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tv   Worldwide Exchange  CNBC  December 18, 2015 5:00am-6:01am EST

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thank goodness it's friday. welcome to worldwide exchange. i'm susan lee. >> these are your headlines from around the world. >> the boj, the bank of japan, broadens it's asset purchase program but the governor saying a move does not amount to additional easing which set the yen on a choppy ride today. >> european stocks following overnight losses. but the miners out perform. u.s. futures are pointing to a lower open. >> junk bond outflows are spiking. investors are fleeing the high yield fund with redemptions
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reaching $4 million last week. that's the highest level since august 2014. the box office awakens. the latest star wars movie breaks all sort of records as it opens to fans in the united states and europe. >> oh yes we're all looking forward to the force awangs this weekend. let's check in on u.s. futures and u.s. markets first off. breaking that winning streak on thursday. so we are below fair value so looks like we are opening lower. the s&p 500 could be down four points at the open. the dow jones industrials being called down triple digits at this point. lower than the nasdaq and looking at declienes of 31. it's a sea of red. modest at this point. let's call the ftse 100 flat.
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the cac 40 up by plt 5% but this is on from the session in asia last night and really some confusion over the bank of japan. the boj expanding it's asset purchases which includes new exchange rate of funds and longer duration bonds. so the etf buying program will start in april but in a press conference just to clarify everything, governor kuroda saying this move does not amount to additional easing. this is something they already announced and they said this before. riskier assets like etf so this is not something new everybody. yes it might be a new fund but they say not additional easing but when you look at the gross value of easing in 2016 we're still looking at 120 trillion which is above the expansion in the monetary base of 80 trillion yen. you read it however you want. initially we saw a knee jerk reaction that boosts upwards.
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we finally thought about it and saw declines at the end and then the yen, another knee jerk reaction. we're trading stronger than the levels yesterday and that's a reaction to the strong u.s. dollar. >> really interesting for you. u.s. stock funds posted $13.2 billion in outflows for the week. the third straight week of withdrawals. u.s. high yield bond funds. the biggest since august 2014. maybe that's not particularly surprising given the troubles third avenue has been in. what is surprising is the outemployees they saw from investment grade. that's the record since 1992 based on the data. why is that? that tells you that third avenue troubles they weren't just related to what we saw in the
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high yield space and junk yield space. >> maybe it was a little more systemic. you have to take a look at flows. >> people do risks, close their books, let's head into the holidays and we'll start fresh in 2016 but inflows that's probably the more interesting story. >> we did see inflows. inflows in european equities. maybe there's some belief that the ecb and mario draghi is going to do more. what i found interesting was the inflows into inflation protection into the u.s. given the hike in interest rates from janet yellen and she is saying we could see that 2% target we tested once again in the united states. >> we also saw inflows in energy etfs. that's quite surprising. why of all things energy? that could be misleading because sometimes these etfs or stocks are to satisfy demand for short
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sellers. don't read too much into that because it's worth noting. overall hard to say whether the outflows and the investment grade junk space are really because of the year end repositioning. >> i just want to follow along from the discussion we had in the boj and japan. we also saw outflows in japanese stock funds. but what is significant is that it's the most we've seen so you have to go back to december 2014. maybe there's bearishness going to 2016 on japan. >> let's move on. eu leaders with david cameron's quest for reform with the relationship with europe. can they still aim for a compromise? >> there's always a compromise here in brussels. no white flag yet it goes to the meeting now in february.
