Today with oil down quite a lot. In fact, its currently down by nearly 3 sitting below 42 bucks a barrel. Over the last year oil has lost 45 of its value. Who do the numbers stay . Coming from the transport sector the numbers may be signaling a possible recession. Well tell you what those numbers are and why you might want to take note. As we can see, stocks are sliding at this hour. Get down to the floor with bob pisani. How much of this is due to oil, bob . A very large part of it. Lets look at the s p 500. We got down right at the open, 12, 14 points on the s p and nefer looked bac ee eed back. Mandy is right, its the commodity complex, particularly Energy Stocks thats having a problem and this has been going on for days. Big moves down in some of these names, and sop me of them are dn double digits, anadarko, murphy, down double digits. Weve been talking about this all week. We know the lowest level since august, a lot of warm weather. There was some disappointment we didnt get a deal on anadarko and apache. If these prices continue theres going to be m a. Its the same story elsewhere. New lows in a lot of commodity names. Alcoa at a new 52week low. All of these stocks down again today. The other story is retail. Surprisingly good numbers from kohls. Having a nice day. Nordstrom, jcpenney, macys all positive. Well hear from nordstrom after the close. Discounters kind of mixed today. Often kohls gets mixed in with the discounters. Finally that move down around noon, a lot of people were talking about bill dudley, the head of the new york fed came out with comments. I didnt see anything he hasnt said before but some people focused on slightly more hawkish tones. I dont think it was hawkish. He said it before. He said the positives outweigh the negatives right now in the economy and he noted the International Outlook a little less problematic. Tyler, back to you. Robert, thank you very much. Dominic chu for a quick market flash. Some names are sticking to the. Up site, yelp 6 to the upside. On news that competitors angies list rejected a possible buyout offer. Sally beauty nearing highs of the day at 9 as Fourth Quarter samestore sales beat expectations and then theres splunk coming off the highs but up over 4 . Third quarter estimates were raised ahead of earnings. Fireeye, go daddy, kohls, all still in the green up around that 2 to 5 mark. Thank you very much. Lets reiterate this, its a lot about commodities today which are getting whacked. Ou hi oil, copper currently sitting at sixyear lows with a drop of 2 . Jackie deangelis is joining us from the nymex. Three specific reasons here that the commodities complex is lower. Were talking both energy and also the metals. Lets start with oil. Of course, we have that inventory number this morning. It was a big build. A little less than the api, but traders were looking for a slight draw this week. We have the same problem on our hands. Thats a problem of oversupply and that actually brings me to my next point, which is that opec came out with its monthly report. Opec really not changing its outlook here. Theyre worried a little bit about iraq exports. Saudi arabia and production came down ever so slightly but opec is saying nothing about Global Demand going up and thats part of the equation we need to hear for oil prices to get some support. The third issue is mario draghi. More dovish than ever. A lot of concerns that the euro will go to parity. That dollar index is going to go higher. Also a fed rate hike in december could push the dollar up, and that will drive crude down as well. So at one point we were talking about seeing that three handle again this year. This could potentially be the scenario that takes us there if we dont see any changes. Back to you. Thank you very much for explaining it to us. We should note in trade today the dollar is a little bit lower. Its currently below 99 for the bxy. A news alert in the bond market with 30year bonds up for auction and a busy week. Rick santelli is tracking that action at the cme. What is demand like for this one, ricky . Maybe the veterans day holiday recharged some of the bidders in the auction, dutch auction process. This one is an a minus. A as in apple minus, solid auction. 16 billion 30 year bonds capping a 64 billion coupon supply monday, tuesday, and thursday. Lets go through the internals. The yield was 3. 07. I was shocked that that was the yield that moved the supply because i saw 3. 08 and a halves and 309s trading up to the end. 2. 41 on bid to cover. 2. 41 chasing every dollars worth of securities available. Definitely well above the 2. 32 10 auction average. Only a handful of 60 handles in the indirect camp, solid there. The only minus, and its a small one, 10. 2 on direct versus 10 auction average of 11. Primary dealers take a whisker under 30 of the auction. Mandy, tyler, back to you. Rickster, thank you very much. Big drop in orders for rail cars and demand for heavy duty trucks also falling sharply from last year. What do these numbers signal about the transportation sector and then in turn about the health of the overall economy. Morgan brennan is following this story. Hi, morgan. Hey, tyler. So basically weve got a growing number of experts that are now warning we could be seeing the beginnings of an industrial recession. So take fastenalls incoming ceo. He told analysts the industrial environment is in a recession. I dont care what anyone says because nobody knows that market better than they do. Energy, mining, and manufacturing have all been slumping and now transportation equipment, which hasnt been a bright spot up until now, maybe the latest indicator of an industrial downturn. Take rail car orders, those have plunged 83 last quarter according to the Railway Supply institute hitting their lowest level in at least 27 years. And class eight trucks, the big semis you see on the highway, are showing signs of weakness as well. Str reports preliminary october orders while up from september were 45 lower than a year ago. So now orders usually jump at this time of the year because youve got companies that are buying new equipment as they finalize their budgets coming into the next