But from investment standpoint, i really do think we are a lot more insulated. So the first jobs report, any news regarding the fed, the fed meeting, but outside of that, i think its steady as she goes. Yeah, steady as she goes, but you never know when youll get one of those wild pitches. It can ruin your whole day. By the way, we have another interesting move. In oil today, moving to the downside. More reports about whether its in the crude product or the refined product. Gasoline prices have finally been plunging. Are these two factors offsetting each other in the market, both the hit to the Energy Market but maybe a boom to consumers . You have to look at it whats the best scenario . The best scenario is if the Oil Companies get a tighter margin, expanding margin. And that the price of gasoline stays at this level or comes back in. Were getting to a point where were going to start seeing a base again. Oil at some point around the 38 to 35 level, thats where its going to bottom out. Weve seen it two or three times. From there, i think theres a lot of room on the upside. How much oil do you need for the 50 ferraris you have outside . Im in the wrong seat today. Im coming up to the exchange next time, i promise. You got it. Love to have you there. 45 minutes to go into the close. The dow is higher by 28 points. A couple of Big Companies to thank for that as well. We have boeing today. Travelers also having a nice session. The s p is down two points. Nasdaq giving up 14. Well talk about twitter when we come back. Very volatile recently. Morgan stanley downgraded this morning. The bull and the bear cases on whether this is a stock worth buying on the dips or selling. The new ceo of angels list speaks with us exclusively. Find out how he plans to boost earnings amid rising competition from the likes of facebook. Stay tuned. When youre not confident your companys data is secure, the possibility of a breach can quickly become the only thing you think about. Thats where at t can help. At at t we monitor our Network Traffic so we can see things others cant. Mitigating risks across your business. Leaving you free to focus on what matters most. [female announcer] dsave up to 400 on beautyrest and posturepedic. N, get interestfree financing until 2018 on tempurpedic. Plus, helpful advice from the sleep experts. Dont miss mattress price wars at sleep train. Welcome back. Shares are slipping as Morgan Stanley is downgrading its stock, calling for a 24 price target. But is it too late to fix twitter at this point . Jack mar sees a tremendous amount of potential. I will say youre hardly a raging bull because youre not exactly in line with jack dorsey. Not at all. Jim cramer is i are on opposite sides of the page here. He loves dorsey. He sees him as a visionary. I see dorsey as a visionary, too, but man, if you were listening or watching that last conference call, it was pretty discouraging. It didnt seem like the like really anyone on the Upper Level Team were under urgency of their situation. I think at these levels its very interesting. I think its a very binary situation. I think its either going to be a success if their initiatives are executed. But there is a lot of risk there. Thats why its really tricky to try to trade this thing, or value it. And it sounds like a lot of your concerns echo this Morgan Stanley report, one of which they say is ad growth. That twitter is already pretty saturated. Doesnt have a whole lot more room to grow in that regard. Yeah, theyve made some optimizations to make it easier for advertisers. Thats not the problem. User growth is the problem. Twitter is not a social network, its really a news platform. They dont know how best to monetize that. If you cant grow the user base, youre not beginning to be able to increase ad revenue significantly. I really think that this the opportunity has passed. I mean, i hate to say it, we said it before, maybe last week with bill, you have recycled leadership that has a second fulltime job. I dont know that thats the right formula to reenergize user growth. And we also talk about the possibility and this has been going around forever, the possibility of a takeover of some kind, lou. I mean, would that is that finally the thing that makes the most sense right now . I think it does. Not at these levels, but the only reason i wouldnt short the stock is its hard to know at what price point a suitor becomes interested. I dont think its worth the risk very reward. I do think that twitter is going to struggle to really break out from being a niche product. Its not the next Facebook Like they had originally hoped. What do you think is most important here, and if it is product, do you think that jack dorsey will be able to pull it off as he continues to announce a lot of new issues just since hes been back at the helm. I think adam bay could pull it off. Im pretty confident about that. What id say, they havent figured out how to monetize effectively. Thats a problem, but at the same time, its an opportunity. Facebook was in the exact same position a few years back. And they really hadnt figured out how they were going to actually make money off of their product, even though the potential is there. So thats what im saying. It is a bet. I think you do have an incredible operator, that also has a vision. You have a collection of characters there, that if they could really come together and pull this off, i think it can be a powerful product. And i would also say that florida that the takeover kind of option gives you is pretty meaningful. And i think around like 26, 27 i cant see it going much lower. But i see a tremendous upside over the longterm. So i like the risk reward. All right. Well see what happens. Good to see you. No doubt well have this conversation again at some point. Lou, jack, good to see you both. Thanks for joining us. Heading to the close. 40 minutes left in the trading session here. Look at that. When was the last time you saw the dow virtually it was unchanged a moment ago. It was 00. Coiled spring. Angies list plummeting. The new ceo tells us whats going on, next. Also, coming up, the head of global macro and Asset Allocation at private equity giant kkr, hes just back from a trip to china and to mexico. Well find out why hes bullish on our neighbor to the south. And get a very interesting take from henry mcvey on china as well. Stay tuned. They disappointed today. The stock was down more than 6 on the open. It was now up almost 7 . We will point out that it is a rather thinly traded traded stock. The market cap is about 300 million. The company did lower its fullyear guidance. Its caused some volatility. Its moved into positive territory. Joining us now, the ceo. Welcome to the program. Thank you for having me. Most notably about angies list, the speculation. Are you committed to being an independent company . Well, listen, were focused on doing whats in the best interest of shareholders. With 20 of our shares in the hands of management in the board, were fully aligned with the interest of shareholders. Well do what will create the best longterm value for our shareholders. I was reading the transcript from your conference call. You had your opportunities for improvement. You must do a better job of measuring what matters most. Improve the effectiveness of your sales force. You just came onboard in september. Youve done a top to bottom look at this company. This is a company in need of a bad turnaround. Weve had our execution challenges. Theres incredible assets to build on. The brand is incredibly powerful. The data that we have is granular. Across 250 markets, 720 categories. Most importantly, we catalyzed 10 to 15 billion of commerce around our whole ecosystem. So those relationships are really enduring. What we need to do is really, you know, leverage those assets together with better execution and i think well have a chance to create some fantastic shareholder value. A lot of investors, scott, looking at the potential for you, and maybe a home away here, are excited by those assets that you mentioned. The potential to come into this space in an even bigger way. You mentioned your board earlier. Do you feel like your board is standing in the way of unlocking more shareholder value through a combination . The board is fully aligned with the interest of shareholders. I think when you look at the different opportunities that we have to grow the company, i think theres a lot of value thats invented there, and im confident that well be able to unlock that volunteer. Were very focused on strengthening the core. Were very focused on improving execution. As i said, we can unlock that value if we do so. What are some examples of ways that you can do so on your own at this point. I see youre marketing already. What are some ways you can either get new people onboard or continue to monetize the existing customers . We Just Announced this morning, angies fair price guarantee, and angies fair New York Stock Exchange<\/a>. Luxury automaker also lining the outside of the exchange with all these different models. You can see whether the stock can hold on to these gains as we head into the close. Looks like the most expensive used car lot in the world outside on broad street today. Meanwhile, carl icahn is getting political. Hes launched a 150 million super pac with his own money. Well break down whats behind the billionaires move. And china versus mexico. Henry mcvey in a cnbc exclusive. Hell tell us what he found over there. Very, very instructive. You want to stay tuned. Lets start with this crazy story about valeant pharmaceuticals. Meg has this story about the huge decline. And finally the Company Coming<\/a> back with a response of some kind. It has been a crazy day for valeant. Lets start by whats been going on. Today there have been some reports into relationships with socalled specialty pharmacies. Specialty pharmacies essentially streamline, getting drugs to patients as a way for companies to essentially alleviate their copays and get around insurers to deper patients from using high price drugs. So thats not illegal. Accounting fraud at valeant through use of these specialty farm sis, accusing them of booking revenue before the prescriptions are actually used. Valeant calling this report erroneous in its statement today. And responding to a couple other things coming out. Interestingly, our scott walker reported that one of the top holders of valeant, saying hes buying two million shares of the stock today, saying clearly a vote of confidence there in valeant. As of june, was the Third Largest<\/a> holder in valeant. This presumably could make it the second largest holder of valeant stock. Ive been speaking with folks today about what is going on here. Somebody pointed out to me that with the holders in the stock, including value act, and the entire battle that went on with allergen earlier this year, a lot of really