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it was believed that david cameron got stone walled by the other leaders last night in his attempts to curb migrant benefits. the belief is that it's discriminatory and a compromise of some sort going to be found. i'm not quite sure this is the approach that david cameron was hoping for when he agreed to come here and tackle the bureaucracy. now i also caught up with the leader. we were talking about the impact of immigration globally and i talked to him about the recent comments from vladimir putin and russian president donald trump. he called him outstanding, talented, bright and i asked if he agreed with that view. listen in. >> the way trump does politics, i'm considered outspoken. in america i'd be a shrinking violent. it's a very different kind of politics. trump was wrong to go as far as he did but the basic point that
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we in the west should not be importing terrorism is the right one. >> sealing the borders is not the option? >> no, being very careful about who you let in, vetting people, but just shutting up shop, that's not a very positive message. >> so not the right u.s. president. >> i didn't say that. he may well suit america. he wouldn't suit britain. he's going to win the nomination. whether he's able to reach out to people in america who normally don't vote in elections. listen, everything is up for grabs. >> he is often compared to donald trump but he feels he would be a shrinking violent in the u.s. >> oh, really, a shrinking violet in the u.s. compared to donald trump. that's interesting. we have been hearing about the love affair. putin welcoming the hopeful.
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the readiness to improve u.s. russia relations saying that trump is, quote, a very bright person. talented without. they're going to call him the absolute leader. saying trump wants to move relations between the two countries to a fuller, deeper level. trump said if he were u.s. president, they would not be experiencing the problems they have now. >> was that a full endorsement? >> i'm not sure whether that would help at this point in time. >> given the u.s.'s view or many americans view of russia. from russia with love. and just to get some reaction from donald trump himself, reality tv star as he is still being called but a republican front runner, it's always a great runner to be nicely complimented by a man so highly respected in his own country and beyond.
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>> mr. trump is president of the united states. if mr. putin is still president of russia. would they be able to defeat terrorism if they actually worked together in syria. >> it's a lot of this. >> i know. >> but just think about it for the moment. maybe that outcome wouldn't be so bad. i'm not condoning everything or advocating anything but i'm just saying if they work together to defeat terrorism and that is everyone's biggest goal right now, it wouldn't be a catastrophic outcome. >> okay. but that's, i guess that's imlying that they can work together and that they have the right strategy to clamp down on terrorism. >> a lot of those. >> but let's not get into it. >> no, let's get a check on what traders will be watching in the u.s. today. no economic data but fed president jeffrey lacker will take part in a panel discussion. here's a hand full of earnings reports after the opening bell. we'll be back in two.
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we're ready. are you? it's gotten squarer. over the years. brighter. bigger. it's gotten thinner. even curvier. but what's next? for all binge watchers. movie geeks. sports freaks. x1 from xfinity will change the way you experience tv. it is not additional easing. u.s. futures pointing lower as they track the declines.
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they see the biggest outflows since august 2014. >> yes. it is finally here. we're talking about the force awakens. disney saying that box office figures so far for the latest star wars installment already reached $14.1 million in it's opening day and only 12 markets counted so far. it's also expected to break records for imax with 3-d showings making up nearly three quarters of opening day sales in it's biggest market so far that of france. given that this movie cost $200 million to make, already $100 million in these presale tickets bumped. some saying we're on track to be the biggest movie of all time. $2 billion expected according to analysts and box office take over the duration. >> yeah. absolutely. >> the big question now, can it be jurassic world which saw the
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biggest ever box office opening, i believe weekend that was, wasn't it? >> yeah, and that's being priced in right now with star wars but some say we haven't seen a $100 million opening weekend in december. avatar broke all records a few years ago when they opened in december from what i remember. but star wars with so much fanfare and history. >> there's been so much buzz. even if we don't see a record breaking weekend, i think this -- just given the buzz and the hype around it's already beaten all records in terms of the emotional sense and everyone's excitement about it. it's very very huge for the toy industry and walmart saying searches for walmart toys increased 200% on walmart.com. plenty of christmas presents under the tree this year. >> they cleared out a lot of shelf space for a lot of this star wars memorabilia. so i'm not surprised it would be
