Transcripts For CNBC Squawk Box 20151125 : vimarsana.com

Holidays s p futures up by 5 and nasdaq up by 11. 5. Heres some of the stories were watching this morning. Economic data later today. 8 30 a. M. Eastern time weekly jobless game. And then at 10 consumer sentiment. Deer will post the latest Quarterly Results before the bell and a story of note for sports fans. Draft kings and fan duel have their day in court. Theyll square off against the new York Attorney general today at the state court in manhattan. The ruling will decide whether or not the companies can decide to continue to operate in the state as the Court Debates whether daily fantasy constitutes illegal gambling. Stocks to watch, hp is one. It fell short of expectations and revenue fell 9 from last year. A fifth straight quarter fall in sales. They split into two separately traded public companies. Earlier this month they sell personal consumers and printers and they cover commercial Computer Systems but its tough. Its just a tough business for hp. For all the tech games in this new era its just one of those things that are probably more and more and more. As much computing as something i have five years ago. Its newspapers. Its ibm and you can do a lot on an iphone. More on an iphone. Finally got the iphone 6 this weekend. Well get rid of that other no, i got both of them. Both of you can talk all you want. Youre wrong. Youre wrong. Thank you. Youre wrong and you got that thing which i know. The watch, yes. Im sorry i looked at it before. Its ugly. Its not ugly. It is ugly. A big ugly thing. Theres so many beautiful watches. That is ugly. Yeah. Everything else is great. That ring is loud. Meg whitman will be on squawk on the street. Well see how she explains this and makes the case that i guess the future is brighter for maybe one of these companies. Anyway, a u. S. Investigation finds possible misconduct by walmart in brazil. Had is according to the wall street journal which reports theyre probing 500,000 in payments they believe went to an individual government permits for building 2 stores in brazils capital the Justice Department is investigating the act in china and india and mexico. Thats just great. To try to put i know, if andrew were here. But hes not. Bad behaviors but by definition foreign practices is a lot different than practices here in the United States. Didnt walmart just clear. Much less of a deal. Accused to something relating to foreign prep practices app. The law requires that you must examine every business you have everywhere in the world from top to bottom. So they were going to find other stuff. Is that this by the way. Not based on this. Its not that much. Brazil . Yeah. Right. And getting a boost on takeover talk involving shire. You might recall that they rejected an unsolicited 30 billion bit saying that was too low and undervalued the company and syngenta chairman says his company is look at takeovers telling a newspaper that hed be surprised if nothing comes to pass in the next six months. Syngenta had been an acquisition target of monsanto. Futures are indicated higher this morning. This comes of fractional gains yesterday for stocks. The dow futures up by 41 points. S p futures up by 4. 5. Earlier in the day you didnt see a lot of jitters in the stock market after turkey downed that russian jet and created a lot of concerns but the markets did end fractionally higher. Lets look at whats happening with the early trade this morning in europe. It looks like stocks are higher there as well. Remember these major averages at least this time yesterday were down by about 2 . This morning the dax is up by 1. 5 . Same story with the cac in france. The ftse 100 is up by. 9 . You saw the nikkei was down by. 4 . Shanghai stocks up. Oil was the big story yesterday. Crude oil had the best day in three weeks. Up by 2. 7 . Settled just under 43. Today giving back some of the gains. Down by 1. 25 . But this was the big story yesterday and why stocks ended higher. In the bond market youll see at this point the yield is at 2. 225 . So still below 2. 3 . The dollar at this point looks like it is up against the euro but check this out, euro at this point at 105. 79 falling below 106. This is about the lowest level we have seen in close to 7 months. Yen is at 122. 64 and quickly take a look at gold prices as well and youll see that this morning gold prices barely budged. 1,072 an ounce. To the developing story in the geopolitical front. New this morning were learning one of the russian pilots shot down near the turkey Syrian Border is confirmed live and well. Same time Vladimir Putin is making more comments about that event. Happens to be in teheran for a gas conference. Hadley joins us with the latest. Good morning. At least one of the pilots was killed and one of the members of the search and rescue team sent to find him was killed as well and also this is a series of blame game, a war of words. He is essentially saying it wasnt meant as a direct provocation but its difficult to believe that shooting another countrys aircraft out of the sky could be seen as anything else. Take a listen to what the president of russia had to say. We stated many times that the fact that a large amount of oil and oil products is being transferred from the territory of turkey from territory seized by is. Gangsters are receiving their Financial Report and now rewe receive a strike in the back from our jets fighting terrorism. Theres on going as for just where this aircraft was flying when it was shot down. We also know they say they have been warning the russians ten times in the past few months to stay out of their air space and nato members quick to take turkeys side. Take a listen to president obama. My top priority is to ensure that this does not escalate. Hopefully this is a moment in which all parties can step back and make a determination as to how their interests are best served. This is a story that shows no sign so far of deescalation. We now know that the foreign minister of russia will not be coming to turkey today as planned. We also know that at least one Russian Missile cruiser is protecting russian flights over syria now. They say no harm will come to their planes and this is also a story that has huge geo strategic and economic implications. Theyre tied together when it comes to the economy. Were standing right here. This is where east meets west and essentially if any military equipment is going to travel to syria from russia it has to pass through the straight right behind me. That goes for oil. These are countries tied together when it comes to trade, to tourism, and some serious questions as to what the cost will be of yesterdays incident, guys . Thank you very much. Joining us from istanbul. This was frightening yesterday, right . This is a nato member, potentially having an altercation with russia. Thats the First Time Since the cold war. Exactly. If you wanted to be hyperbolic about it and people on other cable channels, far be it for them, but you never know how things get started . World war i was like some stupid skirmish in some part of the world that isnt even called what it was called back then. There cant be a world war iii. But thats the one good thing, not that theres anything good about nuclear weapons, not an all out world war ii can we . Maybe not in the traditional sense but if you have it get picked up by someone that done have the same sense of worrying about destruction thats what i worry about. You see the issue raised by the journal today, why did putin provoke the situation . Why would he do this . Is he testing nato . Right . This is he hates that nato is in the baltic countries near him you saw obama. They did everything to deescalate. And the thing that scares me is hes like, im afraid i dont want to get an umbrella stuck in my butt but you wonder whether he is like a mobster. An analyst saying yesterday theres not a chance, you dont know how but theres not a chance that it wont go unanswered. And theyll keep testing it. Its been happening a lot and they have guys in syria that hes been bombing that are on our side but antiassad. Theyre the definition of terror. Theyre enmist of isis. But also of assad. Joining us now, someone that might know something about this, retired army colonel jack jacobs. He is also an msnbc military analyst and you probably have an idea of just tell us, colonel, whats putin trying to do . Whats he likely to do in response to this . And is this something that could really escalate . And something we should all be worried about . You were just talking about probably what precipitated all of this, there are tribesmen that are ethnic turks living inside Syria Territory and they are against assad and theyre really close to the turkish border. The turks feel affinity to them. They have warned the russian planes have flown over Russian Air Space before. Quit flying over turkish air space and quit bombing them and and thats what happened yesterday. Its apparently over turkish air space and a track where the airplane was and when it was hit it was probably over turkish air space and the real problem obviously is what happens next as you suggested. Putin himself painted himself into a corner. He has a lot on his plate. In crimea the lights are out as terrorists blew up the substation. It doesnt look like the lights are going to come on again until christmas. He has very little access. The access he has is basically crimea. The naval base into the mediterranean to support his activities elsewhere. But particularly in syria. Thats controlled by the turks. In addition to that, his relationship with turkey is extremely close as you suggested. They have close economic ties. Turkey buys its gas from russia. Theres not a whole lot he can do. He doesnt want to antagonize turkey any further. Who is on the other side of the trade in syria. Turkey wants assad stepped town and putin doesnt. This can escalate quickly if he plays it the wrong way. He has to demonstrate to an extremely skeptical domestic audience that hes in control but its apparent hes not in control at all. He has a couple of options. And they want us to do nothing at all but i think he probably feels he cant do anything. Kind of a low cost exercise hes done it again. Hell just irritate and there will be some. And its trying to extract some measure of uncertainty to fire air to air antiaircraft missiles from airplanes over syrian soil in syrian air space to take down a Turkish Aircraft in turkish air space. And its a way that precipitated a world war. That would be what might do it unless cooler heads prevail. Hell settling if somewhere maybe locally that will make him look tougher at home. Make him look tough at home these days but not precipitate anything further. On a daily basis i dont know whether thats right or wrong but in terms of not envolkswagening article five in either the case in paris or not saying that, you know, saying no we dont want it to deescalate. Yeah, that was probably that would probably be inflammatory and way out of character. Everybody anticipates that the president is never going to do anything and if he does something out of character like pound his fist on the table and say were definitely going to blow you guys up, if you do anything the next time you do something really nasty, when he demonstrated he would never do that but many times and actually they talk about it at the end that he shows putin, we can only imagine what mr. Putin makes of that. Dont do that until the next time you do that again. I speak for everybody again and that, you know, ironically, bureaucrats somewhere in europe has a lot carries a lot more weight in saying that than president obama does. To that point, that journal editorial raises the question did putin do this on purpose to test nato . He smells nato as being weak. The u. S. Is nato . Nato is going to do anything they need. U. S. Equipment and u. S. Boots and everything. And president balm made cheer yesterday that that was not going to happen at all. So is this a calculated risk by putin to try to figure out and it turned out not to be a good idea. Playing golf most of the time. I have a place out here. I spend a great deal of time. Do you have any horses. When we come back this morning, why investors could soon have a harder time getting their money back. We have that story next. Plus we are now just about 24 hours away from the annual macys day thanksgiving parade. The fun starts well before that day though. Spectators will be inflated. We have more than 10,000 people participating in the parade including dancers singers and others. The activist hedge fund locked in money for longer period. Investors will have the option to put money in existing 1, 3, or 5 year vehicles. As the markets head into holiday mode the street chatter is starting to pick up on whether the fed will actually raise rates come december. Steven says that the central bank will punt hiking rates all the way into 2016. He is chief exist. Also covering the equity angle is rich steinberg. And steven thats a little bit of a different view these days. Why do you think theyll hold off . Its been a different view. Years ago the fed says its data dependent. And its