Times square. Good morning. Good morning. So i read a report you you had a big line. Whats it been like all evening . Its been great. We did have a big line. Were at 44th and broadway. Line went all the the way to 45th street and then down 45th all the way to 6th avenue. It was huge. People came in in a real celebratory mood. People ate ice cream, relaxed with their kids. Ive never seen a black friday like this before, but 8 00 hour worked really well for families. Lets talk about sales. How did it go overnight . Were just starting. This is 5 00 a. M. On black friday morning. Were really just starting. We have about a b. Maybe a third of the day done. A long way ahead of us. Were adding door busters all day long and we expect everyone to wake up and go out the second time now. Can you give us a sense, is there one or two products that are flying off the shelves . Well, the wii u sold very well last night. You we have a great deal on ipods. That sold very well. Whats the wii u . Its the new platform from nintendo. The first new hardware platform out in over five years. So its really important for the future of video gaming. And its very hot. Theyre flying off the shelves. You did have lines when the store first opened, but from some reports and this is not just toys r us, but across the board you can le board, less lines, maybe a function of the fact everybody started earlier. But im also curious what that does to the context of just being in the store, that feeling of that rush feeling all evening that seems to dissipated a little bit earlier as did you open earlier. As everyone moved earlier in the evening, then the customer moves around and as they usually do there one store to the other throughout the evening. And then when it got to be midnight or so, everyone went home and went to sleep. And theyll wake up again thorn and come out shopping as i mentioned. Two thirds of the day is still ahead of us. And tell us about your employees. One of the big issues with opening earlier and earlier has been a question about labor, about putting people to work on holidays and what thats meant for them and their families. We opened at 9 00 p. M. Last year. This year 8 00 pmt. So a little tweak, it wasnt a major change. And the customers strongly asked us to do it. And from the environment, you could see they loved it. Our employees, they know they work at toys r us. We provide toys for children for the holiday. Goes from black friday all the way through christmas. Its a fun time of year. Youre ready for it you look forward to it all year long. Jerry, what about prices . How are prices different this year than they were last year and what are you expecting from online sales . Our price has been very aggressive for black friday and weve seen that in our competitors, also. We had 32 pages in our circular with many items 50 and 60 off and were adding door busters throughout the day. Very low prices. So we think it will be very, very competitive this year and youve seen a lot of emphasis on things like free layaway which we have at toys r us and Price Matching competitors which is something were offering and pushing quite strongly because we know our prices are great. And the customer believes were standing by it and theyll come in groves. What is your gauge of the consumer this Christmas Season . Is it a consumer ready and willing to spend or are you forced to pry money from that are hands . The consumer is looking no value. Definitely looking for deals. Thats why black friday is so important to them. And we certainly believe well have to offer deals all the way to christmas to get them to the doors and well do that. Jerry, in terms of pricing, and specifically black friday, do you make money on a day like this . We make money. Or margin is certainly lower than other days of the year. I read some articles which i think must not be doing the right comparison this say you might get low are prices other days of the rear. Thats simply not true across the board. Black friday definitely has the most aggressive pricing that youll see all year. But black friday is not a money losing day for you to bring people into the store to get people introduced to different products and hope to have them come back . Some of the door busters are likely below cost at every retailer including toys r us. What are the door bust irs . Starting at 5 00 a. M. , 50 off tigger. For 19. 99, thats half off. An incredible deal. We have lego sets discounts. We have item after item at 50 off. Many additional products at buy one get one 50 off. How will cyber monday compare with black friday . Black friday is a huge day online, too. But sometimes its even bigger than cyber monday. On black friday online. So we had a huge night last night on the internet on black friday. But well keep aegd deals and that will reach a crescendo on cyber monday which is definitely the day of the year which is the most heavily discounted online. I can get the same deals online, i dont have to come out to the stores . Most. Not every one. A door buster, there are only a certain amount allocated for online purchases. So if you want the door buster, its best to come to the store. Youre welcome to shop at toys r us. Com. Give us a real quick prediction. Between now and christmas, retail sales to toys r us and more broadly. I will tell you christmas is late this year. By that i mean thanks giving is early. You have the most number of days between thanksgiving and christmas. So i expect to be a late christmas, to build significantly over the last few weeks. Well take i have a question because im looking on account line. What was the name of the pony that you brought in here . Butter scotch. Thank you. Were doing a little shopping around the table, as well. We love it. Happy holidays. Lets talk retail expectations with dana telsey. Thank you for joining us. Seriously the state of the consumer, because there are so many questions out there about the global economy, the u. S. Economy and whats been happening. Where do you you see the American Consumer right now . I think corporate sentiment a weak than Consumer Sentiment. Weve seen decent same stores