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selling. let's talk about sports and real madrid super star cristiano ronaldo. he's announcing a $40 million investment at hotels being developed. it's the first investment outside of fashion and sports for the world's biggest footballer. jeff, so, you know, in america, the most famous european footballer, i didn't say soccer player, is still david beckham and he made an investment into the u.s. soccer league. so i'm wondering if maybe, you know, we have ronaldo wanting to make the same move. >> yeah. this is an interesting departure from ronaldo because he has investments already in fashion and in sporting brands and of course he's got a lot of sponsorship deals an endorsements like all major sportsmen at this level but i think this is an interesting
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template for where sports brands could go. this is not an obvious investment. a lot of it has to do with the heritage and the fact that the chain that he's working with is also portuguese and also has its heritage where he comes from. so an investment in four boutique hotels taking forward the cr-7 brand which ronaldo is trying to create. it may tell us a little bit about what he intends to do when he finishes his playing career in what could be four, five, six years time. he's 30 which is starting to get into the golden years as far as the sport is concerned but let's just hear what he had to say when i asked him why this is the right investment for ronaldo. >> well it was kind of a dream. in the beginning, always dre
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dreaming and this is coming in a normal conversation when i met the group and it was fine. of course i was with my team. the guys that take care of my stuff and of course with this man here next to me and in my opinion it's the best guy in the business in portugal. him and his family. it was a good partnership. >> in all to do with this business. not just in portugal but all over the world. so it was great. >> what do you think for the branded hotels? what is the spirit of ronaldo that would make this stand out from other hotels in the world. >> this is what we say in the
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press conference. it's own experience in different areas and my name, my lifestyle, as, you know, the guy is me and it's between 10 to 40. so we'll be in this space for these people and the people that like me t people will follow me every time. so i think we have all ingredients to do it. >> so is this like millennials that like to party, like to have a good time but they also like good technology in their hotels? >> it's not all about that. it's about lifestyle, it's not a party part because as you know to be a professional, to be at the top level in many, many
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years is not easy. you should be like that serious in your work. so it's completely different. you have to be smart. you have to be serious of course. and of course as i said before, going to help with experience to make this business even better. >> that is going to be different than the other ones because you know, my life, my ambition too and we have everything. >> and there you go. theover modest ronaldo talking about why he is putting money into these four boutique hotels. but there is another aspect to this story and investing audience on cnbc. confidence in growth in portugal because two of the four hotels
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will be in portugal and this economy looks like it will grow this year. as our audience will be aware we have a recent change in government here and the coalition in charge and when i had the chance to talk to the head of the group that is putting the other half of the money in. that is one of my questions. how confident are they about the future for portugal given that there's a antiausterity coalition. let's listen to the answer. >> it's always a worrying factor. but on the other hand the socialist party realized the rules. they promised they're going to have to abide by those definites and the debt. i believe they will do as much as they can to comply. on the one hand, from the investors point of view the strategy is to support
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investment in private and international investment. they need that money to come in to create jobs and create opportunities so that will be the priority. >> pestana there. the head of this hotel group. so that's it guys. i'll send it back to you. it is a balmy 16 or 17 degrees here in lisban. i wish i could be staying for the holiday season but i'll be jumping on a plane and heading home. >> you're mistaken. i believe yesterday it was 15 or 14 degrees. >> but just my advice for you, enjoy it while you can. we'll see you soon. jeff cutmore. let's stay with sports. nothing you expected to hear on a basketball court but it was needed in cleveland as king james, lebron himself crashing
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into pro golfer jason day's wife in the front row. he's 6'8". he was chasing a loose ball in the fourth quarter. officials stopped the game to allow her to be stretchered away. i hope she's okay. ouch. that has to hurt. >> yeah, we hope she's okay. >> hope she's okay. >> we are going to go for a quick break but still to come on the show, why investors are shying away from the lights of the big apple. that's in two.
