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tv   Fast Money Halftime Report  CNBC  November 6, 2015 12:00pm-1:01pm EST

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be a silver bullet for the economy, as was promised by some, nor the expressed climate disaster proclaimed by others. to illustrate this, let me briefly comment on some of the reasons why the state department rejected this pipeline. first, the pipeline would not make a meaningful long-ter contribution to our economy. so if congress is serious about wanting to create jobs, this was not the way to do it. if they want to do it, what we should be doing is passing a bipartisan infrastructure plan that in the short-term could create more than 30 times as many jobs per year as the pipeline would and in the long run would benefit our economy and our workers for decades to come. our business is created 260,000 new jobs last month. they've created 13.5 million new jobs over the past 68 straight
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months. the longest streak on record. the unemployment rate fell to 5%. this congress should pass a serious infrastructure plan and keep those jobs coming. that could make a difference. pipeline would not have made a serious impact on those numbers and on the american people's prospects for the future. second, the pipeline would not lower gas prices for american consumers. in fact, gas prices have already been falling steadily. the national average gas price is down about 77 cents over a year ago. it's down a dollar over two years ago. it's down $1.27 over three years ago. today in 41 states drivers can find at least one gas station selling gas for less than $2 a gallon. so while our politics have been
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consumed by debatable whether or not this pipeline would create jobs and lower gas prices, we've gone ahead and created jobs and lowered gas prices. third, shipping dirtier crude oil into our country would not increase america's energy security. what has increased america's energy security is our strategy over the past several years to reduce our reliance on dirty fossil fuels from unstable parts of the world. three years ago i set a goal to cut our oil imports in half by 2020. between producing more oil here at home and using less oil throughout our economy, we met that goal last year. five years early. in fact, for the first time in two decades the united states of america now produces more oil than we buy from other countries. now, the truth is the united states will continue to rely on oil and gas as we transition, as
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we must transition to a clean energy economy. that transition will take some time. it's also going more quickly than many anticipate. think about it. since i took office, we've doubled the distance our cars will go on a gallon of gas by 2025. tripled the power we generate from the wind. multiplied the power we generate from the sun 20 times over. our biggest and most successful businesses are going all in on clean energy. thanks in part to the investments we've made. there are already parts of america where clean power from the wind or the sun is finally cheaper than dirtier conventional power. the point is the old rules said we couldn't promote economic growth and protect our environment at the same time. the old rule said we couldn't transition to clean energy without squeezing businesses and
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consumers. this is america. we have come up with new ways and new technologies to break down the old rules. today home world american energy is booming. energy prices are falling. over the past decade even as our economy has continued to grow, america has cut our total carbon pollution more than any other country on earth. today the united states of america is leading on climate change with our investments in clean energy and energy efficiency. america is leading on climate change with new rules on power plants that will protect our air so that our kids can breathe. america is leading on climate change by working with other big emitters like china to encourage and announce new commitments to reduce harmful greenhouse gas emissions in part because of that american leadership more than 150 nations representing nearly 90% of global emissions have put forward plans to cut
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pollution. america is now a global leader when it comes to taking serious action to fight climate change. and, frankly, approving this project would have undercut that global leadership, and that's the biggest risk we face. not acting. today we're continuing to lead by example. ultimately if we're going to prevent large parts of this earth from becoming not only inhospitable but inhabitable in our lifetimes, we're going have keep some fossil fuels in the ground rather than burn them. release more dangerous pollutions in the sky. as long as i'm president of the united states, america will hold ourselves to the same high standard to which we hold the rest of the world. three weeks from now i look forward to joining my fellow world leaders in paris where we get to come together around an ambitious framework to protect the one planet that we've got while we still can.