senior, sophisticated people have combed through these numbers and didnt find any sorts of fraud or anything like that. So its really a huge question of whats going on here. But the shares are recovering after that vote of confidence. And bill ackman being the guy that put out a 200page report detailing the Business Structure<\/a> as he sees it of herbalife. So you assume hes somebody taking a granular look at exactly how valeant is doing its business, because theres a lot at stake. Thats definitely right. Its interesting to see the shares reaction today. Valeants been under fire all year. First it was high drug price increases after acquiring drugs. Monday, folks seeming to not really like the changes in valeants business models. It is under investigation from the attorney general in massachusetts and new york, and a senator. Valeant really under fire from a lot of sources here. It will be interesting to see how this continues to play out. One of the Big Questions<\/a> it regarded there, their relationship with these distributors, these pharmaceutical Distribution Companies<\/a>. There were some rather interesting developments in that regard about these Distribution Companies<\/a> and how they operate, right . Yeah, thats true. So theres this company, a Specialty Pharmacy<\/a> company. An investigative report out of the Southern Foundation<\/a> for investigative reporting i just got the name wrong. Its surf. Essentially saying valeant hasnt disclosed a relationship with the Specialty Pharmacy<\/a>. They say that they are actually the same company. And that valeant had actually sued rno to get 69 million back. Its all very confusing. Valeant in its statement not going so far as to actually comment specifically on that. But does explain that filador provides back end services to other pharmacies. So trying to explain the relationship that way. But all this is very confusing, guys. It is. The shares down about 17 . Trying to demystify all of it. More straight forward is ferraris ipo today. Lets get over to bob pisani tracking the action at the trading post. Its a respectable opening for them. Lets review whats going on. Very busy earlier. Priced at 52. Opens at 56. Basically throughout the day, its pretty much flat lined around 56. Thats a respectable showing. Look at the volume here. North of 20 million. Its traded more than 100 . Thats an indication of very active trading. You do more than 100 of the volume, youre doing pretty well. But ive been emphasizing, this is a very strange ipo. Whats different is the momentum and the stock story itself. Its got a luxury brand. So its got higher multiples. Higher margins. Ferrari. All much more higher margins there. Its sexy in the extreme. Thats whats driving this particular story. You know about the issues. Theres concerns about a slowdown among luxury buyers in china and the middle east. He can deal with it and find new buyers. Concerns that they might cut prices. He is not going to do that. Said it several times on our air. And finally, theyre going to spin off the remaining 80 of the company that the Fiat Chrysler<\/a> company owns in january of next year to the fiat share shoulders. This is also different because the ipo market has been very, very different than ferrari has acted. In the last four weeks, theres only 14 ipos and only two of them are priced in the expected range. Averagely priced 22 below the midrange. Ferrari is the only one thats come out in the middle there. Nothing has priced above the midpoint of the range. The only good news. Its been better. Theyre up about 11 . Those 14 that have actually traded. So good news for ferrari. Good news for the owners of 8 . The bottom line is it is not representative of the overall ipo market. Up 8 , thats respectable. But ferrari didnt even get out of first gear from that perspective. With that kind of a game today. Bob, thanks. Well see you later. Lets get to our Closing Bell Exchange<\/a> today. With us, heather hughes. We have peter costa from empire executions at post nine. Rick santelli in chicago. Peter, still a narrowly traded market. Were supposed to be focusing on earnings right now because the flood continues. And most of the High Profile Companies<\/a> have continued to disappointment. Why hasnt this market sold off more, do you think . Well, theres been some stocks that havent disappointed. General motors being one of them. The stock is acting real well today. You know, this is a market of two separate viewpoints. Theres the bearish viewpoint, which im leaning in that direction. Theres the bullish viewpoint. Theyre looking at different data streams that are positive. I think you have two different sides pulling at each other. Thats why theyre in this very narrow trading range. Theres those people that are still positive. They find theres still some upside momentum and they want to try to take advantage of the different stocks that are having that upside momentum. Were going to see this market the rest of the year. One area that seems stronger lately is real estate. I wonder if you guys are playing that as a theme, or where are you putting money to work . Specifically right now, we would be looking towards the Housing Market<\/a> for improvement there, as overall improvement on the broader economy. We would see telling signs of that. First coming from the real estate market. I cant comment if were buying the housing sector or not, but i will tell you that financials, the banks are in focus, i do know that. Technology has also been in focus as some big megatech names have been hit as of late. You just mentioned ferrari. The technologies represent only 14 of the total ipo market. Let me jump in, everybody. Were getting a new statement from valeant. It categorically denies the allegations made in the sit ron report. Saying sitrons false and misleading statements about valeant appear to be an attempt to manipulate the market in an attempt to drive down stock price. It believes its compliant in regulations and laws. A stronger response there from valeant, kelly and bill. Wow. Where was that the first time . Right . Yeah. As we see with each passing hour, perhaps they get the sense, the way this is playing out, it is not favorable. What is interesting about this as well, if theyre categorically denying it, you bet every single farm or Business Reporter<\/a> more broadly has got to be looking deeply into these allegations right now. Also saying they are categorically false. That could be interesting for them Going Forward<\/a>. Absolutely. Im sure everybodys going to be digging through this and getting to the bottom of whats really going on. So we just really want to understand it better. Thank you for now. The latest statement from valeant. Whats catching your attention in the area that you follow these days . Anything . The fixed income market has very few new inputs to price off of. I think in many way, thats going to keep the stock market mostly buoyant. These are the issues that move markets. So whether its china or something on the global economy, i know were going through earnings season. I dont see a motivation. I think rates are going to stay very close to where they are in terms of tenure, very close to 2 . In terms of bonds. I think the biggest story to continue to stay on top of is theres a lot of things about the u. S. Economy that may not add up to all the free marketers out there. But from investment standpoint, i really do think we are a lot more insulated. So the first jobs report, any news regarding the fed, the fed meeting, but outside of that, i think its steady as she goes. Yeah, steady as she goes, but you never know when youll get one of those wild pitches. It can ruin your whole day. By the way, we have another interesting move. In oil today, moving to the downside. More reports about whether its in the crude product or the refined product. Gasoline prices have finally been plunging. Are these two factors offsetting each other in the market, both the hit to the Energy Market<\/a> but maybe a boom to consumers . You have to look at it whats the best scenario . The best scenario is if the Oil Companies<\/a> get a tighter margin, expanding margin. And that the price of gasoline stays at this level or comes back in. Were getting to a point where were going to start seeing a base again. Oil at some point around the 38 to 35 level, thats where its going to bottom out. Weve seen it two or three times. From there, i think theres a lot of room on the upside. How much oil do you need for the 50 ferraris you have outside . Im in the wrong seat today. Im coming up to the exchange next time, i promise. You got it. Love to have you there. 45 minutes to go into the close. The dow is higher by 28 points. A couple of Big Companies<\/a> to thank for that as well. We have boeing today. Travelers also having a nice session. The s p is down two points. Nasdaq giving up 14. Well talk about twitter when we come back. Very volatile recently. Morgan stanley downgraded this morning. The bull and the bear cases on whether this is a stock worth buying on the dips or selling. The new ceo of angels list speaks with us exclusively. Find out how he plans to boost earnings amid rising competition from the likes of facebook. Stay tuned. When youre not confident your companys data is secure, the possibility of a breach can quickly become the only thing you think about. Thats where at t can help. At at t we monitor our Network Traffic<\/a> so we can see things others cant. Mitigating risks across your business. Leaving you free to focus on what matters most. [female announcer] dsave up to 400 on beautyrest and posturepedic. N, get interestfree financing until 2018 on tempurpedic. Plus, helpful advice from the sleep experts. Dont miss mattress price wars at sleep train. Welcome back. Shares are slipping as Morgan Stanley<\/a> is downgrading its stock, calling for a 24 price target. But is it too late to fix twitter at this point . Jack mar sees a tremendous amount of potential. I will say youre hardly a raging bull because youre not exactly in line with jack dorsey. Not at all. Jim cramer is i are on opposite sides of the page here. He loves dorsey. He sees him as a visionary. I see dorsey as a visionary, too, but man, if you were listening or watching that last conference call, it was pretty discouraging. It didnt seem like the like really anyone on the Upper Level Team<\/a> were under urgency of their situation. I think at these levels its very interesting. I think its a very binary situation. I think its either going to be a success if their initiatives are executed. But there is a lot of risk there. Thats why its really tricky to try to trade this thing, or value it. And it sounds like a lot of your concerns echo this Morgan Stanley<\/a> report, one of which they say is ad growth. That twitter is already pretty saturated. Doesnt have a whole lot more room to grow in that regard. Yeah, theyve made