growth continuing to be up like 3 to 4 , but theyre watching carefully. Price matters. Weve never seen so many retailers open so early, be competitive on price. For this black friday period, a select grouping of items are there to win. The consumer overall, Balance Sheets are healthy. Weve been talking about whether the consumer has any of the same concerns about the fiscal cliff or anything else. It was a tick up that was going upward. And it came off a little bit the initial readings. So maybe a little bit of cliff is sinking into the consumer. But when we checked on on four key metrics, wages, unemployment, housing and what was the fourth one, debt levels, consumer is in better shape this year than last year. What is the chance that right now we havent lost confidence among consumers and so people are out there this thanksgiving weekend buying, maybe next weekend theyre buying, but as the fiscal cliff conversation really hits a ahead in middecember, that somehow confidence starts to drift. Seems like an upper income kind of concern given the volatility of the stock market. Mass market, as long as theyre living pay dlek to paycheck, theyre buying for their kids. Christmas doesnt stop because of whats happening in washington. I think Consumer Sentiment can be fragile. Its curious that it hasnt sunk in more now and maybe thats because it has not been a National Story as weve covered it here. But if we do get to a situation where were close to going off the fiscal cliff, people have to start thinking maybe well have a recession next year, i think theres still a chance for the politicians to resolve this issue before it becomes a huge we do know that its effecting spending. Its something thats been weaker on the corporate side than the consumer side. Thats part of the reason. If it that conversation continues on air but more broadly come christmastime, i have to imagine if you havent lost your job, youre thinking and Companies LikeLockheed Martin considering Something Like 10,000 layoffs if we go over the fiscal cliff. 80 of their revenue comes from government spending. That would impact sentiment. We didnt need that in Christmas Season when retailers get a lot of their profits. But if we can see it get balanced, that would be a better sign. Do you think the heat maps i put up last week, it shows how widespread the effects of the cliff would be. How great is an 8 cut in government spend. It will be a widespread impact. So beyond the sentiment issue is a real dollars issue in terms of dollars in peoples wallets. Well continue the conversation with dana and steve. What else we got going on . Were going to check on Global Markets. We are a bit above fair value here, about 8 points. 2 on the nasdaq and the tp would open so would you say thats mixed, right . Id say barely bunch oiged. What are we waiting for . Monday for the holidays to be over. A shortened trading day. Europe is down just barely. And asia, which has been trading for quite a while longer here, authorizes theyre up a little bit. Now lets take a look at oil. Its down a little bit. Brent right around the 110 mark people have been watching. Natural gas down, as well. And the ten year, my favorite gauge, 1. 673. Nothings changed. The dollar, whats happening with the dollar here . 1. 28. A little more strength not much really. Although thats a stronger euro. Big story has been the dollaryen. Some sense that there will be serious spending out of japan. Finally, gold. A measure of a lot of things here. Up five bucks. Time for the Global Markets report and we have Ross Westgate standing by in london. Any news out of mario draghi in. Well, hes reiterated what he said for the last month. They stand ready to launch the omt should anybody actually want it. Of course that means spain. But we saw with an auction yesterday just to recap really pretty good spanish auction. They raised more money, about 3. 9 billion. Yields were lower. So as long as that continues, they wont be in any rush. Not in a germany wants them to rush to it because Angela Merkel doesnt want to ask for approval to give money to spain anyway. In the light of all of that and the shortened trading session today, you said it, were fairly flat here. Decliners just about outpacing advancers on the Dow Jones Stoxx 600 by around about 5 4. Very slim gains. Worth pointing out european stocks are on, if we can hold where we are, no big losses today, were on for our best week in european stocks from around about ten month, weve been up four sessions in a row. See whether we can make it five. Volumes are fairly light. You talked about the ifo. Did come in better than expected. Also better on the expect takes. Pmis came out yesterday that werent that great for germany, so slightly off seats that feeling. May cut a cut on the Interest Rates charge order the loans. Might get a maturity extension. Thats where theres been a battle between eurozone finance minister, ecb and imf. They want a bigger sort of Debt Forgiveness program. These are sources quoted from the greek finance minute haveim. So thats where we stand at the moment. Pretty flat session. Spanish yields slightly higher than yesterday. Still fairly comfortable. I hope you had a great day yesterday. Very kind of you. Remember last time we saw you, we were talking about end inside day and thanksgiving and how they should feel about this. So we appreciate the sentiment. Well see you soon. Im liking the thanksgiving sweater look. We try. Did you have turkey yesterday, ross some did you eat any . No. Just in honor of our holiday . No. I get a lot of that at christmas. So you dont want to get too early with the turkey over here. I hear you. Okay. Thank you, ross. Coming up, weve got a live report coming from best buy in california. The struggling Electronics Chain posting a significant decline in the Third Quarter. But there is good news. They have lines of people coming camping out at some locations since sunday. Jane wells has been up all night hanging on out with some shoppers. I know this isnt too early for you. Youre always up at this hour. No, i actually, you know, this is about the time i start wrapping it up for the