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we want to prevent the worst affects of climates change, and the time to act is now. not later, not someday, right here, right now. i'm opt mythsic about what we can accomplish today. i'm optimistic because our own country proves today one step at a time that not only do we have the power to combat this threat, but we can do it while creating new jobs, while growing our economy, while saving money, while helping consumers. most of all leaving our kids a cleaner, safer planet at the same time. that's what our own ingenuity and action can do. that's what we can accomplish. america is prepared to show the rest of the world a way forward. thank you very much. >> all right. saying it would not serve the
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national interests of the united states. the president now formally rejecting the keystone xl pipeline. that decision and the announcement made just moments ago as president obama flanked there by the secretary of state and vice president joe biden. we have eamon javers standing by live. that should be no surprise to anybody. >> while the president is speaking, the white house is amplifying the message and -- you can tell where they're going politically with that. reaction pouring in as expected divided equally on party lines. reaction here from president bernie sanders. obviously running for president on the democratic side. climate change is a global environmental crisis of huge magnitude. it is insane for anyone to go supporting the excavation and transportation of some of the dirtiest fuel on earth. meanwhile, on the other side of the presidential campaign, marco rubio putting out a couple of tweets saying president obama's rejection of the keystone xl pipeline is a huge mistake and
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is the latest reminder that this administration continues to prioritize the demands of radical environmentalists over america's energy security. obviously, you heard scott the president there talking about two factors that give the white house some political cover here. what is a robust jobs growth and that jobs number we saw this morning, and the other one is low gas prices. the administration will feel here that that gives them some cover to make this decision and blunt the argument that we need the keystone pipeline to create jobs and lower gas prices. the administration making a decision here and now it's going to play into this political fray over the next year to see who is going to be president obama's successor, scott. >> sure. blame the environmentalists for this. others will simply point to the fact of where oil pritsz are as perhaps the biggest culprit at the end of the day, and the timing as you just mentioned with the jobs report. also, the continued fall in gas and oil prices here.
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>> he, of course, the founding partner. what's the long-term implication here for the oil market? >> i mentioned it's jackie deangeles as well. i think we're going to come to regret not building this thing several years down the road. particularly if the damage we're seeing to investment in the shale sector, you know, really comes to fruition. this is something that is potentially could be significantly missed and we could find ourselves on the hook again addicted to middle eastern oil or oil from countries that don't particularly care. like venezuela, like nij ear wra it and the middle east countries. >> absolutely. there is fog around everyone and everything because of this glut that we're dealing with right
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now. >> you say we don't need this thing. demand keeps going up. we're going to need that oil, and we're going to find ourselves in a bad spot like we were 20 years ago or so in 1998 when prices crashed and the saudis fixed everybody's wagon then too. >> we'll talk to you soon. >> thank you. >> we want to call your attention as well to shares of alibaba at this hour. according to my sources, the hedge fund manager and noted short seller jim chanos has just pinched that name as a short. >> i'm also told from my sources that mr. chanos at that same conference pitched swrchlt
12:11 pm as a long as a hedge to the short that she has pitched. can you see the stocks reacting. obviously in opposite directions. do we want to get commentary? the gang is all here, by the way, and we'll introduce everybody in just a moment. what is your take? >> i'm long, j.d. because there are other issues with counterfeit goods. swrchlt d. is the powerful play. jim making a great call, and i say that's a call that we've seen in some other hedge funds. there's an exact trade. each side could stand alone. >> the other issue with alibaba that perhaps chanos mentioned or not, there's the issue with ali pay. they want to crack down on flows of money, and there's some thought within the government that it's being used to move money around in ways government may not like. i think that's another piece that has had people cautious as well. >> you have to have something like what you are talking about
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and seeing about accounting issues. otherwise, the valuation on baba is not insane and can be justified at in price. the barrons article came out, and really slammed the stock. i'm not sure if they have any inkling of this, but that could be a one-two punch. there has to be truth to the accounting issues. >> you have the singles day, i believe, coming up. it's expected to be very large, but nonetheless, you have had concerns about this company from a transparency transport or the role that the chinese government may be playing behind the scenes as well. there has been some skepticism from that day of an enormously successful ipo. >> it was the right time and the right market, but the best way to look at these companies is to compare j.d. towards more amazon and compare alibaba to like the flea market on-line. that's, you know, no real systematic way to handle a
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counterfeit issue. just hasn't happened. >> i think two things that are going to help short. one is the accounting issues. people are talking about it because that's a stock everybody knows. china. >> we continue to watch those shares again. pitching alibaba at a conference, and can you see the stock is down more than 3% on the flip side. mr. chanos has pitched that as a hedge. to the alibaba bet. the rising rate playbook coming up. we talk about all of it coming up. plus, should the e. coli outbreak scare you away from the stock. shares down more than 2% today.