some optimizations to make it easier for advertisers. Thats not the problem. User growth is the problem. Twitter is not a social network, its really a news platform. They dont know how best to monetize that. If you cant grow the user base, youre not beginning to be able to increase ad revenue significantly. I really think that this the opportunity has passed. I mean, i hate to say it, we said it before, maybe last week with bill, you have recycled leadership that has a second fulltime job. I dont know that thats the right formula to reenergize user growth. And we also talk about the possibility and this has been going around forever, the possibility of a takeover of some kind, lou. I mean, would that is that finally the thing that makes the most sense right now . I think it does. Not at these levels, but the only reason i wouldnt short the stock is its hard to know at what price point a suitor becomes interested. I dont think its worth the risk very reward. I do think that twitter is going to struggle to really break out from being a niche product. Its not the next Facebook Like<\/a> they had originally hoped. What do you think is most important here, and if it is product, do you think that jack dorsey will be able to pull it off as he continues to announce a lot of new issues just since hes been back at the helm. I think adam bay could pull it off. Im pretty confident about that. What id say, they havent figured out how to monetize effectively. Thats a problem, but at the same time, its an opportunity. Facebook was in the exact same position a few years back. And they really hadnt figured out how they were going to actually make money off of their product, even though the potential is there. So thats what im saying. It is a bet. I think you do have an incredible operator, that also has a vision. You have a collection of characters there, that if they could really come together and pull this off, i think it can be a powerful product. And i would also say that florida that the takeover kind of option gives you is pretty meaningful. And i think around like 26, 27 i cant see it going much lower. But i see a tremendous upside over the longterm. So i like the risk reward. All right. Well see what happens. Good to see you. No doubt well have this conversation again at some point. Lou, jack, good to see you both. Thanks for joining us. Heading to the close. 40 minutes left in the trading session here. Look at that. When was the last time you saw the dow virtually it was unchanged a moment ago. It was 00. Coiled spring. Angies list plummeting. The new ceo tells us whats going on, next. Also, coming up, the head of global macro and Asset Allocation<\/a> at private equity giant kkr, hes just back from a trip to china and to mexico. Well find out why hes bullish on our neighbor to the south. And get a very interesting take from henry mcvey on china as well. Stay tuned. They disappointed today. The stock was down more than 6 on the open. It was now up almost 7 . We will point out that it is a rather thinly traded traded stock. The market cap is about 300 million. The company did lower its fullyear guidance. Its caused some volatility. Its moved into positive territory. Joining us now, the ceo. Welcome to the program. Thank you for having me. Most notably about angies list, the speculation. Are you committed to being an independent company . Well, listen, were focused on doing whats in the best interest of shareholders. With 20 of our shares in the hands of management in the board, were fully aligned with the interest of shareholders. Well do what will create the best longterm value for our shareholders. I was reading the transcript from your conference call. You had your opportunities for improvement. You must do a better job of measuring what matters most. Improve the effectiveness of your sales force. You just came onboard in september. Youve done a top to bottom look at this company. This is a company in need of a bad turnaround. Weve had our execution challenges. Theres incredible assets to build on. The brand is incredibly powerful. The data that we have is granular. Across 250 markets, 720 categories. Most importantly, we catalyzed 10 to 15 billion of commerce around our whole ecosystem. So those relationships are really enduring. What we need to do is really, you know, leverage those assets together with better execution and i think well have a chance to create some fantastic shareholder value. A lot of investors, scott, looking at the potential for you, and maybe a home away here, are excited by those assets that you mentioned. The potential to come into this space in an even bigger way. You mentioned your board earlier. Do you feel like your board is standing in the way of unlocking more shareholder value through a combination . The board is fully aligned with the interest of shareholders. I think when you look at the different opportunities that we have to grow the company, i think theres a lot of value thats invented there, and im confident that well be able to unlock that volunteer. Were very focused on strengthening the core. Were very focused on improving execution. As i said, we can unlock that value if we do so. What are some examples of ways that you can do so on your own at this point. I see youre marketing already. What are some ways you can either get new people onboard or continue to monetize the existing customers . We Just Announced<\/a> this morning, angies fair price guarantee, and angies fair Service Quality<\/a> guarantee. This was leveraging past investments that had been made in our call center, in our customer dispute resolution process. We were incurring a lot of these costs, but we werent getting the lift or the kcredit to address these big concerns. So weve launched these. Im excited about what were seeing in the first few days. And this is one great way to take past investments and costs and turn them into future lift and growth. But how much time will your board give you . Im not going to repeat kellys question. But you do have an activist investor on your board in tcs capital. They called for the company to merge with a home adviser. Something like that. Have you spoken to them specifically . Are they going to give you time to let your initiatives work . Or is it one strike and youre out . Well, i mean, look. I think that what we are talking about really doing here is growing the company, and so ive been here six weeks in this role. Were defining a plan that were going to announce at investor day early next quarter. And i think investors will reach their own judgment about whats going to create the best longterm value. Were looking at all options. There does seem to be a scramble these days. Thank you for joining us. Appreciate it. We have breaking news on at t. Seema modi stepping in with that story. What do you have . At t shares are moving on a report from dow jones. Reporting that at t says the consensus estimates are inflated. They also see that at t says many q3 estimates include directv revenue for the full month of july. At t says q3 results will only include directv revenue since july 25th. Keep in mind, it was july 24th when at t completed the directv acquisition of 48. 5 billion. So thats the news. We did see shares down as much as 1 . Just the last two minutes, still down three quarters of a percent on this dow jones report. Back to you. Its one way for analysts to get the message. Thank you, seema. Well keep a close eye on those shares moving to the downside. Lets get to a news update with tyler matheson. Thank you very much. Heres whats happening in this hour. The white house slamming russia for its red carpet treatment of syrian president bashar al assad. Made a rare visit to check in with vladimir putin. It said their welcoming of assad was at odds with their stated goal for a political transition in syria. House Speaker John Boehner<\/a> announcing the gop Leadership Conference<\/a> will meet next wednesday to vote on a candidate to replace him. The full house will then cast its vote the next day. He says hes confident that representative paul ryan, who said hes open to the position only if he has full republican backing, will get the support he needs. Afghan Government Forces<\/a> fighting to push the taliban back in Helmand Province<\/a> after a fierce battle erupted the day before. The government said troops backed by air support had pushed the taliban some five miles away in fr the capital of that southern province. And espn will cut about 300 jobs, roughly 4 of its work force. The sports channel is under pressure from viewers who are migrating online by passing cable subscription rates. Espn is owned by disney. And that, folks, is the cnbc news update at this hour. Back to you guys. Dont see that headline often with espn. Nope. Tyler, thank you. 30 minutes to go. The dow back into positive territory. Its been fluctuating all day. The s p down by six. The vix a little bit elevated. So many interesting stock specific stories. Look at chipotle. Look at yahoo . Look at gm moving to the upside. Very stock specific today. As you know, anything can happen in that final most important halfhour of the trading session. A top trader will tell us what hes focusing on when we come back. And then, henry mcvey explains why he is bullish on mexico. Watch out, donald. Stickers. Ntly, they ale whats up with these things, victor . We decided to give ourselves stickers for each feature we release. We read about 10,000 suggestions a week to create features that as traders wed want to use, like social signals, a tool that uses social media to help with research. 10,000 suggestions. Who reads all those . He does. For all the confidence you need. Td ameritrade. You got this. Welcome back. Lets check in with alan valdez. Hello to you. This market feels like its a coiled spring, ready to move one way or the other. What are you watching . We are watching whats going on in the biotech world. Energy for the biotech. Were going to keep a close eye on that. Thats really been fueling the market the last year. Is that a valeant specific issue ultimately . Or is it something that is just getting to broader concerns about sector . It is getting broader concerns. Starting to lock at other ones. Were not sure if its just that name in particular, or if its going to spread. Thats the problem. So we need leadership. Where is it going to come from . Energy is falling apart. That keeps getting worse every day. Actually, even those earnings season is coming, only about 44 of the companies have beat revenue. Earnings season has not been that good here. What about the consumer. Gasoline prices looking better. Some of the indicators are okay for the u. S. Consumer. I think so, especially coming into the holiday season. More disposable money. Go out there and spend. Whats the gift of the season . Do we know yet . I dont think too many people can afford that one. Thank you so much. Thats a great line. Thank you. Our next guest is just back from china, japan, and mexico. He returns with three different stories to tell. And plenty of advice for jittery global investors. Joining us, we welcome back henry mcvey at kkr and company. Good to see you again. Thank you for having me. Let me start with china. Thats what everybody is focusing on. The Growth Engine<\/a> of the world, if you will. The gdp number was not horrible, but its clear that things are slowing down there. What did you find when you went through . I think most people typically think about china in two ways, which is fixed investment, the second bucket would be the consumer. Youve always been able to say consumption is doing quite well. I came back this time saying fixed investment is slow. Where youre really seeing the changes in the consumer, i think the anticorruption is really affecting demand. Also i think that new things like the internet, where theyre creating issues where people are changing how theyre shopping, also a lot of that fixed investment is creating excess capacity. We have 16 companies in china. Were really focused on what we call a china 2. 