Hollande is arriving for a meeting with the president. Gdp revised up to 2. 1. Caseshiller is out on your screen. Our road map this morning, the latest on the fight against isis including angry remarks from putin after that russian jet was shot down by turkey. And a couple more deals, nothing like yesterdays major deal. But 2. 5 billion Semiconductor Deal and a billion dollar acquisition in the food business. Shares of tiffany down big. First up, concerns about geopolitics weighing on futures. This russian warplane was shot down by turkish jets along the syria turkey border. The turkish Prime Minister said his country had the right to respond when its airspace was violated despite repeated warnings. Putin said this event is beyond the normal framework of fighting against terrorism. Of course our military is doing heroic work against terrorism, but the loss today is a stab in the back, carried out by the accomplices of terrorists. I cant describe it in any other way. In about an hour from now, obama is set to meet with hollande at the white house to discuss plan force defeating isis. Putin accusing turkey of aiding isis but taking their oil to some degree. Turkey ancient war against pkk, the group of the kurd fighters who have historically been quite tough, have been winning, are no friend of turkey. If youre making an alliance and youre basically saying, okay, pkk coming in from this side, russia from that side, turkey is not happy about that. Theyre caught up with the best ideas that the best fighters against isis are historically great fighters against turkey. This is really convoluted. I would point out if hollande goes and gets the president to say we have go against merkel and talk with the russians. Which i know what not been the rap right now, i think youll see a lot of the reasons why the market has been better. If they can welcome russia back somehow, that was the beginning of the end of the rally in europe. Its come back because draghi i think our market, by the way, have to be careful that we may not be down as much, because the dollar is getting weaker on this. We have to be very careful in thinking this is necessarily this is necessarily bad. Because the battle lines are being drawn here. Its not clear i think our country is concerned that turkey is not as aggressive as it should be. Well, theres that. Theres the idea that the skies are crowded over there. Yes. We have a department of state warnings to traveler heres through february saying be careful going overseas. Bu belgium on lockdown for the rest of the week at least. Stance has changed. Stance has changed. This is war. Thats what the french the french declared war. The signups for their army are like what happened after 9 11 in our country. I think the orders for our defense contractors are way up. Everybody is arming. I think that the president we pulled back. So i dont know what will happen. Geez, these other guys are not pulling back. A lot of people in our country feel let russia do the work because so many of our soldiers were lost over there. This is an alliance building. If the russians would give it all on assad, you have a coalition that is of the unwilling, not unlike what we saw in world war ii. Churchill was no friend of the communists. No, he was not. No. He was not fond of stalin. Man with a vision that is still love churchill so much. He was willing to compromise in order to beat the nazis. A lot of people in europe think this is a cult and it can be stopped, but it cant be stopped if you gfive the guys driving te oil trucks a while to get out of the trucks before you bomb the trucks. Russia has putin claims he was misquoted, and well send them where they have to go. But putin, i think a lot of people say he means business. Fortunately its not our guys. Lets watch this. Im saying turkey is not the pal that a lot of people think they are right here. You have to be careful in thinking turkey is one for one with the United States anymore. Its not really clear. Yes, indeed. Well said. Not clear. You have to balance that with tiffany. Missing with results for the Third Quarter citing 4x pressure. Saying volatile and uncertain Market Conditions in the u. S. Are affecting consumer spending. Comps on tiffany lets see, eps down 5 to 10. Prior was down 2 to 3. Is this a 4x story. Im sick of tiffany. I went over the last two releases. What is it with these guys . I agree. Its the same old story. Its incredible what they have been predicting, what they thought they could do versus what they do. Im not saying anybody has a crystal ball. When they came out and said they could do good numbers in the second half of the year, where did that get that from . This is a company that has to start thinking about what its doing and the way it offers guidance. Their guidance is awful. One of the reasons why i bring this up, they kept their own stock up by giving good guidance. You know how it is. We had a bad quarter but get long us because we see the second half being strong. We get to the second half of the year, its terrible. I dont know. Honestly, im losing faith in tiffany management. That said stock is trading near the lows of the last couple of years. Doesnt appear to be giving up that much ground this morning. Down 3 . Well see. A lot of people thought this would be the upside surprise. The company led you to believe things would get better. After listening to terry lundgren. He talked about the strong dollar. Tiffany had good numbers in japan. Good numbers in asia. But its the strong dollar. Im saying unless you thought the dollar was going to get weaker, there was no reason for them to be bullish. I do not know a single executive, any ceo i can name other than the tiffanys ceo who thought there would be a change here. You talk to these they all accept the idea of the dollar staying where it is. Cigna misses by six cents. I was surprised by that. They didnt have the christmas quarter. Thats zales, jared, every kiss begins with lower numbers. Thats pretty good. I cant stand those ads. Usa today has a list of retailer force whom the Fourth Quarter has the lions share of revenues. Number one, gamestop. Almost 40 . I went over that gamestop quarter. Im a fan. They did exactly