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a long-term slide in the gaming market is close to bottoming out. the ceo of las vegas sands is looking for a turn around in 2016 following 18 straight months of declines. speaking at the opening of the u.s. hotel. it is waiting to decide who to back in the presidential race. he hosted this week's republican debate in las vegas expected to be the top gop donor four years
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ago when he backed romney versus barrack obama. all right. let's talk about real estate. hot or not, apparently nashville is hot, new york is not. yeah, that's according to our next guest that compiled a list of the top ten real estate markets for 2016. let's talk through it. we're going live to new york. the real estate advisor leader joining us on the program today. mitch, so that is a takeaway. nashville is the new new york in investor's eyes. why is that? >> maybe i should be in nashville and not in new york city. >> why are you in new york if that's the case? >> it's probably colder there than it is here. burt the real simple answer is there's two factors that drive why investors why one market versus the next. one is cost of doing business and the other is cost of living. so you look at a market like nashville, it's considerably more affordable to live and considerably more affordable to
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do business and that's why real estate investors are flocking there. job growth, business growth and employment rising. >> your top picks but no matter where you're going to live, isn't your mortgage rate going to go up thanks to the fed? >> what's interesting about mortgage rates is in the short run we may not see growth in mortgage rates. rates have gone up just a little bit on the margin. the bigger issue is will mortgage rates go up overtime because afford blts are considerable issues for home buyers in the united states. if we see that's .5% over the course of the year. >> what i wonder is whether people are chasing the jobs and going to atlanta and nashville, dallas or whether it's the other way around. does it work that way. >> it goes exactly that way. jobs are chasing the people and not the other way around so those markets, atlanta that you
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mentioned actually had the highest net sbi grags in the united states over the last couple of years because there's job growth there and back to the point i made before, it's an affordable place to live and employers like it. they've got what i'll refer to as a virtuous cycle so when you see growth and you see an expensive place to do business you have companies that want to go there and have workers there. it is a cycle as opposed to a vicious one. >> how long until they become prohibitively expensive for people to live in? when do they become too crowded? >> great question carolyn. the problem is the whole crowded trade which is why new york is falling out of it. houston fell out for another reason. it will take awhile. take dallas for example. the median home price in dallas is about 200,000 and the median home u.s. price is 231.
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so it will take awhile to make up that difference where it would be too expensive to be in dallas so that's why real estate investors that everyone else is looking at. >> i want to clarify this top ten list. and is this in terms of what? yields when it comes to investment options in real estate. >> these are out of the 75 markets that we survey. these are the top markets from an investment perspective. it's not necessarily a yield answer per say but from an investment prospect perspective this is where and this is where they feel the prospects are for 2016. >> do i necessarily have to like country music to live in the cities. >> no. >> i thought so. >> and it's in the top ten and now nashville does so maybe
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there's something to do with tv show names. >> my brother lives in austin and i think it's pretty cool out there. maybe they should have an austin tv show in the future. thank you very much. good talking to you. real estate advisory leader. >> what's wrong with country music? >> nothing. i was just wondering if i had to like it. that's all. >> no, it's not. amazon wants it's wings. the technology company is already dominant on earth and now it wants to conquer the skies. more on their soaring ambitions after the short break.
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thank goodness it's friday. welcome to worldwide exchange. >> these are your headlines from around the world. >> the bank of japan, the boj, broadens it's asset purchase program but governor kuroda saying a move does not amount to additional easing which sent the yen on a choppy ride today. >> european stocks follow overnight losses in the united states and asia but the miners out perform. u.s. futures are pointing to a lower open. >> junk bond outflows are spiking. investors are fleeing the high yield fund with redemptions reaching ll $4 billion last week. the highest since august 2014. >> and the box office awakens. the latest star wars movie
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breaks all sorts of records as it opens to fans in the united states and europe. >> yeah, tgif folks. the force awakens opens this weekend. let's check in on markets and how they're fairing ahead of the wall street open. we saw that streak coming at the end on thursday. it looks like we are below fair value. call down the s&p 500 should be lower by 14.5 points. dow jones industrials we're losing some triple digits right now. possibly lower by 112 points and looks like we're prices in losses of 30 points. now let's check in on commodities because the selling continues. let's check in on west texas crude. below $35 barrel now. that's the level we saw yesterday. but as we have that strong dollar we're continuing to drift lower and lower and possibly retesting the lows of 32.40 for
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the contract. we're seeing some gains today. so it's 37.30 for brent but the direction is still going lower. goldman sachs is predicting $20 per barrel. now when it comes to gold we're seeing some recovery today back up to triple digits and four digits for gold pricing. spot silver seeing gains of .7% and given that tips are back in favor people are trying to find some sort of inflation protection once again. >> where is the inflation? i didn't find it just yet. anyways back to one of the biggest stories of the past 24 hours, turing pharmaceutical ceo martin shrkeli posted bail. he became infamous after sharply raising the price of a treatment for a dangerous infection from $13.50 a pill to $750.
