A blowout session in shanghai overnight. Best single day gain in more than three years on a pretty decent pmi. Europe has also been a blend of red and green as the ft names ecb chief the person of the year. Were going to kick off with breaking news. For that would, we go to david faber. News on best buy, in the news yesterday. The stock up sharply. What we can tell you right now is the board of directors of best buy, and its founder, richard schultz, has been trying to put together a group to essentially buy the company in a go private transaction, have extended the deadline in which he would need to come with a bid for best buy and created a window in fact that will begin on february 1st next year and end with the end of that month on february the 28th. Giving schultz the opportunity to look at not Just Christmas sales, but the end of their fiscal year, which will end at best buy on the 31st of january. And that window, again, will be 28 days long giving him an opportunity to continue to try to cobble together a bid with private equity firms and those who might finance a potential bid for the company at whatever price that might come at, if it were in fact to come at all. No word in terms of if he doesnt, whether hell still be able to try to nominate directors in terms of the board of directors post at the board of best buy. Given the talk around yesterday, the Indianapolis Star tribune reporting that a bid was coming, as soon as this weekend, december 16th deadline, they pushed it back. The new window, february 21st to february 28th, giving them time to say, hey, how bad or good was business at best buy. Not just for christmas, but for the full year. Its make or break moment for best buy. Whether it will put them in the best position to do something or not. Fine, he will move it out . Every company in retail is saying, behind the scenes, guys, tell me, hows it going . Neilsen is saying, are you kidding me . Weve got two weeks here. We dont know. Weve got the gift cliffs, buy cliffs. Theres not just the fiscal cliff out there. People believe best buys on the decline, and christmas wont be that great, then you would probably jump to the conclusion that at the end of the day, he will walk away. Right. And he will have all of that information. And there are some distressed players in private equities. Sirburres has experience in that area. If you go from considering this a viable situation, to a distress situation, all of which well find out. Again, that has been pushed out. One would expect the stock would react negatively after running up yesterday on the star tribune report that a bid was coming. Even though we dont know what the bid was. I was not able to confirm that was in fact that was even the case. Good. So many people lose money in this stuff, and it pains me. Listen, you read a local paper article, you hear that guys got to know, right . Hes in the same town as the guy. There was some thought that if they did come with a bid, it would be nothing more than a place holder that would be rejected. But giving them a chance to come back in january. Certainly a rational response from the board. Saying, you really want to give it a shot . Well give you that opportunity. You can wait, you have 28 days in february. You can figure it out. Nice scoop. Thanks. Very nice. All right. Aside from that, well take a look at upbeat Economic News out of china. The purchasing Managers Index rising to 50. 9 in december. Highest level since august. The surge also helped speculation the Chinese Government will take additional steps to support its economy. Of the 15 times chinas up 3 , since 09, s p that day is up 13 times. Almost every time. Despite the futures today, is it a good omen for the markets here . Look, there was a dichotomy in that government. There were people who were concerned about inflation. And there were people who said, listen, were not growing fast enough. They do have a lot of levers. If they want to grow, i still ive been a bull on china. If they want to do 9 , 10 , they have the ability to do it. All they have to do is have a gigantic sewer infrastructure program. Thats true. Theres going to be an economic war Conference Held soon. Its believed the government will start to release growth forecast at that conference and perhaps unveil some further stimulus measures or tip their hat in terms of whether they are considering that at that moment. The key thing about the rally is not the big percentage decline, but the Trading Volume was extremely heavy. It had been extremely light over the past weeks. The Trading Volumes were more than double 30 Day Moving Average in china. It was on top of a gain last week of 4. 1 . Thats the best week in a year. Exactly. Theyre wondering at this point, is there a turnaround in the stock market which will be re more reflective of the data weve seen recently. The big weakness there is thats got a lot of financials in it. But look, financials, theyve been all down, too. If they can come back, china is a great story, remember, theyve got a government thats its not a partnership with business. It is business. It is business. That is china, incorporated. The korette su from the 80s from japan, it is a powerhouse and it will be more on the World Economic scene as we move forward. You know, the job creators, the 2 , they laugh at us over there. They dont laugh, they look at us warily, i think is more probably more appropriate. They also are taking steps in their banking system, we should point out. Theyve bailed out any bank, depositors have never failed to get their money. But theyre trying to put in a according to the New York Times, at least, a deposit guarantee system as well for the banking system. Sounds like all systems go there. Well see if this continues next week. Meantime, well talk apple debuting the iphone 5 in china today. The iphone news isnt preventing apple shares from falling in the market. Cutting the price target to 700 from 780. He does maintain a buy rating and said