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>> certainly the -- 60%. the way we're positioned right now is in tactical portfolios and we raised 16% cash in the event that there's a selloff caused by this in which case we will absolutely buy that dip. he is anded on risk asset long-term. >> bull markets intact. i'll tell you, the fed has three things. used to have two mandates. they've added something into the
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mix. inflation data, there's a lot of inflation data to come out between now and the next meeting. one of the things that they've thrown in the mix is a little tougher to get your arms around. >> they've always considered global economic conditions. >> it's different, scott, right? >> they may have mentioned it in a more direct way this time. they've always been considering. are they going to go in december? >> oh, they are definitely going into december. it's not 60%. it's 90%. what if you get -- you're going to stop thinking about what is the path after december. today's number, it's a no brainer. they are moving in december. >> what does the market do, steve? >> that's pretty well broadcast. we're seeing what the market is going to do. >> you never know what the first move is and knee jerk up, knee jerk down. it's out of the way. i think if you take a week off
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that the market is going to be higher than where it was before they tighten. i select -- >> buy the banks hand over fist market now. >> i think you go into the regionals and you go into some of the larger banks that will actually benefit. the question is how much of -- will it be 25 and done. then you will get a pullback again. you need probably about 100 basis points before the banks really do well. >> maybe one and wait, as some suggested. >> you talk about where you would want to be in a market like this with an expectation of rates going up. >> jim cramer said this morning on "squawk on the street" and you can react to it on the other side about banks, health care, and the market itself. >> i just want to point out that
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you're going to see a weird -- a weird bear market and bull market here. huge bull market in the financials, and you are going to see that money flow out of health care. >> is that what we're going to see, right? the health care still remains beaten down. the money is coming out of there, and then going full bore into the banks? >> i don't think a rate hike necessarily directly impacts health care. >> not a rate hike. just in general. the sector has already been decimated, so as you expect rates to go up, you are going to just pull money out of losers and put it into areas you think are going to be winners. >> it could well happen. let me dissect that in two parts. first offer, you are seeing a nice rip on banks today, and i'm not so sure this is as warranted as maybe the price movers would say. i do think the fed is going to raise once and then just hold off. frankly, we can't rule out the idea that lucy pulls the football away from charlie brown once more. rob, to your point, scott yours as well, they are paying attention to market volatility.
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>> to your comment, scott, about health care and do you pull from losers, i think that speaks to something i know mike wants to talk about, which is the narrow breadth of winners in this market and that has me troubled. there's a lot of did hes nation. you know, you look at qualcomm, yum brands. a lot of things like that that have just gotten hammered, and still the growth indexes are really at high levels. >> when it comes down to it, it's this. first of all, i don't get the health care call from jim. jim actually to his contract that is had great calls the past couple of months. >> we're talking about potential rate hike. health care has beaten up. >> what do i get? >> the button has already been pressed, has it not? >> exactly. why is he pressing the button that's already been pressed? somebody help me out here.