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>> the infamous ceo was arraigned thursday afternoon here at the federal courthouse in brooklyn. the department of justice saying he was running a scheme between his hedge fund and his former biotech company which has distanced itself from him. there's seven counts in the environment. they're charging him with defrauding hedge fund investors. that bio tech company which the department of justice says he was using as his personal piggy bank. he faces a maximum sentence of 20 years imprisonment and the fbi is continuing it's investigation. among the counts against him include security fraud, security fraud conspiracy and wire fraud conspiracy. now his text court appearance is scheduled to be january 20th. he is out on a $5 million bail today. he restricted his movements to the eastern and southern districts of new york. we should hear more about that as it continues to unfold.
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he caught so much attention from raising the price of this drug and the things in trouble are even before that. >> thank you so much for getting up early for us. are you surprised that the sec didn't only bring charges against him himself but also against his lawyer. >> i'm some what surprises. it's not typical for the sec to bring charges against lawyers. having said that, the sec wants to hold security markets accountable. they brought cases against auditors and cases against custodians administrators. we talked for sometime that lawyers might be the next frontier in the security market gate keepers so it's not a huge surprise. it's some what ground breaking. >> so this is not just an sec publicity stunt? >> i don't think so even a little. the sec has been pursuing hedge
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funds and funds generally with enforcement actions and pursuing individuals that run those funds but this idea of going after gate keepers, a lot of the markets are very nervous and i think they're sending a message saying to the auditor and the lawyers throughout that you can't put your head in the sand. you're accountable as well and this is an example of that. >> what are the red flags that investors should have seen, todd? >> well, we like to talk about infrastructure. investors always want returns and they're happy taking market lists. we want to go to hedge fund and private equity funds to take the market risk. you don't want to take the compliance infrastructure not sufficient. and before investors invest they should look at things like is it the real deal? are they taking this stuff seriously? do they have a third party administrator and third party auditor. do you do your due diligence
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properly? a lot do that but a lot of individual investors do not. >> they are confident he will be cleared of all charges. do you think there's enough evidence to convict him? >> it's hard to say. these cases are not short-term cases. they take a long time. it's also very difficult as we have seen for the sec to prove fraud because they have to show inte intent. this will play out overtime. it's been investigating this for quite sometime. this predates the most recent news. we'll have to see what happens. >> i really need your expertise on this one because looking at this fbi tweet, everybody wants to know what has happened to that wu-tang clan album. there was only one that was made
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and he paid $2 billion for it. they're calling this the bill murray wu-tang clause because apparently in the contract, apparently bill murray or any members of wu-tang can go and steal it and, you know, not face any criminal charges apparently. >> well, i'm more of a country music guy than wu-tang clan but what is interesting about the evidence here from a compliance perspective, e-mails are the best tool for prosecutors and i always tell clients you should document all of your compliance policies and procedures but understand that anything you put in documentation can and will be used against you in a court of law. even in this case things you might have thought were privileged with your lawyer. that will be a very interesting element of this case. will these e-mails with this lawyer that's also been charged
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will they be considered privileged? that's a huge issue in the legal community. >> where did bill murray come into this? that's what i'm wondering? >> i have no idea. >> no idea. >> i guess when you talk about -- i have no idea. i guess when you start talking about $2 million items people like that get involved. >> thank you for your time today. good talking to you. founding principle. let's get the latest on san bernardino and a friend and former neighbor of the couple that police say killed 14 people. wounded more than 20 in a terror attack in california state has been arrested now and charged in connection with this tragedy. 24-year-old marquez has been charged with conspiracy to commit crimes of terrorism as well as federal weapons charges and prosecutors say that he also told investigators that he and sayed farook plotted mass casual
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attacks but there's no evidence that he took part in the september 2nd attack or had prior knowledge of it. >> still to come on the show, amazon wants it's own set of wings as the e-commerce giant may be carving out plans for an air cargo business. we explain after this.