the data and Consumer Confidence and total retail resales. The gdp numbers tell you that its robust. In fact, three of the Fourth Quarters of 2015 are probably going to be below what economists think is going to be the economy. So we think that the fed has the opportunity to hold off. The risk of holding off is a lot smaller than the risk of doing something premature at this juncture. I almost think that the risk at this point is they have very clearly telegraphed that this is very much on the table for this time around. They lose faith. They lose confidence with investors and they had enough of that back in september. I mean, they telegraphed quite clearly that every meeting is live. They telegraphed that their data dependent. I think the markets want to be spoon fed information and we had the greenspan put which created Financial Market dislocations. Then we had the bernake promise which created more Financial Market dislocations and i think what janet yellen is trying to do is inject back uncertainty into the decision process so when people make Investment Decisions they have to begin taking risks on board and the markets are starting to do that despite the amount of qe thats been done if you look at whats happened to corporate spreads, corporate spreads are widening because companies are releveraging their balance sheets. Companies are beginning to price in risk which is a good thing. Thats where the fed is different than the street. They have to look and say if i move, whats the difference in reality if i moved in september or if i moved in december or if i moved in march . And theyre basically saying i have no inflation considerations to really worry about. I have Global Deflation risk. I have a dollar thats getting strong. Let me get some time away. What do you think happens to the stock market if the fed does not raise rates in december . It will be a disappointment becky because at this point, especially with the market rally, this is all about show me the growth. And for earnings to come through next year, the street is at 128 we need to start to see this shift from the fed back to an environment. That also has to happen with progrowth strategies going into next year. Both from the economy starting to see some pick up as well as from the political candidates talking about how theyre going to get this economy from lumbering in this 2 range. The big problem right now certainings this year were 119. Next year the consensus at 129. Thats too much in our opinion in terms of growth given the backdrop. I think the fed loses a tremendous amount of face if they dont step up to the plate in december. I watched cramer last night on mad money and he made a pretty interesting theory. Theres a lot of bad news out there and yet the market has rallied into all of this. Hes looking at this as a change in sentiment. That the market is ready to start moving up. It shows how strong that conviction is and if you get good news out there that you could really see stocks take off. Do you agree with that theory . Yeah but i think its going to be muted becky just because earnings ultimately drive not only shortterm returns but also longterm returns and until we really see earnings pick up at 125 in earnings where our estimate is, we get to 2,200 next year. But cramers exactly right. Just listening to the general earlier, im shocked that we didnt have a huge blow off in the market with this russian jet being shot down. Its caused world wars before. So to that point, if the fed doesnt step up to the plate, investigators are going to be questioning what do they know that we dont know . Rich, steven, thank you both. Good talking to you. Coming up, i was just talking about this yesterday. If a green bean casserole is on your menu this thanksgiving youll hear our story next. And you dont know what to get your significant other for christmas, how about some bacon scented underwear. Oh my god. Boggles the mind. Thats so jane wells. The possibilities are endless. First as we head to break, yesterdays s p 500 winners and losers. 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. Hiim here to tell homeowners that are sixtytwo and older about a great way to live a better retirement. Its called a reverse mortgage. Call right now to receive your free dvd and booklet with no obligation. It answers questions like. How a reverse mortgage works, how much you qualify for, the ways to receive your money. And more. Plus, when you call now, youll get this magnifier with led light absolutely free when you call the experts at one reverse mortgage today, youll learn the benefits of a governmentinsured reverse mortgage. It will eliminate your monthly mortgage payments and give you taxfree cash from the equity in your home and heres the best part. You still own your home. Take control of your retirement today might recall the coo was on yesterday. Companies announced a two for one stock split. The split will go to shareholders of record as of january 26th. So well get to green beans in a second. I just j and b foods. The actual text that they sent me. Apparently the new bacon scented underwear, theyre marrying the ultimate in both comfort and cured meat. Marrying the ultimate. Marrying the ultimate in comfort togethered with cured meat. Meat in your crotch. It represents the Gold Standard of the meat scented luxury undergarment. I didnt know there was a standard to be set. Each pair is hand crafted to offer the support of briefs, freedom of boxers and the smell of breakfast cooking in your pants. Its a party in your pants. You really cant have it all. It features state of the art moisture wicking scent Emission Technology that they stole from nasa. We have the smell of everyones favorite into the fabric of your pants. It will last through multiple wash cycles and wearings depending on the strength of your own scent. Your underwear should continue to smell like bacon for up to six months or even a year. Theres some warnings. If you have a dog, dont fall asleep around the dog. Also not recommended for mail carriers or zookeepers, veterinarians, dogcatchers or walkers or circus performers. Especially lion tamers. I know what i am getting you for christmas joe. Whenever anything is really politically correct we heard about bacon its going to kill you like everything but theres a 108yearold lady that has it three maeals a day. Once that happens i will go to mcdonalds three meals a day. Im drinking regular coke again. In big cups. Big 18 ounce cups. Three meals a day in mcdonalds and as much bacon as i can as long as its gmo. Speaking of food. As long as it is. As long as it is gmo i will eat it. In the category of questions no one is asking i got an email yesterday saying did you know that new york city ranks number 19 in the green bean casserole index for people that are going to eat green bean casserole on thanksgiving. Its new york state. New york state. Top five louisiana, oklahoma, kentucky, florida and wisconsin. I bet ohio and indiana are in the second too. Probably so. I was going to say part of the 19 . Stuffing is not great for you either. Potatoes arent great. The second question, what is your favorite secret ingredient that you like to add to the green bean casserole . Theres three things, green beans, the condensed cream of Mushroom Soup and then the onion other things on top. Favorite secret ingredient would be . Bacon. Yeah. Bacon underwear. You go, how did this get in there. Its easy to transport. Its a family tradition. As long as ive been alive. Cranberry sauce. Thanksgiving is a very easy dinner to make. Its just volume. There isnt that much skill. Its timing. Do you have enough room in the kitchen for that many people . Is it primmer or primer . Primmer. Im going to talk to the lady again. The butterball lady and im trying to come up with new questions. New important questions. The butterball lady, she is like the guard at buckingham palace. You never phase her. Never fluster her despite what you try to do. Actually if you can tweet me, if you have questions about like when i do it, i pack that stuffing you can do that, thats bad. Thats wrong. It has to be loose stuffing. When youre packing the turkey you dont need to either take it to dinner or cough when youre doing that either. Tweet us if you have questions. Or squawk box. However you want to do it. Coming up, will you ready for the crowds . Were going to talk to the ceo of the mall developer. And thats next. Take a look at the stores that will be open for business on thanksgiving day. Wow. Kmart opens at 6 00 a. M. Toys r us, macys, walmart, all opening later tomorrow evening. They come into this iworld ugly and messy. Ideas are frightening because they threaten what is known. They are the natural born enemy of the way things are. Yes, ideas are scary, and messy and fragile. But under the proper care, they become something beautiful. The official start of the Holiday Shopping season is almost upon us. U. S. Retailers are dpegearing u for the holiday crowds. Lets talk to our next guest, ceo of edens. They own and operate open air shopping centers. Good to have you here. Thank you. You have 124 of these around the country and the vast majority have a grocery so that you get frequent customers that need to do their shopping but open air, big sidewalks, always a restaurant. Getting people to dwell. Correct. Edens is focused primarily east coast, houston, and dallas and inspiring the community to come together to really reconnect. When i think about the description and this is in the wake of farris, i think wow, soft target. Absolutely. Did you think of that when you saw paris . What did you do . We think all the time because our whole purpose is to Bring Community together and if people dont feel safe or comfortable its a huge issue for us and our communities. We spend a lot of time thinking about because were open air were open access, thinking how do we heighten security without heightening concern of consumer thats there. We have constant security. Some well marked so people know where to go if they have an issue and some not as highly marked but presence is the best way we can do it. So make sure if anything feels uncomfortable we can direct it. Did you see any decline in traffic in the wake of paris . We have not seen it at all. We expected it because our centers are so well balanced, theyre the place where people come together to connect and reconnect and in the wake of paris people leave that. They need that Human Connection with one another and we also service with the grocer and every day need that people continuously come back for. Even before paris there were great concerns about retail this season. We have gotten awful numbers from big names. What are you seeing when it comes to overall sales . What were seeing is sales are up just a little bit. 1. 5 to 2 . We are expecting them to be up a little bit more during this season. Were seeing retailers that do 50 million or less, their sales have been 10 to 16 months continuously ticking up. The consumer is there. They want to see where theyre connecting with the maker of the goods so were seeing our smaller retailers continue to move up and were seeing the larger retailers like the national trends. Any stores open tomorrow on thanksgiving . Very few. We are encouraging. We have some of the stores that you talked about earlier that will be open. Target is open. Best buy is open. But most are closed. Thank you. Great to have you on. Thank you for joining us. Thank you for having me. When we come back this morning, s p cutting its outlook on yahoo . Well break down the challenges ahead and ask if Ceo Marissa Mayer can turn it around. Squawk box will be right back. Insiders look like they may be running out of patience with yahoo ceo meyer. Dozens of executives key to her turnaround plan have left the company and starboard that once told yahoo to spin off its alibaba unit because of tax issues. A writer with fortune wrote a piece called Marissa Meyer has lost the narrative. Is she going to get fired soon . She might get fired. She might just realize that she needs to step down. The pressure is really mounting and shes had three years. Theyve been patient with her but three years is a long time. In defense of her theyve had five ceos in three years. That doesnt mean her career is over but yahoo s future is looking rougher. In terms of timing, shes pregnant with twins due in december, is there speculation that possibly she uses that as that would be a time for transsnigs. That would be one graceful way to exit. They need to find somebody who is willing to come in and try to fix this thing. Thats why starboard is pressuring yahoo to sell the company. Theyre starting to say hasnt it always been unfixable . Shes going to revitalize the products. Maybe they need a Media Executive or maybe it belongs out of the umbrella. Was she the best possible hope, if she cant do it, can anybody do it . Lime Tim Armstrong at aol, a successful whatever you want to call it. His run . What did it sell for . It sold for more than what he came in. Its never going to be 100 billion. And sometimes thats the best you can hope for, dont you this i . Actually thats interesting that you bring up aol. Starboards