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tv   Squawk Alley  CNBC  November 11, 2015 11:00am-12:01pm EST

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oil has come down a bit. almost $1. s&p back to $20.77. it is midnight in beijing. squawk alley is live. ♪ john fort, kayla, and myself at post nine, and early alibaba investor haley nada, the founder and managing director. haney, it's good to see you this morning. speaking of which, first up is chinese e-commerce giant alibaba. breaking its own singles day
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record. sales have just ended, and you are going to look here at a live shot of the national aquatic center in beijing where alibaba hosting what it calls its 11-11 global shopping festival. earning $14 billion this singles day. jack ma, the pecktive chairman telling us earlier this morning on "squawk on the street" it's growth growth in e-commerce that is giving it a shot in the arm. >> it's slowed down because the traditional way of prompting the economy like exporting and investment is getting slowing down. the investment infrastructure, but domestic mount issing always a big headache in china in the past 20 years, and today because of the internet, because of e xhes every commerce, we are getting this on a bet. i think today we see that the demand is there.
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the opportunities, the potential is there. we are luck where i wr we are the company to be the first engine of that economy. >> haeny, the final figure we're told about $14.3 billion u.s. how do you sell that much stuff in a day and have your stock trade down almost 3%? >> a lot of it has to do with you buy. they had a good day yesterday, and i think maybe investors feel like it's a good time to maybe exit the stock. in an interview with cnbc, ma said the traditional engines of the chinese economy, as many had thought, are, in fact, slowing down. the next five to 10 months will be weak, tumultuous from the economy, and five, ten years from now. if you have an investor with the company and you want to hold it for less than five years, do you buy it here, or do you think that it's still going to see
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this roller coaster that we've seen? >> i think it's a good time frame. >> probably multiplied by multily factor in china. 80% of the transaction, i think alibaba or e-commerce companies in china see are ticking away from existing commerce players. traditional e-commerce players. 20% of the transactions are actually brand new transactions created because of e-commerce.
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>> this is really about the domestic chinese consumer becoming a bigger part of the economic growth story there that we can't necessarily read straight line into alibaba's overall growth and just how much singles day has grown from one year to the next. >> what's happening with the financial payment mechanisms. i think that's potentially a source for growth for net revenue. the second thing is the number of transactions is also important. the number of transactions actually grew faes are than the overall volume, which tells me that the average order volume has come down. i think it's come down about $31 down from last year's $ 3. that tells me that they're penetrating deeper into the chinese consumers, right?
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jack talked about the middle class. i think they're starting to see transaction volume from the lower middle class. >> let's take a quick moment to pause as the president lays the wreath at the tomb of the unknown. ♪
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♪ ♪
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>> if you live in this country and you know how lucky we all are to live here, you also know that a lot of that is due to the sacrifices made by veterans, and that's why we celebrate them on this veterans day. by the way, the tomb dates back to 1921 when congress approved the burial of an unidentified american serviceman from world war i in the plaza of what was then a new memorial amphitheater. that is the president there laying a wreath at the tomb. meantime, just to turn it back to babba and the results we're getting now. you make the point that back in 2005 the thinking on sand hill road was this would never work because they didn't have the lodgeistics, they didn't have ups, they didn't have fedex. as we see all that thinking turned upside down now do you feel that sentiment has
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overcorrected to the up side? >> it's actually one of their competitive advantages. alibaba's logistics, their network, payment mechanisms are a huge competitive advantage in china. wrobl that's true. i think it's a winner takes most, and i think alibaba with its infrastructure has to leave. the recent deal gives them a huge advantage in large item delivery, and i think you are going to see more and more companies, more products if you will, large items, and they're going to require these third party logistics company that can handle large freight, if you will. >> obviously the logistics do work to their advantage, but we seem to get the sense that the company could have done even more in sales if the logistics infrastructure was even stronger. we heard ma talk about ali-pay, and he said it's not really a judge of sales capacity, singles
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day, it's a judge of how well the payment structure really does. 80,000 transactions per second. sfwoo that's unheard of in terms of how many transactions per second that is. for a financial services company. on the logistics side, large item delivery, the logistics in china are really important. they're really hard. there's a lot of third party logistics. alibaba has its own logistics company. that's the portion that i think will continue to need evolution and evolvement from all baub wra and many of the e-commerce players in the u.s. and in china. >> haney, i just wanted get your third take-away. you mentioned mobile take rate and the number of transactions growing faster than overall revenue. what was the third take-away you