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with only a few days left before christmas, brands are battling it out to win business from last minute shoppers. courtney reagan reports on the steps the big retailers are taking. >> the final weekend for holiday shopping is upon us and retailers are hoping for a strong finish. this saturday often called super saturday typically ranks 2nd in terms of in store revenue. black friday still number one but monday and the day after christmas are also expected to rank in the top ten. according to the national retail federation the final week of december can account for as much as 15% of retailers holiday sales. and resailers are doing what they can to win shoppers final holiday dollars. online and in store. kohl's is staying open for 170 straight hours through christmas eve. best buy also has extended hours leading up to christmas. and automatic free two-day shipping for online orders. target is offering 10% off gift
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cards on december 20th and delivery in time for christmas for online orders placed by the 21st. >> certainly amazon again is having a spectacular season. but if you look at the list of the top four retailers online, you do notice that walmart and target are having a very successful season. clearly the multichannel retailers are getting the importance of online and i think they're doing pretty well at it. >> but unseasonably warm weather in much of the country is hitting retail hard this year. taking a big bite out of winter related goods. pushing retailers to discount deeper. lack of innovation in electronics further depressed prices in that category. a couple of higher consumer expenses like health care and rent is creating it for
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retailers. retail prices were almost 3% lower in october this year than last. good for deal seeking consumers but not so good for company profits. >> looking at more than 150,000 shopper receipts, consumer market research company info scout says as a result consumers are buying more this holiday season and it's costing them less. >> in order to make up the difference retailers are having to sell more euns at a lower price. you saw walmart do this with wra wrangler jeans by $10 a house. they're making it up by selling more product. >> but retailers will also settle for just winning the sale. almost regardless of what it costs. courtney reagan, cnbc. >> meantime one of the biggest retailers in the world, amazon is looking to cut out the middleman working on plans to get your orders from point a to point b without the help of ups
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or fed ex. let's get more from landon today. >> amazon is in talks to release 20 boeing 757 jets for its own air delivery service. they want to build it's own cargo operations to avoid delays from carrier which is have struggled to keep one the growth and e-commerce. amazon is declining the comment and the main deck can hold up to 19,000. amazon is fed up with third party carriers being a bottleneck to its growth. he speculates they could deliver items for other companies becoming an indirect competition with the package delivery giants. amazon has a trial cargo operation in ohio run by air leasing firm air transport services group. they fly about five times a day from there to dallas, tampa, florida, ontario, california, and allentown, pennsylvania. they have ware houses between
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each of those airports. they're trying to avoid a repeat when a surge in online shopping overwhelmed ups. leaving them to get christmas gifts several days late. they ended up refunding shipping charges and offered a $20 gift card. they're already showing strain this year tracking software maker. they're on time rates are behind where they are last year where the companies dispute that data. they have been working to gain more control over shipping. last year it launched prime now offering members of its $99 a year subscription service delivery in as fast as an hour often handled by contract workers. amazon may be the only company with distribution scale in technology to compete with ups and fedexand he has an out perform rating with a price target. >> planes and drones in the future. thank you, landon. thank goodness it's friday folks.