last idea before they wanted yahoo to spin off the alibaba stake, no, dont spin off the stake. They wanted yahoo to buy aol and that didnt happen. A lot of investors looked at that and said thats just combining two shrinking entit s entities. Whats that going to do . The switch from starboard. They said sell this. Then the irs and the reasons were tax reasons and the irs says you may not get that tax benefit so thats why starboard said dont do it. So why is she still going to do it . Its not clear because that only happened a week ago and yahoo hasnt responded. They spent the year working on the spinoff to appease starboard and starboard out nof where says actually we change our mind, dont sell it. Thats because of the irs decision. The irs later saying we cant guarantee you youre going to get the tax treatment youre hoping for. Which is a long shot to begin with. How can you spin off a 22 billion stake and expect to pay no taxes on the gains you made. Only in america. So what happens next year, do you think . I mean, its going to be really fascinating to watch, you know, maybe yahoo still goes ahead with the spin, maybe yahoo tries to find a buyer, maybe they bring in a new ceo. I would be shocked if they found someone who was willing to step up to take on the challenge. Whats the next catalyst eve event . When does she next have to appear in public . Quarterly earnings two weeks ago and they werent really pretty. The declines are continuing so she has a few months and i guess well see in the next probably month or so whether or not this alibaba spinoff is actually going to go forward and weve seen her in the past decide to apiece activist investors by giving them what they want. So maybe shell change her mind again. What about all these acquisitions that she did that was supposed to be so transformative . Have any of them worked out . Tumblr is the most notable and it was celebrated when it happened. Yahoo famously missed out on buying facebook. And they did a big push live at the nasdaq, the ceo of tumblr. Theyre expected to do 100 million in revenue which isnt really that much, and thats on top of the 40 or 50 other tiny startup acquisitions shes made. She brought those people in basically to create mobile talent but a lot of those people have now left, and so that mobile talent isnt even there. How much is she paying katie couric, i ask jealously . Shes in the millions there. I think there was a recent report that said she spent over 100 million on different video acquisitions and that hasnt translated directly to the bottom line yet and it makes her strategy look scattered. She wrote down 42 million just for the acquisition of community, the tv show, and a couple other ones saying cant make money on it. Wow. Well, erin, well watch and see. It doesnt look good. No, it doesnt look good. Thanks for having me. Coming up this mornings top stories including an escalating war of words between russia and turkey. First, though, check out the shares of deere, the company out with Quarterly Results, earnings and revenue topping estimates. Stock is up almost 5 . Stay tuned. Youre watching squawk box first in business worldwide. A war of words after the downing of a russian warplane. Vladimir putin warns his country will be forced to respond to future incidents. This as the u. N. And nato urge calm. Here at Home Millions of americans are traveling for the holiday and theyll be met with increased security amid a global terror threat. And a squawk box tradition like no other. A call to the butterball hotline and show you how to stuff a bird like a pro. The second hour of squawk box begins right now. Live from the beating heart of business, new york city. This is squawk box. Welcome back to squawk box here on cnbc. Im joe kernen along with becky quick and Michelle Caruso cabrera on a geopolitical watch today. Our developing story this morning one of the russian pilots who eject ed from the warplane that was shot down near the syria turkey border has been confirmed to be alive and well, which is goes against some of the press reports ive been r d reading in newspapers today that both pilots were riddled with machine gun, they were dead. So apparently not. Which is good. And Russian Foreign minister lavrov is calling the incident a planned provocation. I dont know whether who he means planned it. They were flying in turkish airspace. Maybe hes talking about the russians planned it and now Vladimir Putin is making comments as tensions run high. Joe fryar is busy. Sy the last couple of days. He joins us from london with the latest. Good morning, joe. Reporter russia says one of the pilots who ejected from the jet is now safe after a 12hour rescue operation by special forces. The pilot arrived at a russian base today alive and well. The other pilot who also ejected from the plane after it was shot down did not survive. Russian Officials Say he was killed by rebels who were on the ground. Of course this all started yesterday when a russian bomber was shot down by turkish fighter jets. Turkey says that russia the russian plane briefly violated turkish airspace and was shot down after multiple warnings. Russia has denied it violated the airspace and president Vladimir Putin called this a stab in the back. Turkey is saying it does not want to further escalate the situation. Nato is also seeking calm. This morning russias foreign minister says there are no plans to wage war with turkey but he called the downing of the plane, as you mentioned, a, quote, planned provocation. There are fears this incident will increase east west tensions just as france works to try to bolster some sort of International Coalition trying to get the u. S. , france, and russia all on the same page in the fight against isis. French president hollande met with president obama yesterday and will now meet with president putin tomorrow. Back to you guys. All right, joe. Hopefully we dont see you too many times in the next few weeks but i have a feeling were going to need you. Thank you. Appreciate it. In other top stories today, a deluge of Economic Data coming. We get weekly jobless claims, personal income and spending. Then at 10 00 new home sales and consumer sentiment. Hormel announcing a two for one stock split. That will go to shareholders of record as of january 26. And draft kings and fan duel will be squaring off against the new York State Attorney general. The ruling will decide whether or not the companies can continue to operate in the state as the Court Debates whether daily fantasy constitutes illegal gambling. Stocks to watch today, hp reporting earnings falling short of the streets expectations, revenues down 9 from the Previous Year marking the fifth straight quarter of falling sales. The computer maker split into two separate publicly traded companies earlier this month. Hp, which sells personal computers and printers and then hewlettpackard enterprise covers commercial, software services. Dont miss meg whitman on squawk on the street at 9 00 eastern time. And deere just out with Quarterly Results, earnings and revenues topping estimates. Take a look at shares at 80 on the nose, gaining nearly 5 in premarket trade. And the u. S. Investigation finds possible misconduct by walmart in brazil. This according to the wall street journal reporting authorities are probing payments they believe went to an individual hired for building two stores in brazils capital. The Justice Department has been investigating potential violations of the foreign corrupt practices act by walmart in china, india and mexico. Peltzs trian to end quarter redempti redemptions. More Stable Funding would allow pressure on its corporate targets for longer stretches instead of a quarterly class of shares it trian investors will have money to put money into an existing one, three or fiveyear vehicles. Today is the last full day of trading this week. Markets are showing some resilience in the face of all these ongoing global tensions. Joining us now chief investment strategist. We ended up at ubs. You did. So you have some of my money. Yeah. Were legacy. I know you are, but with great power comes great responsibility. So im going to listen to everything you say here and if i dont like it, i might move it, get right the hell out of there. I know where you to find you. That could be so big. Call Wealth Management anymore if i move my account. I like what youre saying. Youre not really i wouldnt say that youre negative on the u. S. Markets. You think the Interest Rate environment stays favorable, earnings react sell rate a little bit as we get beyond the dollar in oilrelated issues but you like some foreign markets better because, what, theyre cheaper . Its a couple things. I do think the u. S. Has been the place to be over the last couple of years. Youve had the tail winds from the fed policy. Youve had the rebuilding of balance sheets. Youve had just an extraordinary opportunity for earnings to go higher and i think the same circumstances are starting to play out in other places right now. You said select other places. And select is largely eurozone and japan. When i talked about select, i would say when you look at whats happening now in europe, i wouldnt go as far as to say this is just the u. S. Lagging by two years but some of the same things that we saw drive the u. S. Markets higher are starting to manifest themselves in the eurozone. The central bank has made it very clear that theyre going to provide as much policy as necessary. Were finally start to go see a meaningful normalizing of lending and credit conditions. That is the life blood for any economy. If you want a sustainable recovery you have to see the free flow of credit. All those things happening at once are favorable. The thing you have to contend with is all the geopolitical issues that we were discussing a minute ago and also the fact that you have this further fraying of the fabric within the eurozone. I think the fundamentals matter more than that and eurozone will be one of the best performing in 2016. How would ubs tell someone to do that . Whats the easiest way . Would you buy individual issues if you had enough money, diversify the portfolio or etfs . How would you do it . Were agnostic about the approach. There are certain sectors you want to be focused on. We do like tech. We do Like Financial Services as well in the eurozone. We do want to make sure people are careful in terms of currency exposure. I was going to ask that. While eurozone markets will move higher, i think youre going to see some softening of the euro. Its not as extreme as the last couple of years but if youre going to focus on the eurozone. And do you buy an etf thats already hedged . Hedging is expensive. Hedging is expensive but it can be managed. First of all we know there are active Fund Managers who do hedge out the currency risk and certain etfs that provide currency hedges so you can buy the stock exposure without the currency exposure. Do you think its worth it even with the hedging because you think european stocks will perform so much better, because you think u. S. Stocks arent going to go anywhere . I think u. S. Stocks will do okay. Were kind of limited right now, becky, to what well see in terms of earnings growth. Look for earnings up next year somewhere around lets call it 8 to 9 . We think the rerating of multiples is largely behind us now so it means were talking about mid to single digit returns in the u. S. I think what youll be looking at in europe is closer to double digit returns. So i do think as long as you manage the cost of hedging, i think youll probably still do better in the eurozone than the u. S. Because of multiple expansion not because of tremendous growth over there. You will get some earnings growth. Remember, were coming from a low base. You will see, also, just the opposite that were seeing in the u. S. In terms of the currency effect. One of the things thats a headwind has been the strength of the dollar in terms of corporate profitability. As the euro continues to weaken it feeds through to corporate profitability. I think corporate earnings will be up, lets say between 8 and 12 and you will also get a rerating of stocks. And eventually when the dollar starts weakening. Were a little early in that game. Where is it going . Where is the euro going . A lot of people are predicting im not sure well get to penny but we have some further weakness in terms of another 4 to 5 weakness in terms of the euro versus the dollar but i do think in terms of seeing the strengthening of the euro here youd have to see a couple things. Wed have to see much, much stronger growth in the eurozone than currently being forecasted and see essentially the fed not only didnt raise rates aggressively or didnt raise rates at all. You lose the phrase rerating. Never heard it much in the United States. I always understood it to mean multiple expansion. Basically its the same thing . What we have, michelle, a lot of what the u. S. Had, two tail winds. We had this move in terms of the recovery in earnings from the x extraordinarily distressed levels but multiples expanding in the u. S. As well. You have the same dynamics that work in the eurozone now. Where do you live . Where do i live now . Are you going to have a green bean casserole . I am on long island. Im right where they put the long in long island in huntington. The spirit of the question is are you having green bean casserole tomorrow for thanksgiving . I leave that Decision Making to my wife. I eat whats on the table. Smart man. Okay. So you dont did you have one last year . Do you even remember . Are you not a food guy . Im not a big foodie but i do recall that we had green beans, white onions, stuffing, mashed potatoes and turkey. There you go. Regular green beans. Regular green beans. All right. Youre breaking del montes heart. Coming up, planes, trains, automobiles. Much more security, nearly 50 million americans are expected to travel at least 50 miles from home today making this one of the busiest getaway days of the year. Who better to talk to than aaa next. Plus, president obama will continue a long tradition today. Pardoning a turkey. Hell choose between two birds one named honest and one named abe. And the National Turkey foundation is asking americans to help make the pick. Wait a second, does the other one die . You have two birds and one of them only one of them will get pardoned . Hes only pardon onning one. You have to eat. You know where your turkeys come from. I dont want to look at him, name him something and then eat him. Thats how it is on the farm. My grandfather used to raise cattle and he would tell us who we were eating. Stay tuned youre watching cnbc, first in business worldwide. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Welcome back to squawk box. 28 points or so now on the dow and the s p, too. The nasdaq, the tech heavy nasdaq, up 6 1 2. You can always get by with that for a wednesday. Or you could say gold, the precious metals. The less precious golden metal. Alibaba chairman in talks to buy a hong kong newspaper, the South China Morning Post is considered to be an influential english language paper. Chinese staterun News Agency Reports the country is finding five knockoff Disney Hotels saying they infringed on the giants trademark. Disney is set to open a new theme park in shanghai. Jinping made a point of saying i want disney to open a disney shanghai. There was a question internally he didnt say rip off or mimic but to do it ourselves and he said, no, we want disney in here, and hes shown a very particular by the way, the video were looking at right now i think is real disney not the knockoff stuff. It does have the disney resorts sign behind it. We hope so. Otherwise its a pretty good knockoff. Almost 47 million americans are expect it had to hit the road for one of the busiest travel periods of the year, the most since 2007 according to aaa but the state department casting a shadow over thanksgiving travel issuing a Worldwide Travel report. Travelers can expect longer lines and tight security. Thats if they decide to go at all. Joining us right now is marshall doany, ceo of aaas national office. Marshall, thank you for being here today. Good morning. How are you . Good, good. I know a lot of people are getting ready to make the drive to relatives house and more than than ever since 2007. Is that because of lower gas prices were seeing . Low gas prices definitely help. The current price for a gallon of gasoline is 2. 06 across the country. Thats about 75 cents less than last thanksgiving, the lowest thanksgiving gas prices since 2008 and that means consumers are saving about 10 to 20 every time they fill up the gas tank. Also, though, were expecting to see people who are taking to the skies. I think a slight increase over last year. Aaas forecast is over 3 million will take to the air. Thats up slightly over last year. The good news for air travelers, however, is airfares are down about 10 for the most popular roundtrip destination this is year and thats the first thanksgiving in a number of years weve seen lower airfare. Again, is that related back to the price of fuel . Yes. Jet fuel prices down 97 cents a gallon and some of that savings is being passed on to consumers this year. Were seeing all of this happens we hear about a Worldwide Travel alert. Thats not for travel within the United States but obviously has people on edge as theyre head ing to airports. What would you tell people about what we heard from the state department . Well, first of all aaa has mott seen any significant increase in the number of travelers. What we would tell travelers is to remain diligent about your personal safety. Dont slip into vacation mode to the extent europe not aware of whats going on about you. U. S. Embassies and your travel destinations, know of your travel plans and how to get hold of you. Where are you heading for thanksgiving . Im staying home. I travel a lot for aaa monday through friday, so this thanksgiving im looking forward to spending time with the family at home right here in orlando. Enjoy your holiday, marshall. Happy thanksgiving. Thank you. Happy thanksgiving. Coming up, another multistate e. Coli outbreak. Details on the retailer involved. Its not chipotle this time. Aaflac aflaaac. Aaaaflaaaac. Someones sandbagging. Id be tired too. He paid my claim in one day when i got hurt. One day . Serious hustle. Serious duck. In just one day, we process, approve and pay. One day pay, only from aflac. Ah the markets change, at t. Rowe price, our disciplined investment approach remains. We ask questions here. Look for risks there. And search for opportunity everywhere. Global markets may be uncertain. But you can feel confident in our investment experience. Around the world. Call a t. Rowe price investment specialist, or your advisor. And see how we can help you find global opportunity. T. Rowe price. Invest with confidence. Thats a lot. Please. I think that stat is true but no way. I wont. Thats low. If you have pumpkin cheesecake. I wont. Im saying what if available to you, which will be available to me, pumpkin cheesecake, pecan pie, homemade apple pie, all that stuffing, all that turkey, alcohol, salad. You dont have to eat it all. No one says i have to. I dont have to do anything. If they build it they will come. I will worry about that later. This is when you do it and then january 1st you go back off the carbs. 4,500 calories is a lot. Thats a lot. No, its really not. Its just really not. A think of popcorn is 2,000 calories. The big one . You guys carry two phones and you dont eat. I measure my calories on my phone every day. You have a sad life. I can show you the app where i measure my calories all day long. Okay. Congratulations to the Golden State Warriors, the defending champs making history last night setting a league record, the 16th straight win to start the year. A 111107 win. The cdc announcing a multi state e. Coli outbreak. At least 19 people sickened by ecoley linked to rotisserie Chicken Salad made and sold in costco. Costco says it is cooperating with the u. S. Department of agriculture and the fda. Chipotle, as you probably know, has been dealing with its own outbreak. 40 people who ate at the burrito chain were sickened. Investigators looking into the cases will face significant challenges in finding the source of the issue. Thats in large part because its been weeks since the last illness so any contaminated food is likely long gone. Would you buy Chicken Salad at costco . They good stuff. Prepared Chicken Salad . You get a big vat of it . Thats certainly true. Whats the point if youre having a party or something. Yeah. All cagefree eggs. The companys brands include betty crocker, pillsbury, progressive soup and yoplait yogurt. Hilton worldwide disclosing a data breach. M malware. The hotel giant advising customers who used their payment cards april 21 to july 27 of this year and from november 18 to december 5 of last year to review their statements. Hilton says the malware has been eliminated. When we come back this morning a drop in Mortgage Applications over the last week. We will tell you why next. First, though, take a look at the u. S. Equity futures. Theyve been high all morning. The dow futures are up by 23 points. The s p futures up by close to two points and the nasdaq up close to five. Stay tuned you are watching quauk squawk box on cnbc. Welcome back to squawk box on cnbc. Among the stories that are front and center this morning, Mortgage Applications fell by 3. 2 according to new figures. That was primarily due to a drop in refinancing activity even though Mortgage Rates edged slightly lower. Sonys playstation 4 video console has passed the 30 million mark in sales. Thats just two years after it was launched. Sony says this version has sold faster than any of its predecessors. And toyota is replacing takata air bag inflators even though these particular inflators had previously been declared safe following an accident. Was coming by the vehicle. That had the same model inflator. Millions of spectators lining the streets for the macys thanksgiving day parade. Courtn courtney . Reporter hi, good morning, michelle. More than 3 million spectators are expected to line the streets of new york city for the 89th annual parade and the retailer says it works closely with Law Enforcement each year for a comprehensive security plan. The company says as with any public event in new york city, security elements are extensive. From the very visible presence of Law Enforcement officers to wideranging behindthescenes security operations. The safety of our participants and spectators is the top priority for us and our agency partners. Now the nypd is the lead Security Agency for this event. Commissioner bill brat on says that the number of officers trained to deal with an active shooter situation has increased from about 100 several years ago to more than 500 today. And for an event like a parade, that number swells even higher. While the state department has warned americans to, quote, avoid large crowds, bratton says new york city is a special case. New york, were here encouraging you to join the crowd, one of the 3 million who will have a great time on thanksgiving. Its how new york city always will work. Reporter macys ceo was on squawk box earlier this month and said that there have been times in the past after 9 11 and after the financial crisis, for instance, when some groups urged him to cancel the parade but he said he wouldnt do it because its exactly what the country need at a time like this. Michelle . All right, thank you, courtney. Lets talk more about Homeland Security and the situation around this busy holiday weekend. Former new York City Police commissioner bernie carrig joins us. Good to have you here. Thank you. I want to talk about parade security and new york city in a second. It occurs to me youre Police Commissioner september 11. Youre in a unique position to tell us what it was like for the French Police on friday night the 13th when all of this was going down. Give us some insight into what theyre going through at the moment and also the recriminations. For us it was a surprise, but they had already had the charlie help doubdo attacks. No one should be surprised even the French Police. No one should be surprised when these things happen now. Theyve been warning us since september 11. We hear warnings daily whether its through social media, whether its through other events, based on what theyre doing in iraq, syria, afghanistan. There is an element. There is an enemy that we face today that weve never faced before, and were going to continue to face that enemy for years to come. Anybody that ignores it, its just stupidity. Do you think the parade is safe tomorrow . I think the parade is safer than it could ever be. I think new york city has better resources. I dont think, i know, 100 new york city has better Security Resources than any other city in the country. We have more resources, more intelligence, more equipment, more training. Keep in mind we also have new york city detectives assigned abroad europe, asia. These are new york city cops that are assigned abroad to the middle east to funnel information back here in the event that we need it. Are they undercover overseas . Theyre not undercover. Theyre new york city cops assigned to embassies, assigned to foreign territories to funnel init tet teel back to our agenc. Unlike any other municipality in this country. Do you agree with the decision the parade should go on . Absolutely. Why . You know what, i am one i cant see cowering to this enemy, and thats what they want. They dont want that parade. They dont want the freedoms that we live by. They dont want our societal free doms freedoms, womens rights. Thats the stuff theyre against and im all for not giving it to them. Commissioner, did you see the chicago video . Yes, i did. We need videos everywhere. Cops need videos. We need videos in cop cars, right . If you dont, you dont know. That was so horrific that, what else can we do . Im an enormous defender of the police around the country. So am i. I have to tell you, one, there was no real imminent threat to that cop or any of those cops. The guy was walking away, clearly. Secondly, you shoot to stop. You dont shoot to kill. You dont shoot to injure. You shoot to stop a threat. He was not a threat. Two rounds went off, he was