Valued here, and maybe upside of 35, 36, but they took a hatchet to the earnings estimates to which they took a hatchet to earlier, so right now, you are seeing the slow death knell of the spiral of the Department Stores as there are so many alternative avenues, not just are from the shopping, and amazon is a big killer, but also from the entertainment, and they wont go away forever, but they have to shrink massive ly, and shrink the Square Footage. And Terry Lundgren has given up on the consumer spending, and fifth straight quarter of a sales drop. What can turn it around . Well, they have to see how the off brand is going the work for them, and it is working for others out there, and we know about the basically the tj maxxs of the world, and they are starting to the push, but, scott, to your point, they have to figure out something. They have to figure out talking about the store closings which is some of that, and that is affecting the revenue numbers quite frankly, but the samestore Sales Numbers cannot be argued. They have to reduce the Square Footage or it is over. And they cant blame the consumer bending, because the consensus was 15 billion. And maybe talking about where they are spending. They are not getting a share of the dollar. And National Retail sales dollars are lousy for over a year, and that is a surprise for everybody like myself, and that is the same for people like me who thought that the Lower Oil Prices would encourage consumers to spend. We talked about amazon and how it is killing everybody on a week of a flood of retail earnings. No one makes the case to the buy traditional retail . Well, this morning, you had on brian cornell, and he made a lot of great points about the target, and the turnaround story for when he took over is impr s impressive, and they are continuing to move in the right direction. Because they have invested heavily on the online sales. And some question whether it can be growing fast enough. And get out of the whole canada debacle and made ta decision as well, and a lot of difficult decisions, but that is why it is performing the way it is. And you start to get the etff selling, it dragging downment home depot is struggling and walmart and across the board, and anything retail is pulled down, and some of it unjust. And look at how hard to buy a ret retail stock. Maybe a target or maybe you can do a home depot, and maybe you can do xyz. Very few winners out there, and i would throw jcpennys in the winner circle, but you have to understand what is going on is great management doing everything they have to in a very tough top line environment, and still projecting the same f samestore sales growth, and what are they doing . Controlling the costs, and that is Good Management wa you want to see in the company, and stock that is off 35 from the recent hi high, and that i like quite a bit. And judge, we said, with what is amazonproof, and i threw out t. J. Maxx. Yes. And t. J. Is one of them, but Burlington Coat factory or the burlington stores, brl are up 35 year to date, and the of run, and overstock stuff, and that is what you can move in the Department Stores right now in the big boxes. It is being proved out by ross, t. J. Maxx, and by burlington and everybody else. The other big buzz kill of the day, disney. What do you make of this . Revenues and earnings missing there, and people are focusing on the studio. And it is the espn yet back in focus. And it is interesting, because i was reading the house reports, but they said they dont break out the domestic growth because of what espn is doing, and so when they change the earnings metrics, that is when you will worry, and i am shocked at that. In terms of the espn, i want to be the pipe at this point rather than the content driver. Because you wont get the same multiples on the movies, because they are so unpredictable rg and we is seen it with disney as well, but it is not trading a lot lower, and that is stable, because people keep coming back, but it is going to be taking a while to take out. And you can make the case that the stock is a case to run it out or sell . Yes. Unless you took the stock and they hit it, and unless a doubledigit rise, impressive, but missed on the revenue, which is a rise as well. And this going to reignite the whole conversation about espn as the narrative trying to get away from that from the studio. And this morning, what about talking about that this morning, with subscriptions, and the potential of them moving towards maybe the hbo model which is a smart move. I am surprised about the studio results, but if you are a bull, and im bullish on the stocks, that is where you want to be bullish because you have the marvel and the star wars franchise. And the numbers are proving that the marvel franchise is far from done, so you is so be bullish on the studio. And the media and the the cable and the theme parks, that is where they missed but made it in the studio product, and i bought it in the afterhours last night because it was overdone, and on closing bell talking to kelly evan, and i said, okay, over it. Sold half of the position, and i would have held if i could have blown an option position, and which dont trade afterhours, options, so i had to trade the stock. And the stock popped 3 off of the low, and hanging in here right shy of the 102 level. So it is not a hand wringing quarter at all for disney. Like you have all said because of the aggressive run to the upside, yeah. You could take some off. And some relief from the espn side . I did. It is a much smaller shrink. And from the other guy . Well, the shrinkage is much less. Yes. And the College Football season. Than iger threatened when he made the warnings months ago. So it is reasonable. They missed on threef of the main revenue inputs, but made it on two, and the misses were not bad the stock is at 11011. 