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tgif. let's quickly get to the headlines this morning. the bank of japan, boj broadening it's bond buying program. but the governor saying it's not additional easing. meantime, u.s. futures are tracking asia declines and high yields of bond funds are seeing the biggest outflows since august of 2014. looking for 24/7 digestive support?
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try align for a non-stop, sweet-treat-goodness hold-onto-your-tiara, kind-of-day. live 24/7 with 24/7 digestive support. try align, the undisputed #1 ge recommended probiotic. don't you just love the music? this is our last chart wars edition of 2015. >> i know. >> let's make it a good one. this is where we battle it out over which chart we feel is most relevant to investors. i may use a different spin. is that okay? >> my chart this week, let me just show you, walt disney is it because i think investing is about looking ahead. you don't look backwards
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although there has been a pretty good sharp share price performance for disney and you know why, i don't need to tell you why, the force awakens opens this weekend. it's expected to be a record breaker. we're looking at predictions of being the biggest box office hit of all time. goldman sachs says internationally we could be making $2 billion and disney when it comes to merchandising could be 6 billion. that could be for years to come. >> i don't care about star wars. i care about the first fed hike in roughly nine years. let's see what this did to the u.s. dollar. over the course of the week up by 1.36% and the dollar did surprise a lot of people. in the run up to a fed decision. a lot of people sold off the dollar. once we do see that basis point hike. yesterday the dollar index was up another 1.2%. the biggest rise in roughly one month. why? it's in part because we didn't
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get the dovish part a lot of people were expecting. so the question is, who wins? let's ask oliver who joins us live from chicago. so is it star wars? is it the u.s. dollar index? what do you think oliver? >> well, i want to vote for star wars obviously but u.s. dollar and the fed. but over the last couple of years and that will continue to be a trend going into 2016. ultimately i think it's going to top out of 202 to 105 area but there's still plenty of room. >> you're going to watch star wars aren't you this weekend? >> i don't think i have a choice. i'll be out there in full costume. >> all right.
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now you're still -- >> that sounds like star wars to me. >> you're bullish when it comes to the u.s. dollar but what about stocks? this santa rally didn't quite materialize, did it? >> no, it really hasn't materialized yet. it's really come off the table and a lot of that is due to what's going on around the world. we have the bank of japan yesterday or last night rather. the fed decision the other day and it's just trying to find this equilibrium now. there's a lot of high valuations in the market. you're seeing people take risk off of the table going into 2016 rather than buy up that santa claus rally. maybe tax selling is part of the reason we had the recent volatility but speaking of volatility we're going to see that continue today. we have the quarterly expiration of index and stock options and futures so that's going to equal volatility in the market here today. >> oliver, you say you're going
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to dress up this weekend. i'm just wondering which star wars character? chewy? >> i think that would be the best fit for me. >> but do you think you have the chewy sound? can you do that? >> unfortunately yo i can't do it on tv, sorry. >> all right. next time, then. i'm just wondering, though, heading to years end, we're hoping, i think it's back and forth for the fourth straight gains. at the end of it do you think stocks are going to finish higher? >> i would like to see them finish higher. i don't have a whole lot of confidence in a strong move higher. i think there's great opportunities out there but there's one of those things that price what you pay and value what you get and i think there's going to be a lot more value at lower prices for the stocks in this market. obviously we're going to keep a very close eye around the world going into 2016.
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after an ugly session yesterday, a warning for opec and investors. why the famed short seller says oil might not be worth a whole lot in 15 years and first drones now a big ole jet airliner. i'm not going to say it like steve miller. amazon looking to lease cargo planes and build it's own overnight air operations. it's friday, december 18th, 2015 and squawk box begins right now. ♪
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welcome to squawk box here on cnbc. i'm becky quick along with joe kernen or andrew ross sorkin. this is the final one of the year. it's the quarterly expiration of stock and index options and futures and you could be in for a volatile trading day ahead you're going to see right now the futures are indicated down another 85 points. yesterday the dow was down by 253 points wiping out all of the gains from wednesday's trading session after the fed raised rates and then

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