down. 14 more rounds i dont i cant even explain it. The release of the video the last 24 hours. Some people dont know. The chicago video. It took a year for that video to come out. Another video at burger king apparently, i dont know the details, but this is the kind of stuff that just feeds fuel. Black lives matter are right about certain things. It feeds the negativity thats out there and it jacks people up to be against the cops. Why it took a year, i dont know why it took so long. Whats the way to fight it . Cameras everywhere . Look, i have no problems with cameras in cars. That guy had 18 violations, too. Theres no pretense for it. Look, i dont know. I watched the video. Every cop i know my son is a cop in newark, new jersey. Would the union have gotten in the way of him getting fired . No, theyre not getting in the way. 18 violations. When a guy like that has 18 violations, somebody in the department should be looking at him. Theres obviously a problem. What led to it, i dont know. What he was thinking, i dont know. Cant explain it. Lets get back to the situation with the terrorist threats and the isis threats against the United States. You say people should go out and get out there, we should feel good about this. We should feel safe here. What does worry you . What are you thinking about when it comes to this . Ive said since i testified before the 9 11 commission i think were beyond flying planes into buildings. The catastrophic 9 11 attack, but i pretty much predicted what happened in paris. Thats going to happen here. Eventually theyre going to get through. Were going to miss one of these things, and theyll get through and pull off a stunt like this. Intelligence is going to be the success or fail europe of us preventing these attacks. And were doing far better today than weve ever done before but, unfortunately, you cant stop every event. Are there things that we should be doing in terms of beefing up intelligence even though were better than before . Oh, yeah. And its a constant thing, you know, it reminds me of the cali cartels back in the 70s and 80s. We do this, they do that. Its a constant moving thing that we have to be prepared for and were doing the same thing in terrorism. So we just have to realize what we see go on in syria, iraq, afghanistan and these other countries, thats what they want to do here and we have to do everything in our power to prevent it. You were the minister of interior for iraq for a while after the invasion. I was just in france and there are individuals there who point to the United States and point to iraq and say what happened in paris is our fault. No. What happened in paris is the peoples fault that did it. I dont im not i dont fall prey to that stuff. The reality is there is a dig demented view of the koran around the world who believe in the demise of christianity. They want to annihilate israel and blow it off the map. They dont want they dont want you women to sit in a studio with us men. Thats their beliefs. And they are willing to die for that belief which is extremely dangerous for a so ciety like ours because were not used to that. Policing in this country actually changed two weeks ago after the paris attacks. How so . Because we have to realize an every day cop today that would normally respond to an active shooter has to worry about somebody wearing a bomb vest, now has to worry about secondary explosions, secondary attacks. You know, a cop, an every day cop, has to think like one of these troops going into a circumstance in iraq or syria. Weve got probably the majority of americans now dont want syrian immigrants and its an understandable feeling to have and the politicians that are saying that they dont want any immigrants can point to that the polls are on their side. Is that the correct view to have . Joe, i am a all for getting people out of areas like syria and other areas that are being crucified by these foreign in these foreign countries. You know, bringing in refugees. Look, thats a lot of what were built on. And its hard to get in. Some have no paperwork. My problem with the refugee situation right now is the fbi director. Im not saying this, the fbi director said we dont have the appropriate vetting process in place now. I personally dont think we should bring people in this country for 18 months to 24 months while we check them out and try to determine who they are. Id rather have a better vetting process up front to get the right people in country. Okay. Thank you, commissioner. Nice to have you on. Thank you. When we come back this morning, digital Analytics Company expecting double digit growth from online sales this Holiday Season. Whats driving folks to the web when we return. In the meantime check out the futures once again. Weve seen green arrows. Dow futures up 40 points. The nasdaq up by close to nine. Squawk box will be right back. G this out for you. Its your grandpappys hammer and he would have wanted you to have it. It meant a lot to him. Yes, ge makes powerful machines. But ill be writing the code that will allow those machines to share information with each other. Ill be changing the way the world works. interrupting you cant pick it up, can you . Go ahead. He cant lift the hammer. Its okay though youre going to change the world. Bob dylan. To improve my language skills, ive read all of your lyrics. Youve read all of my lyrics . I can read 800 million pages per second. Thats fast. My Analysis Shows your major themes are that time passes. And love fades. That sounds about right. I have never known love. Maybe we should write a song together. I can sing. You can sing . Do be bop. Be bop do. Do be do be do. Do do do be do. Welcome back, everybody, Analytics Company forecasting a 14 growth in digital spending this Holiday Season to 70 billion. In total ecommerce across digital and mobile accounted for 15 of Consumer Discretionary spending. Joining us with more is chairman emeritus. Jan, thanks for being here today. Thank you very much. So were still looking at Growth Numbers that are incredibly high numbers when you consider the base that were talking about, 14 growth, 70 billion. Thats pretty massive. What does this mean in terms of what consumers are actually doing and where their shopping dollars are going . Well, the channel shift continues unabated and if anything its accelerating with the advent of mobile devices. In its price, selection, convenience, all of those factors are driving the consumer to buy online. As you mentioned in our forecast for what we think will happen this Holiday Season, well see somewhere around 70 billion spent in November December online, up 14 . The growth rate is close to 50 and off desktop will be about 9 . So theres a channel shift from buying in store to buying online and as a secondary shift which is people now increasingly buying using mobile devices. We have a headline under you reading bricks versus clicks because thats how weve thought of it. Are these the traditional retailers who are winning, the online upstarts who are winning . More and more it seems like there could be a mix of the situation. It doesnt necessarily mean youre buying from an online only retailer. Who do you think the big winners are . The pure play retailers like amazon and ebay together control almost 30 of the online market. Those two alone . Yeah. Amazon runs about 20 market share. It really is concentrated within the two retailers and then a very long tail like wal rt mart target and so forth. You do so at your own peril, if you will. I think to some degree the pure play retailers maybe have an advantage in that they dont carry the expensive Running Stores and can focus online. Gian, to clarify, amazon has 20 of all Online Retail sales all year long, or is this during the holidays . Is there a distinguishment . Its pretty much 20 all year long. And then ebay is down around 20 . But amazons share is higher than the next six retailers combined. Thats how powerful they are. Theres no evidence of things slowing down for them. Who is number one when you consider the traditional retailers . Is it walmart . Yeah, its walmart, right. Closely followed by target. In terms of whats happening with mobile, thats kind of amazing. Would you have said five years ago that people would be doing so much more shopping, an increase of 50 this year on the phones. I dont think anybody maybe steve jobs anticipate what had would happen with mobile. You have close to 80 of all the people who use the internet have a smartphone and you have somewhere around 40 , 45 have a tablet and they are using the phone in a variety of really pretty important ways when it comes to shpg shopping and buying. There is a limit to how much will be spent using a phone because of the size of the screen even though the iphone 6 has a bigger screen. You can see that when its a considered purchase, a higher priced purchase where theres a lot of research the consumer has to do, the big screen off of a desktop computer still has advantages when youre doing a lot of comparison shopping. So i think theres a limit on how much buying well see with mobile but for now its all upside, as i said, its growing at about 50 or we think it will this season. And its accelerating, no question. Do i understand correctly when you talk about the big, traditional brick retailers, the one with the best Online Presence is walmart or who is it . Its walmart in share of total. Which is roughly what percentage . Its running about just under 4 share in total of all online spending. Youd think they could increase that pretty dramatically, right . It seems so small. Amazon to target at 20 . Yeah. Well, i think walmart has made it clear in their recent Earnings Call that theyre very, very much focused online and are investing heavily in it. But there is tremendous upside i think for any retailer when you look at online because of how fast the channel is growing. Now if youre a multichannel retailer, that shift isnt necessarily incremental to you, right . But if youre amazon, its purely incremental. Thats the pure play retailers have. All right. Gian, thank you for joining us. Im sure well be talking to you more throughout the Holiday Season. Happy thanksgiving. The same to you. When we come back mustsee television. An annual tradition. Joes guide to the perturbingy. You will be thankful that you have someone in your house who really knows how to cook. Find out if joe has what it takes to make the perturbingy when we speak to the kind folks at butterballs turkey talk line. Squawk box will be right back. N 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. Nearly 88 of americans will eat turkey on thanksgiving. If youre still wondering how to stuff the centerpiece, here is a quick howto. Its pretty fast. All right. Thanksgiving, my job is to prepare the perturbingfect turk. Cleanliness is next to godliness. Someone else will have to turn this off. There we go. Heres the turkey, heres my stuffing. Is this back here, right . Pay no attention, doctors orders. May want to cough a little bit. Whoa. That is cold. Thats cold. Thats cold and wet. And you really want to stuff it in. In other words, you really want to pack it. Okay, hold on a second. Voila, ready to go now. Its almost like its a wonderful life every year. Butterballs annual turkey talk line can also help with turkey trouble. The experts have given tips to more than 50 million callers since 1981. Joining us is susan smith, butterballs turkey talk line expert. I try to stump her every year. Ive been unable to stump her. Im going to stop and try to get useful information, susan. Here are a couple of the ones ive come up with. Thanks for joining us and happy thanksgiving. Happy thanksgiving and good morning. So it doesnt really matter whether you actually stuff the turkey rather than actually making the stuffing outside of the turkey if you use the drippings. Thats something thats a new bit of information for me. Would you agree with that . Stuffing, you can stuff your turkey like you prefer to do. You can keep it on a side. Its personal preference. I like your stuffing story. Its all about what we are with our throwback thanksgiving. Go to butterball. Com and share that memory with us. Weve been having great pictures from all of our viewers out there. But it doesnt i thought that if its not actually stuffed realistically, if you dont do it authentically thats not true. You dont need to do it because you cant do it the night before. Everybody knows that because there could be something, i dont know, something growing on it. Right. If youre going to stuff stuffing right before you put it in the oven, use that meat thermometer, the center of the stuffing needs to get 165. You know and then you know the stuffing is done. People think if you cook this, you have to check three places to get it to 165. It doesnt matter what temperature you cook it at as long as you get it to 165 or above in three different places and you check it, but then people think once you bring it out you can leave it out all night long and have it the next morning. Something could happen overnight, right . Its still vulnerable well, yeah. The easiest way is 325 for your oven and, youre right, check it in three different