79, and 4. 5 slide on shares of disney. And here is what is to come. Showdown over dish network, the man with a 100 million shortage on the stock joins us from the bull versus bear debate that you dont want to miss. And plus, the star wars trade and yet another Company Benefits big time in a galaxy far, far away. And another failed merger, and what the death of the office depot and staples deal means to your money. It is all coming up on the Halftime Report. Whole communities are living on mars and solar satellites provide earth with unlimited clean power. In less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. And if you thought that was amazing, you just wait. speaking japanese oh watson, your japanese is very good. Thank you. speaking japanese exactly. I can understand nuance, context and idiom in seven languages to help companies all over the world with everything from retail solutions, to banking, to cyber security. speaking japanese i want to give you a check on the markets. The dow is down 116 points and giving back what was the best gain in a kocouple of months yesterday at better than 200point gain for the dow. The s p is holding on at 2,075, and the nasdaq is in the red as well. Trader blitz . Okay. Lets do it. Four trades on four and i have to make sure. Checking in. Checking in. And four trades on four stocks, staples, and office depot ending the planned merger, doc . Yes, not by their choice, judge. Basically another judge said not go going to happen, and for that i didnt have anything to do with that. And you were not part of that, but it is horrible news for office dee poe, because the stock broke. Down 39 . Yes, almost 40 drop here sh, and people getting the heck out of the way. They said it would be a monopoly, and duh, yes, of course, it would, but they did not recognize the online competitors out there, and sad news for both of to stocks. And what happens to the companies now . They will close a bunch of stores, i think. And the betting is that unfortunately the firestorms were involved here, and they are killed on the arb deals, because they believe that stap sls the true survivor, and that i have a much bigger push to merge. And now, looking at a colder spring for wendys, i dont think so. They have been stuck in neutral since last year, and compared to the mcdonalds new menu, so i dont think so. And now, the star wars battle front game, and star wars giving a boost, but electronic art arts is really up. Yes, and this is a stock that is pushing close to the 52week eye eyes, and when you beat it on the revenue and the margins are going higher and the great cash flows, this is is what you dont want to do to chase, but wait for the pullback if you want this this name, but they gave an absolute perfect quarter, and the comparisons next quarter are going to be tough. And chipotle . Well, the activists are hoping for some change, and it is going to be tougher than that in terms of reviving the companys brand. Come up, the battle over dish, dish, and the Hedge Fund Manager who is making a 1,100 million bet against ta stock. And Pete Najarian going fishing for a beatn down name in turmoil missing the ceo. We will debate it. Some issues. Still some issues, oh, yeah. You like it . Yeah, i sort of like it. In new york state, we believe tomorrow starts today. 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Switch to Liberty Mutual and you could save up to 509. Call Liberty Mutual for a free quote today at see Car Insurance in a whole new light. Liberty mutual insurance. We are back on the Halftime Report and call it the dish dispute. The Hedge Fund Kerrisdale Capital is going to short a single stock, disht inwork saying that the shares could fall 80 are from the current levels and of course, there are two sides of the story. Sahl andranghi is a manager of the fund, and also joining us is jonathan who is not believing it. You say that you are calling charlies bluff, as in charlier ergan who is the ceo of dish. We felt that they had a satellite spectrum, and it has not followed up on any of the promises to the s. E. C. , and deadlines are coming in less than four year, and we believe at this point, it is going to lose the spectrum or at t and verizon wo know that it is going to be losing the spectrum in 2020 know it is going to be paying much less than the market is currently ascribe ing ing to sector. Jonathan, what is the problem with this argument . Well, the problem is that at t and verizon need the spectrum desperately and they are going to be paying sig nif kaleigh more than the 20 billion, and we believe it is worth 80 billion, and to put it in perspective. Verizon has 40 of the industry customers and industry revenues and traffic, and 20 of the industry capacity. In terms of the spectrum. That is the relationship that is not going to be working over the longtime, and at t is not in much better of a position, and so this is the lifeblood of the business and like oxygen to us. They absolutely need to get their hands on incremental spectrum, and dish is sitting on the most valuable spectrum not use b used by the carriers today, and the one thing that i would add is that, you know, up until now, dish has not reneged on any of the promises to the s. E. C. At all, and they were set to build out the deadlines and they have not missed them and put a tremendous amount of investment from the spectrum to take it useless asset when they bought it to make it a productive and valuable asset to be deployed and sought after the industry. And i want to know how we can be at such a perceived value of what the dishs spectrum is worth. Mr. Chaplin is saying 80 billion and you are saying 5 to 10, and this is like an oceanwide of difference. Yes, they have