0. Environmental is very big. Health care. A lot of food safety. So i think you really have to pick your spots. I think investors looking for a big bounce in china are misguided. Structurally, a lot of things we think are going on globally. Obviously we have a footprint all the way around the world. We see that fixed investment continuing to slow. Even in the u. S. , the jobs numbers in the good sectors is now negative. I was going to ask about brazil and other emerging markets. Fortress wound up shattering their macro fund over. What do you do with brazil now . What do you do with other emerging markets . I think it depends on are you doing equity or debt . Weve got a very big practice. We go kind of higher up in the capital structure where we try to get some security, some coupon payments. A lot of this slowing in china. Dollarbased bonds issued in australia. Commodity producers in brazil. Indonesia. We see a lot of restructuring for companies that are coming to us and saying can you help us refigure our balance sheet. So from a debt standpoint, thats the way i would play it. I think from the equity arena, were most excited in terms of what we see in the u. S. Thats kind of our longstanding practice. Private equity, we continue to do things around the u. S. Consumer. Id say if you looked at one cyclical indicator, household formation has really exploded to the upside. I think theres good things associated with that. Overall, were later in the cycle. I think its time to make sure you understand whats going on. Profit margins are at pretty high levels. The china situation is pretty unsettled to some degree. There are a lot of things where i take a couple years ago, you wanted to be just in the equity. They have a more balanced approach. Theyre struggling. I think the person was mentioning this earlier. Theres not a lot of Revenue Growth<\/a>. The old model was doing cost cutting. I think trying to find new markets. Weve been very active in japan. I think one of the things we took away from japan is there are a lot of companies that want to grow outside of japan. With our global footprint, were able to help them do that. Its public. If you look at panasonic, we bought their Health Care Division<\/a> and we worked with panasonic Parent Company<\/a> and we took it abroad and weve done acquisition and helped them grow. Its definitely what weve been terming an adult swim. You have to know what youre doing out there. But there are some interesting opportunities. People saying we love japan right now. I dont think that story is over yet. Mexico. You were impressed with what you saw. Weve been spending a lot of time in mexico. Id say you have to know what youre doing in mexico. Theres very much of a local bias. Whats different about mexico, if you were to contrast that with china, is that the consumer is really coming out. Whereas in china, you may have had too much credit growth. Or brazil, i think this is what you were mentioning, too much credit growth. In mexico, you havent had enough. Were starting to see signs where the formal economy is growing. Wage growth is growing up and theres credit extension. If you couple that with the reforms, its pretty encouraging, two things we noted. One is Natural Gas Prices<\/a> are down 20 . And then second is if you think about the telephone, their costs are down 20 there, too. So people are thats what busting up a monopoly will do. It will give you an opportunity to spin. Thank you for joining us. Love to hear about it. Henry mcvey from kkr. Data download. 20 minutes to go to the close here. Watching these markets trying to digest it all. The dow is down about five points. The nasdaq down by about 30. American express stock down more than 17 this year. Ebay finding its footing. Trying to. Spinning off paypal in july. And both will report earnings after the bell. Well bring you those results and complete analysis. Ferrari first made headlines at the New York Stock Exchange<\/a> with the ipo. But if you havent had enough cars on cnbc, tonights latest primetime edition of jay lenos garage with guest stars Laurence Fishburne<\/a> among others. Looking forward to that. I love that show. Really. And i would love it if it was in another network. I just love what jay leno is doing. Youre watching cnbc, first in business worldwide. Carl icahn announced hes forming a super pac. Hes pledged 150 million of his own money to push for Corporate Tax<\/a> reform. Trying to get rid of tax aversions. Scott walker talked to the billionaire investor earlier today on the halftime report. Guys like me, and ive said this before, should be doing much more to get involved in the political arena. Because the political arena today is completely dysfunctional. Just as companies were, and are to some extent. Scott joins us now. What should we expect out of this super pac, scott . I think hes going to put some of that 150 million and any other third party money that he raises to try and change some of the dysfunction in washington. Hes already had a number of conversations with leaders in d. C. Hes sent the letter that we highlighted today to every member of the Senate Finance<\/a> committee. Every member of the house ways and means committee. Anybody who deals with taxrelated issues on capitol hill, is getting the letter. And ideally and earful from icahn about trying to change the law. Hes centered his attention mostly on inversions. Whereas a Company Changes<\/a> its domicile to pay a lower tax rate. Weve seen it the last couple years, particularly in the pharmaceutical business, in the way that some of the transactions have been made. He wants companies to be allowed to repatriate their money without paying a double tax. And hes going full throttle and hes doing it the best way he knows how, and that is with 150 million of his own money. Right. And now we know how successful hes been legendarily as an activist investor. Can he have the same batting average as an activist politically . Especially when youre dealing with as dysfunctional a congress as we are now . Quick to admit exactly what you said. That theres such dysfunction in washington, that its really hard to overcome. In the conversations that he has had, and he laid this out in the letter as it related to Chuck Schumer<\/a> and paul ryan, i talked to them. They completely agree that we should do something immediately. Every lawmaker who has appeared on this network for the last couple of years, when we say do we need comprehensive tax reform, everybody says yeah. Until they go back behind closed doors. And then they say no way. I dont know if its dysfunction so much as fundamental disagreement in congress. On that note, it will be interesting to see if they can get people to work together. Thanks, scott. We have two turning points for two companies releasing earnings tonight. Am ex has a sixquarter win streak on the line. And weve got ebay releasing its first number since spinning off paypal. Mary thompson is here to preview amex. Josh lipton on ebay. American express seen posting little change in Third Quarter<\/a> revenue in a 6 decline in earnings for the last quarter. Back in september, they were flat to down modestly in the first part of the quarter. We look for amex to keep a tight hold on costs in order to drive earnings. Investors listening for any updates on the firms progress in make up for the loss of its costco business, where its exclusive agreement with the retailer ends next year. Kelly . Thank you, mary. How does it look for ebay, meantime . Well, kelly, it has been a tough time for ebay. That stock in the red. Down some 15 since it started trading separately from paypal back in al. Analysts expecting 40 cents on revenue of 2. 09 billion. Suntrusts bob peck will be close to watching that gmv number. The total value of all closed items on ebays training platforms. Peck says theres a chance gnb is flat year over year. That would be bad news, and another indication that rivals like amazon are taking share. Kelly, back to you. Well see both of you in a couple minutes here. 13 minutes to go into the close. The dow moving lower. Its off 28 points at the moment. The s p down about ten. The worst of the selloff apparently is over according to our next guest. Stay tuned. [ male announcer ] eligible for medicare . Thats a good thing, but it doesnt cover everything. Only about 80 of your part b medical expenses. The rest is up to you. So consider an aarp Medicare Supplement<\/a> insurance plan, insured by unitedhealthcare Insurance Company<\/a>. Like all standardized Medicare Supplement<\/a> insurance plans, they could save you in outofpocket medical costs. Call today to request a free decision guide. With these types of plans, youll be able to visit any doctor or hospital that accepts medicare patients. Plus, there are no networks, and virtually no referrals needed. Join the millions who have already enrolled in the only Medicare Supplement<\/a> insurance plans endorsed by aarp. And provided by unitedhealthcare Insurance Company<\/a>, which has over 30 years of experience behind it. With all the good years ahead, look for the experience and commitment to go the distance with you. Call now to request your free decision guide. Be part of the conversation. Queen. In a good way. With all the latest episodes of your favorite dramas, xfinity on demand lets you catch up and keep up with fall tv. Dont get voted out of the tv gossip. Be part of the conversation. With all the latest episodes of your favorite reality shows, xfinity on demand lets you catch up and keep up with fall tv. Its been that kind of day. Here we are down, what, 36 points now. Art casually just walked by and said flat, no bias up or down, heading into the close here. Joining us, the scouting report says you think the worst