apple needs to expand more geographically. Its not dead, its not but it needs to find ways to innovate its products. We sort of saw this coming. Steve had a caution note on apple a few weeks ago which stalled the stocks. Not entirely a surprise. He is obviously a well respected analyst on the street. When you have a price target that is well above the stock, theres tremendous pressure for you to cut the price target. Like there was tremendous pressure to raise the price target. I want to warn people, there are people who have much higher price targets. The analysts will probably join the fray. Not sit in the bunker and say dont worry about it. I suspect you can use the china slowdown, china not great story, to gin up a few negatives next week. Be aware that those who have a 900 price target are saying, ive got to find some way to cut that in half. He said his chinese sources do not expect the 5 to do as well as the 4s. Itv, wearable computers, or another category, we have faith innovation is not dead. Thats a relief, right . If he said innovation is dead, wed have a problem. The 47 you know, whats incredible, heres a cash machine that has high earnings per share. When the stock goes into that vicious cycle down, people will run. Steve is one to run. Do the numbers have to come down . We dont know. People are raising numbers when the stock was going higher. Now theyre cutting numbers when the stocks going lower. You say, wait a second, thats what happens, the business turns down. Or you can say thats the way the analysts play it. Exactly. Specifically for china, look how much market share they lost in the Fourth Quarter. They lost about half of their market share. Went down to 10 in the second quarter. And steve points that out, saying essentially its going to be a late mover in the china market. China mobile is 85 of the smartphone market. So not locking that relationship in now is really going to prevent them from competing vigorously against the likes of a samsung. Samsung is loved there. Yeah. Youll hear people come back from china and say that apples not hot. Samsungs hot. I think we are all used to in this country to believing in apple. And china, they played hard ball in china. Anybody who has played hardball in china has not succeeded. Like google. First amendment, you know, tiananmen square. Whats the First Amendment in china, i dont think its free speech. I dont think so. Interstate commerce is as powerful as anything. Tear down a neighborhood at any moment. Another 156 million shares eligible for social, the social network rallied after last months expiration and shares up 25 since the middle of november. November 14th, we went into it thinking wed get hurt. It ended up 12. 6 that day, up 250. It did decline prior to that, in anticipation of the expiration. After a big run. Its got to digest. Again, this is an interest per share situation. Things are done at facebook that would justify the stock going higher. The short base was gigantic. Do you sense a big run . I think the dynamic did change after the last quarter. And the discussion you talked about, we talked about it a great deal, what the trends really appeared to be in mobil. That seemed to change the conversation, and of course we came upon that huge lockup that only had the effect of sending the shares up percentagewise that we hadnt seen since the company went public. Zuckerberg said, we screwed up, well fix it, weve got ways. How Many Companies are willing to come on and ceos come on, say we screwed up, we did it wrong. Previous Conference Call, it was like, okay, guys, were going to get this right. You better have faith in us. We do have 1 billion customers. They have 1 billion customers here. Its important to remember the Customer Base is bigger than netflix. Not all of them paying customers. No. But its a juggernaut brand. And if they can find a way to monetize mobile, theyre king. Apple versus google. I started thinking, you know what, you should put facebook in there. Wall street is waiting for data that could help set the tone for the open. Well get breaking news on Industrial Production a few moments from now. Later on this hour, diane olicks interview with brian n moynihan. Middling action here, the dow only up 15 for the week. So well see whether today sets the tone over all. Live from capitol hill, encouraging lawmakers to rise above gridlock. Fiscal cliff is a madeup deadline. Recognize me. But i am your market data. I know what youre looking for. Im not chained to your desk anymore. Im faster and smarter now. And so much less expensive. I am your market data. And if i do say so myself, i have never looked better. Superderivatives introduces dgx. Data done differently. Welcome back it squawk on the street. Rick santelli here. Rising much more than expected, up 1. 1 . Capacity utilization, also ramped up to 78. 4. There were changes to october. And they werent necessarily good. But they dont diminish the strength of the november. We had octobers minus. 4 extended down to. 7. Octobers read originally at 77. 8. Now 77. 7. But definitely strength in the current november read. Thank you very much, Rick Santelli. Talking about a big deal this morning, taking place in the nordic countries. Its not netflix. It is discovery communications, which as our viewers already know, derives more than onethird of its revenues from international operations. Of all the Big Media Companies here in the sufficient, it has the Largest International presence. And that is only going to increase with todays deal. Discovery paying 1. 7 billion for the acquisition of sbs nordic. That had been a part of proseenin. Huge germanbased media company. Includes 12 networks, norway, sweden, denmark, finland. The Purchase Price is 1. 