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had from singles day? >> i think this is probably the most important part. >> what i am excited about, actually, is the other way around. taking some of the chinese local brands and helping them bringing international. i think alibaba can do a better job with some of its localization efforts in each international country to help bring those brands, and there's a lot of great products. >> they're really hard to get in the u.s. alibaba and some of the things they're working on for international expansion can bring some of these products to the u.s. >> before we let you go, another big story making headlines, and
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that is daily fand fantasy. new york's attorney general ordering the two biggest daily fantasy sports companies. draft kings and fan duel, to stop accepting bets in new york equating their gains to illegal gambling under state law. nevada, of course, took a similar action against the sites last month. both companies fighting back. the ceo of fan duel will join us tomorrow. ggv was part of draft king's series b and c. you're currently on the board. your reaction? >> so obviously i can't comment directly. i'm not speaking for the company. one of the things i'll tell you is start-ups are disrupting the world. right? you see in alibaba and with amazon. start-ups are disrupting the world. this is just one aspect of that? >> haney chord a lot of ground today. thank you for your patience. han where i joining us. >> thanks. >> the drop in crude oil has been bringing the overall
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markets down. crude down about 2%. you can see the dow is down by about 45 points or one-quarter of 1%. the s&p down roughly the same. the nasdaq is holding in their little better by just eight points. if we stay at the levels we are right now, looks to come to an end this week. meanwhile, macy's having one its worst days in years. when we come back walt mossberg will have his review of the ipad pro. he is sticking with his ipad air. plus, a lot more on jack ma and the singles day blow out, and then kroger's making another acquisition. stock has tripled over the last leyears, and the ceo is with us next. finally, the new york stock exchange commemorating veterans day here on wall street. they just range a bell at 11:11 a.m. on the 11th day of the 11th month. veterans here at the nyse
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unveiling the plaques new york platform to commemorate those that have serbed in the armed forces. here at the td ameritrade trader group, they work all the time. sup jj? working hard? working 24/7 on mobile trader, rated #1 trading app in the app store. it lets you trade stocks, options, futures... even advanced orders. and it offers more charts than a lot of the other competitors do in desktop. you work so late. i guess you don't see your family very much? i see them all the time. did you finish your derivative pricing model, honey? for all the confidence you need. td ameritrade. you got this.
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>> senate senate based kroger aiming to take a bigger share of the spra market industry. it's a plan to buy roundy's for about $178 million in cash. joining us this morning exclusively is the chairman and ceo of kroger who joins us.
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>> it's been said that are you getting a bargain on this one. you want to walk us through the rationale behind the deal? sfroo we followed roundy's for a long time. we really have a tremendous respect for bob mariano and the stores, and wisconsin is incredibly exciting. we view this as a lot of synergies, and a great group of stores. one of the things, we always think it's important for things to go both ways in mergers, and there's a ton of things that we can learn from marianna's and roundy's. >> why not build your own kroger stores in wisconsin if you wanted to get a foot hold in the market rather than taking on a company the majority of the deal price of which is debt?
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>> when you look, they have great market share already. if you look at pick and save, the market share is very strong. we think it's a lot better way of going into the market. we look at this the very same way as you know part of our strategy is fill-in and going into a new market. we think this is a much more efficient way to go into a new market. amazon is trying to figure out how to get people to accept groceries by delivery. there are others out there that are into delivery. right now your focus seems to be on allowing people to make their grocery lists through your app or on-line and still auto come into the store. is there a point at which that changes? >> we've done delivery to home in denver, colorado, for years, and it's really much harder to make the economics work. one of the things that we found
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is customers tell us it's just as convenient for them to be able to go and pick it up as it is for us to deliver to them. it's one more way for a customer to engage with us. we get great positive feedback. harris teeter has been doing it for several years, and it was one of the lernkz we got from harris teeter when we merged. >> a lot of discussion about the consumer heading into black friday on things like apparel and accessories. we have weak guidance from macy's today. >> they'll continue to splurge where they want to splurge and save where they want to save. that's something we've seen for the last couple of years, and the customer continues to do that.