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>> put money into banks. they have a lot of runway, and i'm not getting in the way of that just yet. what i've been doing is looking to sell industrials and materials. if the fed is going to raise rates, paul has a 90% chance. i'm a skeptic here. let's assume paul is right here. we're going to see a stronger dollar. to me it's going to hurt exporter and the commodity space. industrials, materials. >> i don't think health care, you can call it together. there's a different segment. you have devices whose earnings are strong here. you have the service sector going through the mergers. >> stocks within the -- they are going to do -- >> well, here's how health care plays out. you have had so much money coming to health care. you have seen the etf at 2012 biotech go from three billion to 19 billion. 7 billion came in this year alone. you see -- plus, so many funds. not just hedge funds, but long only funds specifically in the health care space. for hedge funds, it's only six
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days notice. you won't get the notice this there. it's quarterly withdrawal. it will be under pressure through i think january 1 and then you'll see a lift. >> a lot has washed out there. i'm not saying it's done washing out. you keep kicking it while it's down. i think there's higher hanging fruit that i would rather go after right now. >>. >> this is just the start of normalization. >> that's why the market would react nervously. it's not the number. it's not the 25. it's not 50. a new paradigm. >> we should be happy. markets go up. rates go up. these are the rooilt right reasons. >> we have $5 billion, $6 billion under management. where are you going to put it to
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work in this sort of -- we'll call it a new environment where the fed is playing the game now. >> i think you have to be selective. >> huge evolution. huge game changing mobility. cyber security. the whole bit. we also like health care. then we're broadly more bullish outside the u.s. when we think you can really experience positive returns, and that's definitely in the euro zone and definitely in japan. i think you want to steer clear of anything that's broadly rate sensitive as it relates to rising rates. i am really worried about emerging markets because when i talk about that global policy focus that they have, i think that global mix, it's really important because emerging markets explode like they did in may of 2013 when the -- you're going to see the fed look at that and say, "mad money", maybe we shouldn't have built, and i worry about that.
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>> do you want to weigh? >> "think the fed is all in. the good news about markets globally is we'll see a reflags on the back. the policy divergence is back in. exactly what they were saying the other day. drawinghi is going again. japan may well go again, and i think the consumer is alive in the u.s. my concern is the numbers. it's not just one number. what if the numbers continue to get better? that's where you get a march potential move in rates as well. that's when the stock market wakes up in january and goes this could be bad in 2016. i think for now we get a small -- maybe a 3% correction. you buy that into year-end, and then you get very, very careful into january. >> you buy the dollar and sell euro. >> the market got so complace ebt, scott, on bonds in 2%, and the euro at 113. everybody saying the dollar is -- forget it. it was in the fifth inning. the dollar can only rally in this environment, and this is why i think the fed will put that into their monetary policy balance, and it may actually cause them to take a slower path. the dollar is a factor.
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>> no doubt. what's ludicrous when you talk about 25 dips. it's never 25 dips. the conversation then turns to what's the next 25? that's why -- i personally think i'm still bullish. even believing that we may see a 3% ten-year by midyear 2016. if the economy is going -- >> it's 235 right now that represents a fantastic yield. >> this was an interesting conversation. friend of both of ours. you said we need to talk about the real economic strength that we're seeing out there. he said lower fuel costs in technology-led savings are putting more money in consumer pockets and car sales are up. airline revenue is up. personal services are up. health care memberships on fire. the gdp numbers are really masking the underlying strength in the economy, which is positive. >> michael. >> you know, one thing that's bothering me that i want everyone to think about, we had the 271 numbers, and it's great.
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pure economics. it's great. >>. >> what if we were back 150, 200 points lower on the s&p. would we be so sure -- >> i'm bringing it back to rob's third point here. he calls it a global environment. i'm calling it market independence. we have to think about this. there's a month and a few days until next fed meeting. let's see what the market does here. >> all right. make that the last word. paul, good to see you. robbie, thanks for coming in. coming up, more bad news for valean. the ceo gets a margin call. kate kelly has the latest on that story. and if you can't be james bond with enough money you can certainly act like him. robert fraerchg has the inside scoop on how billionaires are living out their 007 fantasies. when we come back. ♪ there are no medals won for earning a living. it's just what you do for family.
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i'm sharon eperson, and here's your cnbc news update at this hour. president obama rejecting the keystone pipeline capping a litically charged review of the project that lasted more than seven years. the president citing the urgency of climate change as the reason.