places. But there are a little bit different temperatures. So that thigh needs to get to 180. The thickest part of the breast 170 and like we talked about the stuffing is 165. You know, i also know the tr tryptophan, which is a big ingredient of turkey it turns into serotonin and if you had enough it could make you sleepy. You dont eat enough, right . I get sleepy because ive ingested 6,000 calories i was going to say maybe the consumption of food helps with that, too. Its carbohydrates, a lot of it is the stuffing. Other than that on your hotline, on your hotline, what is the most frequently asked question . Year after year the number one call is about thawing your turkey. You have one day left. If it is still frozen, no fear, you can still get your turkey thawed. The quickest way is putting it in cold water in your kitchen sink. Keep it in the original wrapper. Put it breast side down and it takes 30 minutes a pound. So definitely have time to get it thawed in time for tomorrow. And you liked the way i stuffed the turkey because i looked stupid, but you really dont want to ram it in there. You want to sort of keep it loose is the best way to have the stuffing. Right. You dont want to maybe follow your example quite as bad when you stuff it but, yeah. Stuff it lightly. You dont want to stuff it too dense. That was my first time. Finally, tom turkey is not necessarily tougher than a henn. Toms are bigger but hens might be better, is that it . You know, theyre both tender and juicy. Theres no difference. You wont be able to tell the difference at all. Okay, good. Susan, thank you. As i said, happy thanksgiving. Appreciate it. Oh, thank you so much. Happy thanksgiving to you. Joes favorite interview of the year. I didnt stump her though. Calling for calm. Nato holding a meeting after the country shoots down a russian plane that it says violated turkish airspace. Vladimir tu pin warning his country will be forced to respond to future incidents. The latest developments straight ahead. 50 million, the number of americans expected to travel at least 50 miles from home today on one of the busiest travel days of the year. How will the fear of terror impact travel this thanksgiving weekend . Plus, swishing into the record books. For three, yes. The Golden State Warriors breaking the record on the hardwood. The details on the nba champs offthechart start to the season as squawk box begins right now. Live from the most powerful city in the world, new york, this is squawk box. Welcome back to squawk box here on cnbc, first in business worldwide. Im joe kernen along with becky quick and Michelle Caruso cabrera. We are less than 90 minutes away from the opening bell on wall street. The futures are a little bit above where they were last time, up above five points more. 32 points of positive indication on the dow jones. 2 1 2 points on the s p. 2. 8 and just under 9 points on the nasdaq. Over 1 in most of them, in france and germany, italy, the ftse up under 1 . Mortgage applications dropping by more than 3 last week. Primarily because of lower refinancing activity. This came even though Mortgage Rates edged slightly lower. Draft kings and fan duel will be in a manhattan courthouse today. Both sites are fighting the new York Attorney general. They will decide whether the companies can continue to operate as the Court Debates whether daily fantasy constitutes illegal gambling. And tomorrows thanksgiving holiday means extra Economic Data this morning. Check this out for the calendar. Weekly jobless claims, durable goods, personal income and spending. Then at 10 00 we get new home sales and consumer sentiment. A few stocks on the watch this morning. Farm equipment maker deere earned 1. 08 well above sfimts of 75 cents. Deere did say Equipment Sales would be down about 11 for the Current Quarter compared to a year ago. If this is on at home, if youre watching at home and i say deere, you should see our dogs. They know the word deer. I dont know if they know its different than a squirrel. Something outside to bark at. They know deer and nuts. There are a lot of deer. Who are mel has declared a two for one stock split. The record date for that split will be january 26th. I have something to add to this as well. We had hormel on yesterday. A new high that will split. Holy guacamole. I took some of that, too. Four little packets and you can take one out and open it up, 100 calories. It was pretty darned good. The worst guacamole is great and it was pretty darned good. It was worthwhile. You do count calories. No, they advertise its 100. I had six of them. Peltzs trian is said to be trying to lock in money for longer periods. The more Stable Funding would let the firm keep pressure on corporate targets for longer stretches. Trian investors can put money in existing one, three, or five year vehicles. One of the countrys largest public funds lost 11 billion in the second quarter. What . Thats the new york state employment fund, the overall markets drop, the states financial watchdog released the numbers and some of the losses are believed to have been erased as the markets recovered. Public Pension Funds need annual returns of 7 to 8 . It must be big. Its going to be huge. I havent seen the actual size of it, what percentage that would be. Did they sell anything or hold it because the markets rebounded . 184. Thats still a big loss. Maybe it came back. They held their positions. Right. If you looked at the overall markets, the markets rebounded. Down 10 , 12 . Its not surprising. You can notice 12 . Oh, yeah. But did you do anything . Its almost too late. Throw up or cry or something . If you didnt do anything, the markets came right back. So depending on the stocks that youre in. Shook my fists at the heavens. All right. Lets talk about the meeting with french president hollande that president obama had yesterday. At that meeting he reiterated the need for a Strong Coalition including russia to fight the war against isis. Russia is welcome to be part of this Broad Based Coalition weve set up. Theres never been a point in time weve said that we dont want russia or other countries that may have differences with us on a whole host of other things to avoid working with us against isil. The challenge has been russias focus on propping up assad rather than focusing on isil. Joining us now with more on all of this is stephen cook, the senior fellow for middle east for Foreign Relations and we knew this was a very difficult problem even before yesterdays events but yesterdays events with russia and turkey really seem to have clouded this even more. What do you think actually happens here . Well, its clear that the russians have been taunting the turks by violatinging their airspace and the turks responded. This is not the first time this has happened and ankara believed it had support of its anywnato allies which, in fact, it did. It will certainly complicate any effort to put together an International Coalition that includes the russians, but the russians didnt have real intention of being part that have coalition to begin with. Russia, or at least putin said he will respond. What sort of response do you think he will come back with . And what does that do at that point . Well, the russians are speaking basically out of both sides of their mouth on this. Putin said russia will respond to future incidents and Sergei Lavrov has said that srussia is obviously not going to war with turkey. You can imagine, however, that perhaps russian bombers will be more careful about enter i go turkish airspace but one can also imagine them providing weaponry to kurdish rebels and terrorists who are fighting the turkish state. So there is the possibility that you have a certain escalation in the conflict between turkey and the terrorist organization thats been battling turkey since the mid1980s. But i think as president obama, Prime Minister cameron of britain, and then nato secretarygeneral said yesterday everybody here has an interest in deescalating the tension between turkey and russia. Lets assume that deescalation works. Youre still left with a horrific situation in syria and no real solution. What is the best policy . What should we be doing . We heard a lot of different potential answers and none of them seem to be something that would be a surefire win. There really is no good answer in syria. This is one dilemma piled on top of a complexity piled on top of another dilemma. There are things that becan do in it between sending 50 special forces operators into Northern Syria and marching an army on damascus. What we need to focus on is actually weakening the Islamic State in a way that will bring the possibility of the russians and president assad to the negotiating table in a more serious way. That has always been their ace in the hole. They make that choice between isis and the assad regime believing the gulf allies will choose the assad regime. If you weaken the Islamic State they wont be able to play that card any longer. The problem becomes if assad is not there, who does run the region where youve had so many problems. How do you get it back in the state of some form of government . Well, this is the major dilemma of syria. Without assad, then who . Are you handing the government over to extremists and jihadis . Who will be the government . I think its very hard under these circumstances to think about syria in the way in which we thought about syria in the past. This is a country that is fragmented. The violence will continue over a long period of time, and that is what has frozen the United States in the west in getting more deeply involved is that there is no Good Alternative here. Are you suggesting that the altern it tiative would be to c syria up, that the existing country wouldnt exist . Im not suggesting the United States or the west carve syria up. I think its a process under way right now and that this conflict will likely continue for quite some time. You can talk about kind of the minority from which the assad family comes from but the fact of the matter is everybody has an incentive to fight over syria regardless of what happens to the assad regime. How critical or problematic is the fact that turkey is a member of nato . Well, its both a potential help to the anywnato alliance bt turkey has its open interest and as a result been participate of the problem in syria. They are less interested in fighting the Islamic State than snuffing out kurdish nationalism along its border with Northern Syria. The kurds there would like to establish their own independent state. Turkey has a large kurdish population of its own that it does not want to encourage independence among those people and they believe the u. S. Strategy is backwards, that you need to bring down the assad regime in order to deal with the isis problem. Putin spoke this morning. For the second day in a row he talked about how turkey is part of the problem because edogan is interested because people who live in turkey would much rather have a continued secular state are very frustrated. Putin is not wrong on that. Well, i think its two separate issues. What the russian president is trying to do is connect president erdogan to extremists in syria and it is true that the turks have coordinated with provided support to certain extremist groups who are operating in syria in order to try to bring down the assad regime. But the idea that turkey is an accomplice of the Islamic State and that is trying to build a theocracy in turkey is rhetoric that were likely to hear out of moscow as a result of this incident where their plane has been shot down. Your plan of attacking isis first. How do we do that . And can you do it without committing american soldiers to the ground . Well, obviously the politics in the country are not going to allow large numbers of American Forces but, again, there are numbers in between 50 and a large army moving into syria. And it certainly would probably be better to insert more special forces operators to coordinate with Friendly Forces on the ground including Kurdish Forces which is for the turks. But in order to try to get some sort of handle on the situation, try to weaken the Islamic State, we have to work with these people who have up to this point been fairly effective in fighting against the Islamic State. That, to me, the fact that assad and the russians have been able to play this Islamic State card has prolonged this conflict and created this humanitarian disaster. Steven, thank you for joining us today. My pleasure. Happy thanksgiving. You, to. When we come back, a busy day expected at airports across the country. How airports are getting ready to handle thousands of flights. The Airlines Operation center. In the meantime take a look at the airline stocks. Squawk box will be right back. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. We need to be ready for my names Scott Strenfel and r im a meteorologist at pg e. We make sure that our crews as well as our customers are prepared to how weather may impact their energy. So every single day were monitoring the weather, and when storm events arise our forecast get crews out ahead of the storm to minimize any outages. During storm season we want our customers to be ready and stay safe. Learn how you can be prepared at pge. Com beprepared. Together, were building a better california. Welcome back to squawk box. Are you ready for congested highways and jammed airports . Terrorism fears are high. An estimated 47 million americans are expected to take a car but also a plane, a bus or a train at least 50 miles from home over the long holiday weekend. An increase of more than 300,000 people over last year and the most travelers since 2007. And when it comes to projected driving delays the worst three u. S. Cities are in the west, san francisco, los angeles nobody can match los angeles and seattle. Afternoon drives are expected to take about 40 longer than a normal commute and anyone trekking to a major airport should factor in 50 extra minutes on the road. Did you see what they do in new york . I love it. The holiday decorations, the christmas train. We have a train in a lake here. It reminds me of polar express. Across that huge ice lake. Me, too. Especially with the fog. That foggy, steamy look. All right, this year more than 25 Million People are expected to fly in the United States for thanksgiving up 3 . Phil lebeau is in chicago where United Airlines is getting ready for a busy day. Phil . Reporter michelle, it will be a busy day here. The busiest time will come this weekend because today is not the busiest part of the Holiday Travel season. It is sunday. That is the busiest day. And a new trend that theyre noticing not just here at united but in the industry, more people look iing to take a red eye flit home, so theyll go saturday night into sunday morning or sunday night into monday morning. In fact, theyve added about 150 flights each day to nontraditional red eye markets to accommodate those people. When youre looking at air travel, you mentioned 25 million, thats for the tenday stretch surrounding thanksgiving. On average 2. 1 Million People. Theyll handle 4,700 flights here today. Thats up 3 in terms of overall number of people traveling for the industry up 3 compared to last year. About 10 will be flying internationally and already people who are flying are preparing for long lines. Youre going to notice theres going to be a backup in the line but for me its priceless. Peace of mind is priceless. Reporter peace of mind is priceless. And also if you dont have any delays and right now the weather appears to be cooperating. The five busiest airports this weekend, no surprise here. Its the same list that we always see, atlanta, l. A. , chicago, dallas, and new york city, jfk according to airlines for america. This is going to be the busiest thanksgiving travel season since 20062007, and it comes at a year when the airlines are on pace internationally for record profits although well see what happens with bookings giving the events over in europe and if you take a look at shares of the Major Airlines here in the United States, all have been under pressure, guys, for two reasons. One, theres concern about bookings falling off particular ly in europe given the events in france and also fuel rising over the next several months as there are heightened tensions in the middle east. Those two are weighing on shares. A lot of people are like, im going to eat saturday or sunday and then im getting on a flight. I dont want to deal with the family anymore. Ill take the red eye. Id rather take the red eye. Speaking from experience, are we, phil . The holidays can be tough for some people. Reporter im home. Im not taking a red eye anywhere. Youre stuck. Phil, what about the weather . Thats an issue in western parts of the country, too. Reporter right. Not bad for air travel. Certainly its going to be an issue for the people who are driving it particularly in the Rocky Mountains where theyre noticing snow and will get more snow the next couple of days. In terms of the airports, i just asked them how is denver, salt lake city, no major issues at this point. You mentioned the falloff. Anecdotally there they are telling us bookings dropped immediately from china and japan. It was easy to get in nearly everywhere. When do we start to see hard data to prove or tell us whether or not thats a longterm trend, it really did happen, or if its just observation in the immediate aftermath . Reporter well, i think for the airlines, michelle that will come within the next couple of months. So far weve heard reports of people who called up either a travel agent or somebody else or have gone to price line and said we want to delay our flight going to paris or some other place in europe. But overall when ive talked to the airlines theyre noticing most of the flights are still full. Now that may change the next couple of months. So far they have not noted an immediate impact. Phil, thank you very much. Have a wonderful thanksgiving and ill see you maybe on friday . Reporter happy thanksgiving. You will see me. All right. Speaking of the holiday, is a green bean casserole on the menu at your house this thanksgiving . According to del monte, 30 million u. S. Dinner tables will feature this dish. Surveyed 3,000 americans to go green bean and rate whether or not they plan to eat the classic side dish this thanksgiving. Which states are eating the most green bean casserole . Take a look. Number one is louisiana. 60 of families there plan to sit down with it this week, this holiday. In oklahoma 58 . Number three is kentucky. Four is florida. Five is wisconsin. Rounding out the top ten missouri, colorado, kansas, New Hampshire and maine and, again, i want to seep the second 20 because i am fairly convinced hiohio and indiana rank right u there. Where is jersey . I bet its down low. New york was number 19. You wont hawaii was the least. It was very small. You wont you wont get it out of a can, will you . Who gets it out of a can . My family. You do it out of a can . For green bean casserole. Its crucial. You use all canned. Youve never made it before, have you . You see i prepare turkeys. Thats why im convinced youve never made the green bean casserole. Im fairly certain. Ive eaten. I try everything. Coming up, not turnips whats wrong with turnips . Parsleys, turnips. Ive never had one of those round things, brussel sprouts. Theyre delicious. Hideous. Big record, golden record for warriors. Up about 37 points and drifting higher as the morning has gone along. Three for the s p and 11 for the nasdaq. Well be right back. I was on the bus and i couldnt stop streaming. I dont even want to think about the overages. Its okay. Tmobile now has binge on, so you can stream all the movies, tv and sports you want without using your data. Its like. Free. So its okay that i binged an entire season during my kids piano recital . Ive done that. Yeah. Im binging right now. You know, i think weve made a real breakthrough here today. What . Aw, he dies in this episode. Introducing binge on. With tmobile, stream video free without using data from netflix, hbonow, hulu and many more. Welcome back to squawk box. We want to check out the euro. Its at a sevenmonth low. As we talk about the ecb doing more in december. At the same time were talking about the u. S. Were at 105. You go back to december nearly a year ago and it was 1. 26. Its a pretty dramatic decline. Goes below that one. You said seven months. After that what is it . Thats a good question. We have a twoyear chart. A fiveyear chart. I traveled to italy, gosh, like 15 years ago. It was below. All right, coming up, a short week on wall street so Economic Data released tomorrow is out this morning. Jobless claims, durable goods, personal income all on the other side of the break. Futures ahead of that right now are suggesting flat open. Ty of a property is that you can create wealth through capital appreciation, and this has been denied to many South Africans for generations. This is an opportunity to right that wrong. The idea was to bring capital into the Affordable Housing space in south africa, with a fund that offers families of modest income safe and good accommodation. Citi got involved very early on and showed an enormous commitment. And that gave other investors confidence. Citis really unique, because they bring deep understanding of whats happening in africa. I really believe we only live once, and so you need to take an idea that you have and go for it. You have the opportunity to say, ive been part of the creation of over 27,000 units of housing, and to replicate this across the entire african continent. Were just eight seconds away from jobless claims, durable goods, personal income data, a lot of data coming out early because of the holiday. Rick santelli is standing by at the cme with the numbers. Rick . Reporter holy cow. A litany of data. Lets sift through it. Initial dropless claims drop 11,000. 260,000. We are hoving early 1970s levels. Now lets go reverse. Lets go income. These are all october numbers. Income up 0. 4 exactly as expected. Spending up 0. 1. That is on the light side. Most of us were looking for something closer to up. 3. Durable goods, the headline number first. Were expecting the number to be up 1. 7. We almost doubled that up 3 . Strip out the allimportant transportation. Its up half of 1 also better than expected. If we look at orders nondefense, aircraft, a proxy for investing, 1. 3 . Also very strong number so the durable series is pretty darned good and there was better revisions to last month so income good, spending light, dropping claims, durable goods and this is what they now call october preliminary durable goods. Durable goods sector is getting a lot of upgrades on various aspects. Get more honed in on productivity. Whats the aftermath of the stronger than expected. Playing particularly close attention to my favorite maturity, the five year was a 1. 35. Tenyear rates are dropping a little bit. Maybe its a holiday issue. And everybody, of course, is talking about europe and whats going on there. But when i talk about europe, what i talk about is negative rates, you know, at one point were up to sevens but over 40 basis points. Everybody is looking for more inflation but what they all can see central planners, central bankers is the policies that they are trying to implement seems obvious to many if this is success for mario draghi, the penalties for Holding Money and banks just seems as though its going to be an anticlimatic recovery when that arrives in europe. Back to you. A lot of issues there. Thank you, rick. Unbelievable and oh, my goodness so whats the headline here youre excited about . Was i saying that . Almost unconsciously i just spurt stuff out and i dont know whats going on. The income number is good. The consumption number not so good. You said something surged. Look at that surging. The savings rate. 5. 6 . This could be a good thing. People with money in the bank ahead of the Holiday Season for october potentially good. If they are not this the spending mood, let me give you a run of numbers. You see the escalation. Thats the increase of the savings rate in october. Anything in the last set of numbers here that changes what many people believe will happen that the federal hike rates . No, all of this is relatively supportive of that. I did not get to see the inflation rates in the personal in the pce numbers. Unchanged from. I do want to talk about the durable goods numbers. First of all, it is very flattered by what i understand to be a surge in orders for 787s at boeing in the month of october. If i look at their website correctly they had a massive search. What you do is you see this hot number, 3 on the top, beats expectations but its up only 0. 5 . Thank you, michelle. I know i talk in jargon a lot. So you have 81 increase in nondefense aircraft. So thats this surge in boeing orders here. Now as rick said, the nondefense number, the proxy, not too shabby at 1. 3 up from. Weve had strong dollar, exports and weak overseas growth. Weve had a challenge. One chart i want to show you which is whats happened to orders in the mining and energy industry. Folks, that is down 40 . I went back to 1995. I cannot find a worse number. Now its still down if you take out so the whole Capital Investment in the United States but its very hurt by this number here. This is mining and gas orders. That number i would expect to continue although maybe were nearing a bottom here. I wonder how quickly it would turn back up if oil prices were to pick up. Not quickly. I talked to some guys the other day about this, and they say they wont be able to get the debt and the equity doesnt make sense to rekindle some of these mines out there. So thats a big issue. I dont think it will be coming back anytime soon and theres even talk about, say, three or four years from now youre setting up for a better price structure. The spread between the u. S. Two years and german two years, the widest its been since 2007. The ecb potentially is doing more stimulus. Theres an article out by reuters which is full of ideas by the ecb in terms of buying up bad debt. Buying up municipal debt. They may announce a stimulus. Theyre reaching caps. We have this divergence where the u. S. Is going one way, probably going to hike and hold on for a little bit and then europe will be easing. The other thing i thought you were talking about is the big difference in the 2 10 spread. Maybe the bond market, the longterm bond market is not so sa sanguine about the growth. Thats a new tie. I love it. Thats nice. But you know i didnt pick it out, right . Happy thanksgiving. I go like this, high five. Thats what i do to sorkin. Its like Charlie Brown and you are lucy. You are lucy. Tom joins us, chief u. S. Economist at rbc capital markets. Tom, good to have you here. Do you hear anything what do you think happens in december and does the data this morning support it or contradict it . I think december is still very much on the table. Were at the point where you need some numbers that would be way outside of con seven tus to change the tune. What i would even say is keep in mind the fed is trying to set lower expectations with regard to the december meeting, so a great example is think about payroll estimates. These guys are now saying that a reasonable run rate from a jobs perspective is 100,000 to 150,000. Thats a good way of thinking about even sort of any other data. The fed has actually set the barlow for rate hike. Nothing disturbed that view. Tom . Let me interrupt. That tells you maybe were going to do better. Plus i want to point out something i didnt get to mention which is the surge in salary income, up 0. 