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>> are you getting signs of wage inflation? is that going to be a creed to margins in q4 or beyond? >> we're focused on taking the costs out of our business and getting back to customers in ways they care about. that's been our business model for a long period of time, and we're not so much focused on pricing power as how do we continue to give the customer a better, and better deal when we can save money, invest it in additional hours, in service in our stores, and pricing for our customers? >> we had an investor meeting a couple of weeks ago, and we talked about natural and organics for us is an $11
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billion annual category for us. we've had double digit growth in that area for a long period of time. we don't look so much where we're gaining the share from. what we find is a customer that's really important and we continue to have customers engaging in that part of the store more and more. >> at least welcome consumers that want to do something different. >> we're worried about our customer for years, and we've done everything we can over several years to make sure we protect the customer in any kind of way we can. with you raut let the customer to decide how they want to pay. security has been important for a long period of time for us and
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continues to be important. >> thank you for joining us. good seeing you again. >> thank you. >> the harm and ceo of kroger. >> the ceo charles schwab is with us. $2.1 trillion in assets. you'll want his advice. the maushgts close in europe in a few minutes. 'll have that and more ahead on "squawk alley."
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>> the schwab impact conference is kicking off in boston this week, and our own sharon eperson is there with the host himself. sharon, take it away. >> kayla, we are here at schwab impact. over 5,000 attendees to this invitation only conference, and many of them are investment advisors. i am joined by the schwab ceo and president wolf bettinger. thank you so much for being here. thank you for inviting us to this big event. registered investment advisors, most of the folks that are here are in this industry. we're talking about a $4
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trillion industry in terms of the money that they manage. one of the fastest parts of wealth management. >> they sign up their clients in a fiduciary position meaning they're always putting the interest of their clients ahead of theirs. >> this is something we're hearing a lot about in washington now to make this the standard. >> we are. we are. the department of labor, of course, is looking to make this a requirement for everyone requirement plan, which is a general policy that we support, and it's certainly been successful for independent advisors as they keep taking share from the traditional
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brokerage firms. this is people wanting to get advice, and then they're coming to places like schwab and to register investment advisors to get that advice. they might have some of their money in a brokerage firm where they're not necessarily following the fiduciar wr standard. >> whether we do it with an investment advisor or directly through one of our schwab -- whether we do it through schwab intelligence portfolios well, take a fiduciary position. we're always putting our interests below those of the clients that we're serving. >> how are you offering customized advice as a low cost? it's better than target day funds, which are currently the default option for many folks in their 401k plans? >> they are. to discuss that, you really have to go back to beginning of 401ks. 25 years ago i was doing 401k meetings, and tend of every
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meeting a line of employees would come up and say i know you're not supposed to tell me, but what should dow? people were starving for help. they were certainly better than not offering any help at all. the target day fund is a single factor. it looks at one thing. age. >> target day funds besht than nothing, but just one factor. >> what we advocate is that every participant should get customized advice for their unique circumstances. takes into account themselves, their age, their family situation, their affluence. that's what people deserve. not just one factor advice.
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>> he is the president and ceo, and is he the host of this event. we'll be here all day long. back to you. >> thank you very much. sharon ep irson. europe is going to close at about two minutes. mildly positive today. simon is here at post nine. >> you know, carl, we are exactly three weeks until the european strategy bank weeks, and it's widely signalled we'll double down on quantity takive easing. today we're slightly higher, as you can see. earnings really driving us to the up side. mahero draghi has been speaking in london. we're going to take you to london very shortly to fill you in entirely on what he has been saying. in this environment as we wait for the ecb to move, as the fed tightens the week afterwards in december, so you see the euro falling. that has been a major theme, and the yields on twot-year bond falling to a fresh record low today. the yields decline, which is around about 5%, as you can see, over the last month.