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john case itch filing for his candidacy in new hampshire's primary. afterwards he said new hampshire should always be the first state to hold a presidential primary election. chinese president wrapping up his two-day visit to vietnam by meeting with the country's president. china and vietnam have competing claims in the south china sea. xi urging both countries to increase mutual trust. a desperate attempt to save a baby girl dying from leukemia and may have led british researchers to the next big breakthrough in fighting cancer. >> they have never been tested on. after a few months the baby girl is back home and free of cancer. that's a cnbc news update at this hour. more "halftime."ta long term. active management can tap global insights. active management can seek to outperform. that's the power of active management.
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>> welcome back. want to call your attention to shares of all baub wra. down more than 4% following my report that according to sources jim, the noted short seller has pitched that idea at a conference on accounting concerns. that stock selling off. certainly steam coming out. remember, it was just a few weeks ago after earnings that albauba had beat oen the top and bottom line. the stock, by the way, that has
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been up 28% in a one month period giving at least 5% or near that back today on that report of short position taken by jim chanos. how about valent. that saga continuing today as well. goldman sachs making a margin call on ceo mike pearson. that firm selling more than one million shares of valiant stock. kate kelly joining us with the latest in a story, kate, that has something new every day. >> i know, scott. never a dull moment with the valiant situation in recent weeks. shares are up today after another huge rout yesterday. compounded, perhaps, by that stock sale that goldman sachs made when valeant ceo mike pearson was unable to put a pass to meet a margin call to the tune of $100 million. that stock acted as collateral, and when it dropped in value, goldman asked for additional
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cash to secure the loan, but it added, nonetheless, that that stock sale i'm referring to to ongoing concerns about the pharma company's shares. that had been under fire of late. on paper valeant appears to be one of the most popular hedge fund stocks. the 11th most widely epd held on the top 50 list that it compiled last quarter, and to have respected new move twal fund names ru an tops the list, and they've expressed support for the company following by pershing square, t. rowe price, which has been invested for some nine years in the company. >> the risk managers worrying about the absolute value of the stock and what it's going to do for their portfolio more than anything, but every whisper of
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negative news just seems to clobber this name lately. >> we can probably make the leap, if it is that, and the reason the stock was down so sharply yesterday, and we are all wondering why it was perhaps due to this sale -- >> is it up-to-date, do we think, because of that reason? >> negative news report. another big investor selling out because you think those are fair assumptions to make, kate? >> i think they're fair assumptions. i can't say for a fact that it's the goldman sale that happened yesterday. the fact that the company announced it this morning would suggest that it was very recent, but i don't know for sure when it started, when it finished. although now he said he sees it
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fully as he reported. with the negative headlines, whether the stofr additional pressure of other sales going on in this stock affected it and now it's bouncing back, that seems reasonable to assume. we just don't know for sure. now, clearly some is acceling. probably multiple parties. the question is who? the list that i showed you of the big holders is pretty dated at this point. end of june filings. >> kate kelly live for us from new york city. touch this thing with a ten foot poll here, $82? >> in 2010 the market averaged $3 billion. in 2013 it was under $40 billion, and that's what pearson gets up and says $150 billion market cap by 2016. to me that would make a big surprise as to how this is going to end. this is a role. you take a look at the holders that are still there. i've talked to a number of the larger holders.
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they're actually out. my reaction was negative. wron how long they stayed there. it's going to get very interesting. >> valeant in the green. chipolte shares continue to fall. our traders fight it out over the stock's next move. plus, just 38 trading days left in this we're. believe that. check out the halftime portfolio leaderboard. it has been changed in almost every single day. josh brown, stephanie, joe in the top three. everybody for you in the green. you're watching cnbc, first in business worldwide. moment to take a pill?