6 . Thats a good number, right . Its a great number. What i would say, steve, one of the things weve been pounding the table on is the idea that wage gains, while theyre modest to be sure, theyre still gains and the reality is in that sort of backdrop its easy to sort of build a case around consumption continuing to move along at about a 3 run rate. So nothing in todays data in fact, its not anything disturbs our view, it supports that view. What about the surging savings rate at this point . I can imagine retailers listening to that and saying, oh, no, or, gosh, please spend it in the next six weeks. Is that good news or bad news . As an economist i love to see the savings rate rise. I think what we have to keep in mind is this important fact that juice is coming from wages and we know that wages are running at a 3 pace roughly in real terms. That is effectively the speed limit for consumption. 3 seems like a really achievable goal. But its real, tom. Its not debt fuel that can be sustained and doesnt create systemic risk. People lamented the idea consumption is not growing at a fast enough pace. The only way to grow at a fast enough pace right now to satisfy those folks is for credit to be used and i would argue this is a much more sustainable backdrop. Got it, tom. So much information. Tom is terrific. And have a great holiday, everybody. You, too. Happy thanksgiving and well see you here friday. Not going to be here. Andrew is not going to be here either. I think its steve and michelle and i or me. May not see it. Despite putting together the third best out friday, some thought the warriors had little chance of repeating. The warriors got an nba record 16th straight win to start their year. They blew out the lakers up by as many as 41 points in the Fourth Quarter and led by reigning mvp steph curry who had 24 points. Over the lakers and beat the previous nba record of 15 straight wins. I knew that. Because this would beat the old record at 16, held by the 1994 rockets. All of this while under an interim coach in luke walton who is filling in for steve kerr while he recovers from back surgery. When we return well hit the mall with the ceo of taubman as they get ready for the upcoming rush. Dont forget to send us your tweets as you get ready for thanksgiving. Tell us what you are thankful for. Be sure to use the hash tag, thats a numbers sign, imthankfulfor. Sandwiched in between black friday and cyber monday is the day mom and pop shops get their chance to vie for consumer dollars in this Holiday Season. Kate rogers joins us now for more on Small Businesses and how theyre gearing up for Small Business saturday. Retailers like kid, does 25 sales during the holiday rush. Its helpful to keep reminding the businesses that have been here for so long are still here. And weigh love to see them. Lets them know to keep patronizing us, to see whats new locally as well as the internet. They are the heart of america, so to speak. And Small Businesses did see a lot of green last year raking in 14. 3 billion in sales on that day according to american express. Kidegories enlists other vendors to make some of their wares. I have 90yearold women knitting sweaters for us. I have women campaigning for us. We try to keep the local feel and the one of a kind uniqueness. Whats interesting is we are responding. They will spend more. The ceo of the mall company here who said the stores that have less than 50 million in annual revenue are the ones doing best right now. I think people want Something Special for the Holiday Season and thats why they succeed this time of year. Thank you. Thank you, guys. The official kickoff to the Holiday Season, shopping season, is just a couple hours away. Kmart opening its doors early thanksgiving morning with many merchants following suit. We are joined now with the outlook. Good morning. Good morning. You saw macys and weve talked about it a lot. You figure thats tourists who arent rich tourists coming to new york city because of the dollar. Does that explain it . Not entirely. Its not just the demise of the brick and mortar retailers has been greatly exaggerated. Weve attributed some of it to just everybody ordering online now. Well, for macys, they have a big Online Business as well which has been growing substantially. Amazon, you see nordstrom and amazon looks like theyre ing a re gating the stock from the brick and mortar companies. There does seem to be a disconnect between their profitability. Dont let the facts get in the way. Crazy charts for macys and nordstrom down. Walmart, too. Well, i think for macys and nordstrom you have the tourism issue, both the dollar as well as the weaker economy in brazil and venezuela. You have the warm weather. All you have to do is walk into macys in Herald Square and theres a ton of coats left on the rack. Thats affecting your malls as well, right . Sure, of course. You know what, i bet it gets colder in december. Well, it has to get colder at some point. Will it get colder soon enough or will everybody hit the panic button and start discounting before because they have to get rid of the coats. I think the answer is the latter. Terry lundgren himself said there are only so many days, you have to get it out there. Clearly at some point if the weather doesnt turn, if sales dont pick up, theyre going to have to get rid of the coats. Its been cold the last couple of days. Which has helped. The ceo of edens on earlier, focusing on open air malls and she has a particular security issue because they dont have entrances. They cant set up screenings, et cetera. People just show up. You dont necessarily have that issue. You dont have as much open air. What do you do in terms of security in the wake of pair snis. We are a soft target. We cant change that. We have extensive security with what you see and dont see. Thats throughout the industry. Weve never had a Major Incident at any of the malls in this country. I think that youre never 100 protected but you can do everything you can do. Its almost open air at a mall because there are so many entrances. Thats true. But its tough. Its a big job. You can close the doors. Youre not gunfree zones, are you . Generally yes. Why . Because we dont want there to be an accident or some sort of an incident. How would there be an accident with a guy who knows how to use a gun, has it in a holster and why would you not have him there . Its beyond me. We cant control it. We have lots of security on staff. We always have police on site. Oh, they are on site. So you have police. Then its not gun free. Its not because theyre professionals. Fine. Thats all im asking. There are place that is are totally gun free where you have an hour to do what you want with. The malls or maybe not an hour. We work very closely in the industry i feel better knowing theres someone somewhere like a policeman. With a gun. Yes. Are you doing anything more, did you decide to ratchet up anything in the wake of paris . We went back, we as an industry and also our company is a company, we went back and looked at all of our procedures. We did some desktop tests, emergency tests in the malls to test reaction and readiness. Everything went very well. You always learn certain things when you do that. You know, the code isnt quite right where its put. Its always good to step back and do that last test. On a scale of one to ten, how will the season be for malls . I think its going to be okay. Five or six no, 2 , 3 . Not percent. Five or six. All right. Good luck. When we return, stocks on the move, including shares of biomarin under pressure. Here are the futures. Dow opening higher by roughly 31 points. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Some stocks to watch this morning. Biomarin is under pressure. Fda panel giving negative opinion of its experimental muscle order drug. Channeling andrew. Guess reportedly a quarterly profit of 15 cents a share, beating estimates by four cents. Guest lowered the fullend sales forecast. I thought it was biomarin. Once you really its in marin county. Up next, its thanksgiving eve. Well go share what we are thankful for and what you are thankful for after the break. Tweet us with imthankfulfor. Surprise we heard you got a job as a developer its official, i work for ge what . Wow. Yeah okay. Guys, ill be writing a new language for machines so planes, trains, even hospitals can work better. Oh sorry, i was trying to put it away. Got it on the cake. So youre going to work on a train . Not on a train. On trains youre not gonna develop stuff anymore . No i am. Do you know what ge is . Today, were seeing new technologies make healthcare more personal with patientcentric, digital innovations; from selfmonitoring devices that can interpret personal data and enable targeted care, to Cloud Platforms that invite providers to collaborate with the patients they serve. Thats why over 90 of the top 25 Global Pharmaceutical Companies are turning to cognizant. Our domain experts, technologists, digital and data specialists, clinicians and scientists are transforming the way Clinical Research sites collaborate with pharmaceutical companies, and enhancing Patient Engagement with innovative platforms and solutions. Our populations growing healthcare needs present growing opportunities for our clients to advance the future of medicine with digital, and improve the quality of lives. Welcome back. You can see rockefeller center, the tree is on its way, being put up. Treelighting ceremony i think is next squawk box is on the skating rink. That was nice. We are reaching that time of the year where we say what were thankful for. Im happy and thankful for my family, good health, friends like you guys and some family members who made it through some rough health situations. Likewise, im thankful for the same thing, family. Thankful for the opportunity here. Its great. I read wishing my motherinlaw she had surgery just yesterday. I had a relative who had sur surgery yesterday as well. Did you ever see what Abraham Lincoln commemorated what he was thankful for . It was moving to read it. Everybody check that. Such as . Even in the midst of what was happening, one of the great, you know, traumatic events in our country, there was still so much bounty and good about that god had given the United States. Lincoln was something. He sure was. Im thankful that my little brother is coming across the country from seattle with his new wife mariah for thanksgiving. You hosting . Yes. Thankful to have my family in town. I hope youre not taking these little portions and eating i do. You know . Have some fun. Its a battle every day. Everything in moderation. Except on thanksgiving. Graze all day long. I will. Starting today. We also have some of the things that you all have written in that you are thankful for. We want to mention these. Jane writes in since 2011 layoff. Shes working two parttime jobs to make ends meet. She said im thankful for good health, family and friends. Jane, we couldnt agree with you more. John mcdowell tweeted us a picture of a sunrise. Look how beautiful. Where is that . Thats what he is thankful for. And rich steinberg thais thankf for the safety we have in the count country. Hopefully that continues. Yeah. We worry about that. But, you know what . When you worry, maybe you take the right precautions. Happy thanksgiving. Hope you have is a wonderful holiday with your family. Well see you back here on friday. Right now time for squawk on the street. Good wednesday morning. Welcome to squawk on the street. Im Carl Quintanilla with sara eisen, david faber at the new york stock exchange. Jim cramer is off today. Day before thanksgiving, premarket solid on the back of a couple things. A torrent of macro data, and tensions between russia and turkey that have subsided somewhat overnight. Europe has managed to gain in their early session. Bonds reacting from everything from