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has stalled recently. loss some movement on the stock. the big mover today is karlzburg on earnings. let me just show you some of those that have come through with figures today. carlsburg is going to add 2,000 jobs, which is probably why the stock is higher. hank, who we had on the show the other day, says the business is doing well in this country. it's one of the reasons why the profs are hire. same in the u.k. maybe the wir whisper number was -- a media set, which is the broadcaster in italy controlled by former prime minister silvio berlusco berlusconi. it came through with exceeded expectations. it's very much an earnings
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driven session today. gleets live to sxlond to my colleague, swref. mario draghi came to this open forum, and expectations were high that he might say something on monetary policy. in the event he disappointed on that subject, which is why i don't think we've seen very much movement really in that euro dollar story. we could have been down if he used this opportunity to speculate somewhat more on what monetary tools he might take out of the box on that december 2nd meeting. instead when we got here from mario draghi was a message about further european integration. particularly around the banking sector and the need for banking
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union to take place. let's just listen to what he had. >> for countries that are part of a single market and also share a single currency as in the euro area, it's clear that a fully integrated banking and capital market stroo if you want to read between the lines, maybe there was a message for the u.k. we are currently embroiled in this debate about rexit. a question mark perhaps being raised by mahero draghi and what role the u.k. banks may play in that. carl, let me send it to you. >> jeff, thank you very much for that. jeff joining us today on a big week in europe in london. when we come back, walt mossberg reviews the new ipad, alibaba shatters i said records for sing
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am day. sidewalk alley comes right back. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running.
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good morning, everyone. i'm sue herrera. here is your cnbc news update this hour. florida real estate company peb enterprises said on its website that two executives and five employees died yesterday when the small business jet that they
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were in crashed into an apartment building in akron, ohio. a total of nine people in all were killed. in a deal reached at a u.n. conference in geneva nations have set aside radio frequencies so they can be tracked by satellite does not just from the ground. the 2014 disappearance of malaysia flight 370, and it exposed weaknesses in worldwide air navigation systems. japan's first domestically made commercial jet making its maiden flight today. it took off from central japan. mitsubishi airpt aircraft has orders for 400 more planes and expects that number to rise. an experimental vaccine may work better than statens. it regulates cholesterol in the blood. it shows a 55% reduction in bad cles rom. that's the cnbc news update this hour. back to "squawk alley" and you, carl.
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>> thank you very much. alibaba breaking its own records for singles day sales. $14.3 billion. >> thanks, carl. well, chinese consumers today were greeting each other with the question did you buy, and you mentioned the transaction numbers of these are really impressive figures. i don't know if you can see the numbers behind me, but 14.3 billion dollars in sales ruse the sites, and that's with 460 million transactions. >> the executive chairman says this just shows the rise of
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consumers in china and even though there's some trouble in the economy. this is what he had to say. >> today our active users of alibaba on-line shoppers are bigger than american population, and today most of people still -- we believe ten years later when they are 35 to 40 or so, these are the people, breathe and drink and think on the internet. move everything on the internet. we think maybe the number would probably go to, like, a 600 million to 800 million. >> there's a lot of questions about some of the counterfeit that is are still crossing its sites. today was all about the numbers and some of the best selling items today, cadillacs told well. in fact, some people good
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cadillac sedans for 50% off. the nike shoes as well as new balance shoes did really well. finally, shell me phones. there are some coupons to allow people to preorder the ipad pro. there's something for everyone. >> obviously the company has been saying for quite? time that it wants to bring singles day to the world. it wants to make it global. one of the other points that he made alibaba's jack ma said he is hoping to bring singles day possibly to new york or to london. maybe next year you guys will be here in the midst of the frenzy or there. instead of me. >> thanks so much for that report. changing gears, it's been called a work horse and a
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business friendly tablet. it's also been called a coupon deal on singles day, but should you buy the new ipad pro. ipad guy walt mossberg, editor at large at the verge and re/code. >> you seem to say it wasn't bad for what it is, but it's not a laptop replacement. for a lot of people it might not even be a regular sized ipad replacement. what's your overall take? >> well, john, you know, other than for a singles day gift in china, i think this thing has some significant down sides. i understand where they did it. i think it presents a big canvas and especially with this stylus they invented called a pencil. it gives a good set of tool to graphics folks. people who retouch photos or do
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illustrations or do all the other things that come under that broad term graphics. for people who are, you know, more involved in writing, typing, and who will use the new physical keyboard, which i have to say looks a lot like the concept microsoft is using on its surface, i was disappointed. i can tell you the three reasons if you want. >> let's dig into those. i got to say, my mom is an artist. she's excited about this product. it doesn't seem to be mass marketed. from the perspective of your average laptop, these days, non-apple, sells for less than $500. even in the enterprise. given that this can't replace a laptop for the things a lot of people want to do. why do you think tim cook is saying this is going to replace a laptop? >> i mean, you know, when you
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talk about price, the p.c. laptop -- apple is -- apple is a premium company. it's not even worth having this price discussion. tim cook is a guy who i think is an honest guy. i think he believes what he says. i've talked to other apple executives that have been using it for a while who feel like it's replaced their laptop.