the opposite of what tiffany did. They had a november to remember. They had a november that was good, but not part of the quarter. So, they said wait a second. You know what . Before you write us off, last few weeks were great. The last few weeks thesis being something that in that business because of releases does matter. Look, no one is buying it a bunch of downgrades today. I have to tell you, there is an issue a fundamental issue here. The fundamental issue is that the star wars game, you saw it with ea yesterday, is not getting good reviews. I think people felt star wars was going to be a great game. And its apparently not. Im not a gamer. My friends who do game are not rating. From buy to hold, Merrill Lynch buy to hold. Sometimes i wish my nephew is a gamer. Hell say, no. No good. Its kind of like that one is no good. The gamers know. That games awful. I dont know how they know. To me call of duty you kill a lot of people. Grand theft out to you steal a lot of cars. I dont know. The thesis itself eludes me. Eludes me. As a parent it particularly eludes me. Frankly its a stinker is what people are saying, star wars. Maybe not enough people blowing up. Maybe not. I dont know. Does someone get a Nobel Peace Prize in that game . Not that im aware of. They surrender and dont get shot . Three weeks until the movie opens. Disney down a half percent. Maybe thats an opportunity. Disney is i dont know. I saw the trailer. Some of the studio chiefs are trying to manage the expectations with box office arguing that december openings are not thats smart. That way i can get a ticket. You mean every person in the world will to the see the movie . They will eventually. Might take a few weeks. I think it looks fabulous. This is a soggy open. We had a mixed trade yesterday. Europe is weaker. We get the carryover from the pajama traders who trade overnight. Theres a german confidence number they dont like. We come to earnings. Wow, i get to buy home depot under 130. Some m a news, pale ms in comparison to yesterday, but pmcsierra agreed to be 5 quiacd by microsemi. And Pinnacle Foods buying bolder foods that price 975 million. Talking about bolder brands consensus ebita of 62 million increasing that by 50 over the next two years through a conversation of synergies. Partially offset by the impact of portfolio optization that pinnacle plans to undertake. They were without a ceo since june. Down a little bit. Hollis sold the company. Jim lehman left for more time with the family kind of thing. Health and wellness. Gluten free. Herb greenberg always had some critical comments about these guys. Im sure he will be on the two, three, four. Bit of a joke. On the two, probably. I think pinnacle is trying to get more natural and herb, im joking. They have the birds eye division. If my mom were alive, she would say its Natural Organic because it comes really frozen, as opposed to green giant which comes in a package thats frozen. Birds eye making it more organic. You know what i mean. I dont actually. I theres french president Francois Hollande getting off the airport at andrews on his way to the white house. We expect that joint press conference around 11 30 a. M. Eastern time as he tries to build the coalition of the unwilling in advance of his trip to moscow. This is historical, but merkel. Merkel has said nothing. I think our president will never contradict merkel. Never. They are thats incredible. Thats the german american allianc alliance. Keep an eye on that. When we come back, well stay on top of the developments surrounding turkeys downing of the russian jet. Icahn and ackman raising their stakes. Let me look at the premarket as we continue to waffle between positive and negative. S p futures down more than 12. When you do business everywhere, the challenges of keeping everyone working together can quickly become the only thing you think about. Thats where at t can help. At t has the tools and the network you need, to make working as one easier than ever. Virtually anywhere. Leaving you free to focus on what matters most. Ahh. Steve, other than making me move stuff, ces. What are you working on . Let me show you. Okay. Our thinkorswim Trading Platform aggregates all the options data you need in one place that lets you visualize that information for any options series. Okay, cool. Hang on a second. You can even see the anticipated range of a stock expecting earnings. Impressive. Whats up, tim . For all the confidence you need. Td ameritrade. You got this. Two of the largest activists staying active. Carl icahn discloses a 7. 1 stake in xerox. Calling xerox undervalued saying he may seek seats on its board of directors. As well, pershing squares bill ackman increases his firms stake in valeant to 9. 9 . Thats right. Roughly 10 of valeant owned by pershing. May answer some of our questions as to why valeant was moving up in recent days. Mr. Ackman may have been behind some buying. A brave statement from him given the fact that the special committee, which is investigating the use of specialty pharmacies has not come back with its recommendation. One would have to anticipate he might want a board see the. At the same time when you seek a board see the you lock yourself up in the ability to sell shares. Hes at 9. 9. Is he willing to stay in there for quite some time . Thats the question i dont have an answer to. Didnt he say he wished to buy more but he couldnt there was a convoluted i would love to buy more. He did buy more. Prices still higher than here. Maybe he got that big margin call. He was on the other side of the big margin call from goldman. I dont know. You mean on pearson having to sell some of his stock after being used for collateral for debt. You dont get this margin call stuff from the ceo, but you get the call that theres a big distressed piece, do you want to buy it . That turned out to be a fabulous price when pearson had to do late fundraising. Yeah. One wonders how he can be in position to better analyze whats going on in the company than others, particularly as it deals with Specialty Pharmacy impact, what theyre no longer dealing with philidor at valeant or shuttered that. Well see. Does he want the company to get sold . Will he support