year, but amid steep cap ex cuts, production of new rail cars, heavy duty trucks, and trailers will likely fall 20 to 35 next year. Even more worrisome, wells fargo notes over the past 45 years, anytime both machinery and transportation machinery has declined, its signaled a u. S. Recession. The wells says the risk of that happening is increasing heading into 2016. If we see the transportation side begin to drop, we could see a broad sustained slowdown. That last thing you said there from wells fargo, that anytime you have seen this kind of decline in transportation equipment, it has signaled a recession. Yeah. And even more so on that, when you see a decline in Railroad Rolling stocks, that usually signals the broader decline of transportation equipment industrial production. Fascinating stuff. Morgan, thanks. Lets go to europe now. Problems flaring up again literally over in greece. Clashes breaking out between riot police and youth at a demonstration in central athens. It comes during the first general strike since the countrys leftist led government took power back in january. The protesters threw molotov cocktails at police who responded with tear gas and stun grenades. Thousands of folks taking to the streets to protest a new round of bailout related tax hikes and spending cuts. The economic and political future of fellow eurozone member, ty, portugal has also been thrown into you be certainty. Antiausterity lawmakers there forcing the countrys new government to resign by rejecting its policy proposals. As you can see on the board, yields on portugals 10year note soaring in the past week. Up about 8 over the past week currently yielding 2. 78 . So were seeing a selloff here in the u. S. Market so what do wall streets top Money Managers make of this recent market turmoil . Well, our Brian Sullivan is speaking with hem. Hes hopefully got some answers and hes joining us live from boston. Hey there, brian. Yeah, ironically many of the wall street guys are actually in boston today, mandy. Thank you very much. Its a good day to be here at the schwab Impact Conference because theres so much going on not just with oil, with greece, but also over the past 30 or 60 days. Weve seen big moves, particularly in bond yields. The question is what does that mean for financials and the banks . Probably no better person to answer that question than the guy sitting right here, so move the candle ra to the guy sitting right here. Been investing in banks how long now . 19 years. The tenyear yield moving down a little bit on the volatility but were up big from where we were a few months ago. How is that going to impact banks and financials overall . Theyre going to get impacted more if the fed raises rates. If the libor starts to move up, if prime starts to move up, theyre going to make more money. The yield curve is important. Its part of how they lend and price, but if shortterm rates move, theyll be able to keep some of that move in the returns. Do you believe the fed is going to raise in december . Are you investing as if they are going to raise in december, anton . I never invest that way. I really try to pick stocks based on the underlying fundamentals and it will be a bonus if the fed raises rates. M a has been off the charts again this year, bigger deals are happening. We chatted right before the segment and you said if the fed raises, its fine, but if they go more than 100 basis points, 1 , things will get different. What do you mean . Earns may be up but banks that have been great at gathering deposits the last few years, how long are they going to sit there . What is going to lead people to go chase and go to money market funds or invest in other things like bonds if rates start going higher . So its a question of where the consumers attitude gets changed and i think youll have to get multiple moves to get to 1 . People go, wait a second, im getting 0 versus 1 or more, let me move my money. Were going to try to get investing advice, ideas out of everybody. Tell us about yachtkin and bank of the ozarks. Yachtkin is the largest independent bank in north carolina. Theyre in all the growth markets. They have an acquisition thats going to close down the road of newbridge financial. Theyre in charlotte, theyre in the research triangle, theyre in raleigh. Red hot. 7. 5 billion in assets. All the bigger banks would very much like that footprint. And ozarks. Every deal they do adds to shareholder value. They Just Announced one two days ago which our funds own. When both sets of shareholders win, youre in a sweet spot. Anton, always a pleasure. Thank you for joining us. Mandy, we have a lot more coming from the schwab impact conversation. 1,000 people here and were going to try to talk to all 1,000 of them. Thats not true. I would wanting in less than 1,000. Thank you very much, brian. Well see him later in the show. And Liberty Medias ceo is speaking exclusively with our david faber and that is next. Youre watching cnbc, first in business worldwide. Welcome back to power lunch. Kohls soaring by 6 with the retailer beating profit and revenue estimates. Blackstone investing 820 million for a stake in ncr which makes atm machines. It comes on the heels of their exploration of a possible sale. Npr down by 0. 