been complaining about the spectrum for years, and people said that verizon would run out of spectrum by 2016, and in fact, all of the cell phones are working fine, and using the spectrum from the 600 megahertz auction and improving technology and the antenna equipment, and, while the carriers can provide perfectly fine networks to the carriers, and they have the fiveyear plans for the next, until 2020 already set in stone, and now they are going to be looking into the incorporating bandwidth into the radio. And you are look at steven bssinet says that the thesis is not a thesis changer, and you are on the island. Can i address this for a moment, verizon does not need it within the next year, and 20 million is a lot of money for at t and verizon and they are not going to be paying that sum of money for spectrum they are not going to be using in the next four to five years. And building that new band into the infrastructure is going to be 6 to 8 years away, and they know that dish has a back up against the wall, and a deadline coming up in 2020, and they are not going to be paying 20 billion and the cash that is going to be flowing to dish is well less than 15 for a very likely less than 10 billion and maybe sit on their hands to wait for the dish to be put in the spectrum, and reaction it back to 2020. Jonathan . Well, two things to that. One of them is that they are about to spend 30 billion we think in another action for spectrum they cant use until after 2020. So that is the 600 megahertz . That is what they can use. And the spectrum they are go ing to buy is not usable for three years until the action ends, but the most important thing that kerrisdale is missing here is the fact that we had an enormous auction of 40 billion, and thousands of transactions in which the carriers paid 40 billion. The price of the spectrum worked up 2. 66 for spectrum comparable to what dish own, and this gentleman is saying instead of the 2. 66 they paid, real money put up for that spectrum, it is worth 75 cents a megahertz part. So what we need to be doing here is to be taking the cog any sans of the fact that at t and verizon have a better idea of what the spectrum needs are than kerrisdale, and what they are o going to be willing to pashgs and look at what they paid. Recently, the awsb auction just last year. How do you respond to that . And in some respects the marketplace price has been set. We have an auction coming up in the 600 megahertz spectrum, and it is going to be lower. The Analyst Consensus believes from 11. 25 to lower. And the frequency spectrum was lower, and the 600 to 700 megahertz band was worth twice as more than the midband spectru spectrum, and today, it is estimated two to three times more, and that is going to reset it to the 70 to 80 cents range, and that is standard, and dish owns nonstandard which should trade at a deep discount. What i didnt want to do and what i dont want to do is to go into the deep weeds of the spectrum, and nonspectrum prices, because frankly, the people dont care about that, but the bigger trends, and when you are looking at the trends of spectr spectrum, and facebook video, and other Companies Getting into the video, and the augment video, and youtube and network of thing, and isnt that going to be causing the need for more spectrum in general . Maybe not this year, but a few years down the road before that deadline expires, and is isnt that potentially going to benefit dish . I think that you are seeing the Networks Today work perfectly well. Wrote ru seeing the verizon and at t provide unlimited data and video, and they are only using the half of the spectrum, and they have 2g and 3g spectrum and get more at the 600 megahertz auction and they have not built out the awsb spectrum, and at t has more spectrum, and so they have a lot of the spectrum at their disposal to deal with the on coming traffic trends, and people are use morgue cell phone, but the technology has advanced, and this is going to be a much more efficient method of communication than the cna and other forms. And some have note ed thd th timing of all of this, and the report hitting during a time, and you picked a fight with a big dog so to speak with Charlie Ergan for all intents and purposes is muzzled, and he cant say anything because of the quiet period around the auction time, and they are simply left to come out with a statement. Sort of dispute ing whing what but they are so limbed, and they say that kerrisdale is shopping a short on our shares as have shored or stock in an attempt to muzzle us. We are going to continue to manage our promise s s to the shareholders. And it was the special favor and the special treatment in being able to use the satellite spectrum for the wireless users, and they have not come through on the promises, and have not provided competition to verizon and at t, and has not created 20,000 jobs and has not lifted a finger to build out the network, and the fcc fwaif them a tenyear time line, and that i have wasted the nations spectrum resources, and squandered on it to get a higher price from at t and verizon, but at t and verizon are going to be moving away from the game, and they are going to either let the fcc get that spectrum back and reauction it or bid much lower price for the spectrum, because 20 billion is a lot of money that they dont need it, and they would not build it out for six to eight years. And why are they spending 30 billion on the 600 megahertz if that is true . And let me ask, jonathan, because it is not like he is out there on an island by himself, and other analysts have taken his point of view, and Craig Moffett being one of them saying a limited number of buyers, and the clock is ticking, and verizon and at t are levered and get a debt downgrade and that could factor