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>> coming up at the hop top of the hour president obama rejects the keystone pipeline. we have a huge line-up in the next two hours because our brian sullivan is speaking with the ceo of transfer energy partners. kelsey warren. plus, mark cuban thrown into the mick as well. a lot to talk to these gentlemen about. all live on the ground in dallas. they will join us for the next two hours of "power lunch." back to you. >> we will. thanks so much. looking very forward to all of those interviews. we want to show you what some of the stocks are doing related to the rejection of the keystone xl pipeline. there's trans-canada, which obviously would be the one that is getting hit the hardest. it is down at this hour at 6%. >> fears that the e. coli
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outbreak. we made it our call of the day. what do you think of this? the stock, you take a look, at what it's doing today, this particular analyst thinks that the risks related to e. coli outbreak are big. they can take longer than expected to resolve? >> this is an expensive company. one thing we're thinking about here is this company has a lot of baubles. we had the carnitas issue earlier in the year. late december, i think, 2012. they had an issue where they had the brings kit type thing. they were un23% in one month. they brushed it off, and everyone laughed it off. investors are not going to laugh off little foybles like that anymore. this is a hard company to run. they're going to run into stuff like that. >> let me hear from sarat first. >> the issue is this is a growth stock. it's a momentum stock. you don't whan the next couple of quarters are going to be, and have you to rebase your
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earnings. too much is going on. >> the whole restaurant chain is shutting down as a result of an e. coli break. is it birg than the company thought is this is. >> maybe. is it bigger than analysts thought? maybe. >> i think are people going to stop going there on a longer term basis? >> no, but you can see the stock trading 20 times earnings. not at 35 times earnings. easily the stock gets cut, but you still get growth, but it will be three quarters down the road. >> there's no question there's reputational risk from the p.r. issues, the advertise thamts went out over the summer, and then the e. coli issue. the question is how long does it last? i think if you are looking to buy chipolte here, you have to sit and wait for a second because what you were asking is how long does this last? it is reputational. it's a question of how long does it last? >> so the analyst said he still thinks the story long-term is
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intact. he thinks it's temporary. he took his estimate down by 75 cents and 30 multiples for next year sfwloosh he took his price target and the stock down by nearly $200. it's crazy. if you like it for the -- i'm not owning the stock, but if it's e. coli, this -- what it means to the market cap of the stock, it's nothing. it's the market cap. using his math. yeah, there's some momentum losing it, but this is when if you believe in the stories, you have to buy them. it's not china. this is a stable event that's continuing. they'll get over it. >> that's kind of my point. thank you for helping me. >> thank you very much. >> coming up, what's bothering mike block. the market trend that has him worried about stocks. plus, we're talking the bond market, as in james bond. cnbc wealth editor robert frank has that story.
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mike has a pick with the stocks that are leading this market. what's your beef? >> how long do we have? you may have to tell jim to cancel his show.
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no, my big issue here, i'm seeing a narrowing of breadth here and it worries me. growth is scarcer and scarcer as we're going along. nice jobs number but i'm worried about u.s. growth. people are crowding into all the same stocks. the f.a.n.g. stocks, facebook, and google are up 440 -- they've added 440 billion of market cap so far year-to-date. that's a lot of market cap here. >> do you get penalized. >> amazon didn't get rewarded until they broke out their business. >> show me another quarter. >> it's been -- >> here, you have to keep showing it to me. the margin for error is very -- you know, it's very thin.
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>> i've said this before. take a look at the russell 1,000. i don't have the exact number, but it's basically flat. the russell 1,000 growth is up about . 900 basis points of difference between growth and value is way, way outside of the norm. now, of course, growth is being rewarded in a low growth environment. zot s&p 50000 started to pull away from the equal weighted s&p. the stock is growing into that. fewer and fewer growth stocks. . >> can you make the case -- i point to the journal story today in the business and tech section.
