Season would start and why mike duke is leaving years before expected. He hasnt been there but since 2009. His predecessor, lee scott, 2000 to 2009. It seems like a shortened period. Also, as someone who follows retail closely, this is not the time to change horses, so to speak. At the same time, i am sure this company will, without a doubt, say it is seamless. I want to hear from david, that there is nothing pertinent that would make it so this seems wrong. I dont think it is right. David, you do know mcmillon well. What can you tell us . I spent a good amount of time doing our last document on walmart, which has to be about five years ago. Then, there was a lot of speculation he would be the next ceo. I remember distinctly discussing it with him. It did make air on the documentary, that idea. He was running international. We spent a couple of days together in china. Certainly, wellschooled in international, had run, i believe, cosco prior tco, prior. You mean sams club . Sams club, excuse me. I know you are on vacation. I have to keep you in line. One day of opening boxes. Sams clubs, thank you, carl. Again, he has been discussed as a ceo even back then, even though he was in his early 40s at the time. I believe now 47. Still, clearly a lot of runway ahead of him. Somebody who would do a move anywhere for the company and do what was asked of him. We had a fairly frank discussion about that. Certainly, somebody who was like a lot of walmart executives, quite guarded in their commentary for the most part, sticking to the script. Not a surprise to those that follow the company closely that he would be the successor to mr. Duke. Timingwise, i dont have a lot to offer as to why not. David, the succession from lee scott 2000, 2009, to mike duke, was this just one of those moments where we didnt realize that mike duke may have been more of a caretaker than we thought . I dont know. I think thats a good question, jim. I just dont know. I dont think thats the case. There hasnt been a great deal of momentum but there have been a lot of challenges effectively one could argue during the tenure of mr. Duke. A lot of positive things the company undertook in terms of trying to turn Public Opinion more in its favor. We dont see to have quite the depth of debate that we used to about whether walmart is really the worst. I know there are elements out there in the unions that would argue that. They have done a decent job of turning that in their favor. Will we really know from an organization that is as cryptic as walmart whether this was a surprise. No. We really wont. I remember even at the time that lee scott stepped down, as you say, he had been ceo for some time. You still wonder why now. As opposed to perhaps waiting. They are not old men. They are guys who are still relatively young. That said, jim, whats interesting to hear about mc mcmillon. 47, yeah. One has to believe he may be in the job for quite some time. Perhaps a long period. David glass took over from the founder, himself, sam walton. The company, of course, david, as you know, says it has nothing to do with the ongoing allegations regarding the foreign corrupt practices act. Your point is well taken. The pr pressure duke has had to deal with probably would have broken a lessor executive a long time ago. That New York Times investigation marked the bottom in the stock. It has been straight up ever since. Does that mean when you look at the stock price and the stock takes off, that it really was not that it was more more impactful than any other foreign corruption practices investigation we have ever seen with the company . Yes. You and i have talked about it, the three of us, so often, the perfect buying point. It isnt gone yet. They are still dealing with it. There would be ramifications from that. It is something that is going to be handed with mr. Mcmillon. Can you do the rest of the hour on the phone . Do you mind . Sure, guys. I only have about 80 boxes to go. Im making progress. Did you go to the container store. That stock has been red hot. I am going to visit later. Once i have everything out, i can start to think about that. Williamson know sun knooma store needs your business. Our david faber on the phone. Walmarts new ceo, effective, february, 2014. They know there is a highprofile Holiday Season. Walmart is one of those companies, black friday is incredibly important. Why not wait until january 3 to say it . Why now . On a monday morning. Maybe we will find out more later on. Speaking of retail, a lot of discussion on whose going to be open on thanksgiving day at 6 00 p. M. 1 million xboxs in the first 24 hours. Are you impressed . I am. Game stop got hit. This the best buying opportunity you are going to get. There is tremendous demand for certain products. One of the products people like, gaming. Gaming is incredibly strong. I like the apple acquisition of this prime sense. What makes the xbox so exciting to people is connect. People like the connect. Thats cool. They say, look, we are inquick tii inquisitive. You dont know about it all the time. I think apple needs to own this anything that it recognizes your voice and your hands, thats a win. What it says is, we understand the fight. We understand what we have to do. Yeah. Among the other retailers of note, jcpenney is going to leave the s p and go to the midcaps and ray place arrow aeropostale. There are a tremendous number of retailers. The ones that have survived are pretty strong. The tremendous number of retailers that used to whip through to january. They have to liquidate the inventory and pay all the vi venders. Well see what crude does today. Currently, 93. 54. If we can duke it through the pipeline, maybe gasoline prices are cheaper. Gas prices up last week. Lets say it is 1 Million Barrels added. We have that big spread which has hurt the domestics. Notice exxon, ever since Warren Buffett took this position, thats been the best performer. And the showdown between him and chanos. I was going back and forth with my friend, herb greenburg. All right, i know. They are doing the closed system. I wanted a new guy. Herb would argue that is not what they are really up to. Whenever i say herb is up to, he is going to say, im not up to. He says, jim, why dont you characterize me. I am not going to get in trouble with herb. Im too old. With the dow and the s p looking to build, futures are rising. Oil prices falling this morning. After six powers including the u. S. Did strike the weekend deal. The deal limits Irans Nuclear activity in return for relief on sanctions. The Prime Minister of israel, benjamin netanyahu. There is a lot of momentum going in. I believe we are going to get something on International Tax repatriation. Gold goes down. 20 of the oil goes through there. 