7 . And angies list is up by 11 with a cash takeover offer. Helping to push that stock up more than 40 already this year. Lets head to new york city where Liberty Medias investor day is under way and our david faber is there with a cnbc exclusive. David . Thank you very much, tyler. Yeah, we are joined by greg maffei no stranger to many of our viewers on cnbc all its been a while, at least for me. Im happy to be with you, david. Thanks for having me. Another day, another tracking stock. You guys never stop with the tracking stocks. Today at least three, maybe more. You have the expedia spin two, the Atlanta Braves tracker. Sirius. Tracker. And whats left in Liberty Media. Exactly. Why are you doing this . Well, a couple reasons. First, we trade at a discount to the net asset value. A lot of what liberty has and controls is invested in Public Companies and you can clearly value the stakes. And then on any reasonable calculation from analysts we trade our stock price doesnt reflect that underlying value. Our hope is by parsing these out, by dividing them more targetedly, well be able to see where the discounts reside, make it clear to people that sirius is sirius, the braves are the braves, and if theres a discount on the balance, we can take advantage of that by repurchasing stock. You reduce the discount and isolate the discount to your point where then you can take advantage. That would be the hope. When it comes to sirius, by far the largest single asset in Liberty Media, how is the tracker going to trade versus the common of sirius . Well, i think they ought to trade pretty much the same but well see. Thats what were here to learn. Thats your expectation, though we have no idea. We dont know. It could trade at a discount though, couldnt it . It could. You could come up with reasons why but i suspect it will trade at less of a discount in any case than where Liberty Media as a whole trades. You keep accreting up in sirius. 60. 7 unfrp from 58 . 57 . Generating a lot of Free Cash Flow. You made an offer for it once, now youre doing the tracker. Where do liberty and sirius stand in terms of do you want to own the rest . Are you happy with the Current Situation . Clearly at a discount i guess it wouldnt have made sense right. I think your last point is what ooind lead with. Given that it traded at a discount, we wouldnt want to issue our stock at a discount to purchase it. That wouldnt make a lot of sense. Ultimately, i think its very logical these companies belong together. There are some Tax Advantages to us for putting them together, but its not something were going to chase and it doesnt have to happen anytime soon. Were in control of the company. Every day that they buy and we dont sell, we get a bigger percentage, so i think its sort of just a question of when, how these things come together. And the tracker to the extent it lowers that discount or eliminates it, does that make it more likely maybe youre able to move faster rather than slower . Potentially, yeah. The Atlanta Braves i know youre a mets fan. Stipulate up front. Of course. We always do. Nice season. Thank you. Although it ended in pain. What else. Thats being a mets fan. But are they going to go on a winning streak and the tracking stock is going to go up . You never know. I think the real value created there though is a couple things. One is we have an amended tv deal which has added a lot of value. Were under construction on a new stadium, suntrust field at the battery thats going to add a lot of value. Mixed use development around that and teams in general have gone up quite a bit. So there are a lot of drivers of value at the braves. Winning is not a bad thing. Whats the longterm plan for that asset . You got it because it was a taxfree swap way back with time warner which was advantageous. Do you really want to keep owning the braves . Does it take you down a road where eventually the team gets sold . I dont think it says that. I think it says weve own the braves since 07. Highlighting that value, potentially setting up ways in which it could become independent, create optionality owe are a positive but it doesnt suggest anything is going to happen anytime soon. The level of complexity associated with liberty a fairly high. You made a joke in your prepared presentation which was very funny on tape, i encourage people to watch it on youtube you are dont make it available . Thats for a discrete audience. The banana in a jar was pretty good. I forgot what i was going to say. I started thinking abouted banana in a jar and i forgot what i was going to talk to you about. Can i suggest topics . Sure. Complexity is thats a relative concept. Liberty has always been a complex animal and some people argue that tracking stocks add to complexity but we tend to believe and i think our history would reflect it that actually isolating the pieces, setting up optionality for the pieces has been a way to highlight value, provide clarity, and if you want to be an investor in the braves you get that choice, you want to invest in siri, you get that choice. Highlighting those options has been good for our shareholders and i would say reduce complexity. And i appreciate your question i had asked before i lost my train of thought. Helpful. You employ legions of hundred dollars guys that do nothing but pore over these guys. I got an email saying we are the hedge fund dream. Our audience will never fire of you but apparently we have to go. The banana in a jar caused me to lose my train of thought, too, david, so dont feel bad. The battle of the billionaires, big ackman going after buffetts investment in cocacola. Buffetts righthand man Charlie Munger going after ackmans valeant trade. Who is right . Well take it apart for you when power lunch continues on cnbc, first in business worldwide. When you do business everywhere, the challenges of keeping everyone working together can quickly become the only thing you think about. Thats where at t can help. At t has the tools and the network you need, to make working as one easier than ever. Virtually anywhere. Leaving you free to focus on what matters most. First in business worldwide. Jake reese, day to feel alive jake reese, day to feel alive jake reese, day to feel alive welcome back to power lunch. Im mandy drury. Go pro just falling below its ipo price for the first time. That stock is down more than 5 today. Lets get to Bertha Coombs in the nasdaq. Whats pushing it down . We had some real negative sentiment on go pro these days and some of the other usual suspects are down as well. We have the biotechs and the chips down but media today is where were seeing some strength here at the nasdaq having the nasdaq outperform. Viacom higher. The stock is higher on signs of improving tv ad sales. Liberty media who you just heard from the ceo, that tracking stock at a new high after another spinoff announcement. Chinese online retailer jd. Cco at a new high. And pay pal, saying apple a looking to add peer to peer payments through apple pay. And Rick Santelli is watching the action after the 30year note auction. Hey, rick.