of the selloff is over at this point. I do. I think its in the rearview mirror. Why . Provided that the congress pays its bills without any undue drama in the next couple of weeks. That has not been an issue for wall street to this point. We all know that that deadline keeps getting kicked down for a couple weeks here. Even on the eve of the last vote, wall street didnt Pay Attention<\/a> here. Yeah, but they paid attention in 2011 when they got downgraded and they almost didnt get it done. So its really the outlier event that people are worried about. The last thing we need in the world today in terms of where we are is people calling into question the full faith and credit of the u. S. Government. Why do you like small capps and why do you like the ones in japan, europe, and international . Youre seeing relative strength with the small caps in the developed world. Japan and europe outperforming the large caps by a lot this year. By about ten percentage points. At a time when the s p is up flat. Theyre up 12 , 14 . Theyre expecting a profit recovery in 2016. In europe, and in japan. The valuations are attractive. Theres easying going on. Theres starting to be a pickup in the local economy. So i think this is going to be one of the big themes for 2016, the economic and the profit recovery that comes down the pike in europe and japan. And i think the small caps are an early indicator. What would you do with u. S. Small caps . Well, right now, i think the u. S. Small caps are still you know, i look for the Large Cap Companies<\/a> that are getting more of the revenue inside the united states. Consumer staples, Consumer Discretionary<\/a> is the place to be going into the end of the year. Youre likely to hopefully get a kickin from housing. Housing is starting to pick up. Millennials are starting to move out. Theyre starting to form their own housing formations. Rentals are very high right now. Its going to start pushing people into first homes. I think housing and strong Consumer Spending<\/a> is the next move up. Youre not the first person to tell us this. In fact, our previous guest just said basically the same thing. Its not a crowded trade yet. And this whole notion that home formation, household formation is starting to take off here. I think its a big, big theme. Housing got us into the last crash. Its been a very slow recovery from the bottom. Youre starting to see the things you look for to start kicking in. I really think the u. S. Consumer is going to be a big theme in 2016. Were seeing it even this week. Thank you for joining us. Were going to come back with the closing countdown with a couple of the stocks of this day. Raymond james out with its results. Youre watching cnbc, first in business worldwide. When youre not confident your companys data is secure, the possibility of a breach can quickly become the only thing you think about. Thats where at t can help. At at t we monitor our Network Traffic<\/a> so we can see things others cant. Mitigating risks across your business. Leaving you free to focus on what matters most. Couple minutes left in the trading day. Bob pisani back with me. Quick recap of some of the other stocks today. The dow itself pretty narrow day. Ferrari had a decent debut today. As it traded for the first time at the New York Stock Exchange<\/a>. Whatles had a very decent day was general motors. Whats great is the Home Improvement<\/a> business. They had a great roofing and insulation business. What a wild day they had around here. They even halted it at one point on the report from citron about accounting irregularities. The story is not over yet. American express, ebay, and i cant read my own handwriting. Las vegas sands. Thats the one, the third one thats reporting. Weve already heard from wynn and theyre having a lot of trouble. But thats already reflected in the stock. What did we learn . This was a very respectable ipo, so remember, priced at 52. Opened at now trading at 55. Still up 6 . You still have a nice pop. Thats what you want from this. Volume respectable. It was a little lighter than i thought. Its a little light going into the close. Whenever you get 100 or more, its a good indication. The important thing is this is not representative of the ipo market. This is an anomaly. The intense Customer Loyalty<\/a> around the company, the luxury brand setting. High margin, high profits. Very unusual kind of ipo. We had a number of big names that are out there. Soul cycle still out there. Mario draghi is speaking tomorrow. The european markets have been up 100 of the time. So were expecting europe to be up about 1 , 1. 5 tomorrow. Thank you, bob. Theyre celebrating Natural Health<\/a> trends at the nasdaq. Stay tuned. Those big earnings coming up on the second hour of the closing bell with kelly evans and company. Ill see you tomorrow. Welcome to closing bell, everybody. Im kelly evans. Dow actually going out with a decline of nearly 50 points despite being in the green much of the earlier part of the session. The s p giving up about 11 points. The nasdaq actually was down 0. 8 on the day, or 40 points. Obviously we have the discussion about valeant, pharma, whats happening with the rest of the biotech space. Mary thompson covering American Express<\/a> results. Josh lipton awaiting ebays. Thanks to all of you. Well see you in just a moment. On the panel today, john ford and kate kelly. And lindsay bell from s p capital iq. And fast money trader tim seymour. Welcome one and all. I dont know where to begin in this market. Thats exactly it. Biotech. Is that story now over because of whats happening with valeant . I think its early to say that. I talked to a number of people about whats going on. One banker i spoke to said theres been so much excitement about biotech. Did sort of reference the runup come and gone. Thats beginning to create more arbitrage information. I did think it was interesting, though. Perhaps indicative of Market Sentiment<\/a> that this valeant story dragged down the whole s p today. It wasnt an isolated thing. Granted, a 30 plus drop is not going to go unnoticed by the market ever, but this is a stock that was a real darling at the Hedge Fund Community<\/a> and many institutional investors. It does make you wonder about the sector broadly. We had ferrari go public and well have more on this in just a moment. Take a look at his performance day one, bucking the trend that weve seen lately. Up about 6 on the close there. But tim, i think it had a better day. I would argue its a luxury good. It should be priced more in line with lvmh, the tiffanys of the world. I do think its an interesting ipo. When you look at gm and some of the progress there, where they come in terms of all the recoils, where they are in terms of the Global Growth<\/a> story, where theyre taking market share in china. Gm from an earnings perspective had a lot more operational leverage, it was a lot cheaper. We are starting to hang on one second. Some of these Earnings Results<\/a>. Looks like Las Vegas Sands<\/a> beating the bottom line by two pennies. Shares look like theyre responding positively to that. The revenue number looks a little bit light. Morgan brennan has the details. You mentioned 66 Cents Per Share<\/a> adjusted. That was beat by two cents. Net revenues, 2. 89 billion. That came in a bit shy of the estimates of 2. 97 billion that analysts were looking for. The company is increasing its dividend by 11 , and in their report, Sheldon Adelson<\/a> saying in the high end gaming sell. S, it remains challenging. The gee grographic diversificat adjusted property during the quarter. So were getting the Earnings Call<\/a> from that at 4 30 eastern. We should get some more information in the meantime. Shares of Las Vegas Sands<\/a> are up a little over 1 . A beat on the bottom line. A slight miss on the top. Also getting the numbers from American Express<\/a> on their screen there. Missing the bottom line number by about seven cents. Those shares are moving down about 2 . Just talking about how disappointing Revenue Growth<\/a> has been so far in this quarter. What do you thinks going on . Is that a strong dollar effect . Absolutely. I think both of the names you just mentioned. The companies have been reporting. Its a 10 , 12 , 13 impact. Thats strong dollar comes, strong dollar goes. Is that less worrying that if these companies were in the energy space geared towards crude prices that may or may not rebound . Its important to watch where the costs go. Youre still seeing margins at very high levels. Theyre maintaining their operating profits. As soon as we start cycling that early next year, this will become a benefit. American express, by the way, did miss. Those share prices moving in opposite directions. American express now down almost 3 . Lets get more from mary thompson. American express missing on both the top and bottom line. The company said the earnings were impacted by three things. First of all, higher spending on some new initiatives, what the company is doing to make up for the business it is losing because its losing its exclusive agreement with costco. It also said it was impacted by some cobrand renewals as well as the stronger u. S. Dollar. The company also giving some lower guidance for 2015 on the earnings front. The company had said earlier its earnings would be down flat. The company now looking for earnings in between 5 and 20 cents a share to 5. 30 a share. The company says given its positioning, so it expects earnings to be uneven in the coming quarter. So in the coming quarters, as it moves, to try to find ways to make um for that business. So again, American Express<\/a> missing on the top and bottom line. Stronger dollar as well as a renewal of some programmed relationships and the impact of the higher spend. Back to you, kelly. Thank you, mary. You were saying American Express<\/a> is stuck at 75. What happens from here . I dont think a lot happens. As mary talked about the marketing and rewards spent is a big part of the story. The good news is that if you think Consumer Credit<\/a> could deteriorate more, if you think theres pressure on wages, i think amex is going to be very defensive. I think they have the lowest ncos. The whole thing on the credit is very good for them. Valuationwise, its cheap. Its not falling out of bed here. I think the resistance on the upside is the bigger deal. I think the stock probably trades sideways. I would not be selling it on these numbers. John, your thoughts . I cant help but notice throughout this earnings season, there seems to be this upheaval. Particularly in tech where i think i see it reflected other places. Companies are responding in various different ways. On this program, we had brian saying he expected to see more consolidation in the chip business because when growth slows down, they start making acquisitions. And boy, have we seen it. The biggest ever. The next shoe to potentially drop was what happens to valuations. Your amazons, netflix had a little bit of a miss. If we start to see them come in with top line results that dont hit the Growth Numbers<\/a> that people are hoping for, do overall valuations start to adjust what investors do . Some other names coming down the pike. Youve got ebay today. Thats the other thing. Companies talk about needing to invest. Amazon had been doing that. Now some of the margin names are saying weve got to retrench. Forget about the profits, we need to reinvest in the future. Our reminder, United Technologies<\/a> doing a 16 billion cumulative buyback, thats huge. Theyve been in a blackout period for buybacks. Now the people are announcing major numbers. I still think theres a lot of support for companies. Its probably, as john said, the Financial Engineering<\/a> or how companies are growing in this environment is the most important. The high growth names will continue to be rewarded and theyll be hurt the most. I think its very stock specific. Their growth is nowhere near where it was. Its actually stabilizing. I think this is an ultimate if i think about whats happening out there, its going from less bad to stabilizing. For a lot of companies that have big growth, theyve already priced in this environment. Also a very big sell. I was going to say investors are waiting for this dividend spike increase. I think its why the stock is up today. Its a 5. 