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>> it's vublgted in such a way that it's clever, but it's so light that it's very difficult to balance had thing on your lap. it's a laptop placement in a way, but only if you autos it on a table. if you don't use it with a keyboard, and you just want to use the virtual on screen keyboard or do scrolling, surf the web, whatever you are doing, it's big and heavy. it really is. it's big -- look, it's very light for something that big. it's not a comfortable thing, wronk. >> laptop replacement in a way, but not for your lap. for the table. walt mossberg, thanks for your thoughts. your insights on the new ipad pro. >> take care, john. >> when we come back, macy's
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leading the s&p lower stock down 13%. one of the worst days in seven years or more. we'll get more on that had story, and then tomorrow a big interview david faber sittings down with liberty global's john malone. that exclusive tomorrow 9:00 a.m. right here on cnbc. ideas are scary. they come into this world ugly and messy. ideas are frightening because they threaten what is known. they are the natural born enemy of the way things are. yes, ideas are scary, and messy and fragile.
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but under the proper care, they become something beautiful.
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>> a halftime report. the great debate. will a fed rate hike put an end to the recent rally? we'll talk to the bobtd king.
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>> new york attorney general calls daily fantasy sports sites illegal gambling. is he right or just using this to sue yet another person as he does nearly every single day of his life. kayla. >> it's an important question. one a lot of states are looking at. we'll tune in in just a few minutes time. michelle ka russo cabrera down. macy's falling after a disappointing earnings report. the second one in a row. courtney reagan in san francisco with more on that story. court. >> the retailer did beat estimates by 2 cents, but disappointing revenues. a cut to the full year earnings guidance. macy's ceo terry lundgren said he was disappointed with the quarter salgz this morning on "squawk box". among the issues, some of macy's
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highest volumes and most profitable stores rshgs and unseasonably warm weather in other parts of the country. ceo terry lundgren says macy's will focus on sales driving activities which include cutting prices to move merchandise. that's good for shoppers. less optimal more margins. the department store also announced it signed an agreement to open lens crafters in 500 stores. that's similar to the partnership it has with finish line. now, lundgren also joined the earnings call. a rare alance. it was wide ranging, longer than normal at 90 minutes. he also said there was plans to add 53 of the back stage off price stores over the next two years. mace yeas is also testing incorporating 20,000 to 30,000 square feet within ten macy's stores for the back stage concept. like mcdonald's yesterday, macy's explained it underwent a thorough analysis, but said a reet doesn't create enough shareholder value.
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>> take a lifsh. whoo i'm hinting at is the traditional industries are getting transform the, whether it's hotels, whether it's all sorts of travel, whether it's supermarkets. there are concepts now. are we only testing delivery concept in we have a bigger than a billion dollar delivery business in asia at the moment. now, the business model works out there. it's not so ease where i to transport here. >> that was in response to a question about whether they would launch some kind of uber for mcdonald's stateside. >> that i know lot about it. we'll see if they move on from that plan? >> they made decisions, but we're leaving a lot of options open. >> up next more on alibaba's record sales. eye-popping numbers. what it means for the e-commerce
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industry when we return. [ male announcer ] whether it takes 200,000 parts, ♪ 800,000 hours of supercomputing time, 3 million lines of code, 40,000 sets of eyes, or a million sleepless nights. whether it's building the world's most advanced satellite, the space station, or the next leap in unmanned systems. at boeing, one thing never changes. our passion to make it real. ♪
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my name is griselda zendejas. i love working in the salinas area because i always wanted to do something where i could help people around me. so being a construction supervisor for pg&e gives me the opportunity to give a little bit back to my community. i have three boys. they're what keep me going every day. our friends, families live in the area. and it is important for all of us that we keep our community safe. together, we're building a better california. zirchlg singles day wrapping up in china, and alibaba reporting $14.3 billion in just one day of sales. executive chairman jack ma joined us earlier and warned that the short-term outlook for china isn't great. here is john steinberg, ceo of the daily mail north america, cnbc contributor.