80 of that oil goes to the southeast asia. I think demand remains insatiable. Anything that lowers means stocks are going higher. Not to mention, a shortened holiday week. Inertia gives the bulls a bit of a tailwind. Friday has been historically a strong day. The trend is your friend here. There was a pretty good article in usa today about taper. The taper danger. Look, there is no doubt about it, that the fed has voided stocks. You will see clorox downgraded. They have hated this group. It is peeking peaking after kimberly announced that great news. People that have sold these stocks have regretted them with the exception of campbell soup. Goldman cuts campbells and chlor ri clorox. The censure is doing poorly. The organics are doing well. We had the fresh markets blow up last week. You go to the center of the store, it is good except for fresh crackers and some apples. Anything in a can. This is a reaction. If you take a look at carbonated soda. People dont want the diet drinks. They actually prefer kane sugar. I would rather be fat and die of obesity than thin and die of cancer. You want to get healthy, go to whole foods. They dont have a center of the store. There is no center. There is just good House Keeping seal of approval. Goldman says they do prefer estee lauder. You know who is doing well, richemal and louis vuitton. How do you show you are rich if you cant own a mansion . How about a watch. The label is on the outside not the inside. I saw some of those on canal street. Do you think they are the same ones . If you are going shopping, it might be a little cold where you are. A storm is heading eastward that could put a crimp in thanksgiving plans for a lot of americans. Right now, that storm system, winter storm boreas, bringing rain and a wintry mix around dallas. Things are going to begin to wind down. Now, our attention turning to little rock. Anything in the pink and purple is the ice and the mix. Freezing rain. A little bit of sleet mixing in there. Rain as you head into parts of mississippi. Memphis will be another spot to watch for the wintry mix. Tonight, that wintry mix shifts over into areas like louisville, charlotte, north carolina, western carolinas. Southwest virginia, much of tennessee and kentucky watching for the chance of slick road conditions. Even northern sections of mississippi or alabama, even georgia, getting in on that. As we get into the day tomorrow, we will be watching for rain heavy at times through atlanta. That mix through parts of the interior midatlantic and northeast. Wednesday is the biggest travel day of the year. This is not the kind of thing you want to see on your weather map on the biggest travel day of the year. Rain and gusty winds. I mentioned atlanta will be looking at 35 inches. New york city and boston getting in on the heavy rain. Wind gusts possibly up to over 50 miles an hour on the boston area wednesday. Interior sections of the northeast, watching for the wintry mix, rain snow. Snow up towards buffalo and pittsburgh. Following that, cold thanksgiving and friday. I just heard a collective grown from all our viewers. You are sitting and thinking, i want a big storm thanksgiving and real cold friday. Can we make enough north face jacke jackets between now and then. Thats why cities are raising the price target. I am raising my above citis based on the weather. North face is what you wear whether it is cold. You got that right. Very nice call, jim. Apples deal is not the only one in the spotlight. One said to involve yahoo and katie couric. Thanksgiving week shaping up here. Futures not looking too bad. Were back in a minute. Yahoo making a big acquisition. They are said to announce katie couric as their global news anchor later today. Yahoo and cnbc have a strategic. This is what the world looks like in 2017. People that have name brands are going to be worth a great deal. You can put in couric and you have got it. This is the new world. This is the mediation from tv. Aol has been saying it. The world will look very different. They are very forward looking. Internet rights, maybe more than people thought. The coverage so far has tended to come from courics point of view, which is understandable, love to gaze at her own business. It is a statement toward video where cpms for a company like yahoo are much higher than any other advertising. This next generation absolutely loves to watch things on their hand held or the small tablet. Very interesting piece about intel soul searching that they missed the tablet. I like the people at intel but they did miss it. You will not know what is tv and whats not, specially when you get highspeed 4 g. Couric is on your tv. I dont know. She is on yahoo . It is not going to be tv versus not. When you talk about cable, cable is still worth a great deal. Im not minimizing cable. All im doing is upping the game of yahoo google and aol as destination places to watch tv that seems like tv but isnt tv. On a day where muffet from liberty gives an interview to the times talking about their chase. You can make a fortune. A lot of people talking about time warner, not necessarily run all that well. I continue to think that you have to think about the world in 2017, 2018, where the people who are 18, 20, you really want them. They know tablet and they know wireless and they dont really care. They just dont care. It doesnt mean there are generations that dont love cable. I love my cable. I think it is terrific. My kids love cable but they like everything. Very ecumenical. They like everything. On yahoo s front, hiring david pogue from the times. Hiring katie couric. You know firsthand the challenges and rewards of running content online, is she chasing after wind mills to any degree . She has a brand name. You google the