day. Im with noah and sabastian. What did you get . Speed for speed most wanted. I got gummy bears and the and i would exact thing he did. You were here at 3 17 to buy video games and gummy bears. Got to fulfill our need for speed. Well, fortunately other people are spending a few more bucks. Nobody needs black friday more than best buy to go well. Well have part of their turnaround strategy when we come back. Lets have some gummy bears. Customer erin swenson bought from us online today. So, im happy. Sales go up. Im happy. It went out today. Im happy. What if shes not home . together she wont be happy. Use ups she can get a text alert, reroute. Even reschedule her package. Its ups my choice. Are you happy . Im happy. Im happy. Im happy. Im happy. Im happy. Happy. Happy. Happy. Happy. together happy. I love logistics. People are out in the stores already. This is beaver creek, ohio. Courtney reagan is there and shes been saying crowds have been out in full force. Its black friday. And for a lot of people, that means shop until you drop. As you you might expect, weather can be a key variable for the retailer hes, too. Reynolds wolf joins us with a look at how today is shaping up. Reynolds wolf joins us with a look at how today is shaping up. Reynolds wolf joins us with a look at how today is shaping up. Reynolds wolf joins us with a look at how today is shaping up. When i came in, the weather was nice. Is that expected to continue . Absolutely not. Youll see some major changes in parts of the northeast. And the reason why is right behind me. You have some frontal boundary, all this driving eastward. Its about 1,000 miles long. It will bring rain, it will bring snow to parts of the great lakes and cool air behind it. Lets get started. We have temperatures today, we expect to have them rise in the 50s. So it will start out just fine for you. Showers and cool across the northeast later today. Midwest, colder air coming in, temperatures will rise, even 60s in dallas. And then out towards the west, final and he will getting a break in spots like seattle. 50 degrees. So a bit more mild. Very chilly in the mountains. 81 in los angeles and phoenix. Rest of the four corners, very dry and mild. What about your travel . A lot of people will be traveling not just to the shopping mall, but to the airports. We do have someplaces where we may see some backups. What i can it or not, backups could take place especially places like detroit, houston. Minor delays in nashville. But new york and los angeles for the time being, nothing to speak of. Might have volume delays later in the day at jfk. Back to you. Real quickly, as we head into sunday, a lot of people traveling back on sunday, any idea about whether the weather will continue to get worse or improve . It is going to be rough in parts of the northern plains. A lot of the small regional airports. Out west, not bad either. Thank, reynolds. Happy postthanksgiving to you. Best buy of course in need of a strong start to the Holiday Shopping seen. Jane wells is in california and a lot of people in line for g gummy bears. It is packed here. Luis, this is your second trip here. You already got the tv for 180 bucks . Yes. When did you come here to camp out in. Three days ago go. Did you have turkey here . Not yet. My wife is right now waiting for us with turkey. Is this your last trip in. Yeah. So you you say. All right. The manager calls this the companys super bowl. Part of the turnaround efforts is a new Blue Initiative that includes approving the customer experience. So the manager turned the traditional preopen pep rally into a hawaiian battle cry. 80 employees are in here, they prepared for the estimate 1,000 people in line, some waiting since under night and the opening was very orderly. 1,000 people in line, some waiting since under night and the opening was very orderly. We asked people who were here if they were here just to shop and then order on online and why did they choose this store. Why not walmart or target . Walmart i heard, you know, they were open all day and a bunch of people there, but, you know, best buy has the better deals. I like the warranties. They have electronics, you get a good warranty. I usually buy everything here. Ill come into best buy and look at the price and then go on amazon and Research Like more information, year rating s us ratings. The deal here for the door busters are the best over any amazon deal. Next hour well talk to the guy who was first in line, jason, he was there since sunday night, he waited 98 hours. Well find out what he spent, how much he saved, and break down the hourly rate for those 98 hours and if it was worth it. Back to you. Theres no way it can be worth it, jane. I mean, how much could he possibly have saved and what was the cost of his time . Well, theres also the opportunity to not only save but if youre first in line, you get all the tickets and you you can go out in the parking lot and do a little reselling and maybe cover your costs. I didnt realize there was a secondary market. Maybe this is my fault for thinking this way, but i also think of black friday as being a big time for women to get out and shop. Joes always saying he never goes out at any of these things. Theres a lot of guys in the store there. Oh, no, its all guys and all young guys mostly. I mean, its like 20 somethings in here for the most part. Because they think its fun. Guys with Nothing Better to do, right . Thats really what it is. And theyre the ones that actually want the electronics stuff probably more than anybody else. Do they make money on a best buy with these prices . Door busters you probably dont make the money. You make the money on everything else. All the services and warranties is where you make your money. Got to hope. Coming up, from a best by in california to a mall in the midwest. A live report from ohio next. Its the state of the American Consumer there coast to coast on this black friday. Stay tuned. [ male announcer ] you are a business pro. Governor of getting it done. You know how to dance. With a deadline. And you. Rent from national. Because only national lets you choose any car in