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great to have you. >> good to be here. >> you are such a hands-on contributor. did you buy anything on singles day? >> it's too hard in the u.s. to buy on alibaba. i have to wait until they bring it to new york. >> they want to change that. we'll get on to that in a second. $14.3 billion. the company at this point seems to be a victim of its own successes. last quarter gross misdemeanor value and the september ending quarter was 28% up year-over-year. pebb basically said at sun trust they were going to do $12 billion for singles day. that would have been in line at 28%. at 14.3 it's up year on year on singles day, which is a b. it's a b. last year singles day was up 60% year over year, but 60% is above what they do normally, the only thing i can ascribe it to is
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macco rsh the stock has run up $20, and people are still worried about china, and, you know, jack ma is trying to sand bag by diminishing expectations by talking about how bad it is in china. >> certainly explains why nike is the biggest laggard on the dow. that's up 2% loss of nike. now that gap is only 3%. the take rate for the 7:00, what they get off every transaction, has stabilized at 2.5%. everything fundamentally is strong. >> how much can we read through into apple from this? american brands, very popular.
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>> when you look at the gross merchandise rate, it has decelerateded over the past we're from 50% now down to 38 -- 30%. i think ultimately that is a concern. yes, it should be a concern for apple about how big the market actually is. >> jack ma says he wants to bring singles day to the rest of the world. david faber, we see 600 million to 800 million users in china. it's what he calls a one world, one internet policy. that's pretty far fetch given where we are in relation to chinese internet. >> this is seven x that. it's already so huge. you could make the observation that there's a growing middle class in china. more people that can do this. we've really just started. the deceleration is pretty scary, what are you seeing. >> the fear is that singles day is so big that it pulls up sales to this one day that would have taken place over a longer period
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of time. >> actually, we just found out that jack ma made excellents that he is looking at doing a lunar one sale day as well. maybe he is trying to do more hallmark holidays to accelerate growth. it does seem like he is lying to throw a lot of levers in an environment where all the charts are sort of down and to the right in the growth areas. >> always a pleasure. >> i will. my ipad pro will be on the 3:00 show. they've taken from from me. >> the square road show ahead of its planned ipo meeting with investors today. we'll have details for you up next.
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welcome back. square is in town talking to investors ahead of the planned ipo. given the fact that some people are marking down the value. it might be interesting. >> interesting that square went ahead and marked down its own valuation when it set its price range. it knows it needs to do interest this to be able to bring investors in, and they'll go into these events and getting the pulse of the people coming in and out of these management meetings, what they think of the business, whether they're sold, and whether doubts about the
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company and the valuation and the revenue growth is enough to get them to buy into the stock. it will be interesting to see how that goes today in new york city. >> i think data points come in threes. the square, would-be pricing. the fidelity snap chat write-down. >> we would have talked a lot about those three stories. >> that's true. >> interesting on facebook. the money he has made on that, having been on the board and up above $100. >> it's half you are your stake. >> wouldn't we like to have a couple of years like that? >> it's november 30th and november 6th priced selling between 101, 108 somewhere around there. if somebody said if they ring a bell, it might sound something like this. as we talked about earlier, the
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macy's tone covering what's going through retail today. we mentioned nike. it's followed quickly behind by wal-mart. heats it for squawk alley. ♪ welcome to the halftime report. i'm michelle caruso correra. we have joan, josh, john, and pete. the most famous armenians in america, except for the kardashians. >> shopping spree plus alibaba versus amazon. which on-line retail giant offers more bang for your buck right now? the great rate debate. with will the fed make a move, and will it rattle the markets. black rock's rick reader joins with us his take. fi t

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