7 billion. The Company Announcing the board approved a 1 billion increase in the share buyback. No timing numbers there, so we dont know if its going to extend for quite some time, or theyre going to be more aggressive in terms of that. In addition, they finalize a deal we first heard about a few weeks ago, 20 minority interest purchased for about 220 million or so, in the euro group sport euro sport group, i should say. Which will give them an opportunity, actually, to have an option to purchase a controlling stake over time. And in fact as much as 100 potential ownership if they exercise certain put options. But discovery getting bigger and bigger in international, jim, where they had been a leader. So smart. My experience with him is hes a humble man. He is the envy of this industry. Got to figure out swl international. I mean, this guy, he runs that program. He runs it program over and over. The big question today is, how do you say honey booboo in nordic countries. It creates these cultural phenomenons again and again. And those that can cross borders effectively. Did you say hoarders . I said borders. Hoarders cross borders as well. Every country has its hoarder. Yeah. Thats a human condition. Those guys were killer, man. They stuck it right to red lobster 689 dardens report next week, be careful. But they have a good amount of cash on the balance sheet. Some of that is being used for these acquisitions. Well see how the stock reacts today. From my reckoning, they are buying at a lower multiple than they currently trade at at discovery. The deal is expected to be accretive. Unclear about synergies. But they do have a lot of operations on the ground in many of these countries already. Well keep an eye on shares of discovery. Powerful story. It is. Eagles coming off a rough night. But cramers going to show you how to score a touchdown in the market today. Mad dash is coming up next. Youll want to hear from republican congressman nick mulvany from South Carolina who has a history of voting against Speaker Boehners wishes. Looks like an update so far. Well see how were doing when it opens in a few minutes. [ male announcer ] the way it moves. The way it cleans. Everything about the oralb power brush is simply revolutionary. Oralb Power Brushes oscillate, rotate and even pulsate to gently loosen and break up that sticky plaque with more brush movements than manual brushes and even up to 50 more than leading Sonic Technology brushes for a superior clean. Oralb Power Brushes. Go to oralb. Com for the latest offers. Look this isnt my first christmas. These deals all seem great at the time. But later. [ shirt ] merry christmas, everybody not so much. Ho ho ho this isnt that kind of deal. [ male announcer ] break from the holiday stress. Save on ground shipping at fedex office. Friday edition of the mad dash. Jim is watching ppg, among others. This is a guy who has taken this company from a commodity producer to a proprietary chemical company. He buys a paint business. We dont talk enough about ceos who are quietly reinventing their companies, not worried about fiscal cliff, not talking about woe is me. Just reinventing their companies, getting rid of the commodity stuff that anybody can make. This guy is my hero. Ppg is going higher still. That is unbelievable. Isnt that a great chart . This is a chart of american industry doing it right. Moving into asia. Edens chart is not as good. But this is a guy, chuck bunch. Hes a steeler fan, which i think is great. Schlumberger. Stocks in the trust doing well. We believe that the future for oil is good. But europe is weaker. Did not expect that. Stock will take a hit. Probably not done going down. At this level, call it 65, 66, a great value. But not here. Weve got decent numbers out of adobe, i think. Adobe had been a siller killer. Not all tech is disastrous. You know, the charters will get behind this. It is an inexpensive stock, its not done. We had a lot of stocks that people had to sell on. So many people were negative on it, you can see, wow, a little bit of good news, how far it can go. You mentioned some of the earnings next week. Oracle is one of them. Today, janny initiates oracle with a buy target. Larry olson, very, very competitive guy. The stock is up about 23 this year. But again, if oracle gets it right, and i think they could be, accenture reports next week, too, these are American Companies doing fabulously overseas. Oracle will probably be better than expected. It is not an expensive stock. When we come back, bank of america shareholders have big reasons to smile. Stocks been on a tear, of course. Diane olick with an exclusive with Brian Moynihan after the break. And facebook, will it add to the social networks rally or put an end to it. Stay with squawk on the street. The opening bell is in 5 1 2 minutes. Governor of getting it done. You know how to dance. With a deadline. And you. Rent from national. Because only national lets you choose any car in the aisle. And go. You can even take a fullsize or above, and still pay the midsize price. This is awesome. [ male announcer ] yes, it is, business pro. Yes, it is. Go national. Go like a pro. [ male announcer ] this is karen and jeremiah. They dont know it yet, but theyre gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, theyll find some retirement people who are paid on salary, not commission. Theyll get straightforward guidance and be able to focus on other things, like each other, which isnt rocket science. Its just common sense. From td ameritrade. Youre watching cnbc squawk on the street live from the Financial Capital of the world. Opening bell set to ring in about 2 1 2 minutes. We have time to talk a few stocks. We talked apple, facebook. On dave cody, on the front page of the journal, you talk about a ceo getting his hands dirty with this fiscal cliff stuff. Cliff cody is one of the great guys around. Fortunately we are next door neighbors. There are very few people who are so regular, that are also in power and doing a phenomenal job, that i want to put it this way. A lot of people at home, a lot of younger people, you do not finish last when you are a nice guy. You can finish first. Hes a bridge builder. He has a great vision, that moved his comp