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>> they are winning at their own game. >> it's happening. it's been happening for quite a while. could go on for some time here. you know, if are you sitting here saying i'm going short the fang stocks, you might number some pain for a while, but, again, the risk-reward at this point, i think, is getting, you downside. >> it's not a ridiculous point if you look at what the stocks have done. but, look, who was it the other day? josh brown or whatever talking about maybe -- i can't remember he sold facebook. or amazon, for facebook, for netflix. >> let's go back to your point, where you can see some rotation come out, these are perfect stocks where if you made a lot of money, take them off the table, move into other areas you think are going to do well. there are other places like the banks and other opportunities. why not just take it off? you're playing with house money at this point. >> i have taken some risk off. i still like the market long term. i think we're at the upper end
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of the trading range. >> a big week for consumer earnings next week. we'll set you up next for all of those trades. t the td ameritrade trader offices. ahh... steve, other than making me move stuff, 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... what's up, tim? for all the confidence you need. td ameritrade. you got this. you ppremium like clockwork. month after month. year after year. then one night, you hydroplane into a ditch. yeah... surprise... your insurance company tells you to pay up again. why pay for insurance if you have to pay even more for using it? if you have liberty mutual deductible fund™,
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the new bond movie spectre hits theaters today. we asked robert fraction nk to t how some billionaires live out their own james bond fantasies. >> take elon musk. as a kid he was amazed when he saw "the spy who loved me," especially that lotus sports car that turned into a submarine. he bought it for just under $1 million. since it was not an actual functioning car submarine, he installed a special tesla power
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train and other equipment to make it work as a true sub car. when it comes to bond submarines, graham hawks built and operated the mantis stub used for "for your eyes only." you now builds his own subs and buyers including billionaires like tom perkins and richard branson. the desert family in florida, they have what's believed to be the largest private bond car collection including the aston martin db-5 in "goldfinger" and from "die another day." total value of the bond cars are $35 million. 18 yachts all of them named after james bond movies. "the world is not enough" is a 140 foot yacht that did 75 miles an hour. he's currently building "spectre," a $50 million yacht
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at an italian shipyard. >> that's a bond-like outfit. >> did i hear you say on "squawk" that he drinks a dirty martini. >> yeah. for all you bond martini shaken stirred virgin, there's an olive. >> where did you take that ride? >> on lake tahoe. not a lot of fish down there but clear. >> thank you. >> thank you, guys. >> let's get your second half trades. earnings look ahead to next week. the wall, please. hello, wall. thank you. all right. jcpenney. jim, looking right at you. >> well, look, they are on a turnaround and they're executing very well. now, the question is whether the third quarter and all the shenanigans in global markets and all the concern that the consumer had globally, whether that transferred through to the u.s. it may well have. so i think, you know, you can wait until after earnings to see
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what actually comes out, but the long-term track for this company is definitely headed in the right direction, and you should want to own this name. >> the wall once again. department stores are really going to be an interesting story. retail is not good. >> retail is not good, but maybe we'll get a little more disclosure in terms of what's going online where the consumer is spending and what is just weakness in consumer traffic because they're putting it elsewhere. it's going to be very telling. i'm also interested in priceline because priceline is going to give us a nice look into europe, too. >> priceline had a nice little run. >> yes, it has. >> macy's, nordstrom. >> again, to your point, how much is really going online? what is the consumer doing? what are they buying? what are the trends we're seeing especially as we go into christmas because if that is not working, then we have some real issues in retail and maybe we're just getting amazon. >> i think one interesting ones next week is viacom. we had the time warner blowup the other day. large cap media took a beating. had a nice run back to the point
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where stocks at viacom looked overbought. >> give you one more. >> yeah. >> cisco. everything internet related has been going up except this one. this is huge in the internet. look for its earnings. >> good stuff. have a great weekend. >> thank you. >> see you on the other side. all of you as well. "power" starts now. happy friday and welcome to "power lunch," everybody. i'm mandy drury. my good friend, tyler mathisen, is off today but brian sullivan will be joining me live from dallas. so shares of transcanada are tanking today after president obama rejects the keystone pipeline. what now? and what does it all mean for oil and oil prices ahead? we're going to be asking these guys. brian is speaking with ceo of transfer energy partners kelsey warren, plus mark cuban and kyle bass. also with the stronger pace of hiring today,


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