5 yield, even after this. Making some news on the dividend front. Well leave it there for the time being. Stay right there, everybody. Earnings are dominating the after hours trading. Yes, ferrari. Phil lebeau has the latest on this debut. Phil . Kelly, i think most people would call this a successful ipo. At least when you look at the numbers involved here. Remember, it opened at 60 a share. It was priced at 52 a share. Bob pisani said earlier heavy demand for most of the day. You could clearly see people wearing a piece of ferrari after it opened up. And the valuation a little under 10 billion and oh, by the way, for those people who think, its an ultraluxury automaker. He says no, its far different. Theyre buying cars. I dont want to make auditory remarks about the competition. If youve got to wait over 12 months, they go somewhere else. That was Sergio Marchionne<\/a> talking with us after ringing the opening bell. Basically saying look, we retain the value for the owners who buy these vehicles, and if you look at whats happened with the value of ferraris, it has gone up. Even if theyre going to expand production, they can maintain the value that basically is part of why many of the ultra wealthy buy ferraris. Not only the vehicles for how they perform and look, but also because its been a great investment for them. Finally, as you take a look at shares of fiat. Remember, people who own Fiat Chrysler<\/a> shares will be getting the remaining shares of ferrari starting next year. And many believe thats one reason that Fiat Chrysler<\/a> shares have moved up. People wanted a way to get in, to getting ferrari shares. It was clearly selling off today while race was racing after an ipo. Im wondering which one youre going to drive off of, phil. Outside the Stock Exchange<\/a> there. With a nicelooking fleet of ferraris. Thank you, phil. Lets get to more on that visa news. It will be payable to shareholders on december 1st. Of course, this announcement comes ahead of the companys earnings release, which will be on november 2nd. Keep in mind, a number of people are waiting to see what visa decides. As for its shareholders, they are receiving a 17 increase. Back to you. Those shares not moving too much on the news. For now, thank you, mary. And thank you, tim. Tim seymour has more coming up on fast at 5 00. A perfect storm could be brewing for the oil trade, which is under pressure again today. The earnings action continues next. Were going to bring you instant analysis as ebays results and valeant shares. Weve got the latest details coming up. Youre watching cnbc, first in business worldwide. Ven. Ven. What did you ask for . A princess. And a pony. You like things that begin with p. I like pink frosting too. Will you have a cake . Yeah. I was too sick to have one last year. The data your doctor shared shows you are healthy. Are you a doctor . No. I help doctors identify cancer treatments. I want to be a doctor someday. I can help with that too. Watson, i like you. [female announcer] if the most is the staying awake part, day sleep train has your ticket to a better nights sleep. Because when brands compete, you save during mattress price wars. Save up to 400 on beautyrest and posturepedic. Get interestfree financing until 2018 on tempurpedic. Plus, helpful advice from the sleep experts. Dont miss mattress price wars at sleep train. Sleep train your ticket to a better nights sleep welcome back. The earnings keep rolling in. Look at ebay, up 10 . This is its First Quarter<\/a> as a company traded standalone from paypal, which it did spend out their then concerns. That could explain some of the outsized reaction that were seeing here. Were going to bring the panel in in just a moment, too. Lets get more on the results with josh lipton. Ebay just reporting 2. 1 billion. The street was looking for 40 cents on 2. 09 billion. It looks like ebay saying its active buyer base grew 5 year over year to 159 million. Gmv, 19. 6 billion. Thats 2 decline. But with that currency impact of 6 increase, youre getting your first real look at ebay as a stand alone company. About 15 since separating from paypal in july. Conference calls starting at 5 00 p. M. Eastern and well be on it. Back to you. As i mentioned, gale is here for more. Frankly, they only barely beat the top and bottom line number. What do you make of it . Expectations were very low for ebay heading in. Some of the industry was a continued deceleration. The numbers you guys just reported are basically flat. The Revenue Growth<\/a> is still 5 constant currency. It means that ebay isnt continuing to decelerate. Thats the great fear on ebay. As long as they can keep even this moderate level of revenue and volume growth, investors will pay more than the multiple for ebay. You have a neutral rating on the 27 price target. You mentioned the biggest concern is they will continue to decelerate in terms of volume, which these numbers suggest maybe isnt happening. At what point did you become more positive . Actually, its an acceleration on revenue is what it would take. The mid single digit level. The valuation is about right. If we actually see acceleration, can even grow high single digits. We can justify a higher multiple. John, what do you make of it . This is the sort of after hours pop that i as a reporter tend to be a little bit skeptical of. I think a lot of people were betting against ebay. Paypal got a lot of the hype and the spinoff. When you look at these numbers, revenues are just in line. Eps is a little better. This isnt the sort of quarter where were really concerned about eps in these companies. Its top line growth. Looking for 3. 2 billion in q4. Thats the high end of the guide. On the plus side, though, in their guidance, they maintain the revenue guide for the year and they up their eps guide. The question strategically for this company is are they going to get the Growth Engine<\/a> going . One of the things that the ceo is trying to do is get sellers back onboard with ebay. Hes got this message about diversity. But talk about the competition. Etsy in the handmade space. This is a crowded place to be, isnt it, john . Ebay played fast and loose with that seller relationship when they really owned it. Now ebay is trying to bring those folks back into the fold. The tricky thing is, though, when you look at what happens during the holiday season, its 1 of those online items that represent the biggest bulk of things. People dont care if you have a million things, they want the five things that are out there again. Before we let you go, things on ebays quarter relative to expectations. I think to johns point, the reaction in the stock just points to how negative sentiment was. The guidance was certainly a positive. I think the key here is going to be how they reinvigorate for the longterm. Its the First Quarter<\/a> of many to follow to convince people of all of that. Thank you very much. I wish we had more time. We have some more breaking news to get to in just a moment here. Valeant shares falling off a cliff today. That stock down 40 just this week. What on earth is going on, and is there any hope for a reversal . Well talk about that next. Later, well take the pulse of the Financial Sector<\/a> when we speak exclusively with paul riley just minutes after his Company Reports<\/a> their results. Stay with us. Saying the companys ceo will retire as of march 31st of next year. He will be replaced by current cit board member ellen alemany. He has returned the company to profitability where he built its Management Team<\/a> and eliminated or refinanced 31 billion in debt among other things. A goldman veteran. Cit also announcing some strategic initiatives, which is boosting its stock in the afterhours. The company is doing this as it basically advances its transition into a commercial bank. It plans to seek Strategic Alternatives<\/a> for its 10 billion commercial air business as well as sell cit china and canada initiatives. Ceo john thain is retiring as of march 31st of next year. Back to you. Hes so young, ive got to wonder if hes retiring for the company, but surely not from Financial Services<\/a> altogether. But well see, obviously, whats in store between now and then. Meg tirrell has the details. A lot into how patients access the drugs. Today, citron, a short seller coming out in a report alleging fraud, specifically in way that valeant deals with specialty pharmacies. What citron is saying is essentially that looking into the way they book revenue going through this distribution channel, saying that theyre trying to deceive auditors and their booking revenue that actually hasnt been prescribed drugs yet. Now, this driving down valeant stock quite a bit, it was halted and falling so quickly now. Down about 19 as of the close. About 1 30 in the afternoon. Coming out with two separate statements. Categorically denying the allegations from citron, saying theyre false and misleading statements. Valeant saying it properly accounts for its sales at specialty farm sis and its confident in its full compliance with all accounting rules, regulation and loss. We did see the shares recovered today. Said its acquiring two million shares of valeant, really coming out in support of the stock today. You look there, a lot of the biggest holders, it will be interesting to see if they also come out in support. But providing a little bit of a bottom for the shares today. A tough day. What happens now . Its interesting to see here. This is a totally different sector. It reminds me a little bit of the strong reaction we saw, based on one analysts report suggesting that mining results were going to be a challenge Going Forward<\/a> if commodities stay cheap, which is not a shock to anyone whos following the space. In this case, ive spoken to a couple of investors. Theres some major long holders in the name, including bill ackman. And others. And the view is there may be an issue in the specialty Pharma Business<\/a> here. The business of there have been lawsuits filed. And a letter from the General Council<\/a> of valeant asking for unpaid money of what seems to be a shell company. But by no means did they think it justify the 30 drop. So a lot of them are buying. Exactly. As we heard from them again today. Thank you very much. Valeant down about 20 on the close today. The story is not over yet. Were just a week away from the big gop debate on cnbc. Which candidates made the cut and which will have to duke it out on the undercard, we will get you those details when we come back. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets<\/a> and drive forward with broader possibilities. Cme group how the world advances. Its gotten squarer. Over the years. Brighter. Bigger. Its gotten thinner. Even curvier. But whats next . For all binge watchers. Movie geeks. Sports freaks. X1 from xfinity will change the way you experience tv. Welcome back, with some breaking news on next weeks cnbc republican debate. John harwood has the details. Now the stage is set, literally. With all the polls calculated, so is the lineup for our cnbc republican president ial debate a week from today in boulder, colorado. In the opening session at 6 00 p. M. Eastern time, four candidates. Here they are. Former senator Rick Santorum<\/a> of pennsylvania, current senator Lindsey Graham<\/a> of south carolina, former governor george pitaki, and bobby jindal. Shortly after 8 00 p. M. , there will be ten. You will see them arranged this way on the stage. With a poll position in the center of the stage, our two republicans, donald trump and ben carson. Flanking those two, marco rubio of florida. Carly fiorina. Moving out from there, former governor jeb bush of florida. Senator ted cruz of texas. Then former governor Mike Huckabee<\/a> of arkansas, Current Governor<\/a> Chris Christie<\/a> of the state of new jersey, and finally on the wings, Governor John Kasich<\/a> of ohio and senator rand paul of kentucky. Cannot tell you whats going to happen in that debate, kelly, but we have got an awful lot to talk about with those candidates. Once again, october 28th. Boulder, colorado. Be there. I will, john. I was wondering if you were already there based on the backdrop at first. Thank you for breaking that news with us. John harwood on the debate is coming up next week. For more reaction to this lineup, weve got cnbc contributor larry kudlow. So much to talk about. Welcome to you. First of all, what do you think about the undercard in the lineup for the main event at this point . I think its very much an undercard. I dont see much i mean, theyre good men. I know them. And so forth and so on. But look, the primetime, as john described it. And im going to be out there, youre going to be out there. But i think its very interesting. I just start with this. That leaders, the frontrunners are donald trump and ben carson. And i dont know anybody, including myself, who would have predicted this 90 days ago. And even if this had happened, the fact that trump just moved higher, at what point historically speaking do they fizzle in order to stay with the kind of flash in the pan trend, as opposed to the wait a minute, these guys might be the main ticket . You make a great point. Its really important. Everybodys been writing off trump, for example. Guess what, hes still leading. Hes picking up a couple of points. Youre very close. Youre very close historically to polling evidence that suggests he could win. The same is true for ben carson, by the way. And interesting the second tier of rubio and fiorina. Theyre in the game also. Butch cruz is in the game. I think this debate will be very revealing about the durability and staying power, and let me coin the phrase president ialness of mr. Trump and dr. Carson. And one last thing. Governor john kasich is the outsider of the primetime group. John kasich has a lot of potential. He needs a good debate. Maybe more than anybody else there. He needs a good debate. Hes performed well. Hes really impressed a lot of people as a sleeper hit. But perhaps not enough. Im a big fan of johns and so forth. He did okay. Hes got a new economic message. I think its going to be really important to get these candidates the message. Economic growth. Issue number one. Economic growth. That is so important. And its important to go through the candidates, they have tax plans, regulatory plans, they have health care plans. They dont have entitlement plans yet. But growth, growth, growth. Thats beginning to be really what are they proposing . What specifics are they proposing . How are they going to deal with the broadbased problems . All thats got to be in the mix. You mention how important these debates are. We saw that with even the democratic debate last week. The narrative, quite quickly after Hillary Clintons<\/a> performance shifted, there is no room for biden to get in. We get word today. Lets take a listen. Unfortunately, i believe were out of time, the time necessary to mount a Winning Campaign<\/a> for the nomination. But while i will not be a candidate, i will not be silent. I intend to speak out clearly and forcefully, to influence as much as i can where we stand as a party and where we need to go as a nation. What do you make of it . I dont make much of mr. Webb running as independent. Joe biden, he is a wonderful person. Ive known him for years. Hes been great to me. Wonderful person. On the other hand, i never understood what he would run on if he should run in this race that mrs. Clintons not running on. Theyre both going to defend obama policies, which have obviously not worked on the economy. Very unpopular on health care, for example, obamacare. And everybodys unhappy with national security. And the whole iranianrussian debacle. So i dont understand what joe would have done. I love the guy, but i think hes right to pull out. I think mrs. Clinton at this point has that nomination wrapped up, unless, unless there are serious wrongdoing charges regarding her emails. Larry, talk for a minute about paul ryan. Because now theres this word that if he can get everybody to agree to give him the terms that he needs, he will be speaker. Hes a guy who you could name any of the top offices in the land and say you expect them to be running. But he seems reluctant. Is he playing chess here . What do you think is going to happen . How does this turn out . I think hes going to be a terrific speaker. I think hes going to win. Its kind of like the 12step program. Paul ryan is saying to his caucus i want unconditional love from everybody. I think hes going to really push a growth agenda. I hate to be redundant. I think its the key issue. If ryan gets this, youre going to see in pretty rapid fire a reconciliation budget and tax bill requiring only 51 votes that will repeal substantial chunks of obamacare, including the tax hikes and the mandates. Secondly, he will push very hard for a Corporate Tax<\/a> cut as part of that reconciliation bill. I think hes going to be an excellent speaker. I hope hes aggressive in his agenda. Saying gops got to get something done here. Its going to be an interesting couple of weeks. Thank you so much for joining us. Always a pleasure. Half the 14 gop candidates for president either are or were governors. And each is pointing to his record in experience to be the next president. Next weeks cnbc republican debate. We asked him to look into the various records of all the governors using data for the top space. Leading up to the debate, hell be focusing on the govs and joins us with more. Polls is change. 17 governors have gone on to be president from Thomas Jefferson<\/a> of virginia to george w. Bush of texas. Seven gop candidates are vying to continue that tradition. Some with better shots than others. Jim gilmore will not be in the cnbc debate next week, but hes said hooe hes es said hes ine for the long haul. He claims his administration laid the foundation for the states leadership as a National Technology<\/a> center. Theres no question virginia is a technology hub, and did appoint the nations first cabinet secretary when he took office. Virginia was already well on its way. Fortune magazine already dubbing virginia the first Silicon Valley<\/a> back in 1994. George pitaki says he wants to do for america what he did as governor of new york from 1995 to 2006. We did transfer people from the welfare roles to the employment roles. We had almost 700,000 more private sector jobs. You will see governor pataki in the opening session of next weeks debate. It is true that welfare roles did drop dramatically while pataki was in office, although federal welfare reform passed in 1996 the following year had a lot to do with that. And new york private Sector Employment<\/a> did grow in the 1990s. Nationally during the same period, the figure was nearly 19 . In our inaugural rankings, using data primarily, new york tied with washington for 21st place. Weve got a lot more on all of the governors who want to be president , democrats and republicans at topstates. Cnbc. Com. Our series continues tomorrow with two southern governors. Bobby jindal of louisiana and Mike Huckabee<\/a> of arkansas. Thank you so much. Raymond james out with its earnings moments ago. 44 s p 500 companies will bring you instant analysis like alphabet, amazon, microsoft, at t. Stay with us. Oil and kale. You, my friend, recognize when a trend has reached critical mass. Yes, when others focus on one thing, you see whats coming next. You see opportunity. Thats what a type e does. And so it begins. With e trades investing insights center, you can spot trends before they become trendy. E trade. Opportunity is everywhere. Yup, were constantly making thinkorswim better. Here at td ameritrade, theyre always working. Like a custom screener on your desktop, that updates to all your devices. And you can share it with one click. Wow. How do you find the time to do all this . Easy. We combined every birthday and holiday into one celebration. different holidays being shouted back to work, guys i love this times of year. For all the confidence you need. Td ameritrade. You got this. We have a trio of Earnings Results<\/a> to get to. Seema modi has the numbers to get to. Lets start with Citrix Systems<\/a> shares. They beat expectations. The stock did trade lower today on disappointing forecasts issued by its rival. In addition to reporting better than expected earnings, the Cloud Networking<\/a> Company Announcing<\/a> management changes. Its ceo Mark Templeton<\/a> has announced plans to retire, and Citrix Systems<\/a> appointed board member Robert Calderoni<\/a> as interim president effective immediately. Texas instruments, earnings of 76 cents a share versus 67 cents estimate. Revenue also beat expectations versus the estimate of 3. 