mr. Pearson . Will there be a change in ceo at some point . You have to consider all of those things. Im not sure who would buy valeant . Do you think the cash flow is real . If it is, 70s is cheap stock. Thats a good question. There is cash flow. There is cash flow, without a doubt. Youre right. Trading at a low multiple to that cash flow now. A lot of guys i know bought it in the 70s. They said we dont care if the pharmacies go away. This company has real assets, real business. Took a lot of bravery to get in there and buy it at the 70s. I dont know who would be buying valeant overall, if another Company Bought it, their tax rate they wouldnt benefit from it. It would be the other way around. Right. Tax rate is so low. Unless they use it as inversion. Look, its near the end of the year. A lot would like the stock higher than lower. Thats a tall order to keep the stock up. You know what . Maybe valeant has a discovery. Did you ever think of that . I cant imagine thats the case. When they spend as little on r d. The no wrinkle thing, maybe something cooking there, coming under botox, botox raised the price. I dont know. Icahn has been busy. Comes yesterday on aig, writes the letter in the morning and xerox later in the day. Wondering where hes been. There he is. Got to get your beauty rest. Some of us were watching the pats bills, not him. He was fire ag wing away a lettt we havent seen yet. Turned the game off with 50 seconds left, penned the letter to someone. Xerox responds, just noting his ownership stakes saying theyre aware of carl icahns maiden investment in the company. Xerox values constructive dialogue. Its board authorized a review of its business portfolio and Capital Allocation with the goal of enhancing shareholder value. They said they are committed to improving performance. They had a horrible Conference Call. I say that because they said they had one. They were very they were very downbeat. They lost the cfo. They do these Healthcare Insurance Exchange businesses which we know hasnt been that strong. To try to get people into that business is a failure. Cash flow declined, 595 million to 270 million. They bought back shares, 10 of the company. I look at the company, the company is saying, listen, i read it. It was a call for help. People are like hes bumped out no, it was a call for help. Call for help. This Conference Call was a cry for help. Maybe carl icahn heard it. Yes. We dont know. Weve been bad. Well get better. For some that looked to icahn, he read the call, its a cry. Like a dog, he can hear at a certain frequency for icahn. 911 for him. Read the call. The call was like, okay, all right. That didnt work. Uh cfo left well, you know what . Thats when icahn comes. Yes. Hes like mr. Wolf. Yes. Hes mr. Wolf. Its a tenminute drive, ill be there in nine. Well get cramers mad dash and count down to the opening bell. We havent gotten to the gdp figures. Mr. Wolf. More squawk on the street from post nine in a minute. The lexus december to remember sales event is here. Lease the 2015 gs350 with complimentary Navigation System for these terms. See your lexus dealer. All right. A mad dash for this tuesday. We have some fun during the breaks here. We have about 5 1 2 minutes before the opening bell. Palo alto. This group, a hot group. Its been a mess. Mark mclaughlin came out and basically said its a mess because the other guys dont know what theyre doing. I dont understand. They mean other people . The other guys have screwed up because he has the platform. Hes got the customers. Hes got the people who understand you cant just bolt on different threat preventions. You have to do it holistically. Hes a fabulous guy. Had him on many times. He does, just so you know, david i will point this out he takes it to cisco. Travel trust names. Says to chuck robbins, the ceo, we continue to beat cisco handed ly quarter after quarter as we have done this quarter. Fighting words, david theyll get mr. Robbins to say, is that true . This is a beatdown hes saying, listen, cisco, not even a factor. N. A. F. , not a factor. J. A. G. , just another guy, as they would say on espn. J. A. G. Calling cisco a j. A. G. Just another guy. What do you think of that . Thats fascinating. I like when theres tension. You do . Good. Controversy is good. Yes palo alto. It was a beautiful quarter. David, 61 year over year billings. 71 growth in deferred revenue. They have earnings from here to the sky david hack is back hack is back and were back after this. Youre watching cnbcs squawk on the street live from the Financial Capital of the world. Opening bell in about 30 seconds. A busy morning, especially for geopolitical concerns, that russian jet shot down near the border of turkey and syria. Futures have been lower this morning. Lets get the opening bell and a look at the s p at the bottom of the screen. At the big board, its Scripps Network ceo, ken lowe and austin brown. Over at the nasdaq, fuling global, a distributor of environmentally plastic serviceware. We have not done dollar tree or campbell. Dollar tree goes down two bucks. They had an earnings miss, but i dont want to give up on dollar tree. Campbells, you know the 3g guys, they want to do zero based budgeting, and find out where the unallocated corporate assets are, theyre clamping down on it . Campbells is its own internal activist. When you read the note, they mean business. This is not the old campbells this is a new campbells. Denise morrison, doing such a good job. We have more work ahead to improve our growth trajectory and talks about revised fiscal guidance. Costsaving initiative, no tnp tnp tnp . Tnp what does that mean . Take no prisoners right. Killing us over here. Nfp, no free passes . Nfp. And j. A. G. Just another guy. Adam schefter sold me that. That guy is a j. A. G. I picked up some people for s t fanta fantasy. I like how bold house farms remains good. My wifes using that. Shes watching cat videos. Never listening. Shes in that cute cats thing. You use that line that companies like, were our own activists. I dont know how much to believe it or not, but in this case youre a believer . Petridge arm products did well, and goldfish doing well. She did not use the word internal activist.