brand name. They take a look. They dial in. So, no. It is going to be more and more pervasive as the older generation kind of dies out. No. I think to monetize, it is the best thing to do. The advertisers love t will they still love it . Advertisers love tv. They love it. This is a bet they will love video as much as they love tv even on handout. Thats difficult. I am not going to go against mayers. He sh is she is a very bright ceo. Google doesnt have to tell you. Google is so strong. Everyone wants to be on youtube. Everyone wants to monetize the youtube channel. Abc, nbc, cbs and fox. These are great channels when we come back, how should you go long at the beginning of a shortened market week. We will hear what cramer has to say in his mad dash. We will take a look at futures and pending home data tomorrow. In the meantime, squawk on the street is back in a minute. Clients are always learning more to make their money do more. ann to help me plan my next move, i take scottrades free, inbranch seminars. Plus, their live webinars. I use daily market commentary to improve my strategy. And my local scottrade Office Guides my learning every step of the way. Because they know i dont trade like everybody. I trade like me. Im with scottrade. announcer ranked highest in Investor Satisfaction with selfdirected services by j. D. Power and associates. A few moments before the bell, lets get jims mad dash. A couple of calls on the Big Equipment makers. Cat and deer. I went over the deere quarter very closely. I felt there were a lot of close things. I think deere and adco were in a dogfight but i dont want to sell deere. They say buy cat. Power systems and overlooked stability. They are talking about trough earns, 4. 50 to 5. It has been a big defeat for the bulls. Remember, this is a very heavily contested bear bull battle. I want to favor the bulls except for the fact that cat keeps screwing up. Their price target is 87, not far from where they are. They go to 100 as a result of this call. Cat management, i always feel horrible slagging the company. The company is great. The ceo is this really good man. The company has not executed right. In the end, it falls back to the ceo. I always feel badly about that. Doug is a terrific guy. They have not delivered in the earnings. They made a bad acquisition in china. They bought at the high. They have made big mistakes, big. I have to imagine you are happier with this upgrade and the goldman upgrade of alcoa. No. I have been all over this. This is a bath time. I am telling you, of the upgrades i have seen iwant to go along with this upgrade. I think the stock goals 11, 12. Klaus klein is saying his proprietary aluminum business has passed to a commodity business. I think this stock is going to be a big stock in 2014. They are talking about more emphasis on the cost structure and lesson the secular. Take a look at what he has done. He has this big saudi arabia plan. He has gotten no respect. It is time he got the respect. When we come back, the opening bell a few moments away. Dont go away. Squawk in the street be back in a minute. [ driver ] today, my ae knew all about a bike accident, just by talking to a helmet. It grabbed the patients record before we even picked him up. It found out the doctor we needed was at st. Annes. Wiggle your toes. [ driver ] and it got his okay on treatment from miles away. It even pulled strings with the stoplights. My ambulance talks with smoke alarms and pilots and stadiums. But, of course, its a good listener too. [ female announcer ] today cisco is connecting the internet of everything. So everything works like never before. Who found a magic seashell. It told him what was happening on the Trading Floor in real time. The shell brought him great fame. But then, one day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announcer ] right there in their Trading Platform. [ indistinct talking continues ] [ male announcer ] so the magic shell went back to being a. Shell. Get live squawks right in your Trading Platform with think or swim from td ameritrade. Monday morning, you are watching cnbc squawk on the street. Live from the Financial Capital of the world. A busy floor down here today. A lot going on even though it is a holiday shortened thanksgiving week. We have a new ceo coming into walmart. A lot of Economic Data tomorrow. There is the bell. Ringing it down here, vince corp, celebrating their ipo. People love accessories and clothes. People like the clothes. Very nice debut on friday for the highend clothing line retailer. At the nasdaq, ago pharmaceutical, developer of drugs to treat cancer and metabolic diseases. The one thing everyone is chatting about this morning is the dow. We need 155 points to reach an inflationadjusted high, which has been out of reach for a lot of the indices so far. You need ibm starting to do better. It is not. It is such a focus name for me. It has been such a laggard. 3 m has been doing the lifting and it would be great if intel could join the party. Microsoft up 38 . You have got a couple of stocks. Verizon is not the problem. You need to see ibm start to roll. Thats not been the case. Interesting to see cat, which is a dow component and alcoa, one of the top line. I thought it was wrong. Jcpenney should have been kicked out. Tradition for tradition sake. Al alcoa is going to be a big stock next year. People dont understand this is a reformulated company. There are sells on it as if it is a pure commodity play. They are in trucks and aerospace, 2 million, 3 million screws. They make fasteners, each of these boeing planes, thats a great business. They dont talk about making the skins to the tablets. They dont talk about that, because apple doesnt want them to do. Commercial construction is a gigantic thing. If you see that come back, alcoa is going to do well. These rogue chinese producers of aluminum will put that together. It is not the chinese that are ruining the alcoa story. It is the analysts. They have crossed a Tipping Point in terms of cost control. They have taken out so much highcost capacity and put in lowcost capacity. Klaus kleinfeld is probably the foremost world versus caterpillar. Cat piller makes great forecasts and doesnt play them. If you go over the line by line, the quarterly