28 billion. Despite a beat, its important to know that revenue did decline 2 from a year ago. Two important businesses, analog processing did see growth. Looking at texas instrument shares up better than 7 . Lastly, united rentals, the beat on its bottom line. 2. 57 adjusted. Revenues in line with expectations. Stock up marginally after hours. Kelly . Seema, thank you for now. Raymond james also just reported results a few moments ago. Earnings per share coming in below estimates. Revenues actually up. Joining us now is paul riley, ceo of Raymond James<\/a> financial. Hi to you, paul. Hey, kelly. Good to be here. What was it for you guys that bit those bottom line numbers in particular . Its actually a great quarter. The bottom line was impacted by growth. Had an alltime quarter on the revenue side. More than i think we all expected. And the bottom line was impacted by the growth. Especially the growth in the bank where you take loan reserves when you book loans. And the Bank Credit Quality<\/a> improved. It was a great quarter and its really reflected in the year. We had a record year up 7 . A record pretax income, up 7 . Every segment had record revenue. Every segment had record pretax profits. Its kate kelly here. Can you elaborate a little on the issue of growth . Was there something on the cost side that was particularly impacting your profits and how . Theres really two items, kate. First, the Bank Loan Growth<\/a> was a lot higher than we expected, and the analysts. You book a reserve. That reserve alone was a couple cents a share above analysts estimates. It was due to more loans booked than they had anticipated. And the other is there is higher i. T. Costs of about a penny. The really, we think its a very, very solid quarter. It was due mainly to better growth than we thought. Im just curious. He sees pocket of concern in the credit market. Auto loans were one thing he pointed out. I also know the occ is doing a review of oil and gas loans. How concerned are you about some of his remarks. Do you think banks are under too much scrutiny given that in the aftermath of the financial crisis it was the opposite critique . It was that there wasnt enough lending going on. How do you react to those remarks and toe the line in your business . First, our credits are very, very targeted. We have very few oil and gas credits. In fact, only one ent name. Its an Investment Grade<\/a> name. Were not really lenders in that space. And we dont do auto loans and car loans. We really do kind of Investment Grade<\/a> corporate loans. Mortgages for our clients. And security based loans, which are very secured. So in the general economy, i think any time you get a lot of fast loan growth and youre near the top of an economic cycle, as some think we are, you worry about the downside. Is there too much leverage and credits . I think its good to question, good to look. If you get too much pressure and stop lending, you start creating the thing youre worried about. On a different topic, i know you guys have spoken in the past about reasons you dont like the fiduciary standard, that is likely to become a final rule early. It looks like thats progressing. How is that going to impact your business . Both in terms of cost and the rule Going Forward<\/a>. Were concerned about the rule because we think its bad for clients that would leave a lot of small clients without advice. We really dont make money on those small clients. But we do it as a service to help our advisers really help extended families and friends. So thats why weve been against the rule. I know its wellintended. We believe that the best interests are fiduciary standard. We operate that way and have. The question is how do you legislate . Secretary perez has said he has heard the comments and we will make major changes to the rule. But to us, it isnt the number of the changes. Theres one or two things that need to change. Until we see it in january or february, we cant tell if it will be a slight impact or bigger impact, which will really be more i. T. Disclosure and cost, that would impact this from a cost standpoint. Okay. When it comes to financial names, a lot of people are waiting to see when the fed is going to move on rates. How much of that will benefit your business . For us, its a big number. Almost 150 million of pretax profits. We have a lot of cash. Especially customer cash. We assume were going to share that a lot more than people share clients. Its a substantial number. Its also tough on clients who are searching for a yield. Its a constant fight for advisers. As they tried to get the yield, especially retirement people. Were concerned. I think a modest rate hike is going to be good for the economy. Certainly good for Raymond James<\/a>. Maybe im a little biased. We love it. Thank you for being here. Thats paul riley, ceo of Raymond James<\/a> on the Earnings Report<\/a> this afternoon. Lets get to a news alert. Seema modi rejoins us. Green Light Capital<\/a> overseen by David Einhorn<\/a> posting losses of 14. 3 in the Third Quarter<\/a>, bringing its yeartodate loss to 17. 1 . Thats according to a letter reporting here by reuters. Green light says losses are due to poor performance in consul, energy, sunedison and micron. David einhorn telling investors it is taking new positions in uil holdings. A thats the latest, kelly. Back to you. And michael coors popping up 2 on that news. Seema, thank you. Kate . Those numbers are astonishingly bad for one of the most respected long short managers. Their continuation of what weve been but they are a continuation of what weve been seeing. Micron, sun edison and these are the things that have dominated him all year. He is a short investor as well and hes made a number of seminole presentations about authority these hes. He saw the bubble. Bubble markets but that is one thing that surprised me about his performance here. You can see what happened on the long side if you look at the stocks he hold but on the short side i thought he would have a more balanced result because of his strong views and the fundamental work he does. And kors having a difficult year. So perhaps more detail still needed on that position. You tube making a change to the business model. Well tell you those when we come right back here on the closing bell. Theres a difference when you trade with fidelity. One you wont find anywhere else. Onesecond trade execution. Guaranteed. Did you see it . In one second, he made a trade, we looked for the best price, and the trade went through. Do the other guys guarantee that . Didnt think so. Open an account and find more of the expertise you need to be a better investor. You tube announcing a new Subscription Service<\/a>. Julia boorstin sat down with the chief Business Officer<\/a> to talk about it. And ashe has the details. How much are we paying here. Well, kelly, it is 10 a month and it is called you rub red and it is released a week from today. Can you get exclusive content for motley fee. Subscribers get free access to Google Play Music<\/a> which cost 10 a month. The you tube chief business operator kinsel said they are responding to feedback theyve heard from users over the past decade. We decided last year that we should probably address some of these requests and evaluated it and we also wanted to make sure that we build a new revenue stream for our creators who could then supplement that advertise revenue. The ad business will continue to dominate our revenue stream it. Will by far by the biggest revenue stream for our creators. But you nub, now, and every single month and year will provide an increased supplemental revenue stream from high value users. This is the first time that user is basically saying, my time is worth this much, versus an advertiser saying your time is worth this much. Hulu recently launched an adfree Subscription Service<\/a> and netflix and hbo have apps in the same price range. But he was careful to say they are look knotting to compete with that movie and television content. They are focusing on the bread and butter which is the original digital video. Kelly. It is a crowded space. Are they too late to the game . They are not. Because as julia alluded to, they have digital creators that have an enormous following, not just among millennials but the generation below them and facebook was coming up with ear normous enormous volume of video and so you tube coming out with this with the combination of google music and the ability to download and view stuff offline for those kids who dont have cell phones with large data plans, like the ipod touch, this could be huge for them. I like the excitement. Thank you very much. Julie a boorstin with the latest. Another busy hour for the earnings. Next hour will have more. Well get you set up for those when we come back. Every insurance policy has a number. But not every Insurance Company<\/a> understands the life behind it. For those whove served and the families whove supported them, we offer our best service in return. Usaa. We know what it means to serve. Get an insurance quote and see why 92 of our members plan to stay for life. Lets check in the names moving after hours on the earnings. American express down 3. 5 . For everybody else it is green air rows. Sands up 4 and ebay up 8. And Texas Instruments<\/a> up better than 9 . With ti is that a read for tech tomorrow . I think it could be. Because youve seen other companies missing on the top line. And ti runs against that and that is a pipeline indication. Well watch it for you. For now, thank you everybody for closing me on closing bell today. Fast money begins next. What is on tap. Were all over the big stories but just two words for you as a real tease guy delorian. I was going to say you had me at guy. [ laughter ] straight over to you guys. Fast money starts right now. Live from the Nasdaq Market<\/a> site overlooking time square, im melissa lee. Tim, david, karen and guy adami. Tonight on fast, it raced to the center stage of the New York Stock Exchange<\/a>. Were take you under the hood of ferraris first day of trade and well tell you if they could rev up your portfolio. And worries over rise in stockpiles weigh, well have from a top analyst to tell you how he is playing the big story in crude. And then to valeant. Shares,","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia601206.us.archive.org\/27\/items\/CNBC_20151021_190000_Closing_Bell\/CNBC_20151021_190000_Closing_Bell.thumbs\/CNBC_20151